Is high-speed rail heading towards a low-carbon industry? Evidence from a quasi-natural experiment in China

Existing studies have investigated the environmental dividends of substituting high-speed rail (HSR) for other energy-intensive vehicles from an engineering standpoint, but they have yet to explore the economic effects of HSR and the associated carbon emissions reduction benefits. To fill the research gap, we use panel data from 285 Chinese cities between 2004 and 2014, and employ a spatial difference-in-differences model to empirically examine the impact of HSR opening on industrial CO₂ emissions. After controlling for spillover effects from neighboring HSR cities, our results show that cities offering HSR services significantly reduce their own industrial CO₂ emissions. This finding is robust and is unaffected by outliers, control group selection, time trends, geography and expectation factors, or endogeneity. The mechanism test reveals that the structural transformation effect, technological innovation effect, and investment attractiveness effect are three intermediate influence channels. Further research finds that the emissions reduction benefit increases as the spatial and temporal intensities of HSR openings ascend the ladder, and HSR services have a spillover effect within a 300-kilometer radius. Moreover, the carbon benefit of China’s HSR far surpasses its carbon footprint, indicating that China’s HSR is green after accounting for economic emissions reductions that were often neglected in prior research. Based on these findings, we recommend that China accelerate HSR expansion in order to reduce carbon emissions in a scientific and responsible manner.     

Does high‐speed rail connection really promote local economy? Evidence from China’s Yangtze River Delta

High‐speed rail (HSR) has led to a transportation revolution in China. This paper uses the county‐level panel data of China’s Yangtze River Delta to investigate the effect of HSR connection on local economy. To address the issue of endogenous HSR route placement, we use a straight‐line strategy to construct potential HSR connection variables as instrumental variables of the actual HSR connection. Both the difference‐in‐differences and instrumental variable methods show that HSR connection impedes local economy, especially in peripheral regions. The impediment effect is channeled through population reallocation from peripheral to core areas and the restructuring of industries.     

Firm location and corporate dividend policy: evidence from China

We investigate the relation between a firm’s geographic location and its dividend policy. We find that firms headquartered in the National Central Cities, cities with high-speed rail (HSR), and with shorter distance to the nearest National Central City pay higher dividends. We find evidence that attributes the higher dividends to an increase in the number of analysts’ site visits, greater information transparency, and a reduction in financial constraints. Finally, the observed increases in dividends tend to be stronger for firms that benefit the most from improvements in the information environment after the arrival of HSR, such as firms located in regions without regional airports, firms located in areas with a lower regional gross domestic product, firms located a greater distance to the closest National Central City, and firms that are smaller, state-owned, have a shorter listing history in the exchanges, and have a more concentrated ownership.     

我国高铁偿债平衡点与债务风险代际转移研究

基于现金流理念,从开行密度视角测算高铁偿债平衡点.研究表明,目前达到列车开行密度偿债平衡点的高铁和客专营业里程分别占该类线路总营业里程的59.3％和20.9％,且债务风险可能发生代际转移.建议对高铁的外部效益实施财政补贴,优化线路公司的资本结构,适度提高单位票价率,加强城际高铁与干线高铁和民航机场的联接,提升高铁站与市内交通换乘的便捷性,并积极实施基于土地综合开发的TOD模式.     

50多年来中国空港布局演变及其影响因素——基于空间分析和数理统计的方法

随着社会经济蓬勃发展,中国渐渐步入民航大国行列,但很多民航机场亏损的现象并没改变,导致这种现象一个不容忽视的原因就是机场的空间分布与航空运输需求的空间分布之间存在一定的偏差。文章采用空间分析和数理统计相结合的方法,分析中国机场空间发展演变的规律,表明过去50多年中国机场分布密度增大,呈分散趋势,航空网通达性越来越高,但依然存在明显的区域差异。在探讨航空客货运量的空间格局及影响客货需求生成量的基础上,定量分析决定空港空间布局的主要因素,进一步根据中国省域层面航空运输供需分析,提出中国机场未来优化布局建议。     

