财经理论与实践2025，Vol.46Issue(5)：61-71,11.DOI:10.16339/j.cnki.hdxbcjb.2025.05.008
交通基础设施建设如何影响企业投资效率
How Does Transportation Infrastructure Construction Affect the Investment Efficiency of Enterprises?
摘要
Abstract
The construction of transportation infrastructure has become the main artery of China's economy,and plays an important role in improving investment efficiency of enterprises.Based on the data of listed companies in Shanghai and Shenzhen A-shares in China from 2007 to 2023,this paper takes the opening of high-speed railways as a proxy variable to study the impact and mechanism of transportation infrastructure on investment efficiency of enterprises.The study shows that the construction of transportation infrastructure reflected by opening of high-speed railways is conducive to the improvement of the investment efficiency of enterprises.The mecha-nism test indicates that opening of high-speed railways mainly improves investment efficiency of enterprises through two paths:reducing information asymmetry and improving management effi-ciency.In the further study,we found that the stock liquidity of enterprises has a significant moderating effect on the relationship between opening of high-speed railways and investment effi-ciency of enterprises.关键词
交通基础设施/投资效率/高速铁路Key words
traffic infrastructure/investment efficiency/high-speed railway分类
管理科学引用本文复制引用
盛汐凌,祝树金..交通基础设施建设如何影响企业投资效率[J].财经理论与实践,2025,46(5):61-71,11.基金项目
湖南省社会科学基金"学术湖南"精品培育项目(24ZDAJ006) （24ZDAJ006）
湖南省研究生科研创新项目(CX20240028) （CX20240028）
