Financial Geographic Structure,high-speed Rail Opening And Corporate Debt Distribution

At present,our country’s financial resources show obvious characteristics of unbalanced spatial distribution.The resulting financial geographic structure,namely regional financial centers represented by provincial capitals and local finance represented by local cities,will significantly affect the concentrated debt behavior of enterprises.Geographical distance is one of the significant differences between regional financial centers and local finance in the process of serving enterprises,and the information asymmetry caused by geographic distance ultimately makes banks and other financial institutions have an important influence on the debt distribution decisions of listed enterprise groups.This article selects A-share non-financial listed enterprise groups from 2004 to2018 as a sample.Based on combing related literature,first analyzes the relationship between my country’s financial geographic structure and the concentrated liabilities of non-financial listed enterprise groups in my country through a dual fixed effect model.;Secondly,adding the high-speed rail opening variables,analyzing the adjustment effect of the high-speed rail opening on the regional financial center that affects the concentration of corporate liabilities,and testing the robustness of the adjustment effect of the high-speed rail opening;then,the adjustment effect of the opening of the high-speed rail is made on the nature of the enterprise and the enterprise Analysis of the heterogeneity of scale;finally,the mechanism of the adjustment effect of high-speed rail opening is tested.Based on the above empirical results,this paper draws the following conclusions: first,the development of local finance has restrained the degree of concentrated debt of enterprise groups;second,the spillover effect of regional financial centers has promoted the degree of concentrated debt of enterprise groups;third,the opening of high-speed rail has The adjustment effect can alleviate the role of regional financial centers in promoting the concentration of corporate debts,and this promotion is mainly seen in state-owned enterprise groups and larger enterprise groups;fourth,the mechanism of action test found that the adjustment effect of high-speed rail is mainly through Alleviate the financing constraints of enterprise groups,thereby restraining the concentrated debt of enterprise groups.Based on the above research conclusions,the following policy suggestions are drawn: First,increase and improve our country’s local financial supply;second,rationally plan and build financial centers at the national level,and rationally utilize the spillover effects of financial centers;third,my country should further improve the high-speed rail Network layout;fourth,the supply-side reform of the financial system should be deepened,and corporate deleveraging should be steadily promoted.