The importance of speed to corporate financial asset holdings: Evidence from high-speed rail

被引:0
|
作者
Liu, Xiaoying [1 ]
Wang, Yujing [2 ]
Li, Meng [3 ]
Gao, Haoyu [4 ]
机构
[1] Xiamen Univ, Sch Econ, Xiamen, Peoples R China
[2] Beihang Univ, Sch Econ & Management, Beihang, Peoples R China
[3] Beijing Jiaotong Univ, Sch Econ & Management, Beijing, Peoples R China
[4] Renmin Univ China, Sch Finance, Beijing, Peoples R China
基金
中国国家自然科学基金;
关键词
High-speed rail; Financial asset holdings; Precautionary motivation; Substitution motivation; INVESTMENT; RAILROADS; CASH; INTEGRATION; GROWTH; SECTOR; IMPACT; COSTS; SIZE;
D O I
10.1016/j.pacfin.2024.102310
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Exploiting the staggered expansion of China's high-speed rail (HSR) network, we study the relationship between HSR connection and firms' financial asset holdings. The difference-indifference estimation shows that firms connected to HSR network experience a drop in the financial asset holdings. By highlighting firms' precautionary motivation and substitution motivation, our mechanism analyses reveal that HSR connection not only significantly mitigates financial constraints for firms, but also enhances investment opportunities and results in better profits. The effect of HSR connection is more pronounced for firms with greater reliance on external financing, and those with more promising prospects that value their main business. Our results provide empirical validation for the economic rationale underlying firm capital distribution and financial asset holding theories.
引用
收藏
页数:23
相关论文
共 50 条
  • [1] Operation of high-speed rail and reduction of corporate pollution: evidence from China
    Su Liu
    Yunlong Zhang
    Jinyang Cai
    [J]. Environmental Science and Pollution Research, 2023, 30 : 3562 - 3575
  • [2] Operation of high-speed rail and reduction of corporate pollution: evidence from China
    Liu, Su
    Zhang, Yunlong
    Cai, Jinyang
    [J]. ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH, 2023, 30 (02) : 3562 - 3575
  • [3] High-Speed Rail and Manufacturing Agglomeration Evidence from Beijing-Guangzhou High-Speed Rail in China
    Sun, Bowen
    Yu, Haitao
    Peng, Zhong-Ren
    Gao, Ya
    [J]. TRANSPORTATION RESEARCH RECORD, 2017, (2606) : 86 - 95
  • [4] Financial geographic density and corporate financial asset holdings: Evidence from China
    Wang, Ting
    Xu, Jiani
    Yang, Liuyong
    [J]. PACIFIC-BASIN FINANCE JOURNAL, 2024, 86
  • [5] Social trust and corporate financial asset holdings: Evidence from China
    Gu, Leilei
    Liu, Zhongyang
    Ma, Sichao
    Wang, Hongyu
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2022, 82
  • [6] Geographic proximity and corporate investment efficiency: Evidence from high-speed rail construction in China
    Wu, Yizhong
    Lee, Chien-Chiang
    Lee, Chi-Chuan
    Peng, Diyun
    [J]. JOURNAL OF BANKING & FINANCE, 2022, 140
  • [7] Speed up for sustainable development: High-speed rail and corporate ESG performance
    Zhu, Ruoyu
    Tan, Kehu
    Xin, Xiaohui
    [J]. ENERGY ECONOMICS, 2024, 138
  • [8] High-Speed Rail and Energy Productivity: Evidence from China
    Yu, Yantuan
    Shao, Shuai
    [J]. ENERGY JOURNAL, 2024, 45 (01): : 51 - 79
  • [9] High-Speed rail and the knowledge economy: Evidence from Japan
    Miwa, Norihiro
    Bhatt, Ayushman
    Morikawa, So
    Kato, Hironori
    [J]. TRANSPORTATION RESEARCH PART A-POLICY AND PRACTICE, 2022, 159 : 398 - 416
  • [10] High-Speed Rail
    不详
    [J]. TECHNOLOGY REVIEW, 2009, 112 (06) : 66 - 66