The impact of the opening of high-speed rail on corporate financing constraints.

Abstract

In this paper, the data of A-share non-financial listed companies from 2008 to 2019 are used to study the impact of the opening of high-speed railway on corporate financing constraints with the difference-in-differences model. The research results show that the opening of high-speed rail can effectively alleviate the financing constraints faced by enterprises. Through the analysis of its influence mechanism, it is found that the opening of high-speed rail can reduce the degree of information asymmetry and agency conflicts between enterprises and their stakeholders, and thereby ease corporate financing constraints. At the same time, the opening of the high-speed rail has a more significant effect on alleviating the financing constraints of non-state-controlled enterprises, technology-intensive enterprises, and enterprises in inland areas. This research is not only a supplement to the economic consequences related to the opening of the high-speed rail, but also a further expansion of the research on the factors affecting corporate financing constraints.