School of Economics and Management, Beijing Jiaotong University, Beijing, China.
Research Center for Central and Eastern Europe, Beijing Jiaotong University, Beijing, China.
PLoS One. 2022 Jun 6;17(6):e0268994. doi: 10.1371/journal.pone.0268994. eCollection 2022.
In this paper, the data of A-share non-financial listed companies from 2008 to 2019 are used to study the impact of the opening of high-speed railway on corporate financing constraints with the difference-in-differences model. The research results show that the opening of high-speed rail can effectively alleviate the financing constraints faced by enterprises. Through the analysis of its influence mechanism, it is found that the opening of high-speed rail can reduce the degree of information asymmetry and agency conflicts between enterprises and their stakeholders, and thereby ease corporate financing constraints. At the same time, the opening of the high-speed rail has a more significant effect on alleviating the financing constraints of non-state-controlled enterprises, technology-intensive enterprises, and enterprises in inland areas. This research is not only a supplement to the economic consequences related to the opening of the high-speed rail, but also a further expansion of the research on the factors affecting corporate financing constraints.
本文利用 2008-2019 年 A 股非金融上市公司数据，采用双重差分模型研究了高速铁路开通对企业融资约束的影响。研究结果表明，高速铁路的开通能够有效缓解企业面临的融资约束。通过对其影响机制的分析发现，高速铁路的开通能够降低企业及其利益相关者之间的信息不对称程度和代理冲突，从而缓解企业的融资约束。同时，高速铁路的开通对缓解非国有企业、技术密集型企业和内陆地区企业的融资约束具有更为显著的效果。本研究不仅是对高速铁路开通相关经济后果的补充，也是对影响企业融资约束因素的进一步拓展。
