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2026, 41(2): 4-15.
Abstract:
Governing overcapacity is one of the key tasks of China's manufacturing industry's "anti-involution". This article uses China's A-share manufacturing listed companies from 2007 to 2023 as samples to examine the impact of industrial robot applications on overcapacity and their mechanism of action. It is found that the application of industrial robots has significantly improved enterprise production capacity utilization, thus overcapacity has been alleviated effectively. This is achieved by enhancing flexible production and optimizing factor allocation. Heterogeneity analysis shows that the capacity governance effect of robot application is more significant in downstream industries, enterprises in the growth period, and non-strategic emerging industries. Further analysis reveals that the application of industrial robots exhibits a "double threshold" characteristic regarding overcapacity: when applied at a medium-low level, the robot application has a significant governance effect, but excessive application exacerbates supply surplus. Additionally, robot applications in upstream industries will be transmitted through the supply chain, intensifying the overcapacity in downstream enterprises. This paper provides a micro evidence for understanding how technology can break down "involutionary" competition, and also offers some policy insights for categorized capacity governance and prevention of "vertical involution" in supply chains.
Governing overcapacity is one of the key tasks of China's manufacturing industry's "anti-involution". This article uses China's A-share manufacturing listed companies from 2007 to 2023 as samples to examine the impact of industrial robot applications on overcapacity and their mechanism of action. It is found that the application of industrial robots has significantly improved enterprise production capacity utilization, thus overcapacity has been alleviated effectively. This is achieved by enhancing flexible production and optimizing factor allocation. Heterogeneity analysis shows that the capacity governance effect of robot application is more significant in downstream industries, enterprises in the growth period, and non-strategic emerging industries. Further analysis reveals that the application of industrial robots exhibits a "double threshold" characteristic regarding overcapacity: when applied at a medium-low level, the robot application has a significant governance effect, but excessive application exacerbates supply surplus. Additionally, robot applications in upstream industries will be transmitted through the supply chain, intensifying the overcapacity in downstream enterprises. This paper provides a micro evidence for understanding how technology can break down "involutionary" competition, and also offers some policy insights for categorized capacity governance and prevention of "vertical involution" in supply chains.
2026, 41(2): 16-30.
Abstract:
Driven by digital and intelligent technologies, the balanced development and thorough penetration of financial services are of significant importance during the 15th Five-Year Plan period for accelerating the construction of a financial powerhouse and ensuring that the achievements of modernization benefit all people more extensively and fairly. The application of large AI models in inclusive finance scenarios substantially enhances resource accessibility for financially underserved groups, yet simultaneously amplifies the impact of ethical risks on the development and governance of inclusive finance. Considering both technical mechanisms and practical conditions, the heterogeneity between the operational logic of large AI models and that of inclusive finance, along with the complexity of application scenarios, leads to the emergence, spillover, and diffusion of ethical risks throughout processes such as data learning, algorithm operation, and knowledge generation. This creates tensions with value goals such as equity, security, stability, and sustainability. Consequently, it is essential to adopt a value alignment approach to prevent and control ethical risks in intelligent systems. It is necessary to fully elaborate the value alignment logic of large AI models across principles, intentions, behaviors, and incentives, guiding their operational rules, technical pathways, functional realization, and governance systems to align with the high-quality development requirements of inclusive finance. In terms of legal pathways, emphasis should be placed on effectively integrating the core tenets of inclusive finance into the formulation of norms governing large AI models, establishing a full-cycle risk control mechanism for identifying, intervening in mitigating ethical risks, smoothing ethical risks, and fostering a multi-stakeholder collaborative governance mechanism for value alignment through effective incentive compatibility of rights and responsibilities.
Driven by digital and intelligent technologies, the balanced development and thorough penetration of financial services are of significant importance during the 15th Five-Year Plan period for accelerating the construction of a financial powerhouse and ensuring that the achievements of modernization benefit all people more extensively and fairly. The application of large AI models in inclusive finance scenarios substantially enhances resource accessibility for financially underserved groups, yet simultaneously amplifies the impact of ethical risks on the development and governance of inclusive finance. Considering both technical mechanisms and practical conditions, the heterogeneity between the operational logic of large AI models and that of inclusive finance, along with the complexity of application scenarios, leads to the emergence, spillover, and diffusion of ethical risks throughout processes such as data learning, algorithm operation, and knowledge generation. This creates tensions with value goals such as equity, security, stability, and sustainability. Consequently, it is essential to adopt a value alignment approach to prevent and control ethical risks in intelligent systems. It is necessary to fully elaborate the value alignment logic of large AI models across principles, intentions, behaviors, and incentives, guiding their operational rules, technical pathways, functional realization, and governance systems to align with the high-quality development requirements of inclusive finance. In terms of legal pathways, emphasis should be placed on effectively integrating the core tenets of inclusive finance into the formulation of norms governing large AI models, establishing a full-cycle risk control mechanism for identifying, intervening in mitigating ethical risks, smoothing ethical risks, and fostering a multi-stakeholder collaborative governance mechanism for value alignment through effective incentive compatibility of rights and responsibilities.
2026, 41(2): 31-42.
