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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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2023, 38(1): 4-16.
Abstract:
2023, 38(1): 17-30.
Abstract:
As an important support of digital economy, network infrastructure has profoundly changed the way of information dissemination and the way of production and life. Based on the quasi-natural experiment of "Broadband China" strategy, this paper takes the data of A-share listed companies in 2011-2019 as samples, and uses the multi-time and double difference method to explore whether network infrastructure development can empower corporate social responsibility fulfillment. It is found that the construction of network infrastructure can effectively empower corporate social responsibility fulfillment, with the characteristics of time lag, persistence and enhancement. The mechanism test shows that network infrastructure construction provides psychological empowerment for the fulfillment of corporate social responsibility by increasing their network attention; network infrastructure construction also provides resource empowerment for the fulfillment of corporate social responsibility by easing their financing constraints. Further research shows that in non-state-owned enterprises, industries with insensitive social responsibility and areas with superior institutional environment, the network infrastructure construction plays a greater role in empowering corporate social responsibility fulfillment. From the perspective of network infrastructure, this paper provides a new path for corporate social responsibility fulfillment, which has reference value for realizing Chinese-style modernization.
As an important support of digital economy, network infrastructure has profoundly changed the way of information dissemination and the way of production and life. Based on the quasi-natural experiment of "Broadband China" strategy, this paper takes the data of A-share listed companies in 2011-2019 as samples, and uses the multi-time and double difference method to explore whether network infrastructure development can empower corporate social responsibility fulfillment. It is found that the construction of network infrastructure can effectively empower corporate social responsibility fulfillment, with the characteristics of time lag, persistence and enhancement. The mechanism test shows that network infrastructure construction provides psychological empowerment for the fulfillment of corporate social responsibility by increasing their network attention; network infrastructure construction also provides resource empowerment for the fulfillment of corporate social responsibility by easing their financing constraints. Further research shows that in non-state-owned enterprises, industries with insensitive social responsibility and areas with superior institutional environment, the network infrastructure construction plays a greater role in empowering corporate social responsibility fulfillment. From the perspective of network infrastructure, this paper provides a new path for corporate social responsibility fulfillment, which has reference value for realizing Chinese-style modernization.
2023, 38(1): 31-44.
Abstract:
The deep integration of the modern service industry and the advanced manufacturing industry is an important way to enhance the core competitiveness of the manufacturing industry, cultivate the modern industrial system, and realize the high-quality development, while digital technology innovation can drive the deep integration of modern service industry and advanced manufacturing industry. Based on the panel data for 30 provinces in 2011-2020, using entropy method and coupling coordination model, the paper measures digital technology innovation level and "two industries" fusion level respectively, and explores direct mechanism and indirect mechanism for the digital technology innovation of modern service industry and advanced manufacturing industry by using multiple linear regression model and intermediary effect model. The findings show thatdigital technology innovation significantly drives the integration of modern service industry and advanced manufacturing industry, still valid after the robustness test; industrial digital industry and digital industrialization is the basic path of modern service industry and advanced manufacturing industry, inducing digital technology innovation to empower the deep integration of modern service industry and advanced manufacturing industry; the promotion effect of digital technology innovation on modern service industry and advanced manufacturing industry is heterogeneous by different regions and industrial structure. Therefore, it is necessary to comprehensively promote the construction of digital technology innovation, improve the quality and efficiency of the integration of the "two industries", accelerate the digitalization of digital industry and digital industrialization, activate the internal impetus of the "two industries" integration, implement the regional development differentiation strategy, and expand the development scale of the "two industries" integration.
The deep integration of the modern service industry and the advanced manufacturing industry is an important way to enhance the core competitiveness of the manufacturing industry, cultivate the modern industrial system, and realize the high-quality development, while digital technology innovation can drive the deep integration of modern service industry and advanced manufacturing industry. Based on the panel data for 30 provinces in 2011-2020, using entropy method and coupling coordination model, the paper measures digital technology innovation level and "two industries" fusion level respectively, and explores direct mechanism and indirect mechanism for the digital technology innovation of modern service industry and advanced manufacturing industry by using multiple linear regression model and intermediary effect model. The findings show thatdigital technology innovation significantly drives the integration of modern service industry and advanced manufacturing industry, still valid after the robustness test; industrial digital industry and digital industrialization is the basic path of modern service industry and advanced manufacturing industry, inducing digital technology innovation to empower the deep integration of modern service industry and advanced manufacturing industry; the promotion effect of digital technology innovation on modern service industry and advanced manufacturing industry is heterogeneous by different regions and industrial structure. Therefore, it is necessary to comprehensively promote the construction of digital technology innovation, improve the quality and efficiency of the integration of the "two industries", accelerate the digitalization of digital industry and digital industrialization, activate the internal impetus of the "two industries" integration, implement the regional development differentiation strategy, and expand the development scale of the "two industries" integration.