High-speed rail and inventory reduction: firm-level evidence from China

Using a balanced panel of manufacturing firms from China between 2007 and 2013, we estimate that being connected to a high-speed rail (HSR) system leads to 9.5% reduction in local firms’ input inventory spending. The effect is stronger for downstream industries and private enterprises. A back-of-envelope calculation suggests that each dollar of HSR investment reduces input inventory stock by 12 cents, which is significantly larger than the effects found in previous studies based on highway or road investment. Declines in transportation and communication cost, as well as agglomeration effect, are identified as plausible mechanisms. Our findings reveal a micro channel through which improved transport infrastructure brings about economic gains, and contribute to the cost-benefit assessment of HSR investment.     

欠发达地区高铁可达性与经济社会的协调性研究

选取哈大、郑西-西宝、兰新高铁为对象,研究沿线欠发达地区的高铁可达性、经济社会发展水平及二者间的耦合协调度格局。研究表明:①高铁开通使得欠发达地区的可达性获得提升,呈以高铁轴带为核心、轴带外围为边缘的"核心-边缘"格局,轴带内部存在显著的"断裂"区,加剧了中心城市高铁集散场的延拓、袭夺与耦合。②高铁的运营加剧了沿线欠发达地区经济社会获益分配的不均衡、加剧了沿线节点的两极分化,产生"优者更优、劣者更劣"的"马太效应"。③耦合度与协调度整体呈不均衡的分异态势,局部地域表现出单核心城市的极化型、双核心城市的串联型、双核心城市的错位型、低水平区域的均衡型等4种分异格局。     

Technology innovation and entrepreneurial state: the development of China's high-speed rail industry

China proactively promotes indigenous technology innovation towards developing an innovation-based economy. This contradicts the developmental state literature that puts emphasis on technology imitation. Drawn from the strategic entrepreneurship perspective, this article explores the role of the government in China's technology innovation process. Carrying out a case study in the high-speed rail (HSR) industry, it suggests that it is best to understand the Chinese government as an entrepreneur in moving China's HSR industry towards technology innovation-driven development, through three dimensions of state-led strategic entrepreneurship: alertness to opportunities, resource exploration and consolidation, and strategic learning. This article highlights the importance of strategic entrepreneurship to the government in an emerging economy context and contributes to the literature by building a conceptual framework of ‘entrepreneurial state’.     

我国航空货运网络结构研究

选取国内空港130个、航线317条,国际空港72个、航线237条,从空港和航线两个角度探讨我国航空货运机场分布格局和网络结构,结果发现:华东区、华北区、中南区是航空货物的主来源地、目的地和中转地,上海、广州和深圳、北京构成我国航空货运的"三极",形成货运三角;航空货运主要分布在少数枢纽空港间的航线上,呈现集中状态,前五位航线的货运量之和为43.83万t,占27.33%;航空货运高度集中在人口100万以上的城市间,人口100万以下的城市间航空货运联系很弱,所占市场份额之和不足1%,中等城市之间、大城市与中等城市、小城市之间无直航航线联系;我国对外航空货运联系主要集中在北美、日韩、西欧和港澳地区,与东欧、中东和南亚地区的航空货运联系较弱,与非洲和拉美地区目前还没有直通航班。     

