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Articles in press have been peer-reviewed and accepted, which are not yet assigned to volumes /issues, but are citable by Digital Object Identifier (DOI).
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2026, 41(4): 4-14.
Abstract:
The computing-power industrial chain is characterized by a long technological stack, strong complementarity among its segments, and rapid technological iteration. Under conditions of rapidly evolving technological architectures, continuously reconfigured module boundaries, and unsettled standards, the interface rules, verification rules, and trajectory rules among complementary actors tend to exhibit unstable matching, giving rise to alignment failure. Alignment failure manifests in three forms of interface, verification, and trajectory alignment failure that respectively weaken the substitutability, recoverability, and evolvability of the computing-power industrial chain by raising adaptation and migration costs, increasing the difficulty of quality identification and responsibility attribution, and heightening the risks of asset-specific investment. To address these problems, platform-based actors, as a hybrid governance structure situated between market transactions and hierarchical organization, can mitigate alignment failure through three stages: connection, verification, and evolution. Specifically, they reduce connection costs through interface standardization and multi-source adaptation, enhance the capabilities for quality identification and responsibility attribution through testing, certification, and process tracing, and stabilize long-term technological expectations through standards guidance and version governance. However, platform-based governance may also generate risks such as interface closure, biased information use, self-preferencing, trajectory lock-in, and insufficient investment in long-term maintenance. Therefore, strengthening the resilience of the computing-power industrial chain requires improving institutional arrangements for cross-platform interface migration, computing-power service certification, governance data boundaries, and the maintenance of foundational alignment conditions.
The computing-power industrial chain is characterized by a long technological stack, strong complementarity among its segments, and rapid technological iteration. Under conditions of rapidly evolving technological architectures, continuously reconfigured module boundaries, and unsettled standards, the interface rules, verification rules, and trajectory rules among complementary actors tend to exhibit unstable matching, giving rise to alignment failure. Alignment failure manifests in three forms of interface, verification, and trajectory alignment failure that respectively weaken the substitutability, recoverability, and evolvability of the computing-power industrial chain by raising adaptation and migration costs, increasing the difficulty of quality identification and responsibility attribution, and heightening the risks of asset-specific investment. To address these problems, platform-based actors, as a hybrid governance structure situated between market transactions and hierarchical organization, can mitigate alignment failure through three stages: connection, verification, and evolution. Specifically, they reduce connection costs through interface standardization and multi-source adaptation, enhance the capabilities for quality identification and responsibility attribution through testing, certification, and process tracing, and stabilize long-term technological expectations through standards guidance and version governance. However, platform-based governance may also generate risks such as interface closure, biased information use, self-preferencing, trajectory lock-in, and insufficient investment in long-term maintenance. Therefore, strengthening the resilience of the computing-power industrial chain requires improving institutional arrangements for cross-platform interface migration, computing-power service certification, governance data boundaries, and the maintenance of foundational alignment conditions.
2026, 41(4): 15-29.
Abstract:
Against the backdrop of the in-depth development of the digital economy, the market-oriented allocation of data, as a new production factor, has become the main driving force for changing the production mode of enterprises and improving the efficiency of resource allocation. Based on the Melitz-Ottaviano model of heterogeneous-firm monopolistic competition, this paper adds the influencing factors of data element marketization policies, establishes a heterogeneous and differentiated firm model that incorporates marketization policies for data elements, derives the internal mechanism by which the data element marketization affects corporate labor productivity, and selects Shanghai and Shenzhen A-share listed companies from 2009 to 2023 as the research objects. The establishment of data trading platforms in various prefecture-level cities is taken as a quasi-natural experiment, and a multi-period difference-in-differences empirical test is used to examine the causal effect of data element marketization on enterprise labor productivity. The research finds that data element marketization significantly improves enterprise labor productivity, and the conclusion remains valid after multiple robustness tests. The mechanism test shows that data element marketization mainly enables the improvement in enterprise labor productivity through three transmission paths: enhancing technological innovation efficiency, improving product supply-demand matching, and optimizing investment allocation efficiency. Heterogeneity analysis indicates that the policy effect exhibits significant structural differentiation. From the enterprise perspective, the policy has a more prominent enhancing effect on non-state-owned enterprises and large-scale enterprises. From the industry perspective, the policy effect is significantly stronger in technology-intensive and labor-intensive industries than in capital-intensive industries. From the regional perspective, the policy effect is more pronounced in the eastern region and enterprises on the southeast side of the Hu Huanyong Line. From the factor absorption perspective, enterprises with high digitalization foundation and high reliance on research and development experience greater policy benefits.
