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High speed rail opening and enterprise survival: Empirical analysis using panel data from Chinese industrial enterprises

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  • Tan, Weimin
  • Dai, Jinyan
  • Yang, Yingying

Abstract

High-speed rail (HSR) can compress spatiotemporal distances and alleviate information asymmetry, thereby positively affecting enterprise performance. Although studies have examined HSR’s influence on enterprise performance, its role in shaping enterprise survival has received limited attention. To fill this research gap, this study examines relationship between HSR opening and enterprise survival using the Cox proportional hazards model and data for Chinese industrial enterprises (1998–2009). The findings are as follows: (1) HSR opening reduces enterprises’ survival risk by optimizing their lifecycle: it accelerates the transition from the start-up to the growth-maturity stages and delays the shift from the growth-maturity to the decline. (2) Mechanistically, HSR opening lowers survival risk by improving total-factor productivity and enhancing environmental adaptability. (3) Heterogeneity and boundary analyses show that HSR has a more pronounced risk-reduction effect on labor-intensive enterprises (vs. technology-/capital-intensive ones), with an optimal influence radius of about 40 km. This study provides theoretical and empirical evidence for HSR’s role in reducing enterprise survival risk and offers insights for policies to enhance enterprise resilience.

Suggested Citation

  • Tan, Weimin & Dai, Jinyan & Yang, Yingying, 2026. "High speed rail opening and enterprise survival: Empirical analysis using panel data from Chinese industrial enterprises," Economic Analysis and Policy, Elsevier, vol. 92(C), pages 244-259.
    • Handle: RePEc:eee:ecanpo:v:92:y:2026:i:c:p:244-259
    DOI: 10.1016/j.eap.2026.06.023
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