粤港澳大湾区都市圈高速铁路供给机制与效率评估——以深惠汕捷运为例

随着粤港澳大湾区上升为国家战略,都市圈层面交通需求日益增加。都市圈高速铁路规划建设能促进城际社会经济联系,推动空间一体化。在交通强国背景下,如何创新都市圈跨市高速铁路供给模式,实施有效的治理体制,提升运营效率成为跨政区合作的焦点。在粤港澳大湾区,通过地方政府间合作,利用国家主导投资的高速铁路基础设施新增都市圈高铁服务——深惠汕捷运,成为都市圈高速铁路供给的新模式。深惠汕捷运是在厦深铁路的基础上增设区间服务,主要服务粤港澳大湾区深莞惠都市圈的跨市交通需求。为此,以深惠汕捷运为例,系统研究这种新模式的融资过程、治理机制与运营效率,有助于理解都市圈层面高速铁路供给机制。研究表明,深惠汕捷运的本质是地方政府联合向国家购买高速铁路服务,呈现较高的融资和运营效率,其顺利实施建立在跨市交通需求增长、上级政府有效干预、地方政府间高效协商和成本共享等方面,这能为其他都市圈创新高速铁路供给提供新思路。     

广义虚拟经济视角下的民用机场非航空性资源价值

世界先进机场的发展经验表明,机场非航空性资源价值开发已成为衡量机场综合发展水平的重要标准。加大非航空性资源开发力度、提升非航空性资源开发水平已经成为世界机场发展的趋势之一。本文认为,兼顾信息态和物质态价值的广义虚拟经济理论能科学、全面审视非航空性资源价值及其财富本质。本文从实体价值和虚拟价值对机场非航空性资源价值进行了分析,并指出可从"财务"和"体验"两个方面进行非航空性资源虚拟价值创新。当前,机场应以旅客体验为出发点,加快非航空性资源虚拟价值创新,以科学地掌握非航空性资源价值开发规律。     

The stock market effect of air pollution: evidence from China

In financial studies, environmental stimuli such as sunshine, temperature, and daylight are often used as proxies for people’s collective mood swings to test their effects on the stock market. China has experienced serious air pollution problems in recent years, and Chinese public awareness of air pollution has soared. In this paper, we use China as a natural experiment to investigate the effect on stock returns of depressed moods induced by air pollution. Daily air-pollution data from 2005 to 2014 are analysed and the results obtained from the empirical research show that a contemporaneous negative and a two-day lagged positive relationship exists between air pollution levels and stock returns over this time period. The relationship is mediated by the influence of air pollution on investment decisions. The results also indicate that the effect is weakened for companies that protect air quality, but no stronger effect is detected for polluting companies. The findings imply that air pollution is a behavioural factor with some connection to stock returns in China.     

Regional economic growth and the role of high-speed rail in China

Rapid development of High-speed railways (HSR) in China has attracted serious research interest. This paper proposes an endogenous economic growth model to explain how and why HSR may lead to faster economic growth and regional convergence in China using data from 285 cities in 2010–2014. TSLS estimation suggests that HSR has a powerful impact on urban economic growth and regional convergence. It suggests that HSR was a potent driver responsible for the sustainable and steady economic expansion of the Chinese regions in the aftermath of the world financial crisis.     

High-speed rail,tourist mobility,and firm value

Infrastructure is critical to the development of the tourism industry. Although high-speed rail (HSR) is an important component of transportation infrastructure and may reshape tourism activities, little attention has been paid on the impact of HSR on tourism firms’ value. We use a natural quasi-experimental of Chinese cities connected to HSR and difference-in-differences (DID) estimation to show that: (1) HSR substantially increases tourism firms’ value. (2) We introduce dynamic DID and placebo test to further establish causality. (3) A plausible mechanism driving our finding is the tourist mobility with HSR. (4) Our findings are particularly pronounced for small firms and offer theoretical and practical implications to understand tourist mobility and tourism firm value.     