Against the backdrop of the in-depth development of the digital economy, the market-oriented allocation of data, as a new production factor, has become the main driving force for changing the production mode of enterprises and improving the efficiency of resource allocation. Based on the Melitz-Ottaviano model of heterogeneous-firm monopolistic competition, this paper adds the influencing factors of data element marketization policies, establishes a heterogeneous and differentiated firm model that incorporates marketization policies for data elements, derives the internal mechanism by which the data element marketization affects corporate labor productivity, and selects Shanghai and Shenzhen A-share listed companies from 2009 to 2023 as the research objects. The establishment of data trading platforms in various prefecture-level cities is taken as a quasi-natural experiment, and a multi-period difference-in-differences empirical test is used to examine the causal effect of data element marketization on enterprise labor productivity. The research finds that data element marketization significantly improves enterprise labor productivity, and the conclusion remains valid after multiple robustness tests. The mechanism test shows that data element marketization mainly enables the improvement in enterprise labor productivity through three transmission paths: enhancing technological innovation efficiency, improving product supply-demand matching, and optimizing investment allocation efficiency. Heterogeneity analysis indicates that the policy effect exhibits significant structural differentiation. From the enterprise perspective, the policy has a more prominent enhancing effect on non-state-owned enterprises and large-scale enterprises. From the industry perspective, the policy effect is significantly stronger in technology-intensive and labor-intensive industries than in capital-intensive industries. From the regional perspective, the policy effect is more pronounced in the eastern region and enterprises on the southeast side of the Hu Huanyong Line. From the factor absorption perspective, enterprises with high digitalization foundation and high reliance on research and development experience greater policy benefits.
2026, 41(4): 30-47.
Abstract:
Driven by new industrialization and the diffusion of digital technologies, the integration of manufacturing and services is deepening into cross-industry knowledge coupling and technological function recombination within innovation outputs. Using detailed patent data from the China National Intellectual Property Administration, this paper measures the level of manufacturing-services technological fusion and examines its effect on urban entrepreneurial vitality. It is found that manufacturing-service technology fusion significantly stimulates urban entrepreneurial vitality, with venture capital allocation, digital service talent agglomeration, and support from household consumption demand serving as its main channels. Further analysis reveals that this effect is more pronounced in contexts characterized by greater knowledge breadth, high-tech integration represented by invention patents, entrepreneurship in the service sector, integration from manufacturing to services, and bidirectional integration. Moreover, the technological fusion of manufacturing and services based on different combinations of traditional and emerging industries, as well as the integration of advanced manufacturing and modern services, both significantly promote urban entrepreneurial vitality. Meanwhile, the degree of integration, balance, novelty of the technological fusion between the two industries, as well as the weighted degree of integration, all have significant entrepreneurial promotion effects. From the perspective of patent co-classification, this paper clarifies the conceptual boundaries of the technology-driven manufacturing-service fusion, expands research on the economic consequences of industrial technological fusion and the sources of urban entrepreneurial vitality, and provides empirical evidence for promoting service-oriented manufacturing, digital servitization, and the cultivation of new quality productive forces.
Driven by new industrialization and the diffusion of digital technologies, the integration of manufacturing and services is deepening into cross-industry knowledge coupling and technological function recombination within innovation outputs. Using detailed patent data from the China National Intellectual Property Administration, this paper measures the level of manufacturing-services technological fusion and examines its effect on urban entrepreneurial vitality. It is found that manufacturing-service technology fusion significantly stimulates urban entrepreneurial vitality, with venture capital allocation, digital service talent agglomeration, and support from household consumption demand serving as its main channels. Further analysis reveals that this effect is more pronounced in contexts characterized by greater knowledge breadth, high-tech integration represented by invention patents, entrepreneurship in the service sector, integration from manufacturing to services, and bidirectional integration. Moreover, the technological fusion of manufacturing and services based on different combinations of traditional and emerging industries, as well as the integration of advanced manufacturing and modern services, both significantly promote urban entrepreneurial vitality. Meanwhile, the degree of integration, balance, novelty of the technological fusion between the two industries, as well as the weighted degree of integration, all have significant entrepreneurial promotion effects. From the perspective of patent co-classification, this paper clarifies the conceptual boundaries of the technology-driven manufacturing-service fusion, expands research on the economic consequences of industrial technological fusion and the sources of urban entrepreneurial vitality, and provides empirical evidence for promoting service-oriented manufacturing, digital servitization, and the cultivation of new quality productive forces.
