Submission System
Submission Guidelines
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).
Display Method:
Display Method:
2025, 40(1): 4-17.
Abstract:
With the serious population aging, the consumption of the middle-aged and elderly households has become increasingly important. Can the digital government, as a key initiative to modernize China's system and capacity for governance promote consumption in middle-aged and elderly households? This study empirically examines this question based on the Digital Government Index and data from the China Household Finance Survey (CHFS). The findings indicate that the building of a digital government significantly enhances the consumption of middle-aged and elderly households, mainly through three mechanisms: increasing household income, alleviating precautionary savings pressure, and easing liquidity constraints. Heterogeneity analysis indicates that the building of a digital government has a more pronounced effect on improving consumption levels among the rural low-income and middle-income households, and the families with middle-aged male householders. This study provides empirical evidence on the importance of building a digital government in promoting consumption and enhancing social welfare.
With the serious population aging, the consumption of the middle-aged and elderly households has become increasingly important. Can the digital government, as a key initiative to modernize China's system and capacity for governance promote consumption in middle-aged and elderly households? This study empirically examines this question based on the Digital Government Index and data from the China Household Finance Survey (CHFS). The findings indicate that the building of a digital government significantly enhances the consumption of middle-aged and elderly households, mainly through three mechanisms: increasing household income, alleviating precautionary savings pressure, and easing liquidity constraints. Heterogeneity analysis indicates that the building of a digital government has a more pronounced effect on improving consumption levels among the rural low-income and middle-income households, and the families with middle-aged male householders. This study provides empirical evidence on the importance of building a digital government in promoting consumption and enhancing social welfare.
2025, 40(1): 18-31.
Abstract:
The influencing factors of corporate ESG performance have become a hot issue in academia. Seeing the establishment of urban data trading platforms as the exogenous policy impact, this study empirically tests the impact and mechanism of data element marketization on corporate ESG performance by differences-in-differences. The research shows that the data element marketization promotes ESG performance by promoting the digital transformation of enterprises; based on the regulatory burden, heavy-polluting enterprises tend to use the accurate decision-making of big data to improve ESG performance, and enterprises with high online media attention have higher transaction efficiency of data elements, owning the information advantage of ESG performance improvement. In addition, in regions with strong financial support from local governments and high-degree marketization, enterprises have the advantages of resource support and system guarantee, and the data element marketization has a stronger role in improving corporate ESG performance. The data element marketization has spatial heterogeneity in its spillover effects on the sustainable development of surrounding regional enterprises, exhibiting a pattern of initially decreasing, then increasing, and finally decreasing again with geographic distance. The research findings offer insights into promoting high-quality development of enterprises in the digital economy era, providing a reference for the sustainable development driven by data elements.
The influencing factors of corporate ESG performance have become a hot issue in academia. Seeing the establishment of urban data trading platforms as the exogenous policy impact, this study empirically tests the impact and mechanism of data element marketization on corporate ESG performance by differences-in-differences. The research shows that the data element marketization promotes ESG performance by promoting the digital transformation of enterprises; based on the regulatory burden, heavy-polluting enterprises tend to use the accurate decision-making of big data to improve ESG performance, and enterprises with high online media attention have higher transaction efficiency of data elements, owning the information advantage of ESG performance improvement. In addition, in regions with strong financial support from local governments and high-degree marketization, enterprises have the advantages of resource support and system guarantee, and the data element marketization has a stronger role in improving corporate ESG performance. The data element marketization has spatial heterogeneity in its spillover effects on the sustainable development of surrounding regional enterprises, exhibiting a pattern of initially decreasing, then increasing, and finally decreasing again with geographic distance. The research findings offer insights into promoting high-quality development of enterprises in the digital economy era, providing a reference for the sustainable development driven by data elements.
2025, 40(1): 32-48.
Abstract:
Unleashing consumption potential is a crucial step of facilitating domestic circulation and promoting the new development paradigm with "dual circulation". It has significant strategic implication for promoting the technological complexity of export, driving high-quality exports from China, and pursuing high-level opening up. Based on panel data from 269 prefecture-level cities from 2009 to 2022, this study analyzes the impact of information consumption on China's high-quality exports, utilizing pilot reform on the national information consumption to build a difference-in-differences model. The research shows that the consumption can significantly promote the technological complexity of export, thereby advancing China's high-quality exports. This conclusion remains valid after a series of robustness tests. Heterogeneity analysis indicates that the promoting effect of information consumption is more pronounced in cities with large-scale, non-resource-based, and highly developed information infrastructure, low-income disparity, and low pollution. Mechanism analysis reveals that the effects of technological innovation, foreign capital inflow, consumption multiplier, and market competition are the important channels through which information consumption promotes the technological complexity of export to push forward China's high-quality exports. The effect of information consumption in promoting the technological complexity of exports is positively up-regulated by human capital, financial development, and intellectual property protection. Extension analysis finds that information consumption has a diffusion effect on high-quality exports, significantly increasing the technological complexity of export in neighboring cities.
