2022 Vol. 37, No. 3

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Economic Theory and Exploration
On Mechanism Analysis and Effect of Digital Economy on the Promotion of High-quality Economic Development
CHEN Zhao, CHEN Zhao-yong, TAN Wei-jie
2022, 37(3): 4-20.
[Abstract](1663) [FullText HTML] (2179) [PDF 1116KB](350)
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Accelerating the construction of digital economy is an important engine to promote the high-quality economic development in the new era. Based on the panel data of 30 provinces from 2011 to 2019, the comprehensive index of China's provincial digital economy development and total factor productivity are calculated by using entropy method and DEA Malmquist index method respectively, and the impact of digital economy on high-quality economic development is empirically analyzed. It is found that the digital economy can significantly promote the high-quality economic development, and this conclusion is still valid after a series of robustness tests. Mechanism analysis shows that digital economy enables the high-quality economic development, by improving the level of regional innovation and accelerating the upgrading of industrial structure. Further analysis shows that the digital economy has the spatial spillover effect on the high-quality economic development of adjacent areas; the promotion effect of digital economy on high-quality economic development is heterogeneous due to different regions, productivity and human capital. Therefore, it is proposed to promote the construction of digital infrastructure, coordinate the balanced development of digital economy in various regions, implement the digital driven development strategy, and promote the high-quality economic development.
The Ways of Industrial Intelligence Affect the Urban-rural Income Gap: Based on the Perspective of Skill Bias
CHEN Chong, SUN Yong-chi
2022, 37(3): 21-33.
[Abstract](934) [FullText HTML] (272) [PDF 1234KB](27)
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With the rapid rise of a new round of intelligent technology revolution around the world, the development model of deep integration of advanced intelligent technology and industrial sectors has attracted much attention. From the perspective of skill bias, based on the theoretical interpretation of the mechanism of industrial intelligence affecting the urban-rural income gap, the article uses panel data from 30 provinces in China to empirically test the relationship between the two. The research results show that industrial intelligence has expanded the urban-rural income gap, which is still valid considering the endogenous problem and the robustness test; industrial intelligence is to advance the employment skill structure and expand the skill income gap by changing the employment needs and income levels of labors with different skills, thereby expanding the urban-rural income gap; the impact of industrial intelligence on urban-rural income gap is heterogeneous in different regions, different marketization levels, and different levels of urban-rural income gap. This research reveals the income distribution effect of industrial intelligence development, which has important practical significance for formulating relevant public policies, promoting urban and rural sharing of intelligent technology development bonus and realizing common prosperity.
Finance and Capital Markets
Have Digital Finance Affected Labor Income Share? Empirical Evidence from the Listed Companies of China
JIANG Hong-li, JIANG Peng-cheng, HU Lin-ke
2022, 37(3): 34-48.
[Abstract](1002) [FullText HTML] (586) [PDF 986KB](42)
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The improvement of the quality and efficiency of financial services in the real economy and increase of the proportion of labor remuneration in the income distribution system are important driving forces for the construction of a new development pattern and the realization of common prosperity. This paper explores the impacts of digital finance development on labor income share, its internal mechanism and heterogeneity effect based on the data of Chinese listed companies from 2011 to 2019. The results show that digital finance significantly improves labor income share, which is still valid after dealing with endogenous problems and a series of robustness tests; its internal mechanism is that digital finance optimizes the employment skill structure by increasing the employment of high skilled labor and reducing the employment of low skilled labor, and then improves the proportion of labor remuneration in the added value of enterprises; digital finance improves both wage rate and labor productivity, while the former is dominant. Further research shows that the impact of digital finance on labor income share is heterogeneous due to cross-sectional differences such as digital financial structure, internal characteristics of enterprises and external institutional environment. This research provides useful thinking for digital finance how to serve the real economy with high quality and build targeted paths to achieve common prosperity.
Internetization of Banking, Regional Business Span and Development of Commercial Bank: Evidence from the Establishment of Direct Bank by City Commercial Bank
WANG Ke, ZHOU Ya-na, LUO Xuan
2022, 37(3): 49-65.
