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Evaluation of the heterogeneity and impact of high-speed rail location on cross-regional investment in China
Jiao Jingjuan, Ma Wangyuqing, Wang Wei
GEOGRAPHICAL SCIENCE ›› 2024, Vol. 44 ›› Issue (3) : 400-410.
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 constraints 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 connectivity 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 disparities 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 differences are narrowing. 3) The enhanced accessibility and connectivity caused by HSR have a significant positive impact 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 population 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 attraction of inter-city investment in cities of western region and small cities.
high-speed rail location / major infrastructure / connectivity / inter-city investment / spatial heterogeneity {{custom_keyword}} /
Table 1 Definition and interpretation of variables表1 变量定义与解释 |
变量 | 变量定义 | |
被解释变量 | IN | 城市对之间的投资次数/次 |
核心解释变量 | FR | 两地高铁通车频次/班 |
TI | 两地最短旅行时间/h | |
控制变量 | SG | 投资来源地的地区生产总值/亿元 |
TG | 投资目的地的地区生产总值/亿元 | |
BG | 两地之间地区生产总值差额的绝对值/亿元 | |
SI | 投资来源地第二产业和第三产业占比/% | |
TI | 投资目的地第二产业和第三产业占比/% | |
BI | 两地第二产业和第三产业占比差额的绝对值/% | |
SE | 投资来源地政府支出占GDP的比重/% | |
TE | 投资目的地政府支出占GDP的比重/% | |
BE | 两地政府支出占GDP比重差额的绝对值/% | |
SP | 投资来源地人口密度/(万人/km2) | |
TP | 投资目的地人口密度/(万人/ km2) | |
BP | 两地人口密度差额的绝对值/(万人/km2) | |
SD | 投资来源地存贷金额占GDP的比重/% | |
TD | 投资目的地存贷金额占GDP的比重/% | |
BD | 两地存贷金额占GDP比重差额的绝对值/% |
Fig. 3 Spatial pattern of inter-city investment in 2008 and 2017图3 2008年和2017年异地投资空间格局 不同地区和不同类型城市划分参考文献[35] ;基于自然资源部标准地图服务网站下载的审图号为GS(2019)1827号的标准地图制作,底图无修改;港澳台数据暂缺 |
Table 2 HSR location characteristics of investment occurring and non-occurring city pairs表2 投资发生与未发生城市对的高铁区位特征 |
年份 | 城市对新建投资/次 | 通车城市对新 建投资占比/% | 城市对平均通车频次/班 | 城市对最短旅行时间/h | ||||
未通车 | 通车 | 有投资 | 无投资 | 有投资 | 无投资 | |||
注:港澳台数据暂缺。 | ||||||||
2008 | 4695 | 791 | 14.42 | 0.15 | 0.01 | 17.83 | 25.82 | |
2009 | 5424 | 1905 | 25.99 | 1.54 | 0.05 | 16.91 | 23.91 | |
2010 | 6358 | 1961 | 23.57 | 1.87 | 0.08 | 16.18 | 23.2 | |
2011 | 7800 | 3858 | 33.09 | 4.70 | 0.18 | 15.10 | 22.14 | |
2012 | 8308 | 5361 | 39.22 | 5.21 | 0.26 | 14.18 | 21.38 | |
2013 | 8037 | 5680 | 41.41 | 6.80 | 0.36 | 13.42 | 20.54 | |
2014 | 6909 | 8847 | 56.15 | 9.63 | 0.65 | 12.18 | 18.34 | |
2015 | 7382 | 11297 | 60.48 | 11.05 | 0.86 | 11.95 | 17.71 | |
2016 | 9324 | 14708 | 61.20 | 10.58 | 0.86 | 12.28 | 17.91 | |
2017 | 10631 | 19802 | 65.07 | 11.72 | 1.14 | 8.76 | 12.78 |
Table 3 Impact of HSR location on inter-city investment表3 高铁区位对异地投资的影响回归结果 |
变量 | 模型1 | 模型2 | 模型3 | 模型4 |
注:***,**,*分别表示P<0.001,P<0.05,P<0.1;港澳台数据暂缺;变量含义参见表1;空白为无此项。 | ||||
FR | 0.054*** | 0.001 | ||
TI | –1.104*** | –0.180*** | ||
SG | 0.939*** | 0.886*** | ||
TG | 0.661*** | 0.598*** | ||
BG | 0.019** | 0.016* | ||
SI | 1.025*** | 0.869*** | ||
TI | 0.679*** | 0.664*** | ||
BI | –0.046*** | –0.041*** | ||
SE | 0.061*** | 0.063*** | ||
TE | 0.149*** | 0.153*** | ||
BE | 0.008* | 0.009** | ||
SP | –0.043* | –0.041 | ||
TP | 0.010* | 0.010* | ||
BP | –0.004 | –0.002 | ||
SD | 0.218*** | 0.195*** | ||
TD | 0.358*** | 0.335*** | ||
BD | 0.004 | 0.004 | ||
常数项 | 2.205*** | –31.18*** | 9.231*** | –27.40*** |
Table 4 Empirical results on the impact of HSR location on inter-city investment in different regions表4 高铁区位影响不同地区异地投资的实证结果 |
来源地 | 高铁频次目的地 | 最短旅行时间目的地 | |||||||
东部 | 中部 | 西部 | 全国 | 东部 | 中部 | 西部 | 全国 | ||
注:***,**,*分别表示P<0.001,P<0.05,P<0.1;港澳台数据暂缺。 | |||||||||
东部 | 0.002* | -0.001 | -0.009*** | -0.007 | -0.178*** | -0.067 | -0.044** | -0.116*** | |
中部 | 0.002 | -0.008*** | -0.007 | -0.003** | -0.147*** | -0.303*** | 0.075 | -0.204*** | |
西部 | 0.010*** | 0.013** | -0.004 | -0.006*** | -0.158*** | -0.126 | -0.468*** | -0.512*** | |
全国 | 0.003*** | -0.003* | -0.005** | 0.001 | -0.146*** | -0.204*** | -0.512*** | -0.180*** |
Table 5 Empirical results on the impact of HSR location on inter-city investment in different city types表5 高铁区位影响不同类型城市异地投资的实证结果 |
来源地 | 高铁频次目的地 | 最短旅行时间目的地 | |||||||||
巨特大城市 | 大城市 | 中等城市 | 小城市 | 全国 | 巨特大城市 | 大城市 | 中等城市 | 小城市 | 全国 | ||
注:***,**,*分别表示P<0.001,P<0.05,P<0.1。可达性模型中巨特大城市–中等城市的模型不收敛,无法得到最优的估计系数;港澳台数据暂缺。 | |||||||||||
巨特大城市 | 0.002 | 0.001 | –0.007*** | 0.029*** | –0.001 | –0.084*** | –0.151*** | –– | –0.469*** | –0.138*** | |
大城市 | –0.001 | –0.003 | 0.002 | –0.013*** | –0.002 | –0.012 | –0.185*** | –0.357*** | –0.077 | –0.132*** | |
中等城市 | 0.006 | 0.005 | –0.002 | 0.002 | 0.007*** | –0.193*** | –0.449*** | –0.497*** | –0.475* | –0.380*** | |
小城市 | 0.012** | 0.020*** | –0.001 | –0.064*** | 0.006 | –0.421** | –1.056*** | 0.487** | 0.236 | –0.306*** | |
全国 | 0.002** | 0.002 | –0.004*** | –0.010** | 0.001 | –0.104*** | –0.217** | –0.296*** | –0.306*** | –0.180*** |
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