Unleashing consumption potential is a crucial step of facilitating domestic circulation and promoting the new development paradigm with "dual circulation". It has significant strategic implication for promoting the technological complexity of export, driving high-quality exports from China, and pursuing high-level opening up. Based on panel data from 269 prefecture-level cities from 2009 to 2022, this study analyzes the impact of information consumption on China's high-quality exports, utilizing pilot reform on the national information consumption to build a difference-in-differences model. The research shows that the consumption can significantly promote the technological complexity of export, thereby advancing China's high-quality exports. This conclusion remains valid after a series of robustness tests. Heterogeneity analysis indicates that the promoting effect of information consumption is more pronounced in cities with large-scale, non-resource-based, and highly developed information infrastructure, low-income disparity, and low pollution. Mechanism analysis reveals that the effects of technological innovation, foreign capital inflow, consumption multiplier, and market competition are the important channels through which information consumption promotes the technological complexity of export to push forward China's high-quality exports. The effect of information consumption in promoting the technological complexity of exports is positively up-regulated by human capital, financial development, and intellectual property protection. Extension analysis finds that information consumption has a diffusion effect on high-quality exports, significantly increasing the technological complexity of export in neighboring cities.
2025, 40(1): 49-60.
Abstract:
The counteraction or cooperation between buyers and sellers who have market power will lead to unpredicted interaction of upstream and downstream market power. It requires that buyer power should be considered in antitrust cases and integrated into the market power assessment. In such cases, buyer power specifically refers to the structural monopsony power from the buyer, excluding situational bargaining power. In conjunction with different strategic behaviors, buyer power may strengthen or counteract the upstream seller's market power, and may also directly strengthen or indirectly counterbalance the downstream buyer's market power. Incorporating buyer power into the market power assessment framework requires addressing institutional barriers in both regulations and enforcement. In order to properly take into account buyer power in market power assessment, it is necessary to add buyer power to antitrust regulations and conduct market study on buyer power issues in addition to building a feasible analytical framework.
The counteraction or cooperation between buyers and sellers who have market power will lead to unpredicted interaction of upstream and downstream market power. It requires that buyer power should be considered in antitrust cases and integrated into the market power assessment. In such cases, buyer power specifically refers to the structural monopsony power from the buyer, excluding situational bargaining power. In conjunction with different strategic behaviors, buyer power may strengthen or counteract the upstream seller's market power, and may also directly strengthen or indirectly counterbalance the downstream buyer's market power. Incorporating buyer power into the market power assessment framework requires addressing institutional barriers in both regulations and enforcement. In order to properly take into account buyer power in market power assessment, it is necessary to add buyer power to antitrust regulations and conduct market study on buyer power issues in addition to building a feasible analytical framework.
2025, 40(1): 61-76.
Abstract:
Under the trend of Chinese enterprises going global on a large scale, promotion of the smooth flow of global high-quality factors of production to the development of new quality productive forces in the context of risk prevention and control has become an important issue of great concern at present. Based on the sample data of Chinese listed companies from 2015 to 2022, the study explores the mechanism of overseas investment risk-taking on corporate new quality productive forces. This study finds that there is an inverted U-shaped non-linear relationship between overseas investment risk-taking and corporate new quality productive forces, and as the level of overseas investment risk-taking rises, corporate new quality productive forces show a significant characteristic of rising first and then falling later. Based on the samples of this study, it is found that within the risk range of 0 to 0.399, overseas investment risk-taking can significantly enhance corporate new quality productive forces, and if it exceeds 0.399, it negatively impacts these forces. Mechanism analysis reveals that innovation efficiency improvement, investment return compensation, and internal control strengthening are the important mechanisms through which overseas investment risk-taking affects corporate new quality productive forces. Further research finds that contextual factors such as mimetic isomorphism, policy orientation, and the nature of property rights significantly moderated the non-linear relationship between overseas investment risk-taking and corporate new quality productive forces. This study can also provide empirical evidence for the optimizing enterprise foreign investment decisions and formulating government policies to promote high-quality development of firms.
