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

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.

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.

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.

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.

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.

The purpose of this paper is to summarize the status and characteristics of rail technology of high-speed railway in China, and point out the development direction of rail technology of high-speed railway.

This study reviews the evolution of high-speed rail standards in China, comparing their chemical composition, mechanical attributes and geometric specifications with EN standards. It delves into the status of rail production technology, shifts in key performance indicators and the quality characteristics of rails. The analysis further examines the interplay between wheels and rails, the implementation of grinding technology and the techniques for inspecting rail service conditions. It encapsulates the salient features of rail operation and maintenance within the high-speed railway ecosystem. The paper concludes with an insightful prognosis of high-speed railway technology development in China.

The rail standards of high-speed railway in China are scientific and advanced, highly operational and in line with international standards. The quality and performance of rail in China have reached the world’s advanced level. The 60N profile guarantees the operation quality of wheel–rail interaction effectively. The rail grinding technology system scientifically guarantees the long-term good service performance of the rail. The rail service state detection technology is scientific and efficient. The rail technology will take “more intelligent” and “higher speed” as the development direction to meet the future needs of high-speed railway in China.

The development direction of rail technology for high-speed railway in China is defined, which will promote the continuous innovation and breakthrough of rail technology.

This method will become a new development trend in subgrade structure design for high speed railways.

This paper summarizes the structural types and design methods of subgrade bed for high speed railways in China, Japan, France, Germany, the United States and other countries based on the study and analysis of existing literature and combined with the research results and practices of high speed railway subgrade engineering at home and abroad.

It is found that in foreign countries, the layered reinforced structure is generally adopted for the subgrade bed of high speed railways, and the unified double-layer or multi-layer structure is adopted for the surface layer of subgrade bed, while the simple structure is adopted in China; in foreign countries, different inspection parameters are adopted to evaluate the compaction state of fillers according to their respective understanding and practice, while in China, compaction coefficient, subsoil coefficient and dynamic deformation modulus are adopted for such evaluation; in foreign countries, the subgrade top deformation control method, the subgrade bottom deformation control method, the subsurface fill strength control method are mainly adopted in subgrade bed structure design of high speed railways, while in China, dynamic deformation control of subgrade surface and dynamic strain control of subgrade bed bottom layer is adopted in the design. However, the cumulative deformation of subgrade caused by train cyclic vibration load is not considered in the existing design methods.

This paper introduces a new subgrade structure design method based on whole-process dynamics analysis that meets subgrade functional requirements and is established on the basis of the existing research at home and abroad on prediction methods for cumulative deformation of subgrade soil.

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

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.

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.

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

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.

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.

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.

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

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.

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).

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.

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

The design goal for the tracking interval of high-speed railway trains in China is 3 min, but it is difficult to achieve, and it is widely believed that it is mainly limited by the tracking interval of train arrivals. If the train arrival tracking interval can be compressed, it will be beneficial for China's high-speed railway to achieve a 3-min train tracking interval. The goal of this article is to study how to compress the train arrival tracking interval.

By simulating the process of dense train groups arriving at the station and stopping, the headway between train arrivals at the station was calculated, and the pattern of train arrival headway was obtained, changing the traditional understanding that the train arrival headway is considered the main factor limiting the headway of trains.

When the running speed of trains is high, the headway between trains is short, the length of the station approach throat area is considerable and frequent train arrivals at the station, the arrival headway for the first group or several groups of trains will exceed the headway, but the subsequent sets of trains will have a headway equal to the arrival headway. This convergence characteristic is obtained by appropriately increasing the running time.

According to this pattern, there is no need to overly emphasize the impact of train arrival headway on the headway. This plays an important role in compressing train headway and improving high-speed railway capacity.

This paper aims to propose a train timetable rescheduling (TTR) approach from the perspective of multi-train tracking optimization based on the mutual spatiotemporal information in the high-speed railway signaling system.

Firstly, a single-train trajectory optimization (STTO) model is constructed based on train dynamics and operating conditions. The train kinematics parameters, including acceleration, speed and time at each position, are calculated to predict the arrival times in the train timetable. A STTO algorithm is developed to optimize a single-train time-efficient driving strategy. Then, a TTR approach based on multi-train tracking optimization (TTR-MTTO) is proposed with mutual information. The constraints of temporary speed restriction (TSR) and end of authority are decoupled to calculate the tracking trajectory of the backward tracking train. The multi-train trajectories at each position are optimized to generate a time-efficient train timetable.

The numerical experiment is performed on the Beijing-Tianjin high-speed railway line and CR400AF. The STTO algorithm predicts the train’s planned arrival time to calculate the total train delay (TTD). As for the TSR scenario, the proposed TTR-MTTO can reduce TTD by 60.60% compared with the traditional TTR approach with dispatchers’ experience. Moreover, TTR-MTTO can optimize a time-efficient train timetable to help dispatchers reschedule trains more reasonably.

With the cooperative relationship and mutual information between train rescheduling and control, the proposed TTR-MTTO approach can automatically generate a time-efficient train timetable to reduce the total train delay and the work intensity of dispatchers.