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2023, 38(5): 4-21.
Abstract:
The labor income share is an important indicator to measure whether the initial distribution of national income is fair, and in-depth study of the impact of digital technology application on the labor income share can provide important enlightenment for how to promote common prosperity in the context of digital economy. The general equilibrium model including digital technology is constructed and numerical simulation is carried out; the data of WIOD database and A-share listed companies from 2007 to 2014 are used to analyze the mechanism of the impact of digital technology application on the labor income share. It is found that the application of digital technology will reduce the share of labor income in reality, which is consistent with the simulation results of high substitution elasticity of capital labor in numerical simulations. This conclusion is still valid after a series of robustness tests. The mechanism test shows that digital technology application reduces the labor income share mainly through two paths: promoting enterprise capital deepening and faster labor productivity. It is also found that the reduction of labor income share by digital technology application is more pronounced in the service sector, capital-intensive industries, inland areas, non-state-owned enterprises and enterprises with domestic digital technology. The government should pay attention to the benefits of workers while promoting the application of digital technology, and stabilize the labor income share in the initial distribution by guaranteeing the employment opportunities of the workers and accelerating the accumulation of human capital, so as to promote the common wealth of all the people.
The labor income share is an important indicator to measure whether the initial distribution of national income is fair, and in-depth study of the impact of digital technology application on the labor income share can provide important enlightenment for how to promote common prosperity in the context of digital economy. The general equilibrium model including digital technology is constructed and numerical simulation is carried out; the data of WIOD database and A-share listed companies from 2007 to 2014 are used to analyze the mechanism of the impact of digital technology application on the labor income share. It is found that the application of digital technology will reduce the share of labor income in reality, which is consistent with the simulation results of high substitution elasticity of capital labor in numerical simulations. This conclusion is still valid after a series of robustness tests. The mechanism test shows that digital technology application reduces the labor income share mainly through two paths: promoting enterprise capital deepening and faster labor productivity. It is also found that the reduction of labor income share by digital technology application is more pronounced in the service sector, capital-intensive industries, inland areas, non-state-owned enterprises and enterprises with domestic digital technology. The government should pay attention to the benefits of workers while promoting the application of digital technology, and stabilize the labor income share in the initial distribution by guaranteeing the employment opportunities of the workers and accelerating the accumulation of human capital, so as to promote the common wealth of all the people.
2023, 38(5): 22-36.
Abstract:
Optimizing labor force allocation is the important guarantee for fully utilizing the efficiency of human resources, while the integration of digital technology and business scenarios triggered by enterprise digital transformation has a profound impact on the allocation of enterprise labor force. This paper takes A-share listed companies from 2008 to 2021 as research samples to verify the impact of enterprise digital transformation on labor investment efficiency, and explore its mechanism. It is found that digital transformation can significantly improve the efficiency of labor investment, and has played a positive role in reducing employment redundancy and underemployment. Mechanism analysis shows that digital transformation can improve labor investment efficiency by enhancing enterprise capabilities in resource management and utilization, easing financing constraints and improving total factor productivity. Further analysis reveals that the effect of digital transformation on labor investment efficiency is heterogeneous among different enterprises: its beneficial effect is more obvious in high labor intensive and non-high-tech enterprises. In highly labor-intensive and high-tech enterprises, the channels for playing their role are richer. The research conclusion provides empirical evidence for clarifying the labor allocation effect of digital transformation and reference path for improving labor investment efficiency through transformation.
Optimizing labor force allocation is the important guarantee for fully utilizing the efficiency of human resources, while the integration of digital technology and business scenarios triggered by enterprise digital transformation has a profound impact on the allocation of enterprise labor force. This paper takes A-share listed companies from 2008 to 2021 as research samples to verify the impact of enterprise digital transformation on labor investment efficiency, and explore its mechanism. It is found that digital transformation can significantly improve the efficiency of labor investment, and has played a positive role in reducing employment redundancy and underemployment. Mechanism analysis shows that digital transformation can improve labor investment efficiency by enhancing enterprise capabilities in resource management and utilization, easing financing constraints and improving total factor productivity. Further analysis reveals that the effect of digital transformation on labor investment efficiency is heterogeneous among different enterprises: its beneficial effect is more obvious in high labor intensive and non-high-tech enterprises. In highly labor-intensive and high-tech enterprises, the channels for playing their role are richer. The research conclusion provides empirical evidence for clarifying the labor allocation effect of digital transformation and reference path for improving labor investment efficiency through transformation.
2023, 38(5): 37-56.