Abstract:
Productivity as a complex open system, its qualitative state transition is the fundamental driving force for the evolution of social formations. Based on complex systems theory and integrating state transition logic, this paper constructs a three-dimensional analytical framework of "stage-dynamics-structure". By reviewing the historical process of successive industrial revolutions, it reveals the complex system evolution logic of "steady-state equilibrium → disequilibrium → new steady-state equilibrium" that qualitative state transitions of productivity follow, as well as the compound law of motion manifested as "stage evolution-driving force innovation-structure optimization". Based on the "stage-dynamics-structure" framework of productivity qualitative state transition, this study systematically analyzes the development characteristics of China's new quality productive forces, and proposes development suggestions featuring "dynamic adjustment according to stages, classified guidance according to driving forces, and targeted policy implementation according to structures". The analytical framework constructed in this paper enriches the systematic understanding of productivity development theory, and provides historical reference and practical guidance for the development of new quality productive forces in China.
Productivity as a complex open system, its qualitative state transition is the fundamental driving force for the evolution of social formations. Based on complex systems theory and integrating state transition logic, this paper constructs a three-dimensional analytical framework of "stage-dynamics-structure". By reviewing the historical process of successive industrial revolutions, it reveals the complex system evolution logic of "steady-state equilibrium → disequilibrium → new steady-state equilibrium" that qualitative state transitions of productivity follow, as well as the compound law of motion manifested as "stage evolution-driving force innovation-structure optimization". Based on the "stage-dynamics-structure" framework of productivity qualitative state transition, this study systematically analyzes the development characteristics of China's new quality productive forces, and proposes development suggestions featuring "dynamic adjustment according to stages, classified guidance according to driving forces, and targeted policy implementation according to structures". The analytical framework constructed in this paper enriches the systematic understanding of productivity development theory, and provides historical reference and practical guidance for the development of new quality productive forces in China.
2026, 41(2): 43-59.
Abstract:
With the dual objectives of stabilizing growth and safeguarding livelihoods, how local governments adjust fiscal expenditure structure under tightening budget constraints has become a central issue in China's fiscal governance. Incorporating regional heterogeneity, this study examines the adjustment mechanisms of local expenditure strategies under different types of fiscal pressure. Both theoretical derivations and empirical evidence show that, under fiscal pressure induced by changes in the economic environment, local governments tend to reduce productive expenditure, and the reduction is larger in regions with lower capital stock and lower pre-existing productive expenditure. The direction of changes in transfer expenditure is uncertain and may shift from increase to decrease as the capital stock rises. Under the fiscal pressure induced by policy and institutional changes, productive expenditure also contracts, and the contraction is greater in regions with larger capital stock and greater pre-existing productive expenditure. Meanwhile, cuts in transfer expenditure become more pronounced as the capital stock and resource endowments increase. Numerical simulations reproduce these heterogeneous adjustment paths within the theoretical framework, thereby strengthening the mechanism-based credibility of the empirical findings. As the fiscal pressure on local governments is likely to persist in the foreseeable future, this study provides an analytical framework for understanding local expenditure behavior under pressure-driven fiscal incentives and constraints.
With the dual objectives of stabilizing growth and safeguarding livelihoods, how local governments adjust fiscal expenditure structure under tightening budget constraints has become a central issue in China's fiscal governance. Incorporating regional heterogeneity, this study examines the adjustment mechanisms of local expenditure strategies under different types of fiscal pressure. Both theoretical derivations and empirical evidence show that, under fiscal pressure induced by changes in the economic environment, local governments tend to reduce productive expenditure, and the reduction is larger in regions with lower capital stock and lower pre-existing productive expenditure. The direction of changes in transfer expenditure is uncertain and may shift from increase to decrease as the capital stock rises. Under the fiscal pressure induced by policy and institutional changes, productive expenditure also contracts, and the contraction is greater in regions with larger capital stock and greater pre-existing productive expenditure. Meanwhile, cuts in transfer expenditure become more pronounced as the capital stock and resource endowments increase. Numerical simulations reproduce these heterogeneous adjustment paths within the theoretical framework, thereby strengthening the mechanism-based credibility of the empirical findings. As the fiscal pressure on local governments is likely to persist in the foreseeable future, this study provides an analytical framework for understanding local expenditure behavior under pressure-driven fiscal incentives and constraints.
2026, 41(2): 60-74.
Abstract:
The "mystery of limited participation" in the household risky financial market attracts much attention, and overtime work offers a new perspective to explain this phenomenon. Using panel data from the CHFS from 2011 to 2019, this study examines the impact of overtime work on household decision-making regarding participation in risky financial market. The findings reveal that for every additional 10 hours of overtime work per month, the probability of household participation in risky financial market decreases by an average of 2.1%, and the proportion of household investment in risky financial assets decreases by an average of 0.5%. This effect is more significant in households with young heads, those lacking housing, and those located in regions with lower financial development levels. Overtime work primarily reduces household participation in risky financial market and the proportion of household investment in risky financial assets by the mechanisms of risk aversion, health depletion, and limited attention. This paper reveals the new key factors of "the mystery of limited participation" in the household risky financial market in China, and provides policy references for optimizing the labor hours system and enhancing household financial participation.
