摘要
长期以来,库存成为制约中国企业绩效提升的重要因素。本文利用中国高铁开通的“准自然实验”,采用双重差分模型考察了高铁开通对企业库存的影响,并验证了具体机制。研究发现,企业所在城市开通高铁后,企业库存水平明显下降;高铁开通使企业平均库存持有量下降了约6.0%。高铁开通带来的信息效应、创新效应和集聚效应有效地降低了企业库存,这表明高铁开通强化并提高了地区之间与企业之间的资源配置效率。进一步的异质性检验结果表明,在非国有企业、小型企业和非出口企业以及供应链下游企业和轻工业企业中,高铁开通对企业库存的影响更为明显。本文研究结论为当前中国制造业企业更好地利用高铁基础设施降本增效、提升企业竞争力,促进企业转型升级提供了政策启示。
Inventories have long been an important constraint on the performance improvement of Chinese firms.In this paper,we examine the impact of HSR opening on firms’inventories using a quasi-natural experiment of HSR opening in China,and verify the specific mechanism.The results show that the inventory level of firms decreases significantly after the opening of HSR in their cities;the average inventory holding of firms decreases by about 6.0%after the opening of HSR.The information effect,innovation effect and agglomeration effect brought by the opening of high-speed rail effectively reduce the inventory of enterprises,indicating that the opening of high-speed rail strengthens and improves the efficiency of resource allocation between regions and enterprises.Further more,heterogeneity tests show that the effect of HSR opening on firm inventories is more pronounced in non-state owned firms,smaller firms,non-export firms,downstream firms in the supply chain,and firms in light industries.The findings of this paper provide policy insights for current Chinese manufacturing firms to better utilize high-speed rail infrastructure to reduce costs and increase efficiency,and promote corporate transformation and upgrading.
作者
何小钢
黄莹珊
Xiaogang He;Yingshan Huang
出处
《产业经济评论（山东）》
2022年第2期128-149,共22页
Review of Industrial Economics
基金
国家自然科学基金项目“信息通讯技术与企业生产率:理论机制、实现路径与微观证据”(71963017)
国家自然科学基金项目“机器人使用的就业与收入效应:理论机制、微观证据与政策设计”(72163016)
国家社科基金重大项目“后扶贫时代中国城乡相对贫困统计测度与治理机制”(20&ZD131)资助
关键词
高速铁路
企业库存
信息效应
集聚效应
High-Speed Rail
Enterprise Inventory
Information Effect
Agglomeration Effect
