Evaluation of the heterogeneity and impact of high-speed rail location on cross-regional investment in China
As a special cross-regional major infrastructure,the operation of high-speed rail(HSR)reduces factor con-straints faced by firms along the route,information asymmetry and agency costs among enterprises,promotes capital flows in the regions along the route,and influences inter-city investment.Several studies have explored the impacts on enterprises investment decisions of the introduction of HSR evaluated by a dummy variable reflecting whether a city is passed by HSR,however,little attention has been paid to the impacts of the improvement in accessibility and con-nectivity caused by HSR To this end,this paper analyzes and evaluates the impact of the enhanced accessibility and connectivity caused by HSR on enterprises inter-city investment and its spatial heterogeneity,relying on data about the new investment decisions of Chinese listed companies from 2008-2017.It is found that:1)Connectivity is improved higher in the cities in eastern region and accessibility is improved more significantly in the western region;the dispar-ities of the accessibility and connectivity between mega-cities and small/medium-sized cities keeps widening.2)The inter-city investment is mainly concentrated between cities in the eastern region and mega-cities,but the regional dif-ferences are narrowing.3)The enhanced accessibility and connectivity caused by HSR have a significant positive im-pact on inter-city investment,and the impact of accessibility is greater than that of connectivity.4)The impact of HSR accessibiity and connectivity on inter-city investment varies across different regions and cities with different popula-tion scales.Amongst,the improvement in connectivity has generated larger influence on the inter-city investment flowing to the cities in eastern region and mega-cities,while the enhanced accessibility significantly enhances the at-traction of inter-city investment in cities of western region and small cities.
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