2023, 38(1): 45-61.
Abstract:
Scientificmonetary policy expectation management is an important guarantee for adhering to the principle of pursuing progress while ensuring stability. Based on the systematic analysis of the regulation mechanism of monetary policy expectation management, this paper constructs indexes to explore the actual regulation effect of "communication" and "action" in monetary policy expectation management. The findings show that both "communication" and "action" tools can have a significant positive impact on bank credit extension; consistency of communications and actions helps to enhance the regulatory effect of monetary policy expection management, while inconsistency of communications and actions seriously weakens the regulatory effect of "action"; the People's Bank of China's attention to expectation management, increasing the frequency of expectation management and reminding the public to pay attention to expectation signals can significantly improve the regulation effect of expectation management; the effect of "action" is strong in high growth period, but the "communication" is strong in low growth period; the "action" tools of expected management have a significant impact on all types of commercial banks, while the "communication" tools fail to affect the credit extension of local corporate banks. The central bank should gradually improve the policy framework of expectation management, pay attention to keeping communications consistent with actions, cultivate public sensitivity, strengthen communication, pay attention to market signal feedback, so as to effectively deal with the pressure of expectation weakening.
Scientificmonetary policy expectation management is an important guarantee for adhering to the principle of pursuing progress while ensuring stability. Based on the systematic analysis of the regulation mechanism of monetary policy expectation management, this paper constructs indexes to explore the actual regulation effect of "communication" and "action" in monetary policy expectation management. The findings show that both "communication" and "action" tools can have a significant positive impact on bank credit extension; consistency of communications and actions helps to enhance the regulatory effect of monetary policy expection management, while inconsistency of communications and actions seriously weakens the regulatory effect of "action"; the People's Bank of China's attention to expectation management, increasing the frequency of expectation management and reminding the public to pay attention to expectation signals can significantly improve the regulation effect of expectation management; the effect of "action" is strong in high growth period, but the "communication" is strong in low growth period; the "action" tools of expected management have a significant impact on all types of commercial banks, while the "communication" tools fail to affect the credit extension of local corporate banks. The central bank should gradually improve the policy framework of expectation management, pay attention to keeping communications consistent with actions, cultivate public sensitivity, strengthen communication, pay attention to market signal feedback, so as to effectively deal with the pressure of expectation weakening.
2023, 38(1): 62-74.
Abstract:
The vigorous development of digital economy and information technology in the digital age pushes the renewal of the payment system, and the central bank digital currency (CBDC) emerges as a new type of digital payment tool. In this context, making a currency utility model based on popular currency payment attributes to study the replacement of old and new payment instruments, this paper explores how CBDC can open a new pattern of payment systems by replacing existing payment instruments, and predicts by numerical simulationthe replacement process with CBDC. It is found that the degree to which CBDC replaces existing payment instruments is determined by the cost of currency conversion and payment attributes. The interest-bearing CBDC is stronger than the interest-free CBDC. Cash payments are being replaced to a much greater extent and deposit payments are being replaced on a much larger scale.The findings indicate that it is a general trend to make CBDC the mainstream payment tool in the future; the central bank should allow its payment attributes to change flexibly with the times; and the central bank should first issue the interest free CBDC, which has the least impact on the market, and the functions of CBDC can change along with the technology.
The vigorous development of digital economy and information technology in the digital age pushes the renewal of the payment system, and the central bank digital currency (CBDC) emerges as a new type of digital payment tool. In this context, making a currency utility model based on popular currency payment attributes to study the replacement of old and new payment instruments, this paper explores how CBDC can open a new pattern of payment systems by replacing existing payment instruments, and predicts by numerical simulationthe replacement process with CBDC. It is found that the degree to which CBDC replaces existing payment instruments is determined by the cost of currency conversion and payment attributes. The interest-bearing CBDC is stronger than the interest-free CBDC. Cash payments are being replaced to a much greater extent and deposit payments are being replaced on a much larger scale.The findings indicate that it is a general trend to make CBDC the mainstream payment tool in the future; the central bank should allow its payment attributes to change flexibly with the times; and the central bank should first issue the interest free CBDC, which has the least impact on the market, and the functions of CBDC can change along with the technology.
2023, 38(1): 75-87.
