The Opening of High-speed Rail and the Development of Financial Factors in Periphery Cities:Polarization or Trickle-down Effect
The current research has been controversial on the impact of the opening of high-speed rail on the flow of financial factors in core cities and peripheral cities.This paper uses location entropy,the overall financial scale and population mobility characteristics of the city to distinguish the core cities with concentrated financial factors from the relatively unconcentrated peripheral cities.Using the DID method,the research results show that after the opening of high-speed rail,the financial development gap between peripheral cities and core cities expands,and the polarization effect is prominent.The phenomenon of the aforementioned widening gap will show heterogeneity in different regions of the country due to the difference in the degree of financial factors between core and peripheral cities.With the distance between cities becomes more distant,the polarization effect becomes more obvious.With the polarization effect,the overall financial factors of the region are highly concentrated,and the financial factor market potential declines.The conclusion of the study provides important empirical evidence for the role of financial factors that peripheral cities should play in the region under the opening of high-speed rail.
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