The "mystery of limited participation" in the household risky financial market attracts much attention, and overtime work offers a new perspective to explain this phenomenon. Using panel data from the CHFS from 2011 to 2019, this study examines the impact of overtime work on household decision-making regarding participation in risky financial market. The findings reveal that for every additional 10 hours of overtime work per month, the probability of household participation in risky financial market decreases by an average of 2.1%, and the proportion of household investment in risky financial assets decreases by an average of 0.5%. This effect is more significant in households with young heads, those lacking housing, and those located in regions with lower financial development levels. Overtime work primarily reduces household participation in risky financial market and the proportion of household investment in risky financial assets by the mechanisms of risk aversion, health depletion, and limited attention. This paper reveals the new key factors of "the mystery of limited participation" in the household risky financial market in China, and provides policy references for optimizing the labor hours system and enhancing household financial participation.
2026, 41(2): 75-86.
Abstract:
As an important outcome of financial innovation in the digital era, digital inclusive finance can improve the effectiveness of financial services and create new opportunities for residents' income growth. Based on data from the China Household Finance Survey (CHFS), this study empirically examines the impact of digital inclusive finance on residents' income and investigates the moderating role played by new-quality laborers in this relationship. The results show that digital inclusive finance significantly promotes residents' income growth, while new-quality laborers exert a significant positive moderating effect in this process. These findings remain robust after addressing potential endogeneity and conducting a series of robustness checks. Mechanism analysis indicates that digital inclusive finance increases residents' income by expanding their access to financial information, improving their level of financial understanding, and strengthening their participation in financial activities. Heterogeneity analysis further reveals that the income effect of digital inclusive finance differs significantly across city clusters, across regions with different levels of the new-quality laborer index, and across income groups. In addition, digital inclusive finance significantly reduces residents' income inequality, whereas new-quality laborers exert a negative moderating effect in this process. These findings provide useful policy implications for improving the service system of digital inclusive finance, accelerating the cultivation of new-quality laborers, and promoting more coordinated regional development.
As an important outcome of financial innovation in the digital era, digital inclusive finance can improve the effectiveness of financial services and create new opportunities for residents' income growth. Based on data from the China Household Finance Survey (CHFS), this study empirically examines the impact of digital inclusive finance on residents' income and investigates the moderating role played by new-quality laborers in this relationship. The results show that digital inclusive finance significantly promotes residents' income growth, while new-quality laborers exert a significant positive moderating effect in this process. These findings remain robust after addressing potential endogeneity and conducting a series of robustness checks. Mechanism analysis indicates that digital inclusive finance increases residents' income by expanding their access to financial information, improving their level of financial understanding, and strengthening their participation in financial activities. Heterogeneity analysis further reveals that the income effect of digital inclusive finance differs significantly across city clusters, across regions with different levels of the new-quality laborer index, and across income groups. In addition, digital inclusive finance significantly reduces residents' income inequality, whereas new-quality laborers exert a negative moderating effect in this process. These findings provide useful policy implications for improving the service system of digital inclusive finance, accelerating the cultivation of new-quality laborers, and promoting more coordinated regional development.
2026, 41(2): 87-101.
Abstract:
Clarifying the mechanism of context-driven alternative innovation for private enterprises' key core technologies is of great significance for breaking through the "chokepoint" dilemma of key core technologies and realizing self-reliance and self-improvement in science and technology. This study takes Lianchuang Electronic Technology Co., Ltd. as the research object to systematically explore how private enterprises connect technology and market driven by context to achieve domestic substitution. The research findings are as follows: Under the user context drive, private enterprises focus on users' high-pain-point needs, rely on external resources to complete leapfrog alternative innovation, and form an "external-drive-led adaptive coupling"; under the industrial context drive, private enterprises conduct forward-looking layout based on technological advantages, realize coherent alternative innovation through cross-context technology reuse and the construction of an independent innovation chain, and form an "internal-drive-led symbiotic coupling"; under the regional context drive, private enterprises anchor strategic intentions, rely on the regional ecological resource network and real-time feedback of market information, realize circular alternative innovation featured with dynamic mutual feeding between technological iteration and market expansion, and deepen the "internal-drive-led symbiotic coupling mechanism". This study reveals the dynamic matching framework of "context type—alternative innovation type—driving method", and the evolution law of the technology-market coupling mechanism. It fills the gap in the existing research that insufficient attention is paid to the context connection mechanism in the whole process of alternative innovation, and provides a new perspective for the theoretical research and management practice of domestic substitution of key core technologies.
Clarifying the mechanism of context-driven alternative innovation for private enterprises' key core technologies is of great significance for breaking through the "chokepoint" dilemma of key core technologies and realizing self-reliance and self-improvement in science and technology. This study takes Lianchuang Electronic Technology Co., Ltd. as the research object to systematically explore how private enterprises connect technology and market driven by context to achieve domestic substitution. The research findings are as follows: Under the user context drive, private enterprises focus on users' high-pain-point needs, rely on external resources to complete leapfrog alternative innovation, and form an "external-drive-led adaptive coupling"; under the industrial context drive, private enterprises conduct forward-looking layout based on technological advantages, realize coherent alternative innovation through cross-context technology reuse and the construction of an independent innovation chain, and form an "internal-drive-led symbiotic coupling"; under the regional context drive, private enterprises anchor strategic intentions, rely on the regional ecological resource network and real-time feedback of market information, realize circular alternative innovation featured with dynamic mutual feeding between technological iteration and market expansion, and deepen the "internal-drive-led symbiotic coupling mechanism". This study reveals the dynamic matching framework of "context type—alternative innovation type—driving method", and the evolution law of the technology-market coupling mechanism. It fills the gap in the existing research that insufficient attention is paid to the context connection mechanism in the whole process of alternative innovation, and provides a new perspective for the theoretical research and management practice of domestic substitution of key core technologies.
