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2025, 40(2): 4-21.
Abstract:
As the main body of science and technology innovation, private enterprises are an important force in promoting the implementation of the innovation-driven development strategy. Based on the data from private listed companies on A-share markets of Shanghai and Shenzhen from 2007 to 2022, and utilizing the quasi-natural experiment of public data openness platforms established by provincial governments, this study constructs a multi-period difference-in-difference model to empirically investigate the impact and mechanisms of public data openness on private enterprises innovation. The research shows that public data openness promotes innovation in private enterprises and increases the number of their patent applications by an average of 7.8%. This impact is realized through two mechanisms: improving the market competition environment and reducing business risks. The promoting effect of public data openness on private enterprise innovation is more significant for the younger enterprises, and the enterprises with higher digitization levels, lower levels of competition in the industry, and in regions with higher levels of intellectual property protection. In addition, public data openness prompts private enterprises to adopt substantive and collaborative innovation strategies, and enhances their business performance and market value. This study provides empirical evidence for a deeper understanding of the innovation-driving mechanisms of public data openness and offers important policy implications for optimizing the public data supply system and promoting the high-quality development of private enterprises.
As the main body of science and technology innovation, private enterprises are an important force in promoting the implementation of the innovation-driven development strategy. Based on the data from private listed companies on A-share markets of Shanghai and Shenzhen from 2007 to 2022, and utilizing the quasi-natural experiment of public data openness platforms established by provincial governments, this study constructs a multi-period difference-in-difference model to empirically investigate the impact and mechanisms of public data openness on private enterprises innovation. The research shows that public data openness promotes innovation in private enterprises and increases the number of their patent applications by an average of 7.8%. This impact is realized through two mechanisms: improving the market competition environment and reducing business risks. The promoting effect of public data openness on private enterprise innovation is more significant for the younger enterprises, and the enterprises with higher digitization levels, lower levels of competition in the industry, and in regions with higher levels of intellectual property protection. In addition, public data openness prompts private enterprises to adopt substantive and collaborative innovation strategies, and enhances their business performance and market value. This study provides empirical evidence for a deeper understanding of the innovation-driving mechanisms of public data openness and offers important policy implications for optimizing the public data supply system and promoting the high-quality development of private enterprises.
2025, 40(2): 22-38.
Abstract:
In the context of comprehensively strengthening financial regulation, the economic effects of strict financial regulation deserve attention. Leveraging administrative penalty data from China's banking sector and financial data of A-share listed companies from 2006 to 2022, this study empirically examines the impacts of banking regulatory penalties on corporate cash holdings. The findings reveal that banking regulatory penalties significantly diminish corporate cash reserves, and this conclusion remains valid after addressing endogeneity issues and a series of robustness tests. Mechanism analyses indicate that banking regulatory penalties mainly reduce corporate cash holdings by strengthening the supervisory role of banks as corporate creditors (referred to as the supervision effect) and increasing the marginal cost of cash holdings (referred to as the cost effect). The detrimental effects of regulatory penalties on cash holdings vary across enterprises based on their property rights nature, asset characteristics, long-term financial equity holdings, and regional financial development. Further analysis indicates that banking regulatory penalties prompt companies to reduce cash and cash equivalents while increasing trading financial assets, consequently diminishing the financial income derived from cash holdings. This research contributes to valuable insights for enhancing financial regulation, reinforcing compliant and prudent operation of banks, and optimizing the decision-making on corporate cash holdings.
In the context of comprehensively strengthening financial regulation, the economic effects of strict financial regulation deserve attention. Leveraging administrative penalty data from China's banking sector and financial data of A-share listed companies from 2006 to 2022, this study empirically examines the impacts of banking regulatory penalties on corporate cash holdings. The findings reveal that banking regulatory penalties significantly diminish corporate cash reserves, and this conclusion remains valid after addressing endogeneity issues and a series of robustness tests. Mechanism analyses indicate that banking regulatory penalties mainly reduce corporate cash holdings by strengthening the supervisory role of banks as corporate creditors (referred to as the supervision effect) and increasing the marginal cost of cash holdings (referred to as the cost effect). The detrimental effects of regulatory penalties on cash holdings vary across enterprises based on their property rights nature, asset characteristics, long-term financial equity holdings, and regional financial development. Further analysis indicates that banking regulatory penalties prompt companies to reduce cash and cash equivalents while increasing trading financial assets, consequently diminishing the financial income derived from cash holdings. This research contributes to valuable insights for enhancing financial regulation, reinforcing compliant and prudent operation of banks, and optimizing the decision-making on corporate cash holdings.