Under the trend of Chinese enterprises going global on a large scale, promotion of the smooth flow of global high-quality factors of production to the development of new quality productive forces in the context of risk prevention and control has become an important issue of great concern at present. Based on the sample data of Chinese listed companies from 2015 to 2022, the study explores the mechanism of overseas investment risk-taking on corporate new quality productive forces. This study finds that there is an inverted U-shaped non-linear relationship between overseas investment risk-taking and corporate new quality productive forces, and as the level of overseas investment risk-taking rises, corporate new quality productive forces show a significant characteristic of rising first and then falling later. Based on the samples of this study, it is found that within the risk range of 0 to 0.399, overseas investment risk-taking can significantly enhance corporate new quality productive forces, and if it exceeds 0.399, it negatively impacts these forces. Mechanism analysis reveals that innovation efficiency improvement, investment return compensation, and internal control strengthening are the important mechanisms through which overseas investment risk-taking affects corporate new quality productive forces. Further research finds that contextual factors such as mimetic isomorphism, policy orientation, and the nature of property rights significantly moderated the non-linear relationship between overseas investment risk-taking and corporate new quality productive forces. This study can also provide empirical evidence for the optimizing enterprise foreign investment decisions and formulating government policies to promote high-quality development of firms.
2025, 40(1): 77-92.
Abstract:
Local governments play a pivotal role in fostering a harmonious coexistence between ecological conservation and high-quality economic growth. Their focus on the environment profoundly influences the ESG strategic choices of businesses within their jurisdiction. Based on the organizational attention theory and the matching data of Chinese provincial Government Work Reports from 2010 to 2022, and Shanghai and Shenzhen A-share listed companies, this paper empirically examines the impact of local government environmental attention on corporate ESG performance and its mechanism. The results show that the environmental attention of local governments contributes to the improvement of corporate ESG performance, with an average increase of 0.512% for every one standard deviation increase in government environmental attention. And it mainly plays a role through channels such as increasing investment in regional environmental pollution control and enhancing the green awareness of corporate executives. Further analysis shows that this positive effect is more significant in non-state-owned enterprises, non-heavy pollution enterprises, and mature enterprises. Economic consequence analysis shows that the local government environmental attention can improve the quality of corporate information disclosure, alleviating financing constraints and promoting the high-quality development of enterprises by improving corporate ESG performance. The research conclusion offers a theoretical foundation and strategic guidance for local governments to enhance the efficiency of environmental attention allocation, steer enterprises towards robust ESG system development, and ensure the realization of "dual carbon" goals.
Local governments play a pivotal role in fostering a harmonious coexistence between ecological conservation and high-quality economic growth. Their focus on the environment profoundly influences the ESG strategic choices of businesses within their jurisdiction. Based on the organizational attention theory and the matching data of Chinese provincial Government Work Reports from 2010 to 2022, and Shanghai and Shenzhen A-share listed companies, this paper empirically examines the impact of local government environmental attention on corporate ESG performance and its mechanism. The results show that the environmental attention of local governments contributes to the improvement of corporate ESG performance, with an average increase of 0.512% for every one standard deviation increase in government environmental attention. And it mainly plays a role through channels such as increasing investment in regional environmental pollution control and enhancing the green awareness of corporate executives. Further analysis shows that this positive effect is more significant in non-state-owned enterprises, non-heavy pollution enterprises, and mature enterprises. Economic consequence analysis shows that the local government environmental attention can improve the quality of corporate information disclosure, alleviating financing constraints and promoting the high-quality development of enterprises by improving corporate ESG performance. The research conclusion offers a theoretical foundation and strategic guidance for local governments to enhance the efficiency of environmental attention allocation, steer enterprises towards robust ESG system development, and ensure the realization of "dual carbon" goals.
2025, 40(1): 93-111.
Abstract:
Using the comprehensive pilot policy for new urbanization as a quasi-natural experiment, this study employs a multi-period difference-in-differences approach to examine the impact of new urbanization on household energy poverty and its underlying mechanisms. The findings are as follows: implementing a people-centered new urbanization strategy significantly alleviates household energy poverty, and this conclusion remains robust across a series of tests; increasing resident income, improving energy efficiency, and enhancing social capital are the critical channels through which new urbanization mitigates energy poverty; the suppressive effect of new urbanization on household energy poverty is more pronounced for rural households, those with lower education, households in declining periods, those with lower regional resource dependence and higher energy demands. Extended analysis explores the impact of women's relative status in households on energy purchasing and usage decisions from the perspective of informal institutions. The results reveal that the impact of new urbanization on household energy poverty is more significant in rural households, which are more deeply influenced by Confucian culture. This study provides valuable insights for further promoting relative poverty governance and common prosperity in the context of China's new era.
