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2025, Volume 40,  Issue 4

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Economic Theory and Exploration
How Can the Integrated Development of Digital and Real Economies Drive the Construction of a Unified National Market
YI Shaohua, WU Shunli, LIANG Wei
2025, 40(4): 4-20.
[Abstract](20) [FullText HTML] (14) [PDF 1175KB](14)
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Under the new development pattern, the integrated development of the digital economy and the real economy is of great practical significance for unblocking the bottlenecks in the national economic circulation and giving full play to the advantages of the super-large-scale market. Based on the panel data of 263 prefecture-level cities in China from 2011 to 2022, this paper empirically examines the impact and its internal mechanism of the integration of digital and real economy on the construction of a unified national market. The results show that the integration of digital and real economy can significantly drive the construction of a unified national market, and this driving effect has a long-term effect, which is more prominent in cities in the central and western regions, southeast of the Hu Line, with high administrative levels, well-developed digital infrastructure, and high-level industrial structure. The mechanism test shows that the integration of digital and real economy mainly drives the construction of a unified national market through channels such as improving resource allocation efficiency, stimulating the vitality of market entities, accelerating the deep integration of industries, and strengthening urban network connections. The extended analysis, from the dual perspectives of an effective government and an efficient market, points out that the government regulatory capacity and local market potential play a significant positive moderating role in the process of the integration of digital and real economy driving the construction of a unified national market. This research holds significant reference value for promoting the integration of the digital and real economies in China under the new development pattern, as well as for the construction of a unified national market. This will help to connect the domestic circular economy and fully leverage the advantages of the ultra-large-scale market.
Digital Economy and Inclusive Growth of Household Income
LI Lanbing, WU Jinghong
2025, 40(4): 21-34.
[Abstract](21) [FullText HTML] (12) [PDF 1088KB](15)
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Utilizing the quasi-natural experiment of National Big Data Comprehensive Pilot Zone, this paper explores the impact of the digital economy on household income inclusive growth and its internal mechanisms through the Difference-in-Differences (DID) model. The findings reveal that the digital economy achieves income inclusive growth by both increasing the income levels and narrowing the income disparities. Mechanism analysis shows that the employment promotion effects, entrepreneurial incentive effects, and wealth accumulation effects are significant channels through which the digital economy operates. Heterogeneity analysis manifests that the digital economy exerts more pronounced income-enhancing influence on residents in less-developed regions and small cities, individuals without compulsory education completion, relatively impoverished residents, and residents facing high financing constraints. The extended analysis reveals that the National Big Data Comprehensive Pilot Zone generates positive spillover effects on neighboring residents' incomes, further expounding the diffusion and stimulation effects of the digital economy across regions. The research provides an insightful research perspective to support the equitable sharing of digital dividends and the realization of common prosperity.
How does Digital Transformation of Commercial Banks Promote Enterprise Innovation Investment
HAN Liangliang, PENG Yi
2025, 40(4): 35-49.
[Abstract](26) [FullText HTML] (19) [PDF 1083KB](12)
Abstract:
Under a credit-driven indirect financing system dominated by bank loans, enhancing the ability of commercial banks to support innovation in real economy enterprises is a critical issue of widespread concern in both academic and practical circles. Based on the data from non-financial listed companies from 2010 to 2021, this study empirically examines the impact of commercial banks' digital transformation on corporate innovation. The study found that commercial banks' digital transformation significantly promotes corporate innovation investment, with the mechanism of action being to reduce corporate debt financing costs, optimize corporate credit structures, curb excessive corporate debt, and improve the efficiency of R&D funding allocation. Moderating effect analysis indicates that a favorable innovation environment can strengthen the innovation-enabling role of commercial banks' digital transformation, while heterogeneity analysis suggests that this effect is more pronounced in private enterprises, small and medium-sized enterprises, and high-tech enterprises. Further analysis shows that commercial banks' digital transformation can also help enterprises improve innovation quality and efficiency. The research conclusions have important theoretical and practical implications for enhancing financial services to promote high-quality economic development and cultivate new productive forces.
Management and Corporate Performance
The Impact of Intelligent Manufacturing Policies on the New Quality Productive Forces in Enterprises
LIU Hewang, LI Xiuyu, ZHENG Shilin
2025, 40(4): 50-65.
[Abstract](28) [FullText HTML] (12) [PDF 1261KB](15)
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Leveraging the supportive and leading role of intelligent manufacturing to accelerate the formation of new quality productive forces is an inherent requirement and a crucial focal point for promoting high-quality development. Using the panel data from A-share listed manufacturing companies from 2011 to 2022, this study employs the difference-in-differences (DID) method to examine the impact of China's intelligent manufacturing pilot demonstration projects on new quality productive forces of the enterprises. The findings indicate that the implementation of intelligent manufacturing policies significantly enhances enterprise new quality productive forces, and the conclusion remains robust after a series of tests, including machine learning-based checks. Mechanism analysis reveals that intelligent manufacturing policies primarily foster new quality productive forces by promoting enterprise basic research, facilitating intelligent production transformation, and optimizing the labor structure. Heterogeneity analysis shows that the effect of the policy on improving new quality productive forces of the enterprises is particularly significant in high-tech enterprises, technology-intensive and labor-intensive industries, and regions with higher levels of intellectual property protection. Further analysis reveals that intelligent manufacturing policies also generate positive spillover effects on new quality productive forces of the downstream enterprises. The study provides valuable theoretical support and practical insights for the promotion of national industrial intelligence policies and the leap forward in new quality productive forces of the enterprises.
