2023 Vol. 38, No. 4

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Economic Theory and Exploration
Research on the Operation Mode of "Effective Government + Efficient Market": The Logic and Framework of Mezzoeconomics
CHEN Yun-xian, LI Yi-da, WANG Fang-fang
2023, 38(4): 4-17.
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The great practice of China's reform and opening up has produced many phenomena that are difficult for the existing economic theories to explain, which objectively requires theoretical innovation. Based on the successful practice of China's reform and opening up, Mezzoeconomics mainly studies the economic behaviors of regional governments and their consequences, focusing on resource allocation based on resource generation. Compared with the traditional economic theory system, Mezzoeconomics has at least six aspects of innovation and development. First, it breaks through the single hypothesis of resource scarcity under the framework of traditional industrial market economy theory, finds the field of resource generation in urban economic research, and proposes a new "troika" on the supply side based on the original "troika" theory on the demand side. Secondly, it develops the traditional"macro-micro"dual structure economic growth theory, puts forward the "micro-mezzo-macro"ternary structure economic growth theory, and analyzes the linkage effect of the macro, mezzo and the micro. Thirdly, it explains the"dual attributes"of government and the regional government competition theory, analyzes the effective government and efficient market, and reveals the essential connotation of mature market economy. Fourthly, it upholds the economic consensus of the dominant entity of enterprises in the market, and points out that the regional government is also the main entity of the market, and develops the traditional single driving force theory into a dual driving force theory. Fifthly, it breaks the traditional understanding of analyzing government behavior from the perspective of market boundary, and clarifies government behavior from the perspective of government intervention and government foresighted leading theory. Lastly, it extends the concept of region to the world, analyzes the competition and cooperation between countries, develops the traditional demand-side "trade engine" into the supply-side new engine of "investment, innovation, rules"for economic growth, and provides a new effective way to solve the difficult problem of the relationship between governments and markets.
Robot Application and Labor Employment: Empirical Evidence fromChinese Manufacturing Enterprises
QIU Yu, ZHANG Wei-guo
2023, 38(4): 18-36.
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With the development and application of industrial robot and artificial intelligence technology, the influence of robot application on labor employment is increasingly concerned. Based on the analytical framework of production task, this paper constructs a static equilibrium model of robot technology and labor demand. Using the micro-data from A-share manufacturing listed companies in China from 2010 to 2019, this paper explores the impact of robot application on the scale and structure of labor employment in the manufacturing listed companies. The results indicate that robot application has significantly reduced the labors employment scale, increased the proportion of high-skilled labors, and reduced the proportion of low-skilled labors. This conclusion is still valid after a series of robustness tests. The mechanism analysis shows that the robot application has significant ripple effect of negative displacement, positive productivity and new task reinstatement on the employment of high-skilled and low-skilled labors. The results also indicate that in capital-intensive industries, companies in the eastern regions of China, and privately-run enterprises, the effect of robot application on reducing the scale of labor employment and increasing the proportion of high-skilled labor is more significant. It is also found that the robot application reduces the scale and proportion of labor employment, but increases the scale and proportion of employment of R&D workers, and the employment scale of management workers, financial workers and technical workers decreases but the proportion increases. This research helps to further understand the micro impact of robot application on labor employment, and can provide a more accurate and reliable basis for the formulation of relevant policies.
Fiscal and Public Administration
The Impact of Tax Innovation Incentive Policies on the Human Capital Structure of Enterprises: Based on the "Capital-technology Complementarity" Effect under the R&D Expense Super Deduction Policy
YU Hai-feng, GE Li-yu, SU Xiao-chen
2023, 38(4): 37-50.
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Human capital is the most active element in innovation activities, and it deserves special attention whether and how tax innovation incentive policies can promote the upgrading of enterprise human capital structure to meet the innovation needs of enterprises. This paper selects Chinese A-share listed companies from 2013 to 2021 as the research cases, and uses the reform of the R&D expense super deduction policy in 2015 as a quasi natural experiment of tax innovation incentive policies to empirically examine the impact of the R&D expense super deduction policy on the upgrading of corporate human capital structure. It is found that the policy of R&D expenses super deduction can significantly promote the proportion of highly educated employees and R&D personnel to promote the upgrading of the human capital structure of enterprises, achieve upgrading of the human capital structure by encouraging enterprises to increase advanced physical capital investment, technological innovation and the "capital-technology complementarity" effect. For the non-state-owned enterprises on a small scale with high capital intensity, and the manufacturing enterprises, policy incentives have a more significant effect. The theoretical and empirical findings provide useful insights for how China can more effectively formulate and improve tax innovation incentive policies.