Using the comprehensive pilot policy for new urbanization as a quasi-natural experiment, this study employs a multi-period difference-in-differences approach to examine the impact of new urbanization on household energy poverty and its underlying mechanisms. The findings are as follows: implementing a people-centered new urbanization strategy significantly alleviates household energy poverty, and this conclusion remains robust across a series of tests; increasing resident income, improving energy efficiency, and enhancing social capital are the critical channels through which new urbanization mitigates energy poverty; the suppressive effect of new urbanization on household energy poverty is more pronounced for rural households, those with lower education, households in declining periods, those with lower regional resource dependence and higher energy demands. Extended analysis explores the impact of women's relative status in households on energy purchasing and usage decisions from the perspective of informal institutions. The results reveal that the impact of new urbanization on household energy poverty is more significant in rural households, which are more deeply influenced by Confucian culture. This study provides valuable insights for further promoting relative poverty governance and common prosperity in the context of China's new era.
2025, 40(1): 112-128.
Abstract:
The robust growth of rural innovation and entrepreneurship has provided ample endogenous momentum for farmers and rural areas to steadily progress towards common prosperity. Utilizing the Rural Innovation and Entrepreneurship Index published by the Zhejiang University Carter-Qian research team, and grounded in balanced panel data from 1650 counties in China spanning from 2014 to 2022, this study establishes a double machine learning model to discern the causal effect and underlying mechanism between rural innovation and entrepreneurship and farmers' common prosperity in rural areas. This analysis encompasses three dimensions: the absolute value of farmers' income, the urban-rural income gap, and the regional income disparity among farmers. The findings reveal that rural innovation and entrepreneurship significantly boost farmers' income, bridge the urban-rural and regional farmers' income gaps, foster common prosperity for farmers and rural areas and notably curb the "elite capture" phenomenon. This conclusion remains valid even after various robustness tests. Mechanism analysis indicates that rural innovation and entrepreneurship primarily achieve common prosperity among farmers in rural areas by facilitating the growth of the new rural collective economy, refining the urban-rural employment structure, expediting industrial structure upgrading, and attracting labor and capital elements back to rural areas. Heterogeneity analysis highlights that rural innovation and entrepreneurship play a more pronounced role in advancing common prosperity among farmers and rural areas, particularly in central and western regions, e-commerce demonstration counties in rural areas, former national poverty-stricken counties, and regions with substantial government support. This study offers a reference for putting forward rural revitalization in all aspects and fulfilling common prosperity for farmers and rural areas.
The robust growth of rural innovation and entrepreneurship has provided ample endogenous momentum for farmers and rural areas to steadily progress towards common prosperity. Utilizing the Rural Innovation and Entrepreneurship Index published by the Zhejiang University Carter-Qian research team, and grounded in balanced panel data from 1650 counties in China spanning from 2014 to 2022, this study establishes a double machine learning model to discern the causal effect and underlying mechanism between rural innovation and entrepreneurship and farmers' common prosperity in rural areas. This analysis encompasses three dimensions: the absolute value of farmers' income, the urban-rural income gap, and the regional income disparity among farmers. The findings reveal that rural innovation and entrepreneurship significantly boost farmers' income, bridge the urban-rural and regional farmers' income gaps, foster common prosperity for farmers and rural areas and notably curb the "elite capture" phenomenon. This conclusion remains valid even after various robustness tests. Mechanism analysis indicates that rural innovation and entrepreneurship primarily achieve common prosperity among farmers in rural areas by facilitating the growth of the new rural collective economy, refining the urban-rural employment structure, expediting industrial structure upgrading, and attracting labor and capital elements back to rural areas. Heterogeneity analysis highlights that rural innovation and entrepreneurship play a more pronounced role in advancing common prosperity among farmers and rural areas, particularly in central and western regions, e-commerce demonstration counties in rural areas, former national poverty-stricken counties, and regions with substantial government support. This study offers a reference for putting forward rural revitalization in all aspects and fulfilling common prosperity for farmers and rural areas.
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。
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。
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。
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。
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(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。
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(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。
Periodical Information
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：ZOU Xin-yue
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
Journal Of Retrieval
Advanced Search
Journal Of Retrieval
Classification Retrieval
Links
More
