Does High-Speed Railway Promote High-Quality Development of Enterprises? Evidence from China’s Listed Companies

The high-quality development of enterprises is the micro-foundation China’s economic growth model from “speed and scale” to “quality efficiency,” in which transportation infrastructure, especially high-speed railways (HSRs), plays an indispensable role. We select propensity score matching difference (PSM-DID) as identification strategy empirically analyze impact HSR on based empirical data 1331 A-share listed companies China. results show that has a significant positive enterprises. This effect more substantial for Pearl River Delta, Triangle Central China, small medium-sized cities. inhibited mining, culture, sports, entertainment industries eastern central reason restriction ability create social environmental value influence monopolistic competition. improves labor mobility, capital expansion, knowledge spillovers, thereby promoting However, new infrastructure mainly by spillovers technological innovation. paper contributes modernization network provides essential insights achieve sustainable goals.