2026, 41(4): 48-61.
Abstract:
Mitigating the misallocation of innovation factors and technological resources induced by policy disparities in talent attraction is conducive to fostering inter-regional technological complementarity and facilitating the development of a unified national market. This paper constructs an indicator measuring policy disparities in talent attraction using textual data from local government work reports, and develops an index of intercity technological complementarity based on the IncoPat Global Patent Database. It investigates the causal effect and underlying mechanisms of policy disparities in talent attraction on intercity technological complementarity. The empirical results reveal that policy disparities in talent attraction significantly reduce the degree of inter-city technological complementarity. Such an effect is more pronounced for city pairs with shorter cultural and geographic distances but longer economic distances. The mechanism tests suggest that policy disparities in talent attraction undermine inter-city technological complementarity by restraining cross-city knowledge mobility, collaborative innovation, and technology transfer. Further analysis indicates that the decline in inter-city technological complementarity stemming from policy disparities in talent attraction impedes cross-city capital mobility and cross-regional supply chain deployment. Moreover, gaps in inter-city income distribution, factor market development, and intellectual property rights protection amplify the adverse effect of policy disparities in talent attraction on inter-city technological complementarity. This study concludes that divergent talent attraction policies trigger technological rivalry rather than technological complementarity, thereby undermining the allocation efficiency of innovation factors and technological resources.
Mitigating the misallocation of innovation factors and technological resources induced by policy disparities in talent attraction is conducive to fostering inter-regional technological complementarity and facilitating the development of a unified national market. This paper constructs an indicator measuring policy disparities in talent attraction using textual data from local government work reports, and develops an index of intercity technological complementarity based on the IncoPat Global Patent Database. It investigates the causal effect and underlying mechanisms of policy disparities in talent attraction on intercity technological complementarity. The empirical results reveal that policy disparities in talent attraction significantly reduce the degree of inter-city technological complementarity. Such an effect is more pronounced for city pairs with shorter cultural and geographic distances but longer economic distances. The mechanism tests suggest that policy disparities in talent attraction undermine inter-city technological complementarity by restraining cross-city knowledge mobility, collaborative innovation, and technology transfer. Further analysis indicates that the decline in inter-city technological complementarity stemming from policy disparities in talent attraction impedes cross-city capital mobility and cross-regional supply chain deployment. Moreover, gaps in inter-city income distribution, factor market development, and intellectual property rights protection amplify the adverse effect of policy disparities in talent attraction on inter-city technological complementarity. This study concludes that divergent talent attraction policies trigger technological rivalry rather than technological complementarity, thereby undermining the allocation efficiency of innovation factors and technological resources.
2026, 41(4): 62-76.
Abstract:
The construction of a unified national market aims to address resource misallocation and efficiency losses caused by market segmentation. It is a key measure for cultivating green new quality productive forces and unleashing new drivers of economic growth, thereby providing a practical institutional platform for the synergy of carbon reduction, pollution control, green expansion, and economic growth. This study systematically explains the effects and mechanisms of the construction of a unified national market on the synergy of carbon reduction, pollution control, green expansion, and economic growth, and conducts an empirical analysis using panel data from Chinese cities from 2011 to 2023. The results show that the construction of a unified national market significantly promotes the synergy of carbon reduction, pollution control, green expansion, and economic growth, and that it also has positive effects on the four subsystems of carbon reduction, pollution control, green expansion, and economic growth. Heterogeneity analysis shows that the positive effect of the construction of a unified national market is more pronounced in cities with lower administrative segmentation, stronger environmental regulatory constraints, lower fiscal pressure, and higher levels of green finance development. Mechanism tests indicate that the correction of energy factor misallocation, the mitigation of urban sprawl, and technological agglomeration are effective mechanisms through which the construction of a unified national market promotes the synergy of carbon reduction, pollution control, green expansion, and economic growth. Further analysis reveals that digital infrastructure and open government data positively moderate this relationship. This study provides policy implications for understanding how institutional market-building can lead the comprehensive green transformation of the economy and society.
