IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v14y2022i18p11330-d911081.html
   My bibliography  Save this article

Does High-Speed Railway Promote High-Quality Development of Enterprises? Evidence from China’s Listed Companies

Author

Listed:
  • Yongling Li

    (School of Economics and Management, Shanxi University, Taiyuan 030006, China)

  • Junxian Yang

    (School of Economics and Management, Shanxi University, Taiyuan 030006, China)

  • Weiqiang Zhang

    (School of Business and Economics, Free University of Berlin, 14195 Berlin, Germany)

  • Zhou Zhou

    (School of Economics and Management, Shanxi University, Taiyuan 030006, China
    School of Economics and Management, Beijing Jiaotong University, Beijing 100044, China)

  • Jianhui Cong

    (School of Economics and Management, Shanxi University, Taiyuan 030006, China)

Abstract

The high-quality development of enterprises is the micro-foundation of China’s economic growth model from “speed and scale” to “quality and efficiency,” in which China’s transportation infrastructure, especially the high-speed railways (HSRs), plays an indispensable role. We select the propensity score matching and difference in difference (PSM-DID) model as the identification strategy and empirically analyze the impact of the HSR on the high-quality development of enterprises based on empirical data of 1331 A-share listed companies in China. The results show that the HSR has a significant positive impact on the high-quality development of enterprises. This effect is more substantial for enterprises in the Pearl River Delta, the Triangle of Central China, and small and medium-sized cities. The HSR inhibited the high-quality development of enterprises in the mining, culture, sports, and entertainment industries in eastern and central China. The reason is the restriction of the ability to create social and environmental value and the influence of monopolistic competition. The HSR improves labor mobility, capital expansion, and knowledge spillovers, thereby promoting the high-quality development of enterprises. However, new infrastructure mainly improves the high-quality development of enterprises by promoting knowledge spillovers and technological innovation. This paper contributes to the modernization of China’s HSR network and provides essential insights for the HSR to achieve sustainable development goals.

