Empirical Analysis of the Profitability of Local Corporation Affected by High-speed Railway Opening under the Background of ESG Based on The Multi-period DID Model

Abstract

— With the development of high-speed railway, many scholars had researched about the affection of economic especially on the macroeconomic. However, only a few discuss the relationship between railway and corporation and most focus on innovation capacity and financing capacity in company. Based on the data of listed companies and high-speed railway, the relationship of company profitability and railway under ESG. Through the multi-period double-difference model, we conclude from the regression results. In general, we believe that the opening of high-speed railway has enhanced the company's profitability of the company in big cities, but this is at the cost of the obvious siphon effect of small cities. At the same time, enterprises also need to focus on the relationship between public welfare and corporate profits in this process.