高铁开通对上市公司投资区位选择的影响研究

准确识别高铁开通对微观企业投资区位选择的影响对企业投资决策优化和区域产业优化均具有重要意义。利用2008~2017年中国上市公司异地投资微观数据，基于高铁开通的新视角使用多期双重差分法对上市公司投资区位选择进行实证分析，并从市场规模效应和交易成本效应两条路径分析其内在影响机制，进而运用中介效应模型进行了机制检验。研究发现：高铁开通增加了上市公司异地投资企业数量，总部所在城市开通高铁的上市公司新增异地投资企业数量平均提高了约5.2%；高铁开通对上市公司异地投资平均地理距离无显著影响，异质性分析发现，高铁开通仅增加了东部地区上市公司异地投资平均地理距离；机制检验发现，高铁开通一方面通过扩大市场规模促进上市公司异地投资，另一方面强化了站点城市信息环境对上市公司投资区位选择的影响，从而通过降低信息搜寻成本促进上市公司异地投资。

Research on the Impact of High-Speed Rail on the Investment Location Choice of Listed Companies

Accurately identifying the impact of the opening of high-speed rail on enterprises' investment location selection is of great significance to the optimization of corporate investment decision-making and regional industry optimization. Using the micro data on the remote investment of Chinese listed companies from 2008 to 2017, based on the new perspective of the opening of the high-speed rail, the multi-period double difference method was used to conduct an empirical analysis of the investment location selection of listed companies, and analyzed from the two paths of market scale effect and transaction cost effect Internal influence mechanism, and then use the mediation effect model to test the mechanism. The study found that:(1) the opening of high-speed rail increased the number of listed companies' remote investment companies, and the number of new remote investment companies of listed companies that opened high-speed rail in the city where the headquarters is located increased by about 5.2% on average; (2) the average geographic location of listed companies' remote investment Distance has no significant impact. The analysis of heterogeneity found that the opening of high-speed rail only increased the average geographic distance of listed companies' off-site investment in the eastern region; (3) The mechanism test found that, on the one hand, the opening of high-speed rail promotes listed companies' off-site investment by expanding the market size. It strengthens the influence of the site city information environment on the investment location selection of listed companies, thereby promoting remote investment of listed companies by reducing the cost of information search.