Transportation infrastructure and capital mobility: evidence from China’s high-speed railways
Abstract Using the data on venture capital investment in China and high-speed railway (HSR) construction as a natural experiment, this study presents empirical evidence about the impact of transportation infrastructure on capital mobility. The study finds that one new HSR train servin...
| Main Authors: | , , , |
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| Other Authors: | |
| Format: | Article |
| Language: | English |
| Published: |
Springer Berlin Heidelberg
2021
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| Online Access: | https://hdl.handle.net/1721.1/136717 |
| _version_ | 1826207050263166976 |
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| author | Duan, Liaoliao Niu, Dongxiao Sun, Weizeng Zheng, Siqi |
| author2 | Massachusetts Institute of Technology. Media Laboratory |
| author_facet | Massachusetts Institute of Technology. Media Laboratory Duan, Liaoliao Niu, Dongxiao Sun, Weizeng Zheng, Siqi |
| author_sort | Duan, Liaoliao |
| collection | MIT |
| description | Abstract
Using the data on venture capital investment in China and high-speed railway (HSR) construction as a natural experiment, this study presents empirical evidence about the impact of transportation infrastructure on capital mobility. The study finds that one new HSR train serving a city increases venture capital inflow to and outflow from that city by 1.0% and 1.6%, respectively. The heterogeneous analyses indicate that small cities, high-tech industries, and younger firms are significantly affected by HSR connections, which show that the accelerated information transmission and investors’ incremental growth expectations may account for the observed effect. |
| first_indexed | 2024-09-23T13:43:01Z |
| format | Article |
| id | mit-1721.1/136717 |
| institution | Massachusetts Institute of Technology |
| language | English |
| last_indexed | 2024-09-23T13:43:01Z |
| publishDate | 2021 |
| publisher | Springer Berlin Heidelberg |
| record_format | dspace |
| spelling | mit-1721.1/1367172023-06-20T17:38:08Z Transportation infrastructure and capital mobility: evidence from China’s high-speed railways Duan, Liaoliao Niu, Dongxiao Sun, Weizeng Zheng, Siqi Massachusetts Institute of Technology. Media Laboratory Massachusetts Institute of Technology. Center for Real Estate Abstract Using the data on venture capital investment in China and high-speed railway (HSR) construction as a natural experiment, this study presents empirical evidence about the impact of transportation infrastructure on capital mobility. The study finds that one new HSR train serving a city increases venture capital inflow to and outflow from that city by 1.0% and 1.6%, respectively. The heterogeneous analyses indicate that small cities, high-tech industries, and younger firms are significantly affected by HSR connections, which show that the accelerated information transmission and investors’ incremental growth expectations may account for the observed effect. 2021-10-28T17:40:04Z 2021-10-28T17:40:04Z 2021-04-11 2021-10-28T03:24:16Z Article http://purl.org/eprint/type/JournalArticle https://hdl.handle.net/1721.1/136717 Duan, Liaoliao, Niu, Dongxiao, Sun, Weizeng and Zheng, Siqi. 2021. "Transportation infrastructure and capital mobility: evidence from China’s high-speed railways." en https://doi.org/10.1007/s00168-021-01059-w Creative Commons Attribution-Noncommercial-Share Alike http://creativecommons.org/licenses/by-nc-sa/4.0/ The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature application/pdf Springer Berlin Heidelberg Springer Berlin Heidelberg |
| spellingShingle | Duan, Liaoliao Niu, Dongxiao Sun, Weizeng Zheng, Siqi Transportation infrastructure and capital mobility: evidence from China’s high-speed railways |
| title | Transportation infrastructure and capital mobility: evidence from China’s high-speed railways |
| title_full | Transportation infrastructure and capital mobility: evidence from China’s high-speed railways |
| title_fullStr | Transportation infrastructure and capital mobility: evidence from China’s high-speed railways |
| title_full_unstemmed | Transportation infrastructure and capital mobility: evidence from China’s high-speed railways |
| title_short | Transportation infrastructure and capital mobility: evidence from China’s high-speed railways |
| title_sort | transportation infrastructure and capital mobility evidence from china s high speed railways |
| url | https://hdl.handle.net/1721.1/136717 |
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