The opening of high-speed railway improves the supply chain efficiency of China's manufacturing industry:micro evidence from the inventory turnover of listed companies
In the context of supply-side structural reform,accelerating inventory circulation in the commodity market is a key lever to improve supply chain efficiency.High-speed railways(HSRs)can facilitate passenger travel,but few studies discuss their impact on the flow of goods.In terms of location accessibility,this study uses data from listed Chinese manufacturing companies from 2003 to 2021 to empirically examine the impact of HSRs on the inventory turnover rate(ITR)of manufacturing enterprises along the route and the mechanism for the effect.The study finds that the average ITR of manufacturing enterprises increases by about 4.24％after the opening of HSRs.The impact remains robust after testing for omitted variable bias,entropy balance matching,and mitigating endogeneity using instrumental variable regression which is constructed from the"minimum spanning tree"model.The mechanism analysis shows that the improvement in accessibility brought by HSRs can comprehensively improve the ITR of enterprises through three channels:productivity enhancement,sales market expansion,and information openness and sharing.Heterogeneity analysis indicates that the effect of HSRs on ITR is more pronounced in state-owned enterprises,growth-stage enterprises,and downstream enterprises in the supply chain.This paper emphasizes the considerable contribution of passenger transportation infrastructure to the high-quality development of China's manufacturing industry,providing empirical guidance for improving the operational capabilities of manufacturing enterprises and optimizing supply chain efficiency.
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