Government Governance and Spatial Mobility of Labor Force: From the Perspective of the Migrants' Job Location
LI Lan-bing, LIU Ze-yu
2023, 38(4): 51-63.
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Matching the China Migrant Population Monitoring Survey Data from 2014 to 2017with the data from the prefecture-level cities in the same period, this paper uses the conditional logit model to examine the impact and mechanism of the level of government governance on the job location of migrants. It is found that the level of government governance has a positive effect on the job location of migrants; the probability of job location of migrants will be increased by 3.5 percentage points when the level of government governance is increased by one percentage point; stable expectations, providing a higher income and employment network are the important fundamental mechanisms that the level of government governance has a positive impact on the job location of employment, while fair and inclusive orientation is another supporting mechanism that the level of government governance has a greater marginal effect on those who are female, rural registered resident, employee, and young people and those with higher level of education. The findings indicate that the improvement of government governance is not only conducive to promoting the labor inflow, but also conducive to improving the migrants' willingness to stay, which is the common key factor affecting "bringing in" and "staying".
Management and Corporate Performance
How Has CEO's Non-Family Identity Affected Enterprise Environmental Behavior: Explanations Based on Social Emotional Wealth
LIU Chun-lin, LIANG Fei-fei
2023, 38(4): 64-76.
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Previous studies have shown that family enterprises have higher enthusiasm to engage in green innovation due to the pursuit of social emotional wealth. This paper is concerned about whether the green innovation behavior of family enterprises will be affected when the CEO is held by non-family members. Based on the research of family enterprises listed in A-share polluting industries from 2007 to 2021, it is found that compared with family CEOs, non-family CEOs have a significant negative impact on the output of green innovation; more importantly, non-family CEOs will prefer the use of strategic ways such as issuing corporate environmental reports to deal with the regulatory pressure from families. Further analysis shows that the legal environment and CEO tenure play a regulatory role in the impact of non-family CEOs on green innovation. This study provides some inspirations for the management of professional managers in family enterprises, and provides new ideas to alleviate the new agency risk of family enterprises.
The Information Effect of the New "Securities Law" : Evidence Based on Earnings Forecasts
SUN Jie, WANG Zi-chen
2023, 38(4): 77-97.
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The "Securities Law" serves as a foundational guarantee for listed companies to provide high-quality information. By utilizing quarterly data from 2018 to 2021 and considering the revised "Securities Law, " this study examines the influence of legal infrastructure on information disclosure. The findings reveal that the application of the new "Securities Law" substantially strengthens the market's response to earnings forecasts and enhances the information quality of such forecasts by listed companies. This conclusion remains consistent even after subjecting it to multiple rigorous tests. The effectiveness of the new "Securities Law" is influenced by the nature of earnings forecasts and the enforcement intensity, thereby achieving a deterrent effect by influencing investors' legal awareness. Following the implementation of the new "Securities Law, " the information quality of management's earnings forecasts is significantly higher than that of analyst predictions, and the information quality of quantitative earnings forecasts surpasses that of qualitative forecasts. The research conclusions provide valuable insights from a legal standpoint for the comprehensively deepening reform of the capital market.
Urbanization and Rural Economy
Transportation Infrastructure, Labor Allocation and the Urban-rural Integrated Development in China: From the Perspective of Dual Coupling of Labor Force with the Industry and the Region
WANG Shuo, SUN Tao
2023, 38(4): 98-112.
[Abstract](129) [FullText HTML] (70) [PDF 1270KB](28)
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The integrated development of urban and rural areas is a manifestation of the advantages of socialism with Chinese characteristics, and it is also a practical need to solve the main social contradictions in the new era. This paper aims to construct the urban-rural integrated development index system, measure the urban-rural integrated development level of 283 prefecture-level and above cities in China from 2003 to 2020, and comprehensively examine the impact and mechanism of transportation infrastructure on urban-rural integrated development from both theoretical and empirical aspects. It is found that transportation infrastructure can not only directly provide good employment opportunities for rural low-skilled labors and promote the development of related industries, but also reduce the cost of factor flow, thereby effectively promoting the integrated development of urban and rural regions in China; transportation infrastructure has the attribute of public material capital, which promotes the reasonable labor mobility between industries and regions to align with the characteristics of resource endowment, to provide strong support and guarantee for the dual coupling of labor with industries and regions, and stimulates the impetus for the integrated development of urban and rural regions in China. In the process of improving urban and rural transportation infrastructure, we can promote the integrated development of urban and rural regions in terms of improving the dual coupling degree of labor force with industries and regions.

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