چکیده
مقدمه
تحلیل نظری و توسعه فرضیه
طراحی پژوهش
نتایج تجربی و بحث
تحقیقات بیشتر: مزایای سرمایه گذاری در ساخت HSR
نتیجه گیری و پیشنهادات
منابع
Abstract
Introduction
Theoretical analysis and hypothesis development
Research design
Empirical results and discussion
Further research: firm benefts of investment in HSR construction
Conclusions and recommendations
References
چکیده
راهآهن پرسرعت (HSR) بهعنوان تسریعکننده رشد اقتصادی سبز بسیار ارزشمند است. با این حال، مشکل در تامین مالی ناشی از تقاضای سرمایهگذاری بالا و چرخه ساخت طولانی راهآهن پرسرعت، معضلی است که صنعت راهآهن پرسرعت با آن مواجه است. با استفاده از دادههای شهرهای چین از سال 2003 تا 2018، این مقاله به بررسی این موضوع میپردازد که آیا سیاست مالی برای حل مشکلات تامین مالی برای ساخت راهآهن پرسرعت مفید است یا خیر. در عین حال، این مقاله به بررسی مزایای اقتصادی و زیستمحیطی سرمایهگذاری راهآهن پرسرعت برای توسعه شهری میپردازد. ما متوجه شدیم که سیاست مالی به کاهش هزینههای تامین مالی پروژههای ساخت راهآهن سریعالسیر کمک میکند و سرمایه اجتماعی را جذب میکند و سرمایهگذاری در ساخت راهآهن پرسرعت را تشویق میکند. هنگامی که عدم قطعیت سیاست های اقتصادی افزایش می یابد، شرکت ها برای جلوگیری از خطرات احتمالی، سرمایه گذاری های ایمن تر و "ایمن" را انتخاب می کنند، مانند پروژه های ساخت راه آهن سریع السیر تحت رهبری دولت، که به گسترش بیشتر آنها منجر شده است. با توجه به تأثیر اقتصادی آن، سرمایهگذاری در ساخت راهآهن پرسرعت مستقیماً بهرهوری شهری، مقیاس سرمایهگذاری و ارتقاء ساختار صنعتی را ارتقا میدهد. در بلندمدت، سرمایهگذاری در ساخت و ساز HSR به کاهش انتشار آلایندههای شهری کمک میکند و در نتیجه به بهرهوری محیط زیست شهری کمک میکند.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
High-speed rail (HSR) has been highly valued as an accelerator of green economic growth. However, the difficulty in financing caused by the high investment demand and long construction cycle of high-speed rail is an ongoing dilemma facing the high-speed rail industry. Using data from Chinese cities from 2003 to 2018, this paper explores whether fiscal policy is conducive to solving financing problems for high-speed railway construction. At the same time, this paper investigates the economic and environmental benefits of high-speed rail construction investment for urban development. We find that fiscal policy helps reduce the financing cost of high-speed railway construction projects and attracts social capital, spurring investment in high-speed rail construction. When economic policy uncertainty rises, companies will choose more secure, "safe" investments to avoid potential risks, such as government-led high-speed rail construction projects, which has led to their further expansion. Regarding its economic effect, high-speed rail construction investment directly promotes urban productivity, investment scale, and industrial structure upgrades. Over the long term, investment in HSR construction helps curb urban pollutant emissions, thus contributing to urban eco-efficiency.
Introduction
Transportation infrastructure is fundamental to national economic and social development, linking various regions and economic sectors. It plays a vital role in supporting and guaranteeing economic development and social progress. However, for many years, China's transportation infrastructure has lagged behind the requirements of economic development. The government has invested heavily in transportation infrastructure facilities while adhering to the principle of moderate advancement. In particular, the government has attached great importance to planning and investment in the high-speed rail (HSR) industry. In 2004, 2008, and 2016, the State Railway Administration of China promulgated the Medium- and Long-term Railway Network Plan. In 2016, the westernmost section of the Shanghai–Kunming high-speed railway—the Guizhou–Yunnan section—realized the "Yunnan-Guizhou" hand in hand, and the entire Shanghai–Kunming high-speed railway line was completed. At this moment, China's high-speed "four vertical and four horizontal" rail transportation network was accomplished (Jiang et al. 2017).
Conclusions and recommendations
China is in a critical period of sustained and rapid economic and social development. Under the new development pattern of building a cross-promoting major domestic cycle and a dual domestic and international cycle, high-speed rail construction investment is crucial to coordinate regional development. Following the release of the "Opinions of the State Council on Reforming the Railway Investment and Financing System to Accelerate Railway Construction" in 2013, railroad investment and financing reform have achieved more noticeable results. Using city-level data in China from 2003 to 2018, this paper explores in depth the impact of fiscal policy on investment in high-speed railway construction using a DID model and further explores the economic and environmental benefits of high-speed railway investment.
Fiscal policy helps reduce the financing cost of high-speed railway construction projects and expands the scale of investment in high-speed railway construction
Investment in high-speed rail construction can reduce the cost of intercity factor mobility and information asymmetry, bring a large amount of high-quality investment, move the development of industrial infrastructure toward rationalization and advancement, and improve urban production efficiency
Investment in high-speed rail construction can reduce urban pollutant emissions and promote the construction of green production systems in cities