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Geographic proximity and corporate investment efficiency: Evidence from high-speed rail construction in China

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  • Wu, Yizhong
  • Lee, Chien-Chiang
  • Lee, Chi-Chuan
  • Peng, Diyun

Abstract

Applying the difference-in-differences method, we show that high-speed rail (HSR) construction improves investment efficiency in China. The effect is more pronounced for companies with low information transparency and low media coverage, suggesting that HSR can mitigate information asymmetry while reducing external regulatory costs. Our analysis also shows that the effect is more powerful for non-state-owned enterprises, high-growth firms, and those companies located in core cities. Overall, our findings suggest that HSR can improve investment efficiency by shortening the travel time between firms and their investors.

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  • Wu, Yizhong & Lee, Chien-Chiang & Lee, Chi-Chuan & Peng, Diyun, 2022. "Geographic proximity and corporate investment efficiency: Evidence from high-speed rail construction in China," Journal of Banking & Finance, Elsevier, vol. 140(C).
    • Handle: RePEc:eee:jbfina:v:140:y:2022:i:c:s0378426622001066
    DOI: 10.1016/j.jbankfin.2022.106510
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    More about this item

    Keywords

    Geographic proximity; Information asymmetry; Investment efficiency; High-speed rail; China;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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