2025, 40(2): 39-55.
Abstract:
How to incentivize family businesses to actively drive innovation is one of the vital strategic issues for achieving high-quality economic development and Chinese-style modernization. Based on the data from Chinese listed family businesses from 2008 to 2020, this study examines the impact of social capital alignment between the chairmen and their spouses on innovation in family business, and further investigates the moderating effects of different types of family member involvement. The findings reveal that when the chairmen and their spouses exhibit "assortative mating" in social capital, the innovation level of family businesses significantly declines; the key mechanism lies in the agency problems between the family and the enterprise, generating a crowding-out effect on innovation. Heterogeneity analysis indicates that the inhibitory effect of "assortative mating" on innovation is mitigated in regions with stronger government innovation policies and higher levels of social trust. Additionally, family member involvement moderates the relationship between marital matching and corporate innovation: spousal involvement exacerbates the innovation-suppressing effect of "assortative mating", while the involvement of children and parents alleviates this negative impact. By introducing marital matching into the research of family business, this study provides critical insights into fostering innovation under specific marital structures.
How to incentivize family businesses to actively drive innovation is one of the vital strategic issues for achieving high-quality economic development and Chinese-style modernization. Based on the data from Chinese listed family businesses from 2008 to 2020, this study examines the impact of social capital alignment between the chairmen and their spouses on innovation in family business, and further investigates the moderating effects of different types of family member involvement. The findings reveal that when the chairmen and their spouses exhibit "assortative mating" in social capital, the innovation level of family businesses significantly declines; the key mechanism lies in the agency problems between the family and the enterprise, generating a crowding-out effect on innovation. Heterogeneity analysis indicates that the inhibitory effect of "assortative mating" on innovation is mitigated in regions with stronger government innovation policies and higher levels of social trust. Additionally, family member involvement moderates the relationship between marital matching and corporate innovation: spousal involvement exacerbates the innovation-suppressing effect of "assortative mating", while the involvement of children and parents alleviates this negative impact. By introducing marital matching into the research of family business, this study provides critical insights into fostering innovation under specific marital structures.
2025, 40(2): 56-69.
Abstract:
Based on the panel data from 279 prefecture-level cities from 2011 to 2022, this study employs a coupling coordination model and a double machine learning model to empirically examine the impact mechanism of the integration of digital and real economy on the green transformation of urban development mode. The findings indicate that the integration of digital and real economy can effectively empower the green transformation of urban development mode, and this conclusion remains robust after a series of robustness tests. Mechanism tests show that the integration of digital and real economy can effectively promote the green transformation of urban development mode through green technological progress, industrial diversification and agglomeration, and labor allocation optimization. Heterogeneity analysis reveals that this integration has the greatest impact on the green transformation of urban development mode in the Chengdu-Chongqing urban agglomeration, while the smallest impact on the Yangtze River Delta urban agglomeration. The research findings provide theoretical support for the pathways through which the integration of digital and real economy empowers the green transformation of urban development mode, and offer empirical evidence for the green development of urban agglomerations and resource-based cities.
Based on the panel data from 279 prefecture-level cities from 2011 to 2022, this study employs a coupling coordination model and a double machine learning model to empirically examine the impact mechanism of the integration of digital and real economy on the green transformation of urban development mode. The findings indicate that the integration of digital and real economy can effectively empower the green transformation of urban development mode, and this conclusion remains robust after a series of robustness tests. Mechanism tests show that the integration of digital and real economy can effectively promote the green transformation of urban development mode through green technological progress, industrial diversification and agglomeration, and labor allocation optimization. Heterogeneity analysis reveals that this integration has the greatest impact on the green transformation of urban development mode in the Chengdu-Chongqing urban agglomeration, while the smallest impact on the Yangtze River Delta urban agglomeration. The research findings provide theoretical support for the pathways through which the integration of digital and real economy empowers the green transformation of urban development mode, and offer empirical evidence for the green development of urban agglomerations and resource-based cities.
2025, 40(2): 70-82.
