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2024, Volume 39,  Issue 5

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Economic Theory and Exploration
Institutional Openness, Business Environment Improvement and Development of New Quality Productive Forces: A Quasi-natural Experiment Based on the Establishment of China's Pilot Free Trade Zones
LIU Hong-duo, WANG Meng-fei, XU Yu-xin, CHEN Xiao-shan
2024, 39(5): 4-22.
[Abstract](40) [FullText HTML] (35) [PDF 1606KB](13)
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As a "testing ground" for China's institutional openness in the new era, whether the construction of Pilot Free Trade Zones (FTZs) can provide assistance for the cultivation of new quality productive forces and play a pioneering and demonstrative role in the process is the focus of attention of the policy circles and academics at present. Based on the quasi-natural experiment of the establishment of FTZ, this paper constructs a time-varying DID model to empirically test the effect and mechanism of institutional openness on the new quality productive forces. It is found that institutional openness can significantly promote the development of new quality productive forces, which is manifested in the fact that the establishment of FTZ increases the development level of new quality productivity in the region by about 7.490% on average. The results of the mechanism test show that the institutional openness accelerates the market system change in the provincial areas, brings the effect of improving the business environment, and thus is conducive to promoting the emergence of new quality productive forces. Heterogeneity analysis shows that the promotion effect of institutional openness on new quality productive forces varies according to the batch of its establishment and the strength of clan culture in the region where it is located, and the development-promoting effect of the first two batches of FTZs and the FTZs in the regions with weaker informal systems is more obvious in comparison. Further analysis reveals that institutional openness has significant spatial spillover effect and has a radiation-driven effect on the development of new quality productive forces in neighboring provinces; in addition, the higher the level of institutional innovation in FTZs, the stronger the support of legal authorization, resulting in the stronger the effects of industrial agglomeration and attraction of high-end factor mobility, as well as the more pronounced is the promotion effect on new quality productive forces. The findings of this paper have important policy implications for further optimizing and improving the construction of FTZs in order to release the dividends of institutional openness, and then boost China's productivity leap.
How Can Business Models and Customer Journeys Lead to Positive Customer Experiences in the Digital Age: Analysis Based on the Mixed Method of NCA and fsQCA
LI Yong-fa, XIAO Yang, KONG Heng-yang
2024, 39(5): 23-37.
[Abstract](24) [FullText HTML] (25) [PDF 1190KB](4)
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In the digital age, the way of customer experience has changed greatly. To attract customers by improving customer experience has become the key to enhance competitiveness of enterprises. Most of the existing studies focus on the net effect of a single factor on customer experience, but ignore the configuration effect of multiple factors on customer experience. This paper uses the mixed method of NCA and fsQCA to investigate the multiple paths of customer pragmatic experience and hedonic experience caused by the combination of multiple factors such as digitization (digital technology level and digital application scope), business model (novelty and efficiency) and customer journey (thematic coherence, consistency, and scene sensitivity). The empirical analysis based on 258 valid questionnaires found that simply pursuing digitalization does not necessarily lead to positive customer experience; the high novelty and efficiency of the business model contribute to the positive customer experience, while the negative customer experience is easily induced. The combination of "one high and one low" condition of thematic coherence and scene sensitivity can also lead to positive customer experience. Positive pragmatic experience and positive hedonic experience can occur simultaneously. These conclusions have certain theoretical and practical significance for the correct understanding of the breadth and depth of digitalization on the differentiated impact of customer experience, scientific and effective design of customer journey and continuous optimization of business models.
Management and Corporate Performance
The Impact and Mechanism of Corporate Big Data Analytics Capability on Commercial Credit Provision
WANG Ya-nan, WAN Meng-yue, XU Feng
2024, 39(5): 38-54.
[Abstract](31) [FullText HTML] (16) [PDF 1282KB](7)
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In the era of digital economy, big data technology has transformed corporate management models and profoundly influenced commercial credit decision-making. Based on the annual reports of China's A-share listed companies spanning from 2009 to 2021, this paper analyzes a dataset comprising an indicator system for corporate big data analytics capability through text analysis methods, investigating how big data analytics capability affects commercial credit provision. The results show that big data analytics capability significantly improves corporate commercial credit provision through incentivizing R&D innovation, reducing supply chain concentration, and alleviating financing constraints, the impact exhibiting heterogeneity on the nature of property rights, lifecycle stage, earnings management practices, and the degree of information disclosure. This study contributes to the empirical literature by elucidating how listed companies can effectively allocate supply chain funds through the lens of corporate big data analytics capability, thereby providing theoretical insights for the high-quality collaborative development of supply chain finance in the digital economy era.
The Impact of Equity Pledge on the Control Rights and Business Performance of Private Enterprises in the Context of Stock Market Downturn
FENG Ke, LIU Dan
2024, 39(5): 55-71.
[Abstract](30) [FullText HTML] (18) [PDF 1417KB](1)
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With the continuous expansion of equity pledge scale, the risk of stock market in China continued to increase, which resulted in the equity pledge crisis in 2018. The stock price crash in 2018 was used as an exogenous quasi natural experiment, and a Logit-DID model was applied to investigate the impact of equity pledge accompanied by the stock market downturn on the control rights and business performance of private enterprises. It is found that when the stock price decreases, major shareholders without equity pledge would increase their holdings, thereby the likelihood of losing control rights reduced. However, if a company had equity pledge and reached a certain proportion, a decrease in stock price would increase the likelihood of losing control rights. The transfer of corporate control rights might be accompanied by future business performance losses. Besides, the "Relief" policy, accompanied by the transformation of a private enterprise's actual controller into state-owned capital, would result in more significant losses in corporate performance with managerial agency problem as mechanism. This conclusion has important implications for optimizing capital market regulatory enforcement, maintaining asset price stability, and protecting investors and listed companies.
