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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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2024, 39(6): 4-7.
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2024, 39(6): 8-11.
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2024, 39(6): 11-13.
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2024, 39(6): 14-16.
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2024, 39(6): 17-31.
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In the context of large-scale application and innovation of digital technology, how to promote customer stability through enterprise digital transformation is a key issue to achieve the deep integration between the digital economy and the real economy. Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as research samples, with the changing data of suppliers' major customers, the empirical research finds that the digital transformation of suppliers significantly improves customer stability, which is a stabilizer to customer relationships. The mechanism analysis shows that digital transformation of suppliers can improve the information interaction and internal quality control between suppliers and demanders, and ease supply-demand trade friction, so as to effectively improve customer stability. The mechanism tests indicate that the enhancement effect of customer stability influenced by digital transformation has the effect of "helping the enterprise with difficulties", especially in enterprises in growth stage and declining stage. When the bargaining ability of suppliers is relatively low and customers face high-cost amortization risk, the promotion effect of digital transformation on customer stability is more obvious. The conclusion of this study is helpful to provide experience for the steady construction of China's industrial and supply chain security under the new situation from the perspective of digital transformation.
In the context of large-scale application and innovation of digital technology, how to promote customer stability through enterprise digital transformation is a key issue to achieve the deep integration between the digital economy and the real economy. Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as research samples, with the changing data of suppliers' major customers, the empirical research finds that the digital transformation of suppliers significantly improves customer stability, which is a stabilizer to customer relationships. The mechanism analysis shows that digital transformation of suppliers can improve the information interaction and internal quality control between suppliers and demanders, and ease supply-demand trade friction, so as to effectively improve customer stability. The mechanism tests indicate that the enhancement effect of customer stability influenced by digital transformation has the effect of "helping the enterprise with difficulties", especially in enterprises in growth stage and declining stage. When the bargaining ability of suppliers is relatively low and customers face high-cost amortization risk, the promotion effect of digital transformation on customer stability is more obvious. The conclusion of this study is helpful to provide experience for the steady construction of China's industrial and supply chain security under the new situation from the perspective of digital transformation.
2024, 39(6): 32-44.
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The improvement of the green utilization efficiency of cultivated land (CLGUE) is an essential path for realizing carbon peaking and carbon neutrality goals in the field of land utilization. Based on the panel data of 30 provinces in China from 2010 to 2021, this paper measures the influence of digital village construction on CLGUE by using the threshold model and spatial Durbin model. The research finds that digital village construction can significantly improve CLGUE by optimizing element configuration, reducing pollution and carbon emissions and growing output. Further analysis indicates that the effect of digital village construction on the CLGUE has a threshold feature, and when the circulation of agricultural land transfer and the intensity of environmental regulation exceeds the threshold, the positive effect of digital village construction on CLGUE is strengthened; digital village construction generates positive spatial spillover effects on CLGUE in neighboring regions. Therefore, it is proposed to actively promote digital village construction, pay attention to the differences in regional resource endowments, promote the orderly transfer of rural land, and steadily improve the intensity of environmental regulations, so as to alleviate the obstacles of digital information technology embedded in the cultivated land use, and to strengthen green utilization effect of cultivated land empowered by digital village construction.
The improvement of the green utilization efficiency of cultivated land (CLGUE) is an essential path for realizing carbon peaking and carbon neutrality goals in the field of land utilization. Based on the panel data of 30 provinces in China from 2010 to 2021, this paper measures the influence of digital village construction on CLGUE by using the threshold model and spatial Durbin model. The research finds that digital village construction can significantly improve CLGUE by optimizing element configuration, reducing pollution and carbon emissions and growing output. Further analysis indicates that the effect of digital village construction on the CLGUE has a threshold feature, and when the circulation of agricultural land transfer and the intensity of environmental regulation exceeds the threshold, the positive effect of digital village construction on CLGUE is strengthened; digital village construction generates positive spatial spillover effects on CLGUE in neighboring regions. Therefore, it is proposed to actively promote digital village construction, pay attention to the differences in regional resource endowments, promote the orderly transfer of rural land, and steadily improve the intensity of environmental regulations, so as to alleviate the obstacles of digital information technology embedded in the cultivated land use, and to strengthen green utilization effect of cultivated land empowered by digital village construction.
