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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

Open Access
Article
Publication date: 3 May 2022

Bo Jiang, Changhai Tian, Jiehang Deng and Zitong Zhu

This study aims to analyze the development direction of train speed, density and weight in China.

Abstract

Purpose

This study aims to analyze the development direction of train speed, density and weight in China.

Design/methodology/approach

The development of China's railway in the past 40 years can be divided into 3 stages. At the stage of potential tapping and capacity expansion, it is important to improve the train weight and density by upgrading the existing lines, and improving transportation capacity rapidly. At the stage of railway speed increase, the first priority is to increase train speed, reduce the travel time of passenger train, and synchronously take into account the increase of train density and weight. At the stage of developing high-speed railway, train speed, density and weight are co-developing on demand.

Findings

The train speed of high-speed railway will be 400 km h−1, the interval time of train tracking will be 3 min, and the traffic density will be more than 190 pairs per day. The running speed of high-speed freight EMU will reach 200 km h−1 and above. The maximum speed of passenger train on mixed passenger and freight railway can reach 200 km h−1. The minimum interval time of train tracking can be compressed to 5 min. The freight train weight of 850 m series arrival-departure track railway can be increased to 4,500–5,000 t and that of 1,050 m series to 5,500–6,400 t. EMU trains should gradually replace ordinary passenger trains to improve the quality of railway passenger service. Small formation trains will operate more in intercity railway, suburban railway and short-distance passenger transportation.

Originality/value

The research can provide new connotations and requirements of railway train speed, density and weight in the new railway stage.

Details

Railway Sciences, vol. 1 no. 1
Type: Research Article
ISSN: 2755-0907

Keywords

Open Access
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 Transportation, vol. 3 no. 1
Type: Research Article
ISSN: 2632-0487

Keywords

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

Open Access
Article
Publication date: 20 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.

1296

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 Transportation, vol. 2 no. 1
Type: Research Article
ISSN: 2632-0487

Keywords

Open Access
Article
Publication date: 22 November 2022

Xinjun Zhou

Under the dual pressure of resources and environment, many countries have focused on the role of railways in promoting low-carbon development of integrated transportation…

Abstract

Purpose

Under the dual pressure of resources and environment, many countries have focused on the role of railways in promoting low-carbon development of integrated transportation and of even the whole society. This paper aims to provide a comprehensive study on methods to improve railway energy efficiency in other national railways and achievements made by China’s railways in the past practice, and then to propose ways in which in the future China’s railways could rationally select the path of improving energy efficiency regarding the needs of the nation's ever-shifting development and carry out the re-engineering for mechanism innovation in energy conservation and emission reduction process.

Design/methodology/approach

This paper first studies other national railways that have tried to promote the improvement of railway energy efficiency by the ways of technology, management and structural reconstruction to reduce energy consumption and carbon emissions. Among them, the effect of structural energy conservation and emission reduction has become more prominent. It has become the main energy conservation and emission reduction measure adopted by foreign railway sectors. The practice of energy conservation and emission reduction of railways in various countries has tended to shift from a technical level to a structural one.

Findings

Key aspects in improving energy efficiency include re-optimization of energy structure, re-innovation of energy-saving technologies and optimization of transportation organization. Path selection includes continuing to promote electrified railway construction, increasing the use of new and renewable energy sources, and promoting the reform of railway transportation organizations.

Originality/value

This paper provides further challenges and research directions in the proposed area and has referential value for the methodologies, approaches for practice in a Chinese context. To achieve the expected goals, relevant supporting policies and measures need to be formulated, including actively guiding integrated transportation toward railway-oriented development, promoting innovation in energy-saving and emission reduction mechanisms and strengthening policy incentives, focusing on improving the energy efficiency of railways through market behavior. At the same time, it is necessary to pay attention to new phenomena in the railway industry for track and analysis.

Details

Railway Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2755-0907

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

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

Content available
Book part
Publication date: 8 August 2022

Abstract

Details

Sustainable Railway Engineering and Operations
Type: Book
ISBN: 978-1-83909-589-4

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