[Abstract](954) [FullText HTML] (417) [PDF 1075KB](17)
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Taking the establishment of direct bank in China's city commercial banks as an example, this paper tests the effect of internetization attempt of regional commercial banks, further analyzes the regional business span of banks, and discusses the combination of online and offline expansion of banks. The empirical results show that the establishment of direct banks will have a negative impact on the deposit absorption of city commercial banks, but increase the bank income. The former is mainly reflected in the banks with small regional business span, while the latter is mainly reflected in the banks with large regional business span. Further analysis shows that direct banks mainly play a role through the mobile terminal rather than the web platform. The above findings suggest that commercial banks can appropriately expand the market and tap the market potential through "offline expansion + online penetration" within the allowable regional scope. However, for banks with small regional business span, it is not suitable to blindly imitate national commercial banks to establish a homogeneous Internet platform.The government should further promote the in-depth development of digital finance and place the foothold of digital financial services at the level of enterprise technological innovation. The formulation of relevant policies should be based on local policies and enterprises.
Enterprise and Business Economy
Firm Heterogeneity and Multi-level Market Investment Choice in the Unified National Market
HUANG Han-min, LU Yan-qiu, WANG Rui-tian
2022, 37(3): 66-81.
[Abstract](519) [FullText HTML] (193) [PDF 1473KB](18)
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This paper puts forward a new explanation of the market advantages from the perspective of scale and level, and divides the Chinese market into six levels in 337 prefecture-level administrative regions in China. Using the data of 3, 688 A-share listed companies in China from 1999 to 2018, this paper examined the investment choice of domestic cross market level performed by heterogeneous enterprises. The findings show that the higher the total factor productivity, the greater the probability of investing in multiple markets, and the smaller the probability of investing in the few markets; the productivity of enterprises that only invest in the high-level market is higher, while the productivity of enterprises that only invest in the low-level market is lower; the productivity of enterprises that invest in both the high-level market and the low-level market is the highest, but this effect of private enterprises is not significant; the larger the enterprise scale, the greater the probability of investing in multiple markets. Under the complex political and economic situation at home and abroad, this study not only expands the research on the market entry of Chinese enterprises, but also provides policy suggestions for forming a strong domestic market.
On Executives' High-quality Ecological Environment Experience and Corporate Green Innovation
ZENG Chun-ying, LUO Ming-zhong, HE Xin
2022, 37(3): 82-97.
[Abstract](568) [FullText HTML] (380) [PDF 1922KB](23)
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The ecological environment is the earliest and most direct factor that has a decisive role in shaping human psychological traits. Based on upper echelons theory and imprinting theory, this paper explores the impact of executives' high-quality ecological environment experience on corporate green innovation with the unique dataset of high-quality ecological experience of the executives from Shanghai and Shenzhen A-share listed companies from 2003 to 2020. The results show that high-quality ecological environment experience of executives is positively related to the level of green innovation of enterprises, and the proportion of female board members, the degree of financing constraints and the quality of the ecological environment where the enterprise is located moderate the relationship. The findings expand the research perspective of corporate green innovation, and increase the explanatory power of upper echelons theory and imprinting theory. In practice, this research provides new evidence for the recruitment and selection of high-level talents and institutional arrangements in enterprises.
Corporate Finance and Accounting
Can Analyst Tracking Enhance Corporate Real Innovation Output? Concurrently Discussing the Text Interpretation of Research Reports
QIU Yang-dong
2022, 37(3): 98-111.
[Abstract](656) [FullText HTML] (447) [PDF 1023KB](24)
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In the context of China's capital market, can analyst tracking alleviate information asymmetry and agency problems by mining fundamental information, and thereby improve the level of real innovation output of enterprises? This question still needs to be scientifically demonstrated and tested. Measuring the real innovation output level of enterprises from the dimensions of knowledge breadth and patent citations based on patent data, this paper aims to analyze the impact of analyst tracking on the real innovation output of enterprises, and further interpret the text of the analyst report to identify the fundamental information mined by the analyst, which helps to improve the innovation performance of enterprises. It is found that analyst tracking can improve the real innovation output level of enterprises, and realize the double improvement of innovation quantity and innovation quality of enterprises; information mechanism plays a dominant role in the process of analyst tracking affecting the real innovation output of enterprises; analyst tracking can help alleviate the information asymmetry and agency problems faced by enterprises, thereby reducing corporate financing constraints and enhancing management's motivation for R&D innovation. The interpretation of the analyst research report text indicted that in terms of research report information, the higher the information content of the analyst research report, the stronger the improvement effect on enterprise innovation, and the higher the proportion of financial information in the analyst research report, the stronger the improvement effect on enterprise innovation. In terms of research report themes, the more reports on innovation topics, performance and market performance topics in analysts' research reports, the stronger the improvement effect on corporate innovation, and the innovation incentive effect of innovation topic reports is higher than that of performance and market performance topics.
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