The construction of a unified national market aims to address resource misallocation and efficiency losses caused by market segmentation. It is a key measure for cultivating green new quality productive forces and unleashing new drivers of economic growth, thereby providing a practical institutional platform for the synergy of carbon reduction, pollution control, green expansion, and economic growth. This study systematically explains the effects and mechanisms of the construction of a unified national market on the synergy of carbon reduction, pollution control, green expansion, and economic growth, and conducts an empirical analysis using panel data from Chinese cities from 2011 to 2023. The results show that the construction of a unified national market significantly promotes the synergy of carbon reduction, pollution control, green expansion, and economic growth, and that it also has positive effects on the four subsystems of carbon reduction, pollution control, green expansion, and economic growth. Heterogeneity analysis shows that the positive effect of the construction of a unified national market is more pronounced in cities with lower administrative segmentation, stronger environmental regulatory constraints, lower fiscal pressure, and higher levels of green finance development. Mechanism tests indicate that the correction of energy factor misallocation, the mitigation of urban sprawl, and technological agglomeration are effective mechanisms through which the construction of a unified national market promotes the synergy of carbon reduction, pollution control, green expansion, and economic growth. Further analysis reveals that digital infrastructure and open government data positively moderate this relationship. This study provides policy implications for understanding how institutional market-building can lead the comprehensive green transformation of the economy and society.
2026, 41(4): 77-91.
Abstract:
Building globally competitive digital industry clusters and guiding firms to shift away from vicious low-price competition toward premium pricing for quality constitute critical strategies to raise value creation capacity and advance high-quality economic development. This paper takes the construction of digital industry clusters as a quasi-natural experiment and adopts a multi-period difference-in-differences (DID) model to investigate its impacts on firm markups. Empirical results reveal that digital industry cluster construction significantly lifts firm markups. Three transmission channels are verified via mechanism analysis: accelerating corporate digital transformation, deepening firm embeddedness within digital ecosystems, and stimulating digital technological innovation. Heterogeneity tests demonstrate that this policy effect is stronger for firms with large brand investment, labor-intensive enterprises, and businesses situated in regions with sound commercial credit systems. This paper delivers novel micro-level empirical evidence regarding the economic impacts of digital industry clusters, and supplies policy references to help enterprises lift value creation capabilities.
Building globally competitive digital industry clusters and guiding firms to shift away from vicious low-price competition toward premium pricing for quality constitute critical strategies to raise value creation capacity and advance high-quality economic development. This paper takes the construction of digital industry clusters as a quasi-natural experiment and adopts a multi-period difference-in-differences (DID) model to investigate its impacts on firm markups. Empirical results reveal that digital industry cluster construction significantly lifts firm markups. Three transmission channels are verified via mechanism analysis: accelerating corporate digital transformation, deepening firm embeddedness within digital ecosystems, and stimulating digital technological innovation. Heterogeneity tests demonstrate that this policy effect is stronger for firms with large brand investment, labor-intensive enterprises, and businesses situated in regions with sound commercial credit systems. This paper delivers novel micro-level empirical evidence regarding the economic impacts of digital industry clusters, and supplies policy references to help enterprises lift value creation capabilities.
2026, 41(4): 92-105.
Abstract:
Enhancing corporate bargaining power within supply chains is a critical pathway for strengthening industrial chain resilience and ensuring economic security. Using panel data of A-share listed companies on the STAR Market and ChiNext from 2016 to 2023, this paper systematically evaluates the impact of the "Little Giant" certification on firms' bargaining power in supply chain. The results show that the policy certification significantly enhances firms' bargaining power. The effect is most pronounced among firms with technological barriers, while the marginal improvement is limited for firms located in economically developed regions or holding a high initial position in the supply chain. Mechanism analyses reveal three primary channels through which the policy certification improves bargaining power: diversifying financing sources and alleviating financial constraints; empowering firms to strengthen technological innovation capabilities, and facilitating capital expansion thereby strengthening firms' control over upstream and downstream partners. Furthermore, while the certification optimizes firms' positions within the supply chain network, it simultaneously amplifies the bullwhip effect. This study enriches the research perspective on tiered cultivation policies and supply chain governance, and provides empirical evidence for optimizing the SRDI cultivation policy.
