SDGI(SZ:000070) Sou Hu Cai Jing·2025-11-20 00:20Core Insights - The study examines the impact of high-speed rail (HSR) opening on the investment behavior of listed companies in different regions, indicating that HSR significantly enhances the number of investments made by these companies in other locations [1][2]. Group 1: High-Speed Rail Impact - The opening of HSR facilitates the inflow of capital into regions, leading to the aggregation of production factors such as funds, technology, and labor, thereby expanding local market size [1]. - Larger cities attract more foreign investment compared to smaller cities, resulting in a net capital flow from smaller cities to larger ones, demonstrating a "siphon effect" [1][2]. Group 2: Data and Methodology - The analysis is based on data from listed companies and their subsidiaries from 2000 to 2023, focusing on the years when HSR services were launched between cities [2]. - Key variables include the number of subsidiaries established by parent companies in different cities and a dummy variable indicating whether HSR services were available between those cities in a given year [2][3]. Group 3: Findings and Evidence - The findings provide micro-level evidence supporting the "Lucas Paradox," where capital does not flow from developed to underdeveloped regions as expected, but rather from underdeveloped to developed regions under market integration [1].