关键词: 高铁, 企业投资, 区位选择, 多期DID

Abstract: Accurately identifying the impact of the opening of high-speed rail on enterprises' investment location selection is of great significance to the optimization of corporate investment decision-making and regional industry optimization. Using the micro data on the remote investment of Chinese listed companies from 2008 to 2017, based on the new perspective of the opening of the high-speed rail, the multi-period double difference method was used to conduct an empirical analysis of the investment location selection of listed companies, and analyzed from the two paths of market scale effect and transaction cost effect Internal influence mechanism, and then use the mediation effect model to test the mechanism. The study found that:(1) the opening of high-speed rail increased the number of listed companies' remote investment companies, and the number of new remote investment companies of listed companies that opened high-speed rail in the city where the headquarters is located increased by about 5.2% on average; (2) the average geographic location of listed companies' remote investment Distance has no significant impact. The analysis of heterogeneity found that the opening of high-speed rail only increased the average geographic distance of listed companies' off-site investment in the eastern region; (3) The mechanism test found that, on the one hand, the opening of high-speed rail promotes listed companies' off-site investment by expanding the market size. It strengthens the influence of the site city information environment on the investment location selection of listed companies, thereby promoting remote investment of listed companies by reducing the cost of information search.

Key words: high speed rail, enterprise investment, location choice, multi-period DID