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Can High-Speed Railway Network Promote the Cross-City Mergers and Acquisitions? Evidence From China

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  • Yunmin Wang
  • Jingjing Wang
  • Shuiquan Jiang

Abstract

China’s cross-border mergers and acquisitions (M&A) activities have shown a remarkable increase during the past few decades of rapid economic growth. This paper proposes that the development of High-Speed Railway (HSR) serves as a key factor driving the surge in cross-city M&A activities. Using the staggered differences-in-differences (DID) model, we find that HSR services significantly promote cross-region M&A activities by reducing information asymmetry. Specifically, the results show that the introduction of HSR services leads to a 43.7% increase in cross-region M&A activities in HSR cities. This study provides practical recommendations to enhance capital allocation efficiency in developing economies.

Suggested Citation

  • Yunmin Wang & Jingjing Wang & Shuiquan Jiang, 2025. "Can High-Speed Railway Network Promote the Cross-City Mergers and Acquisitions? Evidence From China," SAGE Open, , vol. 15(3), pages 21582440251, September.
    • Handle: RePEc:sae:sagope:v:15:y:2025:i:3:p:21582440251366777
    DOI: 10.1177/21582440251366777
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