2026, 41(2): 102-117.
Abstract:
High investment efficiency is a core dimension of high-quality corporate development. As key players embedded in supply chain networks, corporate investment behaviors are profoundly influenced by concentrated supply chain configuration. Using a sample of A-share listed enterprises in China from 2007 to 2023, this study empirically investigates the impact of concentrated supply chain configuration on corporate investment efficiency and its underlying mechanisms. The findings show that concentrated supply chain configuration exerts a significant inhibitory effect on corporate investment efficiency, and this conclusion remains valid after a series of robustness checks. Mechanism tests reveal that the impact operates primarily through three channels: increasing operational risk, crowding out working capital, and deteriorating the information environment. Heterogeneity analysis indicates that both supplier concentration and customer concentration inhibit corporate investment efficiency, with the latter exerting a slightly stronger negative impact than the former. Furthermore, the negative effect of concentrated supply chain configuration on investment efficiency is more pronounced for over-investing enterprises, non-state-owned enterprises, small-scale enterprises, and enterprises in the growth and decline stages. Further analysis finds that three factors—the development level of regional factor markets, enterprise external market dominance, and enterprise internal control quality can effectively mitigate the negative impact of concentrated supply chain configuration on corporate investment efficiency. This study extends the research on the determinants of corporate investment efficiency from the perspective of supply chain structure, providing new theoretical explanations and empirical evidence for understanding the investment behavior of Chinese enterprises.
High investment efficiency is a core dimension of high-quality corporate development. As key players embedded in supply chain networks, corporate investment behaviors are profoundly influenced by concentrated supply chain configuration. Using a sample of A-share listed enterprises in China from 2007 to 2023, this study empirically investigates the impact of concentrated supply chain configuration on corporate investment efficiency and its underlying mechanisms. The findings show that concentrated supply chain configuration exerts a significant inhibitory effect on corporate investment efficiency, and this conclusion remains valid after a series of robustness checks. Mechanism tests reveal that the impact operates primarily through three channels: increasing operational risk, crowding out working capital, and deteriorating the information environment. Heterogeneity analysis indicates that both supplier concentration and customer concentration inhibit corporate investment efficiency, with the latter exerting a slightly stronger negative impact than the former. Furthermore, the negative effect of concentrated supply chain configuration on investment efficiency is more pronounced for over-investing enterprises, non-state-owned enterprises, small-scale enterprises, and enterprises in the growth and decline stages. Further analysis finds that three factors—the development level of regional factor markets, enterprise external market dominance, and enterprise internal control quality can effectively mitigate the negative impact of concentrated supply chain configuration on corporate investment efficiency. This study extends the research on the determinants of corporate investment efficiency from the perspective of supply chain structure, providing new theoretical explanations and empirical evidence for understanding the investment behavior of Chinese enterprises.
2026, 41(2): 118-135.
Abstract:
As a core element of new quality productive forces in agriculture in the digital era, computing power has become a strategic infrastructure for promoting the digital transformation of traditional agriculture. Based on panel data from 278 prefecture-level cities in China from 2012 to 2023, and taking the "National Supercomputing Center Construction" as a quasi-natural experiment, this study empirically evaluates the impact and mechanism of computing power infrastructure construction on the entrepreneurial activity of new agricultural business forms using a multi-period difference-in-differences model. The research finds that the construction of national supercomputing centers significantly promoted the increase in entrepreneurial activity of new agricultural business forms in pilot areas compared to non-pilot areas, and the long-term effect after policy implementation shows a continuously increasing trend. Computing power infrastructure development enhances the entrepreneurial activity of new agricultural business forms through pathways such as promoting the application of agricultural big data, improving agricultural labor productivity, alleviating agricultural resource misallocation, and promoting agricultural technological innovation. Furthermore, the promoting effect on entrepreneurial activity of new agricultural business forms is more significant in regions with a superior government business environment, mature development of new agricultural business entities, a higher Digital Inclusive Finance Index, and strong government digital attention. The research conclusions provide empirical evidence for the government to scientifically allocate computing power resources and construct entrepreneurial support systems for new agricultural business forms according to local conditions.
As a core element of new quality productive forces in agriculture in the digital era, computing power has become a strategic infrastructure for promoting the digital transformation of traditional agriculture. Based on panel data from 278 prefecture-level cities in China from 2012 to 2023, and taking the "National Supercomputing Center Construction" as a quasi-natural experiment, this study empirically evaluates the impact and mechanism of computing power infrastructure construction on the entrepreneurial activity of new agricultural business forms using a multi-period difference-in-differences model. The research finds that the construction of national supercomputing centers significantly promoted the increase in entrepreneurial activity of new agricultural business forms in pilot areas compared to non-pilot areas, and the long-term effect after policy implementation shows a continuously increasing trend. Computing power infrastructure development enhances the entrepreneurial activity of new agricultural business forms through pathways such as promoting the application of agricultural big data, improving agricultural labor productivity, alleviating agricultural resource misallocation, and promoting agricultural technological innovation. Furthermore, the promoting effect on entrepreneurial activity of new agricultural business forms is more significant in regions with a superior government business environment, mature development of new agricultural business entities, a higher Digital Inclusive Finance Index, and strong government digital attention. The research conclusions provide empirical evidence for the government to scientifically allocate computing power resources and construct entrepreneurial support systems for new agricultural business forms according to local conditions.
