2022 Vol. 37, No. 5

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Economic Theory and Exploration
How have New Types of Consumption Promoted Industrial Structural Upgrading: Based on Quasi-Natural Experiment of Information Consumption Pilots
HE Ling-yun, ZHANG Yuan-meng
2022, 37(5): 4-17.
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As an important part of the new types of consumption, information consumption provides a strong impetus for the sustained economic recovery and the industrial structure upgrading in the post-epidemic era. Based on a quasi-natural experiment of information consumption pilots in China, this study uses panel data from 278 prefecture-level cities from 2005 to 2018 to explore the impact of information consumption pilots on the upgrading of industrial structure through a difference-in-differences (DID) model. The results show that the information consumption pilots can significantly promote the rationalization and advancement of urban industrial structure, and the findings are still valid after a whole string of robustness tests. Additionally, spatial heterogeneity analyses show that the policy has a driving effect on the advancement of industrial structure in the central and western regions of China, but the effect is not significant in the eastern region; the policy can promote the rationalization of the industrial structure in the central and eastern regions, but produce an inhibitory effect in the western region. An examination of the underlying mechanisms shows that promotion in urban informatization level, resident consumption, and technological innovation associated with the information consumption pilots may play a role in industrial upgrading. Therefore, the Chinese government should expand the implementation scope of information consumption pilots to unleash consumption potential, to promote the coordinated development of industrial upgrading, product upgrading and consumption upgrading.
Digital Economy Development and Innovation in Cities and Regions: Empirical Evidence from 281 Prefecture Level Cities in China
GE Li-yu, MO Long-jiong, ZHANG Fang
2022, 37(5): 18-30.
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Based on the China's urban innovation regional index constructed by the enterprise big data research center of Peking University, this paper empirically investigates the causal relationship between digital economy development and urban regional innovation by using the economic development data of 281 prefecture level cities in China from 2011 to 2017. It is found that the development of digital economy has a significant positive impact on the innovation of China's urban areas, the conclusion being still valid after a series of robustness tests; government's investment in public science and technology, market financial credit investment and social human capital promotion are the main influence mechanisms of digital economy to promote China's urban regional innovation. Heterogeneity analysis shows that the positive effect of digital economy development on innovation is more significant in cities with low level of education, smaller cities and lower degree of marketization; the promotion of innovation in urban areas by the digital economy is characterized by significant spatial spillovers. This research not only enriches the theoretical mechanism of the impact of digital economy development on urban regional innovation, but also provides theoretical support and empirical experience for China's digital economy to promote high-quality development.
Enterprise and Business Economy
Theoretical and Framework Construction of Corporate Participation in Achieving Common Prosperity
JIAN Guan-qun
2022, 37(5): 31-42.
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There is an essential difference between enterprise participation in achieving common prosperity and the performance of traditional corporate social responsibility. This study traces the ontology, epistemology and value theory of corporate participation in achieving common prosperity, so as to explore the origin logic and realization framework for enterprises to assume social responsibility at each stage. Theoretical analysis and case inspection show that the essence of common prosperity is relational investment, with development, sharing and sustainability as its aims; corporate participation in the achievement of common prosperity requires a symbiotic relationship between enterprises and their stakeholders, premised on the theory of community; the value of corporate participation in achieving common prosperity is the result of corporate fulfillment of social responsibility at all levels, which is reflected in the value functions of different stakeholders within the community; the promotion of implementation of the value requires the joint creation of conditions by stakeholders in government, society and the market, as well as the mutual promotion of formal and informal systems. The findings have implications for the construction of a dynamic mechanism for enterprises to participate in the achievement of common prosperity and the implementation of the concept of shared development.
Can Cost Reduction Policy Stimulate Enterprise Innovation Intention: Evidence from Chinese Private Enterprise Survey in 2020
MAO De-feng, PENG Fei
2022, 37(5): 43-54.
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Cost reduction is not only an important measure of supply-side structural reform, but also an inherent requirement for strengthening the drivers of high-quality development. Based on the data of Chinese private enterprise survey in 2020, this paper examines the impact of cost reduction policy on enterprise innovation intention. The results show that the cost reduction policy does not have universal negative effect, but enterprises with strong perception of cost reduction have significantly improved innovation intention. From the perspective of cost sources, the cost reduction of logistics, energy, system, tax and financing is the important factor to stimulate enterprise innovation intention, while labor cost has not announced the driving effect. From a macro perspective, improving the business environment and enhancing fiscal transparency can stimulate the innovation incentive effect of cost reduction policy. From the perspective of scale difference, cost reduction policy has a strong incentive effect on innovation of small enterprises, while it has a weak incentive effect on large and medium-sized enterprises. From the perspective of the relationship between enterprises and the government, cost reduction policy significantly improves the innovation intention of non-political connection and non-industry-related enterprises, but has no significant effect on political connection and industry-related enterprises. The results not only enrich the research on the economic effect of cost reduction policy, but also provide reference for the optimization of cost reduction system.
Can the Formation of Human-computer Interaction Perception Promote Customers' Adoption Behavior: From the Perspective of Media Richness Theory
SHEN Peng-yi, WAN De-min, XU Ji-nan
2022, 37(5): 55-67.