2024, 39(6): 45-53.
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Technology firm incubation serves as a key driver for promoting regional collaborative innovation and establishing an open innovation ecosystem. Based on panel data from 31 Chinese provinces and cities between 2007 and 2022, this study employs a dynamic spatial Durbin model to empirically analyze the spatial spillover effects of technology firm incubation level on regional innovation and its formation mechanisms. The study finds that the level of technology firm incubation has a positive spatial spillover effect on regional innovation. The agglomeration economy effect and platform economy effect are the key influencing mechanisms, mainly through incubation networks, virtual incubation systems, and incubator clusters and radiation to promote cross-regional technology diffusion, thereby promoting inter-regional technology spillovers. By taking a spatial spillover perspective, this study improves the research on the impact mechanism of technology firm incubation on regional innovation, providing theoretical support and empirical evidence for the subsequent construction of a more complete national incubation system, promoting the cross-regional flow of innovation resources, and regional collaborative innovation.
Technology firm incubation serves as a key driver for promoting regional collaborative innovation and establishing an open innovation ecosystem. Based on panel data from 31 Chinese provinces and cities between 2007 and 2022, this study employs a dynamic spatial Durbin model to empirically analyze the spatial spillover effects of technology firm incubation level on regional innovation and its formation mechanisms. The study finds that the level of technology firm incubation has a positive spatial spillover effect on regional innovation. The agglomeration economy effect and platform economy effect are the key influencing mechanisms, mainly through incubation networks, virtual incubation systems, and incubator clusters and radiation to promote cross-regional technology diffusion, thereby promoting inter-regional technology spillovers. By taking a spatial spillover perspective, this study improves the research on the impact mechanism of technology firm incubation on regional innovation, providing theoretical support and empirical evidence for the subsequent construction of a more complete national incubation system, promoting the cross-regional flow of innovation resources, and regional collaborative innovation.
2024, 39(6): 54-72.
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ESG is based on a long-term value orientation, and how the implementation of ESG concepts affects the long-term value of enterprises is an important topic that needs to be studied at present. Based on the data of Chinese listed companies from 2015 to 2022, this study examines the impact of ESG performance on corporate performance from short-term and long-term, static and dynamic perspectives. Research has found that fulfilling ESG responsibilities by listed companies cannot improve corporate financial performance in the short term, but can improve long-term performance that represents the company's sustainable development ability. Companies can achieve financial performance improvement around the third year of ESG practice. The impact of fulfilling ESG responsibilities on corporate performance has a time lag and continuity. Enterprises fulfilling their ESG responsibilities mainly improve their long-term performance through two channels: promoting enterprise innovation and optimizing enterprise management. Heterogeneity analysis shows that compared to state-owned enterprises, enterprises with low executive shareholding and high media attention, fulfilling ESG responsibilities has a greater impact on non-state-owned enterprises, enterprises with high executive shareholding and high media attention. This article is of great significance for deepening insights into the ESG value creation mechanism.
ESG is based on a long-term value orientation, and how the implementation of ESG concepts affects the long-term value of enterprises is an important topic that needs to be studied at present. Based on the data of Chinese listed companies from 2015 to 2022, this study examines the impact of ESG performance on corporate performance from short-term and long-term, static and dynamic perspectives. Research has found that fulfilling ESG responsibilities by listed companies cannot improve corporate financial performance in the short term, but can improve long-term performance that represents the company's sustainable development ability. Companies can achieve financial performance improvement around the third year of ESG practice. The impact of fulfilling ESG responsibilities on corporate performance has a time lag and continuity. Enterprises fulfilling their ESG responsibilities mainly improve their long-term performance through two channels: promoting enterprise innovation and optimizing enterprise management. Heterogeneity analysis shows that compared to state-owned enterprises, enterprises with low executive shareholding and high media attention, fulfilling ESG responsibilities has a greater impact on non-state-owned enterprises, enterprises with high executive shareholding and high media attention. This article is of great significance for deepening insights into the ESG value creation mechanism.