Enhancing corporate bargaining power within supply chains is a critical pathway for strengthening industrial chain resilience and ensuring economic security. Using panel data of A-share listed companies on the STAR Market and ChiNext from 2016 to 2023, this paper systematically evaluates the impact of the "Little Giant" certification on firms' bargaining power in supply chain. The results show that the policy certification significantly enhances firms' bargaining power. The effect is most pronounced among firms with technological barriers, while the marginal improvement is limited for firms located in economically developed regions or holding a high initial position in the supply chain. Mechanism analyses reveal three primary channels through which the policy certification improves bargaining power: diversifying financing sources and alleviating financial constraints; empowering firms to strengthen technological innovation capabilities, and facilitating capital expansion thereby strengthening firms' control over upstream and downstream partners. Furthermore, while the certification optimizes firms' positions within the supply chain network, it simultaneously amplifies the bullwhip effect. This study enriches the research perspective on tiered cultivation policies and supply chain governance, and provides empirical evidence for optimizing the SRDI cultivation policy.
2026, 41(4): 106-117.
Abstract:
Corporate digital responsibility constitutes an important research topic concerning organizational social activities in the era of digital intelligence. The influence mechanisms of symbolic and substantive corporate digital responsibility on employees' innovation performance remain to be thoroughly explored. Based on social identity theory and cue consistency theory, this paper conducts an empirical analysis on survey data collected from 436 employees of technology-based enterprises. A moderated mediation model is constructed to investigate the impact mechanism of corporate digital responsibility perception on employees' digital-intelligent innovation performance. The empirical results show that symbolic and substantive conception of corporate digital responsibility and corporate digital responsibility exert divergent effects on employees' digital-intelligent innovation performance: the former generates a negative effect, while the latter a positive one. Affective commitment serves as a partial mediator in this relationship. Knowledge integration capability not only moderates the linkage between corporate digital responsibility conception and affective commitment, but also indirectly influences digital-intelligent innovation performance via affective commitment. This study expands and enriches the theoretical boundary of corporate digital responsibility, uncovers the consequences of employees' differentiated perceptions of corporate digital responsibility, and offers practical management references for firms to effectively undertake digital responsibility and motivate employees' digital-intelligent innovation.
Corporate digital responsibility constitutes an important research topic concerning organizational social activities in the era of digital intelligence. The influence mechanisms of symbolic and substantive corporate digital responsibility on employees' innovation performance remain to be thoroughly explored. Based on social identity theory and cue consistency theory, this paper conducts an empirical analysis on survey data collected from 436 employees of technology-based enterprises. A moderated mediation model is constructed to investigate the impact mechanism of corporate digital responsibility perception on employees' digital-intelligent innovation performance. The empirical results show that symbolic and substantive conception of corporate digital responsibility and corporate digital responsibility exert divergent effects on employees' digital-intelligent innovation performance: the former generates a negative effect, while the latter a positive one. Affective commitment serves as a partial mediator in this relationship. Knowledge integration capability not only moderates the linkage between corporate digital responsibility conception and affective commitment, but also indirectly influences digital-intelligent innovation performance via affective commitment. This study expands and enriches the theoretical boundary of corporate digital responsibility, uncovers the consequences of employees' differentiated perceptions of corporate digital responsibility, and offers practical management references for firms to effectively undertake digital responsibility and motivate employees' digital-intelligent innovation.
2026, 41(4): 118-132.
Abstract:
Improving capacity utilization is essential for addressing low-end homogeneous overcapacity, curbing "involutionary" competition, and promoting the high-quality development of the real economy. Using data on Chinese A-share firms listed on the STAR Market, the ChiNext Board, and the former SME Board from 2008 to 2023, this study treats the pilot policy for promoting the integration of science, technology and finance as a quasi-natural experiment, and applies a staggered difference-in-differences (DID) model to examine its impact on corporate capacity utilization and the underlying mechanisms. The results show that the policy significantly improves corporate capacity utilization mainly through three channels: improving financing conditions, promoting sci-tech innovation, and reducing inefficient investment. Heterogeneity analyses indicate that the positive effect is more pronounced among mature firms, firms in labor-intensive and technology-intensive industries, and firms located in regions with stricter environmental regulation and greater market integration. This study extends the literature on finance serving the real economy, and provides empirical evidence and policy implications for improving the sci-tech finance policy system, and fostering a virtuous cycle among technology, industry, and finance.