Abstract:
The development of digital financial business not only originates from the application of scientific and technological innovation achievements, but also is rooted in the specific monetary policy environment. Taking the change of monetary policy environment as the research object, using the panel data set of 337 prefecture-level cities in China from 2011 to 2020, this paper, with the text word frequency method, systematically combs the cyclical effects and heterogeneity of monetary policy regulation on the development of digital finance. It is found that monetary policy regulation has obvious counter-cyclical effects on the development of domestic digital finance, and the actual effects on different types of digital financial services are significantly different. The mode of monetary policy operation also exerts a significant influence on the cyclical characteristics of digital finance, and its influence is also heterogeneous at the time and regional level. Therefore, to promote the orderly and healthy development of domestic digital financial services, we should not only create a matching monetary policy environment based on the complementary and alternative effects of digital finance on traditional financial services, but also improve the existing monetary policy framework and create targeted digital financial development strategies for different types of digital financial services and regional financial environment constraints.
The development of digital financial business not only originates from the application of scientific and technological innovation achievements, but also is rooted in the specific monetary policy environment. Taking the change of monetary policy environment as the research object, using the panel data set of 337 prefecture-level cities in China from 2011 to 2020, this paper, with the text word frequency method, systematically combs the cyclical effects and heterogeneity of monetary policy regulation on the development of digital finance. It is found that monetary policy regulation has obvious counter-cyclical effects on the development of domestic digital finance, and the actual effects on different types of digital financial services are significantly different. The mode of monetary policy operation also exerts a significant influence on the cyclical characteristics of digital finance, and its influence is also heterogeneous at the time and regional level. Therefore, to promote the orderly and healthy development of domestic digital financial services, we should not only create a matching monetary policy environment based on the complementary and alternative effects of digital finance on traditional financial services, but also improve the existing monetary policy framework and create targeted digital financial development strategies for different types of digital financial services and regional financial environment constraints.
2023, 38(5): 57-74.
Abstract:
The deep empowerment of traditional finance by financial technology has important research value and broad prospects, and injects new momentum for rural residents to reduce poverty and increase their income. Using panel data of 290 cities in China from 2011 to 2021, this study empirically tests the impact of traditional finance and digital financial inclusion on the income of rural residents. The results show: firstly, traditional finance has not played its role as an effective service provider, and its impact on rural residents' income is limited and weak; secondly, digital inclusive finance significantly contributes to the growth of rural residents' income, and its income-increasing effect is significant compared with traditional finance, with the depth of use and the degree of digitization having significant income-increasing effects, but the effect of the breadth of coverage being not significant; thirdly, there is a synergistic and complementary relationship between traditional finance and digital inclusive finance in promoting income growth of rural residents, mainly reflected in the positive moderating effect of traditional finance development on poverty reduction and income growth of digital inclusive finance; fourthly, the income effects of traditional finance and digital inclusive finance on rural residents are non-linear and stage-specific, and show a stepwise increase with the upgrade of economic development and urbanization level. Digital inclusive finance significantly weakens the threshold effect constraint and have an absolute advantage in the income-raising effect. Therefore, it is recommended to promote the digital transformation of traditional finance and the coordinated interaction of the two financial models to help rural residents' income growth and the smooth realization of common prosperity.
The deep empowerment of traditional finance by financial technology has important research value and broad prospects, and injects new momentum for rural residents to reduce poverty and increase their income. Using panel data of 290 cities in China from 2011 to 2021, this study empirically tests the impact of traditional finance and digital financial inclusion on the income of rural residents. The results show: firstly, traditional finance has not played its role as an effective service provider, and its impact on rural residents' income is limited and weak; secondly, digital inclusive finance significantly contributes to the growth of rural residents' income, and its income-increasing effect is significant compared with traditional finance, with the depth of use and the degree of digitization having significant income-increasing effects, but the effect of the breadth of coverage being not significant; thirdly, there is a synergistic and complementary relationship between traditional finance and digital inclusive finance in promoting income growth of rural residents, mainly reflected in the positive moderating effect of traditional finance development on poverty reduction and income growth of digital inclusive finance; fourthly, the income effects of traditional finance and digital inclusive finance on rural residents are non-linear and stage-specific, and show a stepwise increase with the upgrade of economic development and urbanization level. Digital inclusive finance significantly weakens the threshold effect constraint and have an absolute advantage in the income-raising effect. Therefore, it is recommended to promote the digital transformation of traditional finance and the coordinated interaction of the two financial models to help rural residents' income growth and the smooth realization of common prosperity.
2023, 38(5): 75-95.