2026, 41(2): 136-144.
Abstract:
Innovating the practical models for new-type rural collective economic organizations is not only an inherent requirement for promoting their development and growth, but also an essential pathway to deepening the reform of the rural collective property rights system. The Rural Collective Economic Organization Law requires rural collective economic organizations to uniformly include the designation "Collective Economic Organization" in their names. However, this requirement does not adequately account for the diversity of legal entity forms in local practice, which mainly include cooperative corporations, corporate entities, and joint-stock cooperative corporations. As an "intermediate legal person", the new-type rural collective economic organizations possess distinctive attributes, including continuity of existence, stringent establishment requirements, and restrictions on membership changes. Guided by the principle of proportionality, the joint-stock cooperative corporations not only aligns with the interdependent coexistence of the collective and the individual in new-type rural collective economies, but also balances the needs for both economic development and the stability of the collective public ownership system. Therefore, it should be recognized as the primary form for these organizations, while a certain degree of autonomy should be granted to them.
Innovating the practical models for new-type rural collective economic organizations is not only an inherent requirement for promoting their development and growth, but also an essential pathway to deepening the reform of the rural collective property rights system. The Rural Collective Economic Organization Law requires rural collective economic organizations to uniformly include the designation "Collective Economic Organization" in their names. However, this requirement does not adequately account for the diversity of legal entity forms in local practice, which mainly include cooperative corporations, corporate entities, and joint-stock cooperative corporations. As an "intermediate legal person", the new-type rural collective economic organizations possess distinctive attributes, including continuity of existence, stringent establishment requirements, and restrictions on membership changes. Guided by the principle of proportionality, the joint-stock cooperative corporations not only aligns with the interdependent coexistence of the collective and the individual in new-type rural collective economies, but also balances the needs for both economic development and the stability of the collective public ownership system. Therefore, it should be recognized as the primary form for these organizations, while a certain degree of autonomy should be granted to them.
2019, 34(6): 35-49.
摘要：
数字普惠金融发展对产业结构升级具有重要积极意义。在对数字普惠金融发展与产业结构升级之间的关系进行理论分析的基础上, 基于283个地级以上城市2011—2015年的面板数据, 采用面板门槛模型等回归方法, 实证分析数字普惠金融发展及其各维度发展与产业结构升级之间的关系。结果表明: 数字普惠金融发展与产业结构升级之间存在非线性关系; 数字普惠金融发展存在瓶颈, 具有门槛效应; 数字普惠金融覆盖广度对产业结构升级具有长期且显著的促进作用, 数字普惠金融的使用深度和数字化程度与产业结构升级之间存在非线性关系; 不同区域的数字普惠金融发展对产业结构升级的非线性效应具有异质性, 对产业结构升级的正效应从东部到中西部逐级增强。因而政府部门和金融机构应加大建设数字金融基础设施的力度, 尤其要重视增加落后地区的普惠金融服务供给和提升其数字化程度, 同时, 也要防止数字普惠金融的过度发展为产业结构升级带来负的外部效应。
数字普惠金融发展对产业结构升级具有重要积极意义。在对数字普惠金融发展与产业结构升级之间的关系进行理论分析的基础上, 基于283个地级以上城市2011—2015年的面板数据, 采用面板门槛模型等回归方法, 实证分析数字普惠金融发展及其各维度发展与产业结构升级之间的关系。结果表明: 数字普惠金融发展与产业结构升级之间存在非线性关系; 数字普惠金融发展存在瓶颈, 具有门槛效应; 数字普惠金融覆盖广度对产业结构升级具有长期且显著的促进作用, 数字普惠金融的使用深度和数字化程度与产业结构升级之间存在非线性关系; 不同区域的数字普惠金融发展对产业结构升级的非线性效应具有异质性, 对产业结构升级的正效应从东部到中西部逐级增强。因而政府部门和金融机构应加大建设数字金融基础设施的力度, 尤其要重视增加落后地区的普惠金融服务供给和提升其数字化程度, 同时, 也要防止数字普惠金融的过度发展为产业结构升级带来负的外部效应。
2021, 36(5): 27-40.