2024, 39(6): 73-86.
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The improvement of total factor productivity is an important starting point for achieving high-quality economic development. Based on the data of China's A-share listed companies from 2015 to 2023, this paper empirically examines the effect and mechanism of key audit matters disclosure on total factor productivity, and tests the moderating effect caused by the auditors' industry expertise. The results indicate that the more comprehensively key audit matters are disclosed, the higher the firm's total factor productivity will be; the auditors' industry expertise can positively regulate the relationship between them. The mechanism test shows that the disclosure of key audit matters improves total factor productivity by promoting R&D investment to gain technology accumulation, enhancing stock liquidity to alleviate financing constraints, optimizing human capital structure to resolve productivity paradox, and improving innovation quality to promote technology application. Further research suggests that negative tone, conclusive evaluation, unconventional and high-precised key audit matters can play a more important role in promoting the improvement of total factor productivity. This study is helpful to improve the audit quality of enterprises, advance the total factor productivity of enterprises, and promote the corporate high-quality development.
The improvement of total factor productivity is an important starting point for achieving high-quality economic development. Based on the data of China's A-share listed companies from 2015 to 2023, this paper empirically examines the effect and mechanism of key audit matters disclosure on total factor productivity, and tests the moderating effect caused by the auditors' industry expertise. The results indicate that the more comprehensively key audit matters are disclosed, the higher the firm's total factor productivity will be; the auditors' industry expertise can positively regulate the relationship between them. The mechanism test shows that the disclosure of key audit matters improves total factor productivity by promoting R&D investment to gain technology accumulation, enhancing stock liquidity to alleviate financing constraints, optimizing human capital structure to resolve productivity paradox, and improving innovation quality to promote technology application. Further research suggests that negative tone, conclusive evaluation, unconventional and high-precised key audit matters can play a more important role in promoting the improvement of total factor productivity. This study is helpful to improve the audit quality of enterprises, advance the total factor productivity of enterprises, and promote the corporate high-quality development.
2024, 39(6): 87-102.
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Actively practicing ESG concepts is an important way for manufacturing enterprises to achieve green and sustainable development. Based on the data of Chinese A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2009 to 2022, this paper examines the impact and mechanism of ESG performance on the financing efficiency of manufacturing enterprises. The results indicate that positive ESG performance significantly improves the financing efficiency of manufacturing firms through three mechanisms: meeting effective market demands, gaining investors' favor, and increasing firms' innovation outputs; the effects are more obvious for small-sized enterprises, enterprises with high media attention, and enterprises in high-polluting industries; the government strengthens the supervision over environmental policies, significantly enhancing corporate ESG performance's effects on the improvement of financing efficiency. The study reveals that ESG practices actively fulfilled by enterprises promote the development of green and low-carbon industries, realizing the national dual carbon goals. It provides policy insights for realizing the symbiotic and integrated development of enterprises and the social environment.
Actively practicing ESG concepts is an important way for manufacturing enterprises to achieve green and sustainable development. Based on the data of Chinese A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2009 to 2022, this paper examines the impact and mechanism of ESG performance on the financing efficiency of manufacturing enterprises. The results indicate that positive ESG performance significantly improves the financing efficiency of manufacturing firms through three mechanisms: meeting effective market demands, gaining investors' favor, and increasing firms' innovation outputs; the effects are more obvious for small-sized enterprises, enterprises with high media attention, and enterprises in high-polluting industries; the government strengthens the supervision over environmental policies, significantly enhancing corporate ESG performance's effects on the improvement of financing efficiency. The study reveals that ESG practices actively fulfilled by enterprises promote the development of green and low-carbon industries, realizing the national dual carbon goals. It provides policy insights for realizing the symbiotic and integrated development of enterprises and the social environment.
