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Article
Publication date: 19 May 2020

Hongling Guo and Keping Wu

This study aims to investigate how opening high-speed railways affects the cost of debt financing based on China's background.

Abstract

Purpose

This study aims to investigate how opening high-speed railways affects the cost of debt financing based on China's background.

Design/methodology/approach

Using panel data on Chinese listed firms from 2008 to 2017, this study constructs a quasi-natural experiment and adopts a difference-in-difference model with multiple time periods to empirically examine the relation between the high-speed railway openings and debt financing cost.

Findings

Our results show that opening high-speed railways reduces the cost of debt financing, and this negative correlation is more significant in non-state firms, firms with weaker internal control, and firms that hire non-Big Four auditors. Besides, we explore the impact mechanisms and find that opening high-speed railways improves analyst attention, institutional investor participation, and information disclosure quality, which in turn lowers the cost of debt financing.

Research limitations/implications

The results imply that the opening of high-speed railways helps to alleviate the information asymmetry and adverse selection between firms and creditors and ultimately reduces the cost of corporate debt financing.

Practical implications

This paper can inform firms and stakeholders about the impact of opening high-speed railways on debt financing cost: it improves the information environment, reduces the geographical location restrictions of debt financing, ensures the reasonable pricing of corporate debt, and thus promotes the healthy and sound development of the debt market.

Originality/value

This paper provides theoretical support and empirical evidence for the impact of infrastructure construction on the information environment of the debt market in China, which enriches the research on the “high-speed railway economy.” In addition, as an exogenous event, the opening of high-speed railways instantly shortens the time distance between firms and external stakeholders, which gives us a natural environment to conduct empirical research, thus providing a new perspective for financial research on firms' geographical location.

Details

China Finance Review International, vol. 10 no. 4
Type: Research Article
ISSN: 2044-1398

Keywords

Content available
Article
Publication date: 7 December 2020

Jing Wang, Yinghan Wang, Yichuan Peng and Jian John Lu

The operation safety of the high-speed railway has been widely concerned. Due to the joint influence of the environment, equipment, personnel and other factors, accidents…

Abstract

Purpose

The operation safety of the high-speed railway has been widely concerned. Due to the joint influence of the environment, equipment, personnel and other factors, accidents are inevitable in the operation process. However, few studies focused on identifying contributing factors affecting the severity of high-speed railway accidents because of the difficulty in obtaining field data. This study aims to investigate the impact factors affecting the severity of the general high-speed railway.

Design/methodology/approach

A total of 14 potential factors were examined from 475 data. The severity level is categorized into four levels by delay time and the number of subsequent trains that are affected by the accident. The partial proportional odds model was constructed to relax the constraint of the parallel line assumption.

Findings

The results show that 10 factors are found to significantly affect accident severity. Moreover, the factors including automation train protection (ATP) system fault, platform screen door and train door fault, traction converter fault and railway clearance intrusion by objects have an effect on reducing the severity level. On the contrary, the accidents caused by objects hanging on the catenary, pantograph fault, passenger misconducting or sudden illness, personnel intrusion of railway clearance, driving on heavy rain or snow and train collision against objects tend to be more severe.

Originality/value

The research results are very useful for mitigating the consequences of high-speed rail accidents.

Details

Smart and Resilient Transport, vol. 3 no. 1
Type: Research Article
ISSN: 2632-0487

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Book part
Publication date: 7 October 2015

Abstract

Details

Chinese Railways in the Era of High-Speed
Type: Book
ISBN: 978-1-78441-984-4

Content available
Book part
Publication date: 7 October 2015

Abstract

Details

Chinese Railways in the Era of High-Speed
Type: Book
ISBN: 978-1-78441-984-4

Content available
Article
Publication date: 28 July 2020

Lijuan Shi, Zuoning Jia, Huize Sun, Mingshu Tian and Liquan Chen

This paper aims to study the affecting factors on bird nesting on electronic railway catenary lines and the impact of bird nesting events on railway operation.

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Abstract

Purpose

This paper aims to study the affecting factors on bird nesting on electronic railway catenary lines and the impact of bird nesting events on railway operation.

Design/methodology/approach

First, with one year’s bird nest events in the form of unstructured natural language collected from Shanghai Railway Bureau, the records were structured with the help of python software tool. Second, the method of root cause analysis (RCA) was used to identify all the possible influencing factors which are inclined to affect the probability of bird nesting. Third, the possible factors then were classified into two categories to meet subsequent analysis separately, category one was outside factors (i.e. geographic conditions related factors), the other was inside factors (i.e. railway related factors).

Findings

It was observed that factors of city population, geographic position affect nesting observably. Then it was demonstrated that both location and nesting on equipment part have no correlation with delay, while railway type had a significant but low correlation with delay.

Originality/value

This paper discloses the principle of impacts of nest events on railway operation.

