2024 Vol. 39, No. 1

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Economic Theory and Exploration
Digital Transformation, Innovation-driven Development and High-quality Development of the Manufacturing Value Chain
QI Ping, SONG Wei-hui
2024, 39(1): 4-18.
[Abstract](105) [FullText HTML] (24) [PDF 1171KB](41)
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In the context of innovation-driven development strategy, the digital transformation of enterprises is of great significance to the high-quality development of the manufacturing value chain. Using the data of manufacturing listed companies in the Shanghai and Shenzhen A-share markets from 2007 to 2021, this paper conducts theoretical analysis and empirical testing to analyze the direct impact of digital transformation on the high-quality development of the manufacturing value chain, the indirect mechanism of innovation-driven development, and the multi-level heterogeneity from double perspectives of "strengthening chain" and "extending chain". The results indicate that digital transformation of enterprises can promote high-quality development of the manufacturing value chain in both "strengthening chain" and "extending chain". And this conclusion has not changed after a series of robustness tests. The mechanism test indicates that the innovation-driven development of enterprises has a significant positive transmission effect in promoting high-quality development of the manufacturing value chain. The heterogeneity analysis at the micro, medium and macro levels indicates that in non-state-owned enterprises, technology-intensive industries, labor-intensive industries and innovation-leading cities, the digital transformation of enterprises has a more remarkable effect in promoting the high-quality development of the manufacturing value chain by "strengthening chain" and "extending chain". Therefore, at the macro level of cities, efforts should be made to develop the urban governance system of digital transformation. At the meso level, "new infrastructure construction" in industries should be boosted so as to promote balanced digital development in industries. At the micro level, leading enterprises are encouraged to lead the laggards and to collaborate with them for coordinated development, improving quality and raising efficiency of corporate digital transformation.
Innovation Leadership in National Central Cities: Evidence from Corporate Off-site Collaborative Innovation
WANG Wei, SHI Ting-ting, JIANG Zhi-xin
2024, 39(1): 19-35.
[Abstract](71) [FullText HTML] (13) [PDF 1276KB](15)
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The national central city shoulders the important mission of leading regional economic development and promoting regional opening up. Their leading roles in innovation will provide a good platform for enterprise cooperation and innovation. Taking national central cities as the research object, central city construction is regarded as a quasi-natural experiment by using a difference-in-differences model to identify the impact of national central city construction on off-site collaborative innovation among enterprises. The results indicate that the construction of national central cities can significantly increase the number of joint patent applications between central cities and enterprises in other cities. The innovation-driven effect of national central cities is obvious. The heterogeneity analysis shows that the construction of national central cities had a stronger impact on the eastern region, private enterprises, and long-distance cooperative innovation within the same discipline. The mechanism test suggests that the national central cities influence the remote collaborative innovation among enterprises by improving market integration, promoting regional industrial divisions, and enhancing economic ties. Further research demonstrates that the innovation-leading effect of national central cities is of limited scope, but the quality of long-distance cooperative innovation among enterprises is higher, and the sustainability and stability of innovation are better. Therefore, local governments should effectively utilize the opportunities of national central city construction to promote inter-city enterprise collaborative innovation, and promote the high-quality development of enterprises.
Financial Development and Supervision
Can Banking Structural Optimization Stimulate the Vitality of Entity Enterprises: From the Perspective of the Match between Banking Structure and Factor Endowment Structure
WANG Guo-song, LI Xin-yu
2024, 39(1): 36-53.
