ABSTRACT
The opening of the high-speed railway plays a positive role in promoting urban economic development. Based on the sample of listed companies registered in prefecture-level cities from 2009 to 2020, we use the financing constraint variable kz index as the Financing Constraint Index. The time-varying difference in differences method is employed to analyze the impact of the high-speed railway on corporate financing constraints, and a spatial econometric model is constructed to verify the network effect of the high-speed railway. It has been proved that high-speed rail has a significant network effect between high-speed rail and urban enterprises, and the scale of enterprises is heterogeneous in the financing effect. Our findings carry implications for optimizing the high-speed railway network, promoting the urban economy, and improving digital transformation and traffic efficiency.