摘要：
数字经济是经济发展提质增效的新动能和新引擎，对产业结构的转型升级具有重要驱动作用。在理论分析的基础上，从产业转型速度、产业结构高度化以及产业结构合理化三个维度对产业结构的转型升级进行分解，以区域创新创业指数表征城市创新创业水平，采用2011—2018年我国城市面板数据实证考察数字经济发展的产业结构转型升级效应及其作用机制。研究发现：(1)数字经济能显著提升产业转型速度、产业结构高度化和产业结构合理化，且基于互联网发展和数字普惠金融发展的分析结果趋同。(2)数字经济对产业结构转型升级的效应具有边际报酬递增的后发性优势，且东中西部区域异质性特征明显，其中中部地区是未来数字经济发展的重心。(3)从城市规模看，中等城市和大城市是数字经济驱动产业转型升级的重要着力点；从城市等级来看，二三线城市是产业转型的关键所在。(4)中介效应分析显示，创新创业水平是数字经济产业转型升级效应的重要传导路径，数字经济通过激发区域创新创业活力可加快产业转型速度、促进产业结构的高度化和合理化。以上结论对探索中国城市数字经济可持续发展、助推其与产业结构转型升级深度融合具有一定的参考意义。
数字经济是经济发展提质增效的新动能和新引擎，对产业结构的转型升级具有重要驱动作用。在理论分析的基础上，从产业转型速度、产业结构高度化以及产业结构合理化三个维度对产业结构的转型升级进行分解，以区域创新创业指数表征城市创新创业水平，采用2011—2018年我国城市面板数据实证考察数字经济发展的产业结构转型升级效应及其作用机制。研究发现：(1)数字经济能显著提升产业转型速度、产业结构高度化和产业结构合理化，且基于互联网发展和数字普惠金融发展的分析结果趋同。(2)数字经济对产业结构转型升级的效应具有边际报酬递增的后发性优势，且东中西部区域异质性特征明显，其中中部地区是未来数字经济发展的重心。(3)从城市规模看，中等城市和大城市是数字经济驱动产业转型升级的重要着力点；从城市等级来看，二三线城市是产业转型的关键所在。(4)中介效应分析显示，创新创业水平是数字经济产业转型升级效应的重要传导路径，数字经济通过激发区域创新创业活力可加快产业转型速度、促进产业结构的高度化和合理化。以上结论对探索中国城市数字经济可持续发展、助推其与产业结构转型升级深度融合具有一定的参考意义。
2021, 36(2): 16-27.
摘要：
构建多渠道机制下数字经济影响出口贸易的理论模型，利用2008—2017年中国省级面板数据，实证检验数字经济对制造业高质量走出去的空间溢出效应、非线性边际递增效应及影响机制。研究结果表明：数字经济显著促进了中国省级出口技术复杂度的提升，其产生的正向空间溢出效应能助推出口贸易的高质量发展；数字经济的空间溢出效应存在区域异质性，沿海省份较内陆省份享受了更多的数字红利；数字经济对出口技术复杂度的影响具有动态非线性驱动效应，出口贸易水平较高的地区享受的数字经济红利更大；通过人力资本与贸易成本两个渠道，数字经济能间接提升省级出口技术复杂度；数字经济作用于实体经济时普遍存在边际递增的网络效应。因而应加强数字经济基础设施建设，优化创新环境，让数字经济的发展推动我国制造业高质量走出去。
构建多渠道机制下数字经济影响出口贸易的理论模型，利用2008—2017年中国省级面板数据，实证检验数字经济对制造业高质量走出去的空间溢出效应、非线性边际递增效应及影响机制。研究结果表明：数字经济显著促进了中国省级出口技术复杂度的提升，其产生的正向空间溢出效应能助推出口贸易的高质量发展；数字经济的空间溢出效应存在区域异质性，沿海省份较内陆省份享受了更多的数字红利；数字经济对出口技术复杂度的影响具有动态非线性驱动效应，出口贸易水平较高的地区享受的数字经济红利更大；通过人力资本与贸易成本两个渠道，数字经济能间接提升省级出口技术复杂度；数字经济作用于实体经济时普遍存在边际递增的网络效应。因而应加强数字经济基础设施建设，优化创新环境，让数字经济的发展推动我国制造业高质量走出去。
2019, 34(5): 4-21.
摘要：
以环保经历嵌入为研究视角, 基于2008—2016年中国沪深A股重污染企业的经验证据, 实证检验高管环保经历嵌入对企业绿色转型的影响及其机制。研究发现:环保经历嵌入能有效促进企业绿色转型; 环保经历嵌入管理层和董事会均能显著地提高企业绿色转型水平, 但环保经历嵌入监事会的影响不显著。进一步研究发现, 新《环境保护法》实施后, 环保经历嵌入对企业绿色转型的促进作用更加显著, 并主要表现在民营企业与低融资约束企业中, 其作用路径一般是通过提高企业创新水平和降低企业调整成本来促进企业绿色转型。因此, 为推进企业绿色转型, 聘请和重视环保经历人才有助于降低绿色转型的风险和成本。
以环保经历嵌入为研究视角, 基于2008—2016年中国沪深A股重污染企业的经验证据, 实证检验高管环保经历嵌入对企业绿色转型的影响及其机制。研究发现:环保经历嵌入能有效促进企业绿色转型; 环保经历嵌入管理层和董事会均能显著地提高企业绿色转型水平, 但环保经历嵌入监事会的影响不显著。进一步研究发现, 新《环境保护法》实施后, 环保经历嵌入对企业绿色转型的促进作用更加显著, 并主要表现在民营企业与低融资约束企业中, 其作用路径一般是通过提高企业创新水平和降低企业调整成本来促进企业绿色转型。因此, 为推进企业绿色转型, 聘请和重视环保经历人才有助于降低绿色转型的风险和成本。
2022, 37(1): 58-74.