Details

Smart and Resilient Transport, vol. 2 no. 1
Type: Research Article
ISSN: 2632-0487

Keywords

Content available
Book part
Publication date: 7 October 2015

Abstract

Details

Chinese Railways in the Era of High-Speed
Type: Book
ISBN: 978-1-78441-984-4

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Article
Publication date: 5 May 2020

Diego Leiva

China's experience of investing in Latin America in one of the main sectors included in the BRI architecture, railways, has faced significant challenges: only one of four…

Abstract

Purpose

China's experience of investing in Latin America in one of the main sectors included in the BRI architecture, railways, has faced significant challenges: only one of four Chinese potential railway projects in Latin America has materialised. The purpose of this paper is to explore these challenges and to provide an explanation focusing on the importance of the “domestic politics” factor.

Design/methodology/approach

The paper proposes a comparative study of four cases, developing a qualitative analysis based on an in-depth review of the literature and primary and secondary sources of information.

Findings

The findings suggest that domestic politics played a significant role in the outcomes of the Brazil–Peru Bi-Oceanic railway (changes in government), in Argentina's Belgrano Cargas modernisation project (multiple “domestic politics” factors, such as a presidential campaign), in Venezuela's failed Tinaco-Anaco high-speed train project (authoritarian turn/country's stability) and in Mexico's Querétaro-Ciudad de México high-speed train project (corruption and popular contestation). The paper suggests that one should not expect an easy or fast projection of the BRI in the region, at least in the short- and mid-term, because becoming familiar with the domestic politics of Latin American is a complex and gradual task.

Originality/value

The particular impact of the political risks related to domestic politics in the Chinese Foreign Direct Investment (FDI) in Latin America has not been extensively explored, especially in the railway sector. This paper intends to contribute to this literature gap by analysing four cases of Chinese investment in railways in Latin America, an area that has received little attention in the studies of the Chinese FDI in the region, and proposing an explanation of their outcomes focusing on the “domestic politics” factor.

Details

Asian Education and Development Studies, vol. 10 no. 3
Type: Research Article
ISSN: 2046-3162

Keywords

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Article
Publication date: 24 March 2020

Wan Liu, Ren-huai Liu, Hui Chen and Jet Mboga

Disruptive technology and innovation represent complex conflicts in nature. This paper aims to present an analytical review of the heterogeneity and conflicts that exist…

Abstract

Purpose

Disruptive technology and innovation represent complex conflicts in nature. This paper aims to present an analytical review of the heterogeneity and conflicts that exist in the disruptive technology/innovation between the eastern and western countries using Chinese high-speed railways to illustrate disruptive innovation.

Design/methodology/approach

The emerging economy brings about other theoretical and practical conflicts. Qualitative analysis is conducted on Chinese high-speed railways to assess the validity of innovation characteristics using Professor Clayton M. Christensen’s theories of disruptive technology/innovation and conflict. The authors explore the conflicts that can accompany the introduction of disruptive technologies in the current platform and how appropriately this specific context can lessen these conflicts.

Findings

The study revealed that Christensen’s theories could be applied 100per cent to the Chinese context if the western disruptive innovation theory can meet the practical requirements of Chinese disruptive technology/innovation. Qualitative analysis showed that Chinese high-speed railways had experienced greater success with disruptive innovation mechanism. The authors conclude that while the Chinese market is critical in shaping the kind of innovations that are emerging there, many disruptive technologies/innovations in China have their roots in the low-end market and new market. Implications for theory and practice are discussed.

Originality/value

There exists a research gap in the literature on the Chinese context. Conflict of disruptive technology and innovation within China and the characteristics of the Chinese high-speed railway prompt further research for scholars and practitioners.

Details

International Journal of Conflict Management, vol. 31 no. 3
Type: Research Article
ISSN: 1044-4068

Keywords

Content available
Article
Publication date: 8 December 2020

Huiru Zhang, Limin Jia, Li Wang and Yong Qin

Based on complex network theory, a method for critical elements identification of China Railway High-speed 2 (CRH2) train system is introduced in this paper.

Abstract

Purpose

Based on complex network theory, a method for critical elements identification of China Railway High-speed 2 (CRH2) train system is introduced in this paper.

Design/methodology/approach

First, two methods, reliability theory and complex theory, are introduced, and the advantages and disadvantages for their application in identifying critical elements of high-speed train system are summarized. Second, a multi-layer multi-granularity network model including virtual and actual nodes is proposed, and the corresponding fusion rules for the same nodes in different layers are given.

Findings

Finally, taking CRH2 train system as an example, the critical elements are identified by using complex network theory, which provides a reference for train operation and maintenance.

Originality/value

A method of identifying key elements of CRH2 train system based on integrated importance indices is introduced, which is a meaningful extension of the application of complex network theory to identify key components.

Details

Smart and Resilient Transport, vol. 2 no. 1
Type: Research Article
ISSN: 2632-0487

Keywords

Content available
Book part
Publication date: 7 October 2015

Abstract

Details

Chinese Railways in the Era of High-Speed
Type: Book
ISBN: 978-1-78441-984-4

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