Abstract:
In the VUCA era, supply chain disruptions have become increasingly frequent. Maintaining supply chain resilience has emerged as a critical imperative for Chinese enterprises pursuing high-quality development. Although the existing research has explored factors influencing supply chain resilience, limited attention has been paid to the distinct roles of heterogeneous social capital. This study categorizes social capital into extra-chain and intra-chain types, grounded in supply chain ontology. Through an empirical analysis of the data of A-share listed companies from 2012 to 2022, it is found that both types of social capital positively enhance supply chain resilience, with intra-chain social capital exhibiting a more pronounced effect. Mechanistically, extra-chain social capital strengthens resilience primarily by bolstering corporate financing capacity, whereas intra-chain social capital operates through mitigating credit risks. Further research indicates that the moderating role of corporate digital transformation mainly lies in guiding social capital to break through the intra-chain and extra-chain boundary, enabling extra-chain social capital to play a more significant role in reducing credit risks, while intra-chain social capital enhances financing capabilities. This study offers theoretical and practical insights for strengthening supply chain resilience management of Chinese enterprises.
In the VUCA era, supply chain disruptions have become increasingly frequent. Maintaining supply chain resilience has emerged as a critical imperative for Chinese enterprises pursuing high-quality development. Although the existing research has explored factors influencing supply chain resilience, limited attention has been paid to the distinct roles of heterogeneous social capital. This study categorizes social capital into extra-chain and intra-chain types, grounded in supply chain ontology. Through an empirical analysis of the data of A-share listed companies from 2012 to 2022, it is found that both types of social capital positively enhance supply chain resilience, with intra-chain social capital exhibiting a more pronounced effect. Mechanistically, extra-chain social capital strengthens resilience primarily by bolstering corporate financing capacity, whereas intra-chain social capital operates through mitigating credit risks. Further research indicates that the moderating role of corporate digital transformation mainly lies in guiding social capital to break through the intra-chain and extra-chain boundary, enabling extra-chain social capital to play a more significant role in reducing credit risks, while intra-chain social capital enhances financing capabilities. This study offers theoretical and practical insights for strengthening supply chain resilience management of Chinese enterprises.
2025, 40(2): 83-89.
Abstract:
Against the backdrop of accelerating changes unseen in a century and the systemic restructuring of the global industrial landscape, the global value chains (GVCs) are facing numerous challenges, including the imbalances in benefits, structural rigidity, and fragmentation and reconstruction. From the perspective of new quality productive forces, this paper analyzes the path that new quality productive forces helps China to promote the leapfrogging in GVCs. Subsequently, it constructs a three-dimensional analytical framework of "revolutionary technological breakthroughs-innovative allocation of production factors-in-depth industrial transformation and upgrading", to deeply analyze the intrinsic theoretical logic of how new quality productive forces empower the leapfrogging in GVCs. Finally, addressing the triple practical challenges China currently faces: industrial development bottlenecks, transformation dilemmas, and institutional constraints, the paper proposes specific pathways, such as implementing targeted policies to build a new layout for a modern industrial system, coordinating efforts to accelerate the high-end, intelligent, and green transformation of industries, and precisely adapting to construct a new paradigm of production relations. These pathways aim to provide a solid theoretical foundation and actionable policy references for China to achieve the leapfrogging in GVCs.
Against the backdrop of accelerating changes unseen in a century and the systemic restructuring of the global industrial landscape, the global value chains (GVCs) are facing numerous challenges, including the imbalances in benefits, structural rigidity, and fragmentation and reconstruction. From the perspective of new quality productive forces, this paper analyzes the path that new quality productive forces helps China to promote the leapfrogging in GVCs. Subsequently, it constructs a three-dimensional analytical framework of "revolutionary technological breakthroughs-innovative allocation of production factors-in-depth industrial transformation and upgrading", to deeply analyze the intrinsic theoretical logic of how new quality productive forces empower the leapfrogging in GVCs. Finally, addressing the triple practical challenges China currently faces: industrial development bottlenecks, transformation dilemmas, and institutional constraints, the paper proposes specific pathways, such as implementing targeted policies to build a new layout for a modern industrial system, coordinating efforts to accelerate the high-end, intelligent, and green transformation of industries, and precisely adapting to construct a new paradigm of production relations. These pathways aim to provide a solid theoretical foundation and actionable policy references for China to achieve the leapfrogging in GVCs.