Abstract:
Whether there is strategic behavior in the information disclosure of digital transformation by listed companies is an important issue that is highly concerned by the practical community but relatively overlooked by the academic community. Using data from A-share listed companies in China from 2007 to 2020, this study explores the motivation for information disclosure of digital transformation, and strategic disclosure behavior of listed companies caused by the controlling shareholders' equity pledge. It is found that listed companies with controlling shareholders' equity pledges will increase information disclosure of digital transformation in their annual reports in order to achieve the goal of stock price stability. Therefore, information communication and manipulation both constitute the motivation for companies with equity pledge to increase information disclosure of digital transformation. However, companies with equity pledge are more likely to strategically disclose digital transformation information due to motives for information manipulation. The manifestation is that the higher the degree of equity pledge by controlling shareholders and the higher the risk of control transfer, the higher the degree of exaggerated disclosure of digital transformation information in annual reports of listed companies under the motivation for information manipulation. It is found through economic consequence tests that the exaggerated disclosure of digital transformation information by companies with equity pledge can to some extent achieve the goal of stock price stability and alleviate the risk of stock price collapse. However, this exaggerated disclosure behavior will reduce the company's future market and operational performance, leading to greater economic losses. Heterogeneity tests indicate that the governance of institutional investor, creditor, and internal shareholder is effective measures to suppress the exaggerated information disclosure of digital transformation in companies with equity pledge. The research conclusions enrich the research in the field of strategic disclosure of non-financial information in annual reports, and have practical significance for guiding accounting information users to reasonably identify potential information risks in information disclosure of digital transformation.
Whether there is strategic behavior in the information disclosure of digital transformation by listed companies is an important issue that is highly concerned by the practical community but relatively overlooked by the academic community. Using data from A-share listed companies in China from 2007 to 2020, this study explores the motivation for information disclosure of digital transformation, and strategic disclosure behavior of listed companies caused by the controlling shareholders' equity pledge. It is found that listed companies with controlling shareholders' equity pledges will increase information disclosure of digital transformation in their annual reports in order to achieve the goal of stock price stability. Therefore, information communication and manipulation both constitute the motivation for companies with equity pledge to increase information disclosure of digital transformation. However, companies with equity pledge are more likely to strategically disclose digital transformation information due to motives for information manipulation. The manifestation is that the higher the degree of equity pledge by controlling shareholders and the higher the risk of control transfer, the higher the degree of exaggerated disclosure of digital transformation information in annual reports of listed companies under the motivation for information manipulation. It is found through economic consequence tests that the exaggerated disclosure of digital transformation information by companies with equity pledge can to some extent achieve the goal of stock price stability and alleviate the risk of stock price collapse. However, this exaggerated disclosure behavior will reduce the company's future market and operational performance, leading to greater economic losses. Heterogeneity tests indicate that the governance of institutional investor, creditor, and internal shareholder is effective measures to suppress the exaggerated information disclosure of digital transformation in companies with equity pledge. The research conclusions enrich the research in the field of strategic disclosure of non-financial information in annual reports, and have practical significance for guiding accounting information users to reasonably identify potential information risks in information disclosure of digital transformation.
2023, 38(5): 96-112.
Abstract:
Taking the listed companies of Shanghai and Shenzhen A-shares from 2007 to 2020 as samples, this paper discusses the impact of social dishonesty environment on corporate cash holdings. The study indicates that the social dishonesty environment significantly improved the cash holding level of enterprises. The function channel test shows that the social dishonesty environment promotes enterprises to increase cash holdings by increasing transaction costs, intensifying financing constraints and agency problems. Heterogeneity analysis shows that the positive impact of social dishonesty environment on corporate cash holdings is more significant in enterprises with low information transparency, fierce industry competition and in poor development of regional digital finance. This paper explores the influencing factors of corporate cash holdings from a new perspective of the social dishonesty environment, and also enriches the study of the micro-economic consequences of the social dishonesty environment. At the same time, it provides empirical evidence for government departments to further deepen the construction of social credit system and improve the efficiency of corporate cash management.
Taking the listed companies of Shanghai and Shenzhen A-shares from 2007 to 2020 as samples, this paper discusses the impact of social dishonesty environment on corporate cash holdings. The study indicates that the social dishonesty environment significantly improved the cash holding level of enterprises. The function channel test shows that the social dishonesty environment promotes enterprises to increase cash holdings by increasing transaction costs, intensifying financing constraints and agency problems. Heterogeneity analysis shows that the positive impact of social dishonesty environment on corporate cash holdings is more significant in enterprises with low information transparency, fierce industry competition and in poor development of regional digital finance. This paper explores the influencing factors of corporate cash holdings from a new perspective of the social dishonesty environment, and also enriches the study of the micro-economic consequences of the social dishonesty environment. At the same time, it provides empirical evidence for government departments to further deepen the construction of social credit system and improve the efficiency of corporate cash management.