论我国大气污染生态补偿法律机制的完善

大气污染生态补偿法律机制对于促进区域大气污染联合治理、实现大气污染治理法律正义、创新与完善生态补偿法律机制等具有重要意义。我国现有法律法规就大气污染生态补偿进行了原则性规定,特别是山东、陕西、湖北等地方性法规更是对大气污染生态补偿进行了探索性规范,为大气污染生态补偿法律机制完善提供了有益经验。但从总体来看,我国大气污染生态补偿法律机制尚存在缺乏专门法律支撑、生态补偿主体过窄、补偿方式单一、补偿标准不合理、法律责任不完善等问题。为促进生态文明战略与强化大气污染生态补偿的法律保障,我国应以科学理念为指导,采取有效措施推进大气污染生态补偿法律机制完善。     

土地发展权博弈视角下高铁站区开发权及开发利益分配

世界上作为城市综合体的高铁站区都依托于权责利益明确的土地开发,但我国大多数高铁站综合开发收效甚微。在分析中国高铁站区开发土地发展权的内涵及其权利归属现状的基础上,认为产生上述差异的原因在于高铁站区的土地发展权归属不同。在此基础上,以高铁站区土地为核心,以铁路主体为桥梁,对铁路主体与政府之间的土地发展权归属问题进行了不完全信息下的动态博弈分析,以寻求土地发展权归属的最优策略。结论如下:在地方政府选择让渡、铁路主体选择服从、铁路主体与市场主体形成综合开发联盟并通过铁路主体的最终开发活动实现博弈均衡时,各方获得最大收益。     

Confucius Institute’s effects on international travel to China: do cultural difference or institutional quality matter?

This article uses a panel data of China’s inbound tourist flows from 2005 to 2015 to investigate Confucius Institute (CI)’s influence on China’s tourism. We find that CI, as a comprehensive platform for China’s foreign cultural exchange, has a significant positive effect on China’s tourist flows. The effects of CI on China’s inbound tourism are transmitted through bridging cultural gaps and promoting Chinese language, which reduces psychic distance and transaction costs. CI also stimulates China’s inbound tourist flows via reducing information asymmetry caused by different levels of institutional quality. Interestingly, we find that the heterogeneous effects of CI on China’s inbound tourism depend on institutional quality, and the effects of CI to boost China’s tourists are more prominent in departure countries with larger cultural difference.     

高铁开通对企业创新的影响——基于上市公司微观数据的实证分析

基于微观经济理论的视角,本文考察了高铁开通对企业创新的影响.研究发现:高铁开通提高了企业的创新水平.进一步研究发现高铁开通主要通过减少信息不对称、缓解融资约束以及促进竞争三条途径促进创新.此外,高铁开通对非国有企业和交流密集型企业的创新影响更加显著.结合本文的研究结果,各级政府部门应该积极地改善企业创新的时空环境,提升...     

Interregional infrastructure,competition for capital,and local public expenditure policies: Evidence from China's high-speed rail network

Interregional infrastructure promotes market integration and enhances the mobility of capital, thereby intensifying fiscal competition among local governments. Exploiting the expansion of China's high-speed rail (HSR) network as plausibly exogenous shocks, this study examines how Interregional infrastructure affects the fiscal competition among local governments. We find that after connecting with the HSR network, city governments tend to dedicate a lower proportion of public spending to consumption goods, which benefit immobile households, and invest more in productive inputs, which attract mobile firms. We also find that the negative effect of HSR connection on the proportion of consumption goods is more pronounced in peripheral cities than core cities because periphery cities face a larger increase in capital mobility due to the core–periphery effects of trade integration induced by HSR. Our findings indicate that the behavioural responses of local governments should be accounted for when assessing the social welfare of interregional infrastructure.     

中国机场业的动态效率：1998—2008——基于Malmquist指数的分析

本文基于1998-2008年的相关数据,分解和求解了我国样本机场的Malmquist指数,指出我国机场产业的总体运营效率虽有提高但提高幅度不大,大规模的机场投资和高速增长的吞吐量对机场运营效率的贡献不大,机场的公益性特点明显;进一步将样本机场按照省会和非省会城市、机场地理位置以及机场等级划分了不同组别,并对各组别样本机场的Malmquist指数进行分析;认为机场效率的改善,要制定有差异化的产业政策,并从机场企业微观层面出发,实施相应的措施。