[Abstract](53) [FullText HTML] (16) [PDF 1116KB](5)
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Taking the data of manufacturing listed companies in the Shanghai and Shenzhen A-share markets from 2007 to 2021 and the macroeconomic data of prefecture-level cities from 2011 to 2021 as research samples, this paper, based on the perspective of the match between banking structure and factor endowment structure, systematically identifies the impact and mechanism of banking structural optimization on the vitality of entity enterprises. The results indicate that the higher the degree of match between banking structure and factor endowment structure, the more it can promote the vitality of entity enterprises significantly, which is characterized by an inverted U-shape, namely, first strengthening and then weakening with the increase of enterprise vitality. The mechanism analysis of channel functions shows that the banking structure which matches the factor endowment structure spurs the vitality of entity enterprises by improving the information environment between banks and enterprises, optimizing the credit allocation and reducing corporate financial and default risks. Further research shows that this positive moderating effect is more obvious in non-state-owned enterprises, high-tech enterprises, enterprises in areas with insufficient development of financial technology and periods of high economic policy uncertainty. In addition, the banking structure which matches the factor endowment structure can spur the vitality of entity enterprises, strengthen supply chain resilience, improve total factor productivity of enterprises and upgrade regional industries. The research conclusion provides a path reference for deepening the supply-side structural reform in finance and promoting the high-quality development of real economy.
Financial Supply Improvement and Corporate Labor Investment Efficiency: Evidence from the Distribution of Bank Branches
CAO Hui-ping, DING Yi-fan
2024, 39(1): 54-69.
[Abstract](51) [FullText HTML] (30) [PDF 1050KB](12)
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As a crucial input factor in the production and operation process of enterprises, the effective allocation of labor plays an important role in building the core competitiveness of micro enterprises and promoting high-quality macroeconomic development. Based on the expansion of commercial banks' branch networks caused by the relaxation of market access for commercial banks, this paper analyzes the impact and mechanism of financial supply services on labor investment efficiency of enterprises. The research finds that the expansion of commercial bank networks can effectively improve labor investment efficiency of enterprises. It is meant that the more bank branches distributed around the enterprise, the higher the labor investment efficiency. The expansion of commercial bank branches mainly promotes the improvement of the labor investment efficiency through the effects of credit availability and supervision governance. In addition, the impact on labor investment efficiency of enterprises is more tangible in labor-intensive private enterprises with low collateral value and areas with low market segmentation. The expansion of commercial bank branches improves the efficiency of labor resource allocation to enhance R&D innovation and total factor productivity, empowering corporate high-quality development. The research conclusion further leverages the decisive role of financial supply-side reform in labor resource allocation, providing a theoretical basis and policy reference for high-quality development of economy and employment.
Green Economy and Three Rural Issues
Returning Laborers' Entrepreneurship and Low-carbon Development in the County
WEI Bin-hui, LUO Ming-zhong
2024, 39(1): 70-84.
[Abstract](49) [FullText HTML] (22) [PDF 1348KB](18)
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Entrepreneurship is a crucial way to achieve sustainable economic development. This paper uses the implement of returning home for entrepreneurship policy in China as a quasi-natural experiment. Based on samples from 2097 Chinese counties from 2010 to 2020, it analyzes the internal mechanism that returning home for entrepreneurship has effects on carbon emissions through multidimensional theory, and empirically examines the carbon emission reduction effect of labor force returning to their hometowns for entrepreneurship. The research indicates that encouraging entrepreneurs to return to their hometowns significantly lowers carbon emissions in these regions, thereby fostering green and low-carbon growth. This effect persists even when controlling for potential confounding factors. The policy facilitates carbon reduction through three main avenues: diminishing energy consumption, advancing industrial restructuring, and boosting technological innovation. However, the policy's effectiveness in reducing carbon emissions hinges on the county's level of digitalization and market development. Only when these reach a certain threshold does the policy's impact become pronounced. Consequently, it's vital to not only encourage entrepreneurship but also enhance digital infrastructure and market-oriented reforms at the county level to rationalize inter-county resource reallocation.
Environmental Regulation and ESG Performance of Heavy Polluting Firms
XU Hao-qing, LIN Hao-feng, XING Jie
2024, 39(1): 85-99.