摘要：
建设数字中国与实现绿水青山都是推动新时代经济高质量发展的重要战略举措。利用2005—2019年中国283个城市的面板数据，在环境库兹涅茨曲线理论的框架下，基于国家级大数据综合试验区这一准自然实验，运用多期DID和PSM-DID方法，评估以数据要素为核心的数字经济发展对城市空气质量的影响。研究结果表明：数字经济发展对城市空气质量的改善作用显著，且减排效应呈厚积薄发的特征；异质性研究表明，数字经济对秦岭—淮河一线以北的城市空气质量具有更强的影响效应，且在较大规模、高互联网发展水平以及低财政支出水平的城市其减排效应更加明显；机制检验表明，数字经济通过推动产业升级、促进技术创新以及优化资源配置改善了城市空气质量；进一步研究表明，数字经济的发展不仅推动了本地空气质量的改善，而且对降低相邻城市的空气污染也具有激励作用。因此，要进一步推动大数据试验区建设，提升该政策战略执行的包容性和灵活度，同时完善信息基础设施建设，以充分发挥数字经济对城市空气质量的改善作用。
建设数字中国与实现绿水青山都是推动新时代经济高质量发展的重要战略举措。利用2005—2019年中国283个城市的面板数据，在环境库兹涅茨曲线理论的框架下，基于国家级大数据综合试验区这一准自然实验，运用多期DID和PSM-DID方法，评估以数据要素为核心的数字经济发展对城市空气质量的影响。研究结果表明：数字经济发展对城市空气质量的改善作用显著，且减排效应呈厚积薄发的特征；异质性研究表明，数字经济对秦岭—淮河一线以北的城市空气质量具有更强的影响效应，且在较大规模、高互联网发展水平以及低财政支出水平的城市其减排效应更加明显；机制检验表明，数字经济通过推动产业升级、促进技术创新以及优化资源配置改善了城市空气质量；进一步研究表明，数字经济的发展不仅推动了本地空气质量的改善，而且对降低相邻城市的空气污染也具有激励作用。因此，要进一步推动大数据试验区建设，提升该政策战略执行的包容性和灵活度，同时完善信息基础设施建设，以充分发挥数字经济对城市空气质量的改善作用。
2022, 37(3): 4-20.
摘要：
数字经济是促进新时代经济高质量增长的重要引擎。基于2011—2019年30个省份的面板数据，分别利用熵值法和DEA-Malmquist指数法测算我国省级数字经济发展综合指数与全要素生产率，实证探讨数字经济对经济高质量发展的影响效应。研究发现：数字经济能显著促进经济高质量发展，该结论经过一系列稳健性检验后仍显著成立；机制分析表明，数字经济是通过提升区域创新水平、加快产业结构升级赋能于经济高质量发展；进一步分析表明，数字经济对相邻地区的经济高质量发展存在空间溢出效应，数字经济对经济高质量发展的促进效应因区域、生产率与人力资本的不同而存在异质性。因而应积极推进数字化基础设施建设，协调好各地区数字经济的均衡发展，实施数字化驱动发展战略，推进经济的高质量发展。
数字经济是促进新时代经济高质量增长的重要引擎。基于2011—2019年30个省份的面板数据，分别利用熵值法和DEA-Malmquist指数法测算我国省级数字经济发展综合指数与全要素生产率，实证探讨数字经济对经济高质量发展的影响效应。研究发现：数字经济能显著促进经济高质量发展，该结论经过一系列稳健性检验后仍显著成立；机制分析表明，数字经济是通过提升区域创新水平、加快产业结构升级赋能于经济高质量发展；进一步分析表明，数字经济对相邻地区的经济高质量发展存在空间溢出效应，数字经济对经济高质量发展的促进效应因区域、生产率与人力资本的不同而存在异质性。因而应积极推进数字化基础设施建设，协调好各地区数字经济的均衡发展，实施数字化驱动发展战略，推进经济的高质量发展。
2022, 37(2): 71-87.
摘要：
“双循环”背景下，新型城镇化不仅是经济发展的新动力，也是实现共同富裕的有力支撑。基于扎实推进共同富裕的背景，从富裕水平、区域差距和城乡差距三方面构建共同富裕的指标体系，测算了281个城市的共同富裕水平，并采用SARAR模型分析新型城镇化对共同富裕的影响。研究发现：推进地区经济发展是实现共同富裕的根本途径；新型城镇化和共同富裕存在着空间相关性，且新型城镇化对共同富裕及其各维度产生显著的促进作用；共同富裕不仅受新型城镇化的影响，还受到城市初始经济发展的影响；比较而言，新型城镇化更能够提升贫困地区的共同富裕水平；新型城镇化对共同富裕产生直接作用的同时，还会通过农民收入和公共服务对共同富裕产生间接的促进作用。在推进新型城镇化过程中，可从提高富裕水平、缩小城乡收入差距和区域经济差距角度助推共同富裕。
“双循环”背景下，新型城镇化不仅是经济发展的新动力，也是实现共同富裕的有力支撑。基于扎实推进共同富裕的背景，从富裕水平、区域差距和城乡差距三方面构建共同富裕的指标体系，测算了281个城市的共同富裕水平，并采用SARAR模型分析新型城镇化对共同富裕的影响。研究发现：推进地区经济发展是实现共同富裕的根本途径；新型城镇化和共同富裕存在着空间相关性，且新型城镇化对共同富裕及其各维度产生显著的促进作用；共同富裕不仅受新型城镇化的影响，还受到城市初始经济发展的影响；比较而言，新型城镇化更能够提升贫困地区的共同富裕水平；新型城镇化对共同富裕产生直接作用的同时，还会通过农民收入和公共服务对共同富裕产生间接的促进作用。在推进新型城镇化过程中，可从提高富裕水平、缩小城乡收入差距和区域经济差距角度助推共同富裕。
2020, 35(2): 55-67.
