| By the end of 2021,the high-speed railway has covered more than 95 % of cities with more than one million people.High coverage has brought diversity and professionalism to service enterprises in different regions.According to international experience,rich and abundant human capital is crucial to the rapid development and technological upgrading of the service industry.Compared with other modes of transportation,the advantages of high-speed rail,such as high passenger volume,high speed,high punctuality rate and high safety,greatly enhance the accessibility between regions and promote the flow of labor,capital and information along the line.Obviously,high-speed rail has profoundly changed the way of resource allocation of service enterprises,which in turn has an impact on the total factor productivity of service enterprises.Under the background of high-quality development,it is of great significance to study the impact of high-speed rail opening on the total factor productivity of service enterprises.This thesis selects China ’s A-share service industry listed companies from 2000 to2020 as the research object,and takes the opening of high-speed rail from 2003 to 2020 as a ’ quasi-natural experiment ’.By constructing a multi-period difference-in-difference model,this paper empirically analyzes the influence of the opening of high-speed rail on the total factor productivity of service enterprises.The study found that: First,the opening of high-speed rail has obviously improved the total factor productivity level of service enterprises along the route.The first opening of high-speed rail will increase the total factor productivity of local service enterprises by 9.12 %.The robustness test shows that no matter what method is used to measure total factor productivity(LP method,OP method,OLS method,fixed effect method),or placebo test and sample screening(excluding extreme values,excluding municipalities and sub-provincial cities),the above conclusions are still valid.Second,the effect of high-speed rail opening on the total factor productivity of service enterprises is heterogeneous.Compared with the eastern region,the opening of high-speed rail has a more obvious impact on the total factor productivity of service enterprises in the central and western regions.Similarly,the impact on non-state-owned enterprises is greater than that of state-owned enterprises,and the impact on the living service industry is greater than that of the productive service industry.Thirdly,in terms of the mechanism of action,the opening of high-speed rail can increase the total factor productivity of enterprises by affecting the innovation activities of service enterprises;it can also promote the total factor productivity of enterprises by acting on the accumulation of human capital,and the effect of human capital mechanism is more obvious.The policy implications of the above research conclusions are as follows: First,regions should make full use of the traffic advantages of opening high-speed rail or adjacent high-speed rail to layout service industry parks and promote the advantages of transportation infrastructure.Secondly,we should further exert the pulling effect of transportation infrastructure construction on the service industry in the central and western regions,and promote the construction of transportation and logistics hubs with high-speed rail as a link.Third,regions should pay attention to the impact of high-speed rail construction on human capital accumulation,especially in cities along the high-speed rail to accelerate the agglomeration of educational resources,and then support the highquality development of the service industry. |
