Measurement Model of the Construction Dividend of Megaprojects: A Case Study of the Guangle Expressway

Investment in megaprojects has a construction dividend. Taking the megaproject, the Guangle Expressway, as a case, this paper uses panel data from 41 cities, in Guangdong, Hunan, and Jiangxi, from 2000 to 2016 to construct a construction dividend measurement and evolution model based on multi-stage dummy variables. The results of the study indicate that: (1) The Guangle Expressway has a comprehensive dividend across its entire lifecycle. It has a dividend effect on economic growth, the adjustment of industrial structure, and the attraction of the cities along its route, and this effect evolves positively; (2) The investment in and construction of the Guangle Expressway have a significant dividend effect on related industries in the region, including construction, industry, transportation, retail and catering, finance and insurance, and so, during the construction and operation period, it promotes the development of related industries. The research results provide a theoretical basis for the calculation of the construction dividend of megaprojects in China, and provide new ideas for megaproject investment decisions.