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High-speed Rail

High-speed Rail

High-speed rail, factor flow and regional economic gaps

BIAN Yuanchao;WU Lihua;BAI Junhong

Finance & Trade Economics,2018,Vol 39,No. 06

【Abstract】 The previous literature on the relationship between high-speed rails and regional economic growth has ignored the impact of high-speed rails on the regional economic gaps and the phenomenon of factor flow among regions. By analyzing the empirical facts of China’s regional economic growth pattern in the context of high-speed rails, and from the perspective of factor flow, this paper elaborated on the impact mechanism of high-speed rails on regional economic gaps in detail. Meanwhile, this paper studied the impact of high-speed rails on regional economic growth gaps through a qusai-natural experiment of whether to open high-speed rails and based on the data of China’s 287 cities in 2004–2014. According to the study, we found that high-speed rails had a significant positive effect on the regional economic gaps through the factor flow; that is to say, the opening of high-speed rails could widen the regional economic gaps and produce polarization effect. Besides, the opening of high-speed rails significantly expands provincial capitals’ economic gaps, but the effect on non-provincial capitals is not significant. At last, the impact of high-speed rails on the regional economic gaps is characterized by a significant time effect, and the polarization effect shows a trend of increasing and then decreasing.

High-speed railways, market access and enterprises’ productivity

ZHANG Mengting;YU Feng;ZHONG Changbiao;LIN Faqin

China Industrial Economics,2018,No. 05

【Abstract】 With the rapid development of China’s HSR, its impact on economic development is increasingly prominent. By matching China’s urban data, HSR network data and China’s industrial enterprise data in the period of 1999–2011 and introducing the index of market access, we quantitatively explored the relationship between China’s HSR and enterprises’ productivity. As revealed by the results, firstly, baseline regression shows that the HSR connection negatively affects enterprises’ productivity and the effect size is 12.46%. Several robustness checks, such as alternative regression and proxy variables, confirm the reliability of the conclusions. To reduce the endogeneity of HSR’s construction, we adopt the least cost path spanning tree network as an instrumental variable, and results are still supportive. Secondly, mechanism research reveals that the negative effects are originated from spatial reallocation of resources. More precisely, with the connection of HSR, much more resources flow from peripheral cities to core ones. Further, sample is reclassified based on the transportation endowment of the city, factor intensity of the industry, and the distance between the HSR station and the city center to verify the mechanism. We found that the siphon effect is inversely proportionate to city’s transportation endowment and labor intensity of the industry, and the functional range of the effect is the road distance of 30 km from the HSR station to city center. Therefore, measures to enhance HSR’s welfare effect and reduce regional inequality, measures can be taken in the aspects such as controlling the speed and rhythm of HSR construction, scientifically planning HSR station and fostering industries with local advantages.

Opening of high-speed railway and stock price crash risk

ZHAO Jing;HUANG Jingchang;LIU Feng

Management World,2018,Vol 34,No. 01

【Abstract】 Using the opening of China high-speed railways (HSR) as an exogenous shock to measure the sudden decrease of information asymmetry and monitoring cost, this study tries to investigate the impact of HSR opening on stock price crash risk. The results show that the operation of HSR can reduce stock price crash risk and this relationship is more significant for firms located in cities only with non-intercity lines and for the years with both intercity and non-intercity lines. Further analysis finds that the negative impact of the opening of HSR on stock price crash risk is more significant in high information asymmetry and low monitoring environment. The findings of this paper demonstrate that the opening of HSR increases information transparency and improves corporate governance, which provides empirical evidence of the impact of transportation infrastructure on the financial market environment.

Does high-speed rail reduce the rural-urban income disparity?

YU Yongze;PAN Yan

Chinese Rural Economy,2019,No. 01

【Abstract】 As a great revolution in the history of China’s transportation, the high-speed rail does exert an important impact on labor mobility. Based on the panel data from China’s 287 cities during 2008 and 2016, this paper used the method of DID and PSM-DID to evaluate the impact of high-speed rail on the rural-urban income disparity from the perspective of heterogeneous labor mobility. The findings are as follows. In general, the rural-urban income disparity has been effectively reduced by the operation of high-speed rail, but the impact of high-speed rail on rural-urban income disparity is heterogeneous in different regions. High-speed rail reduces rural-urban income disparity by affecting heterogeneous labor mobility. The impact of high-speed rail on rural-urban income disparity has a lagging effect. With an increase in high-speed rail accessibility, its effect on reducing rural-urban income disparity would be gradually enhanced.

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