Can high-speed rail improve enterprise capacity utilization? A perspective of supply side and demand side

This paper focuses on the impact of high-speed rail (HSR) on the enterprise capacity utilization. Based on the data of China's listed companies, the capacity utilization rate is calculated from the production side and consumption side. Difference in difference (DID) model result show that HSR can significantly improve capacity utilization. The impact of HSR on the capacity utilization of supply side is higher than that of demand side. The higher the grade of HSR station, the easier to promote the capacity utilization of enterprises. By matching the distance between the enterprise and the nearest HSR station, it is found that the closer the distance, the easier it is to improve the capacity utilization. Further heterogeneity test shows that HSR has a higher promotion effect on the capacity utilization of eastern enterprises, non-state-owned enterprises and labor-intensive enterprises. On the supply side, HSR can improve the capacity utilization by improving labor quality, financing scale and innovation capacity; on the demand side, HSR can improve the capacity utilization by stimulating consumption, investment efficiency and export scale.