Abstract
High-speed railways have a profound impact on entrepreneurship. Adopted China's city panel data, we use a time-varying DID model to estimate the influence of the high-speed railways on urban entrepreneurship and study its mechanism. The analysis results reveal that high-speed railways have improved the entrepreneurial vitality of cities. The mechanism test suggests that high-speed railway promotes entrepreneurship activities by accelerating human capital flow, strengthening producer services agglomeration, and promoting market integration. A range of robustness tests including a parallel trend test, placebo test, and PSM-DID model are used to ensure the reliability of the empirical results. Heterogeneity analysis and spatial analysis are used to deepen the research. Heterogeneity analysis reveals that high-speed railway construction is likely to motivate entrepreneurship in eastern cities, big cities, and cities with high-level business environments. The spatial analysis results show that the opening of the high-speed railways promotes the entrepreneurial level of surrounding cities. The research results help to evaluate the economic benefits of high-speed railway network expansion, and provide decision-making references for stimulating urban entrepreneurship.
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