Summary statistics.

China’s High-speed railway (HSR) network had experienced rapid expansion during 2009 to 2013, and how the HSR expansion affects China’s economy has been considerable concerned by both policymakers and researchers. Using firm-level data, this study accessed the effects of HSR on productivity distribution and resource misallocation among manufacturing firms. Incorporating difference in difference idea into a multilevel model, the results suggest significant misallocation rectifying effect of HSR at firm level. This effect is stronger for capital-intensive firms. City-specific analysis indicates that the effects of HSR on firm-level resource misallocation varies with city size, and firms grouped in small cities gain more misallocation rectification than those grouped in big and medium cities. Market potential, which is an important way through which the HSR affects efficient allocation of production resources, is found boost the marginal effect of HSR by reducing labor market segmentation and increasing agglomeration.

2009年至2013年间，中国高速铁路（High-speed railway, HSR）网络经历了快速扩张，高铁扩张如何影响中国经济，一直是政策制定者与研究者广泛关注的议题。本研究采用企业层面微观数据，考察了高铁对制造业企业的生产率分布以及企业间资源错配的影响。研究将双重差分思想纳入多层模型，结果显示，高铁对企业层面的资源错配具有显著的矫正效应，且该效应在资本密集型企业中更为突出。分城市的专项分析表明，高铁对企业层面资源错配的影响随城市规模而异：小型城市中的企业所获得的资源错配矫正效果，优于大中型城市中的企业。市场潜力作为高铁影响生产资源高效配置的重要渠道，研究发现其通过降低劳动力市场分割、提升经济集聚水平，增强了高铁对资源配置的边际改善效应。