Corporate Carbon Neutrality Responsibility and Employment: "Value-Creation Tool" or "Self-Interest Tool"
LI Yugang, XU Gengxi
2025, 40(4): 66-79.
[Abstract](15) [FullText HTML] (9) [PDF 1080KB](12)
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The continuous global warming has led to frequent extreme weather events, triggering strong demands from the public for firms to take on environmental governance responsibilities, and promoting firms to fulfill carbon neutrality responsibilities in the core agenda of sustainable development strategies. Using a sample of A-share listed industrial companies in Shanghai and Shenzhen from 2019 to 2023, this study examines the impact of corporate carbon neutrality responsibility (CCNR) on employment. The study finds that CCNR can increase firm employment and create more jobs, and confirm its role as a "value-creation tool". This effect is mainly achieved through reputation and financing optimization effects. The moderating effect analysis shows that CEO overseas experience and firm cost pass-through ability positively moderate the relationship between CCNR and firm employment, and regional environmental regulation negatively moderates the relationship between the two. Further research finds that CCNR expands the employment of highly educated employees and sales personnel, and reduces the employment of production personnel. This study has important policy implications for promoting CCNR engagement and improving employment levels.
The Impact of Digital Platform Capability on Manufacturing SMEs' Innovation Resilience
ZHOU Huiping, HAN Xi, ZAN Ao
2025, 40(4): 80-91.
[Abstract](13) [FullText HTML] (13) [PDF 1138KB](12)
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Digital platform has become an important carrier for small and medium-sized manufacturing enterprises (manufacturing SMEs) to build competitive advantages, but the specific mechanism of the impact of digital platform capability on innovation resilience of manufacturing SMEs still needs to be deeply explored. Based on the theory of resource orchestration and 247 survey data from manufacturing SMEs, this paper empirically investigates the nonlinear mechanism of digital platform capabilities impacting innovation resilience. The empirical results show that there is an inverted U-shaped relationship between integration and reconfiguration capabilities of digital platform and innovation resilience. Meanwhile, routine updating plays a mediating role in the U-shaped relationship. Furthermore, digital agility significantly strengthens the inverted U-shaped relationship. The research conclusion reveals the 'double-edged sword' effect of digital platform capability, and opens the black box of digital platform capability affecting innovation resilience. The research results can also provide practical guidance for manufacturing SMEs to effectively embed in digital platforms to cultivate innovation resilience.
Green Economy and "Three Rural lssues"
Rural Industries and Mutual-Support Eldercare Among the Rural Elderly: Mechanisms and Empirical Analysis
DAI Feng, LV Lizhan
2025, 40(4): 92-111.
[Abstract](23) [FullText HTML] (9) [PDF 1282KB](12)
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Rural revitalization is an inherent requirement of Chinese-style modernization, as it advances farmers' welfare. Presently, China faces rapidly worsening rural population aging and insufficient old-age resources, making the promotion of mutual-support eldercare in villages an urgent task. Drawing on 2022 China Land and Economy Survey (CLES) data and employing econometric methods, it is found that rural industries are a key determinant of older villagers' willingness to join mutual-support eldercare. By raising satisfaction with village governance, cultivating local entrepreneurs in agri-business, and attracting eldercare resources, rural industries make older residents more inclined to choose mutual support. Further analysis shows that higher pensions or retirement benefits as external economic reinforcements strengthen the positive effect of rural industries on this willingness. To prevent this effect from eroding, a supportive social ecology for older villagers must also be built. From the perspective of individual integration, improvements in older villagers' economic/financial and cultural literacy can amplify the effect, especially among those with positive emotions. The findings offer a new endogenous-growth approach for villages to foster older residents' willingness to engage in mutual-support eldercare and clarify the critical role of rural industries in easing rural resource constraints.
Does Cooperative Participation Promote Farmers' E-Commerce Operations: An Empirical Analysis Based on CRRS Data
QIU Hailan, LI Renting, CHEN Jianghua
2025, 40(4): 112-128.
[Abstract](20) [FullText HTML] (13) [PDF 1080KB](11)
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As an important organizational model to promote agricultural modernization, farmers' cooperatives have brought new opportunities for the development of rural e-commerce. Based on the data of the 2020 China Rural Revitalization Comprehensive Survey, this paper empirically analyzes the impact and mechanism of cooperative participation on farmers' e-commerce business behavior. The results show that the cooperative participation has a significant role in promoting the e-commerce operation of rural households, and the conclusions are still valid after the robustness test and the endogeneity test. The results of mechanism analysis show that the cooperative participation promotes farmers' e-commerce operations by providing agricultural socialization service and improving farmers' digital capabilities. The results of heterogeneity analysis shows that the cooperative participation could promote the e-commerce operation of rural households with larger management scale of cultivated land in main grain producing areas, and central and western regions. The results of further discussion show that the production and marketing service cooperatives can promote the e-commerce operation of rural households, and the cooperative participation can promote the rural households' e-commerce of primary processed products and platform e-commerce, and the promotion effect on the e-commerce operation of rural households in non-Taobao villages is more obvious. It can be seen that it is necessary to promote the standardized development of cooperatives, improve the service quality of cooperatives, give full play to the leading role of cooperatives, activate the development potential of cooperatives, enhance the ability of small farmers to connect with the e-commerce market, and realize the high-quality development of rural e-commerce.

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