Improving capacity utilization is essential for addressing low-end homogeneous overcapacity, curbing "involutionary" competition, and promoting the high-quality development of the real economy. Using data on Chinese A-share firms listed on the STAR Market, the ChiNext Board, and the former SME Board from 2008 to 2023, this study treats the pilot policy for promoting the integration of science, technology and finance as a quasi-natural experiment, and applies a staggered difference-in-differences (DID) model to examine its impact on corporate capacity utilization and the underlying mechanisms. The results show that the policy significantly improves corporate capacity utilization mainly through three channels: improving financing conditions, promoting sci-tech innovation, and reducing inefficient investment. Heterogeneity analyses indicate that the positive effect is more pronounced among mature firms, firms in labor-intensive and technology-intensive industries, and firms located in regions with stricter environmental regulation and greater market integration. This study extends the literature on finance serving the real economy, and provides empirical evidence and policy implications for improving the sci-tech finance policy system, and fostering a virtuous cycle among technology, industry, and finance.
2026, 41(4): 133-144.
Abstract:
The rapid advancement of digital technology is profoundly reshaping enterprises' participation in international competition and has become a key driver of outward foreign direct investment (OFDI) by Chinese firms. Using data from A-share listed companies in China from 2013 to 2022, this paper investigates the impact of peer effects in digital transformation on corporate OFDI. The results show that digital practices of peer firms within the same industry significantly increase the focal firm's probability of making OFDI decisions and the scale of investments, and these findings remain robust after instrumental variable estimation and multiple robustness tests. Heterogeneity analysis indicates that the effect is more pronounced among non-state-owned enterprises and medium-low technology firms, owing to their stronger incentives to follow competitors and needs for risk aversion. Mechanism analysis reveals that alleviating financing constraints and enhancing innovation capabilities are important pathways through which the peer effects promote OFDI. Moreover, agency costs positively moderate this relationship, as better governance structures enable firms to more effectively convert external digital signals into overseas expansion actions. This study offers theoretical insights and policy implications for facilitating both enterprise digital transformation and the high-quality development of OFDI.
The rapid advancement of digital technology is profoundly reshaping enterprises' participation in international competition and has become a key driver of outward foreign direct investment (OFDI) by Chinese firms. Using data from A-share listed companies in China from 2013 to 2022, this paper investigates the impact of peer effects in digital transformation on corporate OFDI. The results show that digital practices of peer firms within the same industry significantly increase the focal firm's probability of making OFDI decisions and the scale of investments, and these findings remain robust after instrumental variable estimation and multiple robustness tests. Heterogeneity analysis indicates that the effect is more pronounced among non-state-owned enterprises and medium-low technology firms, owing to their stronger incentives to follow competitors and needs for risk aversion. Mechanism analysis reveals that alleviating financing constraints and enhancing innovation capabilities are important pathways through which the peer effects promote OFDI. Moreover, agency costs positively moderate this relationship, as better governance structures enable firms to more effectively convert external digital signals into overseas expansion actions. This study offers theoretical insights and policy implications for facilitating both enterprise digital transformation and the high-quality development of OFDI.
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。
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。
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。
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Bimonthly,Founded in 1986
Supervisor：Education Department of Guangdong Province
Sponsor：Guangdong University of Finance and Economics
Editor：Editorial Office of Journal of Guangdong University of Finance and Economics
Publisher：Periodical Center of Guangdong University of Finance and Economics
Editor-in-Chief：Zhang Kai
Director：Peng Rong
Address：
21 Luntou Road, Guangzhou
Tel：020-84096712、84096029
Email：
Standard serial number：
ISSN 1008-2506
CN 44-1711/F
Post Code：46-295
Domestic Sales：Guangdong Provincial Bureau of Newspapers and Periodicals
Distribution：Public offering at home and abroad
Price：10 yuan/period，The year 60 yuan
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