We explore the economic diffusion radius of high-speed railway (HSR) stations. Using spatial differences-in-differences (DID) method, we find that the openings of HSR stations can promote companies’ performance within 20 kilometers. We also observe a heterogeneity of the effect in different administrative divisions, with a positive impact on surrounding companies in the same city as the nearest station (the "Diffusion Effect"), and a negative impact on companies in neighboring city (the "Backwash Effect"). Our paper helps policy makers better utilize the infrastructure of HSR. Furthermore, the spatial DID method offers a new perspective to address endogeneity in HSR studies.

我们探讨了高铁 (HSR) 站点的经济扩散半径。使用空间差分差分法 (DID)，我们发现高铁站点的开通可以提升 20 公里内的公司绩效。我们还观察到不同行政区划的影响存在异质性，对最近车站所在城市的周边公司产生积极影响（“扩散效应”），对邻近城市的公司产生负面影响（“反冲洗效应”） ”）。我们的论文帮助政策制定者更好地利用 HSR 的基础设施。此外，空间 DID 方法为解决 HSR 研究中的内生性问题提供了新的视角。