[Abstract](105) [FullText HTML] (103) [PDF 1329KB](12)
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To a certain extent, ESG performance can not only measure the comprehensive level of listed companies, but also become an important standard to reflect the "Dual Carbon" goal and promote green and sustainable transformation. This paper takes the revision of the Environmental Protection Law in 2014 and the environmental protection regulations promulgated or revised by 17 provinces as a quasi-natural experiment, and uses the ESG score provided by Bloomberg to measure the ESG performance of listed companies. It analyzes the impact and internal mechanism of environmental regulation on the ESG performance of listed companies by DID. The research finds that environmental regulation significantly improves the ESG performance of heavy polluting listed companies, compared with non-heavy-polluting ones. As for sub-scores, environmental regulation has significantly promoted the environmental (E) and social (S) performance of listed companies, but no evidence of improvement in corporate governance (G) performance has been found. In addition, the heterogeneity analysis reveals that environmental regulations more significantly affect ESG performance of state-owned companies and listed companies with high R&D investment. Hence, governments should accelerate the standardization and compulsion of ESG information disclosure, and improve the quality of ESG information disclosed by listed companies. Meanwhile, governments should strengthen organizational leadership and improve relevant laws and regulations to encourage enterprises to actively practice ESG philosophy.
Management and Corporate Performance
"Reverse Mixed Ownership Reform" and Digital Transformation of Private Enterprises: From the Perspective of State-owned Capital Participation
LIU Sheng, RUAN Jing-en, CHEN Xiu-ying
2024, 39(1): 100-113.
[Abstract](65) [FullText HTML] (14) [PDF 1176KB](12)
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Private enterprises are an important entity in promoting high-quality economic development and building a modern economic system in China. How private enterprises can promote their digital transformation is of great strategic significance. Based on the perspectives of resource effect and governance effect, this paper explores the impact of state-owned capital participation in the "reverse mixed ownership reform" on the digital transformation of private enterprises. It is found that state-owned capital participation has a significant promoting effect on the digital transformation of private enterprises. And this empirical result persists even after a series of robustness tests. The mechanism analysis reveals that state-owned capital participation is beneficial for alleviating the shortage of digital talents and agency conflicts in private enterprises, thereby empowering their digital transformation. The heterogeneity analysis shows that the digital incentive effect of state-owned capital participation is more significant in small and medium-sized private enterprises, private enterprises with high growth potential, private enterprises with high industry concentration, and private enterprises with single state-owned shareholder participation. These conclusions provide empirical evidence and path reference for clarifying the linkage mechanism of state-owned capital participating in private enterprises to jointly promote digital development, and stimulating the vitality of private economy development through reverse mixed ownership reform.
The Influence of Beliefs in Luck on the Willingness to Participate in Online Lottery Promotion: A Perspective on Probability and Value
KE Wei-lin, LU Chang-bao, XU Tao-ran
2024, 39(1): 114-128.
[Abstract](77) [FullText HTML] (14) [PDF 1542KB](14)
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Probability and prize value are two key dimensions that affect individuals' willingness to participate in a lottery. Based on these two dimensions, two types of "low-probability/high-value" and "high-probability/low-value" lottery combinations and three psychological experiments are designed to reveal the impact of probability or value, luck belief, and the number of failures on individuals' willingness to participate in online lottery promotions. The results demonstrate that: (ⅰ) compared to the "high-probability/low-value" lottery, people generally prefer the "low-probability/high-value" combinations, which verifies the fact that people overestimate the small probability in the online lottery decision-making process and elucidates the basic principle of people's enthusiasm for participating in "low-probability/high-value" online lottery activities; (ⅱ) the luck belief has a moderating effect on people's online lottery selection, showing that individuals with low luck belief prefer the "high-probability/low-value" online lottery, while those with high luck belief in luck individuals prefer the "low-probability/high-value" one; (ⅲ) the research on the phenomenon of continuing to participate in online lottery despite multiple failures found that there is an interactive effect between luck belief and probability/value at the initial participation. However, this interaction effect disappears after multiple failures. At this time, even individuals with high luck belief are no longer keen on participating in "low-probability/high-value" lottery after multiple attempts. These conclusions provide important implications for enterprises to carry out lottery promotion activities better, for consumers to make more rational lottery decisions, and the government to regulate lottery sales more effectively.

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