摘要：
以2008—2017年我国A股上市公司为研究样本, 实证检验了资产剥离对企业财务绩效的影响及其作用机制。研究发现, 资产剥离的实施能够显著影响企业的财务绩效, 其对企业财务绩效的作用方向取决于剥离前企业的业绩基础, 即对于经营不佳的企业而言, 资产剥离损害了企业财务绩效, 反之则显著提升了企业财务绩效。机制检验表明, 融资约束在资产剥离与企业财务绩效的负向关系中发挥了中介效应, 投资效率在资产剥离与企业财务绩效的正向关系中发挥了中介效应。
以2008—2017年我国A股上市公司为研究样本, 实证检验了资产剥离对企业财务绩效的影响及其作用机制。研究发现, 资产剥离的实施能够显著影响企业的财务绩效, 其对企业财务绩效的作用方向取决于剥离前企业的业绩基础, 即对于经营不佳的企业而言, 资产剥离损害了企业财务绩效, 反之则显著提升了企业财务绩效。机制检验表明, 融资约束在资产剥离与企业财务绩效的负向关系中发挥了中介效应, 投资效率在资产剥离与企业财务绩效的正向关系中发挥了中介效应。
2021, 36(1): 98-112.
摘要：
员工持股计划作为企业内部的一项集体激励政策，在优化企业产权配置的同时亦对企业融资能力产生重要影响。基于2011—2018年A股上市公司样本，探究员工持股计划对企业融资约束的影响及作用机制，研究发现，员工持股计划通过降低外部融资成本来缓解企业的融资约束状况，这种缓解作用对东部地区的企业以及民营企业更为显著；员工持股计划通过增强员工身份认同、缓解员工层面代理问题等途径来提升企业内部控制质量，内部控制质量在员工持股计划与融资约束作用之间起到部分中介作用；由于员工之间的“监督效应”及员工持股计划的“公告效应”，员工持股计划在提升内部控制质量方面不存在“搭便车”行为，在缓解融资约束方面存在“1/N”效应。本研究结论为新时期推进员工持股深化改革、提升本土企业内部竞争力提供了参考。
员工持股计划作为企业内部的一项集体激励政策，在优化企业产权配置的同时亦对企业融资能力产生重要影响。基于2011—2018年A股上市公司样本，探究员工持股计划对企业融资约束的影响及作用机制，研究发现，员工持股计划通过降低外部融资成本来缓解企业的融资约束状况，这种缓解作用对东部地区的企业以及民营企业更为显著；员工持股计划通过增强员工身份认同、缓解员工层面代理问题等途径来提升企业内部控制质量，内部控制质量在员工持股计划与融资约束作用之间起到部分中介作用；由于员工之间的“监督效应”及员工持股计划的“公告效应”，员工持股计划在提升内部控制质量方面不存在“搭便车”行为，在缓解融资约束方面存在“1/N”效应。本研究结论为新时期推进员工持股深化改革、提升本土企业内部竞争力提供了参考。
2021, 36(2): 69-85.
摘要：
相较于美国式面向全体员工的退休储蓄型计划，中国式员工持股计划面向关键少数员工，员工大多自行出资，持股期更加灵活。基于2011—2017年A股上市公司数据，研究员工持股计划与企业创新产出数量与质量之间的关系；并进一步依据员工持股计划的契约特征将其分为治理型、激励型与绑定型三类，研究不同路径取向下的员工持股计划对企业创新的影响差异。结果表明：相对于治理型计划，激励型计划与绑定型计划均能提升企业的创新产出，且绑定型计划的作用更加显著；影响机制检验发现，激励型计划促进了员工在创新活动中的努力投入，绑定型计划降低了员工流失率并提升了高管的风险承担水平。本研究证实员工持股计划的实施符合利益协同观而非市值管理观，中国式员工持股计划具有创新促进效应。
相较于美国式面向全体员工的退休储蓄型计划，中国式员工持股计划面向关键少数员工，员工大多自行出资，持股期更加灵活。基于2011—2017年A股上市公司数据，研究员工持股计划与企业创新产出数量与质量之间的关系；并进一步依据员工持股计划的契约特征将其分为治理型、激励型与绑定型三类，研究不同路径取向下的员工持股计划对企业创新的影响差异。结果表明：相对于治理型计划，激励型计划与绑定型计划均能提升企业的创新产出，且绑定型计划的作用更加显著；影响机制检验发现，激励型计划促进了员工在创新活动中的努力投入，绑定型计划降低了员工流失率并提升了高管的风险承担水平。本研究证实员工持股计划的实施符合利益协同观而非市值管理观，中国式员工持股计划具有创新促进效应。
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