High-Speed Rail Construction and Corporate Credit Allocation:Empirical Evidence from the Loan Announcements of Listed Companies
This study meticulously analyzed nearly 150,000 pieces of data from bank credit announcements issued by A-share listed companies spanning from 2008 to 2021 to empirically examine how high-speed rail construction affects corporate credit allocation.The results indicate that an increase in the number of nearby high-speed rail stations enhances the proportion of loans companies obtain from local banks,with a more pronounced effect observed among compa-nies located in non-provincial capital cities.The construction of high-speed rail facilities rein-forces companies'dependence on nearby credit resources,supporting the"credit monitoring hy-pothesis."Mechanism analysis reveals that the development of high-speed rail stations mainly attracts banking institutions to areas with improved transportation,thereby intensifying bank com-petition and their influence on credit distribution.This,in turn,increases the proportion of credit that companies obtain from nearby banking institutions.The results reveal that transportation in-frastructure serves as a mechanism to enhance financial services to the real economy,providing empirical evidence to support China's goals of becoming a transportation powerhouse and achie-ving high-quality economic development.
bank competitioncausal mediation effectcredit allocationtransportation infra-structure
NETL
NSTL
万方数据
