Application of panel data model to economic effects of high-speed railway

By taking Beijing-Shijiazhuang high-speed railway (HSR) as the research object, this thesis selects the panel data from 2000 to 2015 of 23 cities, and uses the synthetic control method to construct the counterfactual state to analyse the economic impact of the Beijing-Shijiazhuang HSR on Baoding and Shijiazhuang along the line. The research shows that: a) The synthetic control method can effectively match the economic impact of Beijing-Shijiazhuang HSR on Baoding and Shijiazhuang. b) The investment pulling effect of Beijing-Shijiazhuang HSR on Baoding is greater than the industrial driving effect, while the situation in Shijiazhuang City is just the opposite. c) For the influence mechanism, it is found that Beijing-Shijiazhuang HSR has an economic overflow effect on large cities and a siphon effect on small and medium-sized cities. It has a complementary effect on the small and medium-sized cities in the primary and secondary industries, and agglomeration on large cities in the tertiary industry. © 2020 Totem Publisher, Inc. All rights reserved.