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

摘要：

高速城市化过程中产生的交通拥堵问题俨然成为制约经济持续发展的瓶颈。本文从微观企业层面考察城市交通拥堵可能带来的经济负效应。基于2015—2020年上市公司数据，研究发现城市交通拥堵会显著降低企业全要素生产率。异质性分析表明，交通拥堵的生产率负效应在民营企业、高学历员工较多和技术性员工占比多的企业中更显著。此外，极端天气也会加剧交通拥堵带来的生产率损失。机制检验表明，交通拥堵通过抑制企业创新产出、恶化企业信息环境的途径对生产率造成负面影响。此外，交通拥堵对城市居民的身体健康和心理健康具有显著的负面影响，而地铁开通对城市交通拥堵的疏导效应有助于提高企业生产率。本文从微观企业视角揭示了城市交通拥堵所衍生的经济代价，凸显治理城市交通的重要性和迫切性，也为实现我国高质量发展提供新的经验证据。

关键词:

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