2024, 39(6): 103-111.
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As a new regulatory system, big data regulation aims to correct and improve market mechanisms by collecting, cleaning, and analyzing vast amounts of data on market entities and their business activities with technologies such as the Internet of Things (IoT) and cloud computing for data analysis and computation. Unlike conventional regulatory models, big data regulation operates in a data space and relies on uncovering "correlations" as a regulatory method, aiming to predict corporate illegal risks. Therefore, big data regulation is characterized by distinct features such as risk-based regulation, intelligent regulation, and full-process regulation. It is an innovative regulatory approach with both value and risk, which may lead to a range of risks associated with the characteristics of big data, as well as legal risks arising from deviations from the traditional on-site regulatory model. As a result, the basic logic of legal governance for big data regulation should be optimized. This involves building a market regulation big data platform to ensure credible data governance while clearly positioning big data regulation as an auxiliary decision-making tool. At the institutional level, a sound mechanism should be established to align big data regulation with inclusive, prudent regulation and on-site regulation.
As a new regulatory system, big data regulation aims to correct and improve market mechanisms by collecting, cleaning, and analyzing vast amounts of data on market entities and their business activities with technologies such as the Internet of Things (IoT) and cloud computing for data analysis and computation. Unlike conventional regulatory models, big data regulation operates in a data space and relies on uncovering "correlations" as a regulatory method, aiming to predict corporate illegal risks. Therefore, big data regulation is characterized by distinct features such as risk-based regulation, intelligent regulation, and full-process regulation. It is an innovative regulatory approach with both value and risk, which may lead to a range of risks associated with the characteristics of big data, as well as legal risks arising from deviations from the traditional on-site regulatory model. As a result, the basic logic of legal governance for big data regulation should be optimized. This involves building a market regulation big data platform to ensure credible data governance while clearly positioning big data regulation as an auxiliary decision-making tool. At the institutional level, a sound mechanism should be established to align big data regulation with inclusive, prudent regulation and on-site regulation.
2024, 39(6): 112-128.
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In recent times, data has emerged as a new factor of production, influencing both production and management activities. It has become a crucial resource in driving the advancement of new quality productive forces. In the context of new quality productive forces empowered by data elements, some problems about the application of laws have arisen. The scope of identification of new labour as data subjects is unclear: the data format of technical standards of new means of labour is incompatible, and the separation of property right structure of data products as new labour objects is complex. Based on the theories of power to define rights and cross-attribute data, as well as on domestic and foreign judicial precedents and management norms, the legal positioning of the "legal fiction" as the data subject qualification, the clarification principle of data classification and grading, and "separation of two rights" and "tripartite allocation" of data property rights are formed. In light of the limitations imposed by the new three elements of new quality productive forces on the application of law, this research puts forward a proposal for the establishment of a data subject and the allocation of rights and interests, seeks to the compatibility norms of data formats of technical standards, and proposes an improved path of laws for the separation of the property structure of data products.
In recent times, data has emerged as a new factor of production, influencing both production and management activities. It has become a crucial resource in driving the advancement of new quality productive forces. In the context of new quality productive forces empowered by data elements, some problems about the application of laws have arisen. The scope of identification of new labour as data subjects is unclear: the data format of technical standards of new means of labour is incompatible, and the separation of property right structure of data products as new labour objects is complex. Based on the theories of power to define rights and cross-attribute data, as well as on domestic and foreign judicial precedents and management norms, the legal positioning of the "legal fiction" as the data subject qualification, the clarification principle of data classification and grading, and "separation of two rights" and "tripartite allocation" of data property rights are formed. In light of the limitations imposed by the new three elements of new quality productive forces on the application of law, this research puts forward a proposal for the establishment of a data subject and the allocation of rights and interests, seeks to the compatibility norms of data formats of technical standards, and proposes an improved path of laws for the separation of the property structure of data products.
2019, 34(6): 35-49.
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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。
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。
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(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(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(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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