Research On The Impact Of The Opening Of High-speed Rail On The Allocation Of Financial Assets Of Enterprises

The real economy is an important cornerstone of my country’s highquality economic development.However,in recent years,the situation of over-allocation of financial assets by real enterprises has become more and more serious,showing a trend of "departing from real to virtual",which is not conducive to the high-quality development of the real economy.The rapid development of my country’s high-speed rail construction has changed the spatial and temporal pattern of social and economic resource allocation,and has had a positive impact on the development of local enterprises.Specifically,the opening of high-speed rail can not only effectively reduce the transaction costs of real enterprises and promote the prosperity and development of the real economy,but also have an impact on the investment and financing strategies of enterprises by alleviating information asymmetry.Therefore,it has important theoretical value and practical significance to explore the impact of the opening of high-speed rail on the allocation of corporate financial assets.Based on the panel data of A-share listed companies from 2011 to2020,this paper takes the opening of high-speed rail in prefecture-level cities as an exogenous shock,and uses a double-difference model to empirically test the impact of the opening of high-speed rail on the financial asset allocation of local companies.The research results show that:after the opening of the high-speed rail,the financial asset allocation of enterprises is significantly reduced;moreover,in areas with a low degree of marketization,the negative impact of the opening of the high-speed rail on the financial asset allocation of enterprises has increased.Further research found that: in the eastern region of my country,in the sample of enterprises with low scale of corporate financial assets and large-scale enterprises,the opening of high-speed rail has a more significant negative impact on the allocation of corporate financial assets.The research conclusion warrant that financial assets allocation for the enterprise will be affected by high-speed rail,enriches and expands theories on the opening of high-speed rail and the allocation of financial assets of enterprises,and provides empirical evidence that the construction of transportation infrastructure affects the micro-behavior of companies.Dealing with the problem of excessive financialization of enterprises under the new situation has important reference value for my country’s highspeed rail transportation planning,macro policy formulation and internal decision-making of enterprises.