透明度(行为)
中国
投资(军事)
业务
产业组织
信息不对称
货币经济学
财务
经济
政治
政治学
法学
作者
Yizhong Wu,Chien-Chiang Lee,Chien-Chiang Lee,Diyun Peng
标识
DOI:10.1016/j.jbankfin.2022.106510
摘要
Applying the difference-in-differences method, we show that high-speed rail (HSR) construction improves investment efficiency in China. The effect is more pronounced for companies with low information transparency and low media coverage, suggesting that HSR can mitigate information asymmetry while reducing external regulatory costs. Our analysis also shows that the effect is more powerful for non-state-owned enterprises, high-growth firms, and those companies located in core cities. Overall, our findings suggest that HSR can improve investment efficiency by shortening the travel time between firms and their investors.
科研通智能强力驱动
Strongly Powered by AbleSci AI