 Access to capital and energy efficiency: How high-speed rail investments benefit high-tech firmsWenhao Sun, Jijun Gao, Gady Jacoby and Zhenyu Wu Journal of International Financial Markets, Institutions and Money, 2024, vol. 91, issue C Abstract: This study examines how high-speed rail network impacts the energy consumption of hi-tech firms along the line. The results show that the opening of high-speed railway stations in a county leads to reduction in energy consumption by hi-tech firms in the county. This effect is stronger with increased density of railway lines in the region. The study identifies two key mechanisms underlying this effect: enhanced financing access and increased overseas outreach. Our findings reveal that improved financing access to public market capital, bank loans, and venture financing enables hi-tech firms to invest in international outreach activities. We also conduct additional analysis to explore nuanced conditions regarding the types of hi-tech firms that benefit the most from being located in a high-speed rail city. Contributions to the emerging field of corporate energy saving are discussed. Keywords: Energy consumption; Energy saving; Access to capital; Financing access; High-tech firms; Overseas outreach; High-speed rail (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:intfin:v:91:y:2024:i:c:s1042443123001804 DOI: 10.1016/j.intfin.2023.101912 Access Statistics for this article Journal of International Financial Markets, Institutions and Money is currently edited by I. Mathur and C. J. Neely More articles in Journal of International Financial Markets, Institutions and Money from Elsevier |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.