Digital Economy Theory and Application
A Study on the Impact of Data Assets on the Enterprise Labor Income Share
YUAN Ze-ming, YIN Qi, HUANG Can
2024, 39(5): 72-87.
[Abstract](26) [FullText HTML] (13) [PDF 1217KB](6)
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Data assets, as new type of production factor, present a core issue for improving corporate income distribution systems in the context of digital transformation. This study utilizes data from A-share listed companies from 2007 to 2022 to analyze the impact and mechanisms of data assets on labor income share. The findings indicate that data assets enhance labor income share, which remains valid after a series of robustness tests. Mechanism tests reveal that data assets promote labor income share through dual pathways: suppressing capital deepening and increasing employee wage levels. Further analysis shows that data assets significantly boost total operating revenue, capital income, and labor income, helping companies grow stronger; data assets displace capital income share, reflecting a labor-oriented income distribution; data assets do not significantly affect labor productivity; the specific effects of data assets on labor income share include job creation, high-salary talent acquisition, and skill enhancement. Heterogeneity tests indicate that the promotion effect of data assets on labor income share is more pronounced in labor-intensive, high-tech, and non-state-owned enterprises. This research provides empirical evidence for governments and enterprises to improve income distribution systems and achieve the goal of common prosperity.
Data Asset Information Disclosure and Bond Financing Costs
NIU Biao, DU Yu-qing, YU Xiang, ZHAO Na-hui
2024, 39(5): 88-101.
[Abstract](44) [FullText HTML] (15) [PDF 1209KB](10)
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Data assets have become an important driving force for enterprises to achieve innovative development in an uncertain environment. Based on the perspective of bond financing cost analysis of the financing function and mechanism of data assets, it is found that data asset disclosure can significantly reduce bond financing cost mainly through the information incremental effect, reputation effect and resource dependence effect. The heterogeneity analysis shows that for enterprises with low financing constraint degree, high corporate governance level, low economic policy uncertainty degree, low industry competition degree and good digital infrastructure environment, the reduction of bond financing cost by data asset disclosure is more significant. This paper enriches the information set for enterprise management decision-making from the perspective of data assets and provides a way for the management to evaluate the internal and external environmental risks of the enterprise and formulate scientific and reasonable financing strategies.
Financial Development and Supervision
The Influence of Medical Insurance on the Consumption of Rural Residents: Economic or Psychological Effects
LI Ya-qing, HUANG Yuan-qing, XU Xin-yu
2024, 39(5): 102-116.
[Abstract](22) [FullText HTML] (17) [PDF 1284KB](1)
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Promotion of consumption among rural residents is an urgent requirement for expanding domestic demand and promoting high-quality economic development. This paper empirically analyzes the impact of medical insurance on rural residents' consumption based on the four-phase panel data of CHARLS. It is found that medical insurance significantly increases non-medical consumption among rural residents, with the main increase being in subsistence consumption; health shocks play a significant moderating role, leading to a notable decrease of 43.2% in non-medical consumption among rural residents; the consumption effect of medical insurance is not significant in low-income groups, and there is a phenomenon of "The more reimbursements one gets, the less willing of consumption" among hospitalized patients. Mechanism test indicates that because medical insurance does not significantly reduce out-of-pocket expenses or decrease the burden of out-of-pocket payments while promoting the utilization of medical services, the burden-reducing effect of medical insurance is not significant. The mediating effect test based on sense of security and happiness is highly significant, indicating that psychological effect is still the key mechanism for medical insurance to promote the consumption of rural residents. The article proposes that fairness should be the primary value orientation of medical insurance system reform. In the case of limited space for the improvement of the level of security, it is proposed to vigorously control the unreasonable growth of medical expenses to improve the efficiency of the use of funds, and deepen the reform of the medical and health system focusing on hierarchical diagnosis and treatment.
Social Credit System Construction and Regional Entrepreneurial Activity
TAN Yan-zhi, YI Meng, LI Yun-zhong, TANG Wen-juan
2024, 39(5): 117-129.
[Abstract](24) [FullText HTML] (28) [PDF 1316KB](25)
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Entrepreneurship is an important driver of economic growth, and credit is the cornerstone of the market economy. Taking the construction of the social credit system as a quasi-natural experiment, and using a sample of 284 cities from 2009 to 2019, this paper constructs a staggered difference-in-difference model to examine the entrepreneurial effects and mechanisms of social credit system construction. It is found that the construction of the social credit system significantly enhances regional entrepreneurial activity. The results of the mechanism test show that social credit system construction promotes entrepreneurship by increasing financial support, promoting regional talent agglomeration, and improving regional innovation levels. The heterogeneity analysis shows that the entrepreneurial effects of social credit system construction are more pronounced in regions with lower market integration and higher levels of rule of law; in terms of industry types, the effects are particularly pronounced in the service sector, especially in consumption-oriented services. This paper examines the role of social credit in promoting regional entrepreneurship from the perspective of informal institutions, providing important theoretical and empirical insights into cultivating China's distinctive financial culture and promoting the realization of financial services for the real economy.

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