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When mobile network technology and artificial intelligence are more and more applied to new retail, it is important for us to know how to use human-computer interaction design to give full play to the positive impact of intelligent service technology on customers' adoption behavior. From the perspective of media richness theory, this study systematically analyzes the formation mechanism of human-computer interaction perception and its impact on customers' adoption behavior in the new retail context. Through the empirical analysis of 386 samples of new retail shoppers with the online and offline mixed survey method, the results show that information richness and social interaction needs both have a positive impact on human-computer interaction perception and customers' adoption behavior; human-computer interaction perception plays an active intermediary role in the impact of information richness and social interaction needs on customer adoption behavior; moreover, information literacy and digital skills positively regulate the impact of information richness and social interaction needs on human-computer interaction perception. The findings of this study expand and enrich the boundaries and relevant literature of existing human-computer interaction, customers' adoption behavior and even marketing theory, and have important enlightenment for new retail enterprises to improve human-computer interaction design to enhance customer relationship.
Finance and Capital Markets
Can Commercial Banks Reduce Systemic Risk by Fulfilling Social Responsibility
SONG Qing-hua, ZHOU Xue-qin
2022, 37(5): 68-80.
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Commercial banks in China play a leading and exemplary role in fulfilling their social responsibilities. Based on the data of 16 A-share listed commercial banks from 2010 to 2020, this empirical study shows that commercial banks' fulfillment of social responsibility has a significant inhibiting effects on systemic risk: Firstly, it reduces systemic risk by reducing individual risk; secondly, it improves the core competitiveness of commercial banks by fulfilling social responsibility, which has a positive impact on reducing systemic risk. Heterogeneity analysis shows that the effect of social responsibility on suppressing systemic risk is not significant for global systemically important banks. This remains valid after the introduction of China's Green Credit Guidelines as a quasi-natural experiment to control for potential endogenous problems. This paper provides a new idea for preventing and resolving the systemic risk of commercial banks, and has important practical significance for the social responsibility governance of commercial banks.
Guangdong Business and Economy
The Mechanism and Effect of the Financial Industry Radiation on the Upgrading of Industrial Structure in the Guangdong-Hong Kong-Macao Greater Bay Area
ZHONG Jian, WANG Feng-bo
2022, 37(5): 81-99.
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Based on the panel data of urban agglomeration in the Guangdong-Hong Kong-Macao Greater Bay Area, this paper adopts the principal component analysis method to comprehensively analyze the financial industry radiation capability of the urban agglomeration in the Greater Bay Area. Using the weighted Voronoi diagram of the breaking point theory, this study draws the radiation range of the financial industry in the Greater Bay Area urban agglomeration and divides the city types. From the perspective of technological progress, employment structure and human capital structure, this paper conducts an empirical test after expounding the mechanism of enhancing the radiation of the financial industry to advance the level of industrial structure. The results show that there are great differences in the financial industry radiation capacity among the major cities in the Greater Bay area; among them, Hong Kong, Shenzhen, Guangzhou and Macao have strong financial industry radiation capability, while the rest of the cities are relatively weak but are improving year by year; strengthening the radiation capacity of the financial industry can significantly improve the advanced level of the regional industrial structure; technological progress, the upgrading of employment structure and human capital structure are the transmission mechanism of intermediary effect of the financial industry radiation on promoting the upgrading of industrial structure, while the effect of technological progress is the maximum, the effect of the upgrading of human capital structure ranking the second, and the effect of the upgrading of employment structure being the minimal. Therefore, from the national and urban levels, we should encourage the cities in the Greater Bay Area to follow the path of characteristic development and collaborative development, improve the level of technological progress, human capital structure and employment structure, and promote the industrial structure upgrading of the cities in the Greater Bay Area.
Spatio-temporal Coupling and Spatial Spillover Effects of Rural Financial Development and Rural Revitalization: Based on Panel Data of 20 Prefecture-level Cities in Guangdong Province
MENG Ling-guo, CHEN Xuan
2022, 37(5): 100-112.
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Based on the panel data of 20 prefecture-level cities except Shenzhen in Guangdong province from 2012 to 2020, the entropy method is used to calculate the weights of each indicator in the two systems of rural revitalization and financial development. A comprehensive evaluation system of the level of financial development and the depth of rural revitalization is constructed to analyze the coupling and coordinated development relationship between the two systems, and the spatial spillover effects of financial development on rural revitalization. The findings show that in terms of time series, the coupling degree of finance and rural revitalization in cities of Guangdong province from 2012 to 2020 is high, and the degree of coordination has increased slightly but the overall level is low, while most of them are in the stage of mild dissonance and basic coordination; in terms of space, with the well-coordinated Guangdong-Hong Kong-Macao Greater Bay Area as the radiation circle gradually being outward, Foshan City has entered a stage of high coordination; the financial development of a region can enhance the implementation effect of its surrounding urban and rural revitalization. Therefore, in the future, we should pay attention to the high-quality development of finance, pay attention to the connection of supply and demand between financial institutions and agricultural enterprises, strengthen the coordination of various policy tools, promote the coordinated financial development and rural revitalization, to realize the common prosperity.

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