Abstract:
With the deepening of mixed ownership reform, whether the mixed ownership form of state-owned capital participation in private enterprises can help the healthy development of private enterprises has become one of the academic focuses. Taking the A-share private listed companies in Shanghai and Shenzhen from 2009 to 2020 as the research sample, this article empirically tests the effect of state-owned capital participation on the risk-taking level of private enterprises. The findings reveal that state-owned capital participation can significantly improve the level of risk-taking of private enterprises, and this effect is more significant in the regions with more competitive industries, better financial development, and more uncertain economic policies, which is still valid a considering endogeneity such as reverse causality, sample selection, and a series of robustness tests.Further analysis of the mechanism shows that state-owned capital participation promoted the risk-taking of private enterprises by increasing government subsidies and bank loans.Through analysis of the mechanism and situational factors of state-owned capital participation affecting the level of risk-taking of private enterprises under the background of mixed ownership reform, this study not only helps to deepen the understanding of the problem of risk-taking of private enterprises, but also provides reference for promoting the reform of mixed ownership and optimizing the ownership structure of private enterprises.
With the deepening of mixed ownership reform, whether the mixed ownership form of state-owned capital participation in private enterprises can help the healthy development of private enterprises has become one of the academic focuses. Taking the A-share private listed companies in Shanghai and Shenzhen from 2009 to 2020 as the research sample, this article empirically tests the effect of state-owned capital participation on the risk-taking level of private enterprises. The findings reveal that state-owned capital participation can significantly improve the level of risk-taking of private enterprises, and this effect is more significant in the regions with more competitive industries, better financial development, and more uncertain economic policies, which is still valid a considering endogeneity such as reverse causality, sample selection, and a series of robustness tests.Further analysis of the mechanism shows that state-owned capital participation promoted the risk-taking of private enterprises by increasing government subsidies and bank loans.Through analysis of the mechanism and situational factors of state-owned capital participation affecting the level of risk-taking of private enterprises under the background of mixed ownership reform, this study not only helps to deepen the understanding of the problem of risk-taking of private enterprises, but also provides reference for promoting the reform of mixed ownership and optimizing the ownership structure of private enterprises.
2023, 38(1): 88-100.
Abstract:
As the institutional arrangement for building a superpower in quality, perfect government regulations are of great significance to improvement of the quality of exported products. From the research examples of medical device regulation in IMDRF member countries, the innovation effect and cost effect of medical device regulation have different impacts on the improvement of product export quality at different stages.Whether R&D regulation or import customs clearance regulation can improve the export quality of products depends on the comparison of innovation effect and cost effect that has positive effect. Production regulation plays a positive role in promoting the export quality of products, and presents the characteristics of "inverted U". Therefore, it is suggested that the government should not only build government regulatory impact assessment, but also strengthen the international communication and coordination in regulation legislation; enterprises should make use of the regulation effect to strengthen the quality management of export products.
As the institutional arrangement for building a superpower in quality, perfect government regulations are of great significance to improvement of the quality of exported products. From the research examples of medical device regulation in IMDRF member countries, the innovation effect and cost effect of medical device regulation have different impacts on the improvement of product export quality at different stages.Whether R&D regulation or import customs clearance regulation can improve the export quality of products depends on the comparison of innovation effect and cost effect that has positive effect. Production regulation plays a positive role in promoting the export quality of products, and presents the characteristics of "inverted U". Therefore, it is suggested that the government should not only build government regulatory impact assessment, but also strengthen the international communication and coordination in regulation legislation; enterprises should make use of the regulation effect to strengthen the quality management of export products.
2023, 38(1): 101-111.
Abstract:
Platform data-based self-preference is a new form of self-preference, which represents the behavior of platform enterprises to use the result of non-public data analysis of third-party sellers without permission toenhance the competitiveness of their own business. In practice, there are various manifestations, such as adjusting prices, copying and launching new products, and adjusting inventory. The use of non-public data of third-party sellers on the platform will have the effect of harming competition, which may violate the antitrust law. In the absence of uniform illegality standard and judgment precedent, the judgement of illegality of platform data-based self-preference should depend on the analysis of the data types, data attributes, purposes of data use, and the alternative channelsto compensate for competition damage.In order to remedy the competitive damage caused by the platformdata-based self-preference, the antitrust law enforcement agency should set up more specific remedies. In terms of behavioral remedies, the platform can be required to set up a data isolation mechanism, establish the principle of data minimization, set up consent rules for data use, and open some data to third-party sellers. When behavioral remedies are not effective or the platform has implemented data-based self-preference for many times, structural remedies such as divestiture the platformself-operated business line are applicable.