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(3): 43-53.
摘要：
制造业与生产性服务业合理的空间协同分布体系是企业创新发展的关键所在，但目前关于生产性服务业与制造业协同集聚如何影响企业创新的研究还相对匮乏。鉴于此，基于产业空间协同分布视角，利用中国工业企业微观数据与城市面板的匹配数据，实证检验生产性服务业与制造业协同集聚对制造业企业技术创新的影响效应及其作用机制。结果发现：生产性服务业与制造业协同集聚显著促进了企业的技术创新，并且这一作用依赖于企业所有制类型、要素密集度、沟通密集度、城市规模等异质性因素。进一步研究表明，生产性服务业与制造业协同集聚主要通过作用于企业的交易成本结构、进入与退出决策行为及研发创新激励来影响企业的技术创新活动。
制造业与生产性服务业合理的空间协同分布体系是企业创新发展的关键所在，但目前关于生产性服务业与制造业协同集聚如何影响企业创新的研究还相对匮乏。鉴于此，基于产业空间协同分布视角，利用中国工业企业微观数据与城市面板的匹配数据，实证检验生产性服务业与制造业协同集聚对制造业企业技术创新的影响效应及其作用机制。结果发现：生产性服务业与制造业协同集聚显著促进了企业的技术创新，并且这一作用依赖于企业所有制类型、要素密集度、沟通密集度、城市规模等异质性因素。进一步研究表明，生产性服务业与制造业协同集聚主要通过作用于企业的交易成本结构、进入与退出决策行为及研发创新激励来影响企业的技术创新活动。
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。
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。
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。
2019, 34(1): 46-59.
摘要：
传统观点认为，制度反腐在于通过约束权力实现“不能腐”，那么是否还存在其他腐败治理机制呢？以2007年~2012年国有上市公司为研究样本，以内部控制本质为理论依据，对内部控制是否存在以节制私欲为本位的“不敢腐”与“不想腐”治理机制进行实证分析。结果显示，内部控制既能够通过刚性治理机制压制私欲，实现“不敢腐”；也能通过柔性治理机制引导私欲，实现“不想腐”。上述作用机制是由内部控制的监督与激励本质决定的，而“不能腐”机制是由制衡本质决定的。
传统观点认为，制度反腐在于通过约束权力实现“不能腐”，那么是否还存在其他腐败治理机制呢？以2007年~2012年国有上市公司为研究样本，以内部控制本质为理论依据，对内部控制是否存在以节制私欲为本位的“不敢腐”与“不想腐”治理机制进行实证分析。结果显示，内部控制既能够通过刚性治理机制压制私欲，实现“不敢腐”；也能通过柔性治理机制引导私欲，实现“不想腐”。上述作用机制是由内部控制的监督与激励本质决定的，而“不能腐”机制是由制衡本质决定的。
2020, 35(5): 48-57.
摘要：
基于不同规制类型与行业竞争程度差异, 将制造业分为高竞争性行业和低竞争性行业, 采用系统GMM动态面板模型评估行政命令型环境规制、市场激励型环境规制及综合使用这两类环境规制对制造业绿色发展的异质性影响。研究发现: (1)环境规制整体对制造业绿色发展的影响会经历一个由阻碍到促进的U型变化, 当前我国环境规制的影响处于阻碍阶段, 且这种阻碍效应在高竞争性行业更显著, 低竞争性行业的U型拐点出现更晚; (2)行政命令型环境规制和市场激励型环境规制对制造业绿色发展分别表现为阻碍效应和促进效应, 且这两种效应在高竞争性行业均表现更显著; (3)技术创新主要驱动了低竞争性行业的绿色发展, 而对高竞争性行业的作用不显著。
基于不同规制类型与行业竞争程度差异, 将制造业分为高竞争性行业和低竞争性行业, 采用系统GMM动态面板模型评估行政命令型环境规制、市场激励型环境规制及综合使用这两类环境规制对制造业绿色发展的异质性影响。研究发现: (1)环境规制整体对制造业绿色发展的影响会经历一个由阻碍到促进的U型变化, 当前我国环境规制的影响处于阻碍阶段, 且这种阻碍效应在高竞争性行业更显著, 低竞争性行业的U型拐点出现更晚; (2)行政命令型环境规制和市场激励型环境规制对制造业绿色发展分别表现为阻碍效应和促进效应, 且这两种效应在高竞争性行业均表现更显著; (3)技术创新主要驱动了低竞争性行业的绿色发展, 而对高竞争性行业的作用不显著。
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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