经济学院知识库

        The report of the 19th National Congress of the Communist Party of China pointed out that "improving the system and mechanism for promoting consumption and enhancing the basic role of consumption in economic development", consumption has once again become the focus of government attention. Since my country's reform and opening up in 1978, the consumption level of urban residents in my country has been continuously improved, and consumption has always played a very important role in promoting my country's economic development. Therefore, studying the factors that affect consumption and exploring new ways to increase residents' consumption has become an important task to expand the growth of residents' consumption. From past development experience, it can be seen that transportation infrastructure has a great role in promoting economic and social development and the improvement of residents' living standards. High-speed rail is a major transformation of transportation infrastructure. In addition to making the financial and other resources of the central city flow more efficiently to the peripheral small and medium cities, it can also greatly reduce the barriers between adjacent cities, so that the consumer market expands from the original one-dimensional market to a multi-market one, which in turn affects the consumption of residents. level. Looking back at the previous literature, most of the articles mainly focus on the impact of transportation infrastructure on consumption, and the literature on the impact of high-speed rail on residents' consumption demand is still very scarce. Therefore, this paper will focus on the impact of the opening of high-speed rail on the consumption level of urban residents, and provide an important reference for promoting the construction of high-speed rail and the development of consumer economics.

        This paper first sorts out the current academic research on the consumption level of urban residents caused by the opening of high-speed rail, and then describes and analyzes the current development status and existing problems of my country's high-speed rail and urban residents' consumption level. And from the perspective of financial spillover effect and market integration effect, the mechanism of the opening of high-speed rail on the consumption level of urban residents is analyzed. The empirical part regards the opening of high-speed rail as a "quasi-natural experiment", and uses the panel data of 278 prefecture-level cities in my country from 2006 to 2019 to construct a double-difference model to test the impact of the opening of high-speed rail on the consumption level of urban residents. And a series of parallel trend tests, counterfactual tests, and endogeneity tests are carried out. At the same time, the mechanism of action of this paper is tested, and finally, the heterogeneity analysis is carried out based on the difference of city level and the area where the city is located. The empirical results show that: First, the opening of high-speed rail has had a positive impact on the consumption level of urban residents. After the opening of the high-speed rail, the consumption level of urban residents increased by an average of 10.9%.Second, the effect of the opening of high-speed rail on the consumption level of urban residents shows significant heterogeneity of city level and location. The absolute value and significance of the impact coefficient of the opening of high-speed rail on the consumption level of urban residents in first-tier, new first-tier and second-tier cities is greater than the impact on the consumption level of urban residents in third-tier, fourth-tier and fifth-tier cities. Moreover, the absolute value and significance of the influence coefficient of the opening of high-speed rail on the consumption level of urban residents in the eastern region are greater than the impact on the consumption level of urban residents in the central and western regions. Third, the opening of high-speed rail can improve the consumption level of urban residents through financial spillover effects and market integration effects. In the last chapter, some countermeasures and suggestions are put forward according to the empirical results of this paper. It is recommended that the government strengthen the construction of the high-speed railway network, continuously expand the network coverage and optimize the high-speed railway line network. In the process of construction, more emphasis should be placed on railway construction in the central and western regions, and corresponding measures should be taken to reduce the negative impact of the siphon effect brought about by the opening of high-speed railways.