Platform data-based self-preference is a new form of self-preference, which represents the behavior of platform enterprises to use the result of non-public data analysis of third-party sellers without permission toenhance the competitiveness of their own business. In practice, there are various manifestations, such as adjusting prices, copying and launching new products, and adjusting inventory. The use of non-public data of third-party sellers on the platform will have the effect of harming competition, which may violate the antitrust law. In the absence of uniform illegality standard and judgment precedent, the judgement of illegality of platform data-based self-preference should depend on the analysis of the data types, data attributes, purposes of data use, and the alternative channelsto compensate for competition damage.In order to remedy the competitive damage caused by the platformdata-based self-preference, the antitrust law enforcement agency should set up more specific remedies. In terms of behavioral remedies, the platform can be required to set up a data isolation mechanism, establish the principle of data minimization, set up consent rules for data use, and open some data to third-party sellers. When behavioral remedies are not effective or the platform has implemented data-based self-preference for many times, structural remedies such as divestiture the platformself-operated business line are applicable.
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。
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(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。
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。
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。
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。
2019, 34(2): 46-59.
摘要：
既有文献局限于将机构投资者视为无差异的分析对象, 使得关于上市公司外部机构投资者在公司治理中究竟扮演“监督者”“合谋者”、抑或“旁观者”的角色至今仍未有明确定论。基于机构投资者的个体异质性视角, 选取我国2010年~2017年A股上市公司为研究样本, 实证检验异质个体机构投资者持股与高管超额薪酬之间的关系, 以此考察个体机构投资者在公司治理中的角色。研究结果表明:整体层面上, 机构投资者持股的深度和广度都有助于降低高管超额薪酬, 并且后者的抑制效应相对较大; 个体层面上, 证券投资基金持股比例与高管超额薪酬正相关, 券商、保险公司、社保基金、信托公司等机构投资者持股比例与高管超额薪酬负相关, 未有证据表明QFII、财务公司、银行等机构投资者持股与高管超额薪酬存在明显的相关性。上述结果说明, 券商、保险公司、社保基金、信托公司等机构投资者在降低上市公司代理成本方面主要扮演“监督者”角色, 证券投资基金更多体现为“合谋者”, 而QFII、财务公司、银行等机构投资者主要持“旁观者”的态度。
既有文献局限于将机构投资者视为无差异的分析对象, 使得关于上市公司外部机构投资者在公司治理中究竟扮演“监督者”“合谋者”、抑或“旁观者”的角色至今仍未有明确定论。基于机构投资者的个体异质性视角, 选取我国2010年~2017年A股上市公司为研究样本, 实证检验异质个体机构投资者持股与高管超额薪酬之间的关系, 以此考察个体机构投资者在公司治理中的角色。研究结果表明:整体层面上, 机构投资者持股的深度和广度都有助于降低高管超额薪酬, 并且后者的抑制效应相对较大; 个体层面上, 证券投资基金持股比例与高管超额薪酬正相关, 券商、保险公司、社保基金、信托公司等机构投资者持股比例与高管超额薪酬负相关, 未有证据表明QFII、财务公司、银行等机构投资者持股与高管超额薪酬存在明显的相关性。上述结果说明, 券商、保险公司、社保基金、信托公司等机构投资者在降低上市公司代理成本方面主要扮演“监督者”角色, 证券投资基金更多体现为“合谋者”, 而QFII、财务公司、银行等机构投资者主要持“旁观者”的态度。
2019, 34(1): 25-37.
摘要：
基于2005年~2016年中国285个城市的面板数据，采用SBM-DEA模型和探索性空间数据分析(ESDA)方法评价绿色创新水平及其空间分布格局，并运用空间杜宾模型探讨影响绿色创新的主要因素。研究结果表明：中国城市绿色创新大致表现出缓慢上升趋势，分布存在明显的空间集聚特征，逐渐形成了以城市群为区域范围的“多核心”集聚形态；绿色创新具有累积效应，往期绿色创新成果会推动当期绿色创新发展；交通条件、教育水平、环境规制均会促进绿色创新，低层次产业结构则会显著抑制绿色创新，而扩大开放程度不利于本地区绿色创新，但会促进周边城市绿色创新水平的提升。要因地制宜、因城施策，加强城市间绿色创新资源的流动、整合与共享，实现中国城市绿色创新协同发展。
基于2005年~2016年中国285个城市的面板数据，采用SBM-DEA模型和探索性空间数据分析(ESDA)方法评价绿色创新水平及其空间分布格局，并运用空间杜宾模型探讨影响绿色创新的主要因素。研究结果表明：中国城市绿色创新大致表现出缓慢上升趋势，分布存在明显的空间集聚特征，逐渐形成了以城市群为区域范围的“多核心”集聚形态；绿色创新具有累积效应，往期绿色创新成果会推动当期绿色创新发展；交通条件、教育水平、环境规制均会促进绿色创新，低层次产业结构则会显著抑制绿色创新，而扩大开放程度不利于本地区绿色创新，但会促进周边城市绿色创新水平的提升。要因地制宜、因城施策，加强城市间绿色创新资源的流动、整合与共享，实现中国城市绿色创新协同发展。
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。
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