Suggested Citation

  • Yongling Li & Junxian Yang & Weiqiang Zhang & Zhou Zhou & Jianhui Cong, 2022. "Does High-Speed Railway Promote High-Quality Development of Enterprises? Evidence from China’s Listed Companies," Sustainability, MDPI, vol. 14(18), pages 1-33, September.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:18:p:11330-:d:911081
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/14/18/11330/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/14/18/11330/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Esther Duflo, 2001. "Schooling and Labor Market Consequences of School Construction in Indonesia: Evidence from an Unusual Policy Experiment," American Economic Review, American Economic Association, vol. 91(4), pages 795-813, September.
    2. Hans R A Koster & Takatoshi Tabuchi & Jacques-François Thisse, 2022. "To be connected or not to be connected? The role of long-haul economies [Do rural roads create pathways out of poverty? Evidence from India]," Journal of Economic Geography, Oxford University Press, vol. 22(4), pages 711-753.
    3. Gabriel M Ahlfeldt & Arne Feddersen, 2018. "From periphery to core: measuring agglomeration effects using high-speed rail," Journal of Economic Geography, Oxford University Press, vol. 18(2), pages 355-390.
    4. HAYAKAWA Kazunobu & Hans R.A. KOSTER & TABUCHI Takatoshi & Jacques-François THISSE, 2021. "High-speed Rail and the Spatial Distribution of Economic Activity: Evidence from Japan's Shinkansen," Discussion papers 21003, Research Institute of Economy, Trade and Industry (RIETI).
    5. Li, Shang-ao & Gong, Liutang & Pan, Shan & Luo, Feng, 2020. "Wage and price differences, technology gap and labor flow dynamics," Economic Modelling, Elsevier, vol. 88(C), pages 211-222.
    6. Baum-Snow, Nathaniel & Henderson, J. Vernon & Turner, Matthew A. & Zhang, Qinghua & Brandt, Loren, 2020. "Does investment in national highways help or hurt hinterland city growth?," Journal of Urban Economics, Elsevier, vol. 115(C).
    7. Xiaofang Dong & Siqi Zheng & Matthew E. Kahn, 2018. "The Role of Transportation Speed in Facilitating High Skilled Teamwork," NBER Working Papers 24539, National Bureau of Economic Research, Inc.
    8. Bingyu Wu & Weidong Li & Jingyu Chen, 2022. "Networked Transport and Economic Growth: Does High-Speed Rail Narrow the Gap between Cities in China?," Sustainability, MDPI, vol. 14(10), pages 1-20, May.
    9. James Levinsohn & Amil Petrin, 2003. "Estimating Production Functions Using Inputs to Control for Unobservables," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 70(2), pages 317-341.
    10. Changjun Jiang & Xiaoxuan Liu, 2022. "Does High-Speed Rail Operation Reduce Ecological Environment Pressure?—Empirical Evidence from China," Sustainability, MDPI, vol. 14(6), pages 1-16, March.
    11. David J. Teece & Gary Pisano & Amy Shuen, 1997. "Dynamic capabilities and strategic management," Strategic Management Journal, Wiley Blackwell, vol. 18(7), pages 509-533, August.
    12. Nathaniel Baum-Snow, 2007. "Did Highways Cause Suburbanization?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(2), pages 775-805.
    13. Joshua D. Angrist & Alan B. Keueger, 1991. "Does Compulsory School Attendance Affect Schooling and Earnings?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(4), pages 979-1014.
    14. Yi Lu & Jin Wang & Lianming Zhu, 2019. "Place-Based Policies, Creation, and Agglomeration Economies: Evidence from China's Economic Zone Program," American Economic Journal: Economic Policy, American Economic Association, vol. 11(3), pages 325-360, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yanchao Feng & Juan Zhang & Renfu Luo & Yuxi Pan & Shuhai Niu, 2024. "How does the opening of high-speed rail drive energy restructuring? New micro evidence from China," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Koster, Hans & Hayakawa, Kazunobu & Thisse, Jacques-François, 2021. "High-speed Rail and the Spatial Distribution of Economic Activity: Evidence from Japan's Shinkansen," CEPR Discussion Papers 15771, C.E.P.R. Discussion Papers.
    2. Gabriel Loumeau & Antonio Russo, 2022. "Second-Hand Gentrification: Theory and Evidence from High-Speed Rail Extensions," CESifo Working Paper Series 9992, CESifo.
    3. Chang, Zheng & Zheng, Longfei, 2022. "High-speed rail and the spatial pattern of new firm births: Evidence from China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 155(C), pages 373-386.
    4. Luisa Dörr & Stefanie Gäbler, 2020. "Does Highway Accessibility Influence Local Tax Factors? Evidence from German Municipalities," ifo Working Paper Series 321, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    5. Bruno de Borger & Ismir Mulalic & Jan Rouwendal, 2019. "Productivity effects of an exogenous improvement in transport infrastructure: accessibility and the Great Belt Bridge," Tinbergen Institute Discussion Papers 19-065/VIII, Tinbergen Institute.
    6. Hans R A Koster & Takatoshi Tabuchi & Jacques-François Thisse, 2022. "To be connected or not to be connected? The role of long-haul economies [Do rural roads create pathways out of poverty? Evidence from India]," Journal of Economic Geography, Oxford University Press, vol. 22(4), pages 711-753.
    7. Luisa Dörr & Stefanie Gäbler, 2022. "Does Highway Access Influence Local Employment? Evidence from German Municipalities," ifo Working Paper Series 377, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    8. Bruno de Borger & Ismir Mulalic & Jan Rouwendal, 2019. "Productivity effects of an exogenous improvement in transport infrastructure: accessibility and the Great Belt Bridge," Tinbergen Institute Discussion Papers 19-065/VIII, Tinbergen Institute.
    9. Bottasso, Anna & Conti, Maurizio & Ferrara, Antonella Rita & Robbiano, Simone, 2023. "High-Speed Railways and Firms Total Factor Productivity: Evidence from a Quasi-Natural Experiment," IZA Discussion Papers 16572, Institute of Labor Economics (IZA).
    10. Miquel-Àngel Garcia-López & Ilias Pasidis & Elisabet Viladecans-Marsal, 2022. "Congestion in highways when tolls and railroads matter: evidence from European cities [The congestion relief benefit of public transit: evidence from Rome]," Journal of Economic Geography, Oxford University Press, vol. 22(5), pages 931-960.
    11. Stephan Heblich & Stephen J Redding & Daniel M Sturm, 2020. "The Making of the Modern Metropolis: Evidence from London," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(4), pages 2059-2133.
    12. Baek, Jisun & Park, WooRam, 2022. "The impact of improved passenger transport system on manufacturing plant productivity," Regional Science and Urban Economics, Elsevier, vol. 96(C).
    13. Chen, Qifei & Wang, Meng, 2022. "Opening of high-speed rail and the consumer service industry: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 31-45.
    14. Schultz, T. Paul, 2010. "Population and Health Policies," Handbook of Development Economics, in: Dani Rodrik & Mark Rosenzweig (ed.), Handbook of Development Economics, edition 1, volume 5, chapter 0, pages 4785-4881, Elsevier.
    15. Uwaifo Oyelere, Ruth, 2010. "Africa's education enigma? The Nigerian story," Journal of Development Economics, Elsevier, vol. 91(1), pages 128-139, January.
    16. Hua Zhang & Qiwang Zhang, 2023. "How Does Digital Transformation Facilitate Enterprise Total Factor Productivity? The Multiple Mediators of Supplier Concentration and Customer Concentration," Sustainability, MDPI, vol. 15(3), pages 1-18, January.
    17. Michael Funke & Kadri Männasoo & Helery Tasane, 2023. "Regional Economic Impacts of the Øresund Cross-Border Fixed Link: Cui Bono?," CESifo Working Paper Series 10557, CESifo.
    18. Lídia Farré & Roger Klein & Francis Vella, 2013. "A parametric control function approach to estimating the returns to schooling in the absence of exclusion restrictions: an application to the NLSY," Empirical Economics, Springer, vol. 44(1), pages 111-133, February.
    19. Murat G. Kırdar & Meltem Dayıoğlu & İsmet Koç, 2016. "Does Longer Compulsory Education Equalize Schooling by Gender and Rural/Urban Residence?," The World Bank Economic Review, World Bank, vol. 30(3), pages 549-579.
    20. Yang, Xiaolan & Wang, Rui & Guo, Dongmei & Sun, Weizeng, 2020. "The reconfiguration effect of China's high-speed railway on intercity connection ——A study based on media attention index," Transport Policy, Elsevier, vol. 95(C), pages 47-56.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:14:y:2022:i:18:p:11330-:d:911081. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.