| 交通基础设施建设如何影响企业投资效率——基于高铁开通的准自然实验 |
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| 引用本文：盛汐凌，祝树金.交通基础设施建设如何影响企业投资效率——基于高铁开通的准自然实验[J].财经理论与实践,2025,(5):61-71 |
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| 中文摘要:交通基础设施建设是我国经济发展的主动脉，为企业投资效率的提升发挥重要作用。基于2007—2023年我国沪深A股上市公司相关数据，以高铁开通作为代理变量，研究交通基础设施建设对企业投资效率的影响效应及机制。研究发现，以高铁开通来反映的交通基础设施建设有利于企业投资效率的提升；机制检验结果显示，高铁开通通过降低信息不对称程度、提升管理效率两条传导路径，对企业投资效率产生显著的正向影响；拓展性研究发现企业的股票流动性对高铁开通影响企业投资效率具有明显的调节效应。 |
| 中文关键词:交通基础设施 投资效率 高速铁路 |
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| How Does Transportation Infrastructure Construction Affect the Investment Efficiency of Enterprises?—A Quasi-Natural Experiment Based on the Opening of High-Speed Railways |
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| Abstract:The construction of transportation infrastructure has become the main artery of China’s economy, and plays an important role in improving investment efficiency of enterprises. Based on the data of listed companies in Shanghai and Shenzhen A-shares in China from 2007 to 2023, this paper takes the opening of high-speed railways as a proxy variable to study the impact and mechanism of transportation infrastructure on investment efficiency of enterprises. The study shows that the construction of transportation infrastructure reflected by opening of high-speed railways is conducive to the improvement of the investment efficiency of enterprises. The mechanism test indicates that opening of high-speed railways mainly improves investment efficiency of enterprises through two paths: reducing information asymmetry and improving management efficiency. In the further study, we found that the stock liquidity of enterprises has a significant moderating effect on the relationship between opening of high-speed railways and investment efficiency of enterprises. |
| keywords:traffic infrastructure investment efficiency high-speed railway |
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