关键词:

城市交通拥堵, 
	                                                                        											                                       企业全要素生产率, 
	                                                                        											                                       地铁开通

Abstract:

As an important part of urban construction and the lifeblood of urban life，urban transportation directly affects peoples perception of life quality and labor productivity Therefore，this paper examines the economic consequence of urban traffic congestion from the microenterprise level Based on data from publicly listed companies from 2015 to 2020，the study finds that urban traffic congestion significantly reduces total factor productivity （TFP） of enterprises Heterogeneity analysis indicates that the negative effect of traffic congestion on productivity is more pronounced in private enterprises and those with a higher proportion of highly educated and technical employees Additionally，extreme weather conditions exacerbate the productivity losses caused by traffic congestion Mechanism tests show that urban traffic congestion negatively impacts productivity by inhibiting enterprise innovation output and worsening the information environment of companies Furthermore，urban traffic congestion has significant negative effects on the physical and mental health of urban residents，while the opening of subways helps alleviate traffic congestion and contributes to improving enterprises TFP 
This paper reveals the economic costs derived from urban traffic congestion from the perspective of enterprise development，enriches the research on the factors influencing total factor productivity in enterprises and explores the impact of spatial and temporal factors on economic efficiency In addition，this paper holds significant practical implications It suggests that the government should pay more attention to the comprehensive management of urban traffic congestion in the future，optimize urban road planning，and modernize the urban traffic governance system to reduce the economic negative effects of traffic congestion Meanwhile，evidence of the interaction between extreme weather and traffic congestion suggests to policymakers that future efforts should take a dual approach to environmental and traffic management For enterprises，they should prioritize and actively address the commuting challenges faced by their employees，along with the potential physical and mental health issues that may arise Particularly for technical employees，who are the core driving force behind innovation and development in enterprises，their commuting needs should receive special attention Companies with negotiation power can influence urban traffic planning to benefit employee commuting，while those with weaker negotiation capabilities might consider actively improving employee commuting quality through means such as providing dormitories or shuttle services 

Key words:

urban traffic congestion, 
	                                    	                            											                                       enterprise total factor productivity, 
	                                    	                            											                                       subway opening