2025, 40(2): 90-103.
Abstract:
With the increasingly severe aging situation in China, the health problems of the elderly, especially mental health issues, have become pressing social challenges that need to be resolved. Long-term care insurance (LTCI) as an important social policy to improve the living standards of the elderly, is featured with a dual nature of safeguarding health and compensating economy. Based upon the panel data from the China Health and Retirement Longitudinal Study (CHARLS), this study employs a difference-in-differences (DID) model and finds that the LTCI significantly improves the mental health of the elderly, reducing their depression symptom scores by an average of 10.92%. Mechanism analysis indicates that LTCI enhances the mental health of the elderly through the health support effect and the intergenerational emotional support effect. Heterogeneity results show that LTCI has a more significant effect on the elderly in the full-coverage insurance participants, female elderly, single-child families, and low-income households. This study suggests it is necessary to refine the grading and categorized service standards of LTCI and strengthen the familial emotional support, in order to improve the mental health of the elderly.
With the increasingly severe aging situation in China, the health problems of the elderly, especially mental health issues, have become pressing social challenges that need to be resolved. Long-term care insurance (LTCI) as an important social policy to improve the living standards of the elderly, is featured with a dual nature of safeguarding health and compensating economy. Based upon the panel data from the China Health and Retirement Longitudinal Study (CHARLS), this study employs a difference-in-differences (DID) model and finds that the LTCI significantly improves the mental health of the elderly, reducing their depression symptom scores by an average of 10.92%. Mechanism analysis indicates that LTCI enhances the mental health of the elderly through the health support effect and the intergenerational emotional support effect. Heterogeneity results show that LTCI has a more significant effect on the elderly in the full-coverage insurance participants, female elderly, single-child families, and low-income households. This study suggests it is necessary to refine the grading and categorized service standards of LTCI and strengthen the familial emotional support, in order to improve the mental health of the elderly.
2025, 40(2): 104-117.
Abstract:
Optimizing the business environment is a major development strategy to achieve high-quality economic and social development, as well as a feasible measure for local governments to enhance urban productivity and competitiveness. Based on the case policy analysis, the important factors affecting the effectiveness of optimizing the business environment are clarified, and the causal path and mechanism of optimizing the business environment are analyzed by coincidence analysis. The study found that optimizing the business environment requires the organic combination of supply, environment and demand-oriented policy tools to work together, the optimization of the business environment cannot be separated from the support and reinforcement of government services, financial support, factor allocation, tax incentives, market shaping, legal system construction, organizational security and other factors. The three single causal chains and four double causal chains of each factor and configuration reveal and explain the logical mechanism of optimizing the business environment. Therefore, the government needs to continue to expand the market scale, constantly improve the allocation of factors, increase financial support, implement laws and regulations, and strengthen the rule of law, to boost the practice and innovation in optimization of the urban business environment.
Optimizing the business environment is a major development strategy to achieve high-quality economic and social development, as well as a feasible measure for local governments to enhance urban productivity and competitiveness. Based on the case policy analysis, the important factors affecting the effectiveness of optimizing the business environment are clarified, and the causal path and mechanism of optimizing the business environment are analyzed by coincidence analysis. The study found that optimizing the business environment requires the organic combination of supply, environment and demand-oriented policy tools to work together, the optimization of the business environment cannot be separated from the support and reinforcement of government services, financial support, factor allocation, tax incentives, market shaping, legal system construction, organizational security and other factors. The three single causal chains and four double causal chains of each factor and configuration reveal and explain the logical mechanism of optimizing the business environment. Therefore, the government needs to continue to expand the market scale, constantly improve the allocation of factors, increase financial support, implement laws and regulations, and strengthen the rule of law, to boost the practice and innovation in optimization of the urban business environment.
2025, 40(2): 118-128.
Abstract:
Reviewing the regulations related to the transaction of data assets in China's tax system reveals that such problems in the transaction of data assets as vague definition of transaction nature, high tax burden, difficulties in identification and supervision may result in excessive tax risks in transactions of data assets. In practice, the specialized legislation or amendment for data tax are not conducive to the exertion of incentive function, and the solution to the lack of standardization and effectiveness of local policies, the significant fluctuation of data asset value and the uncertainty of interest ownership. In view of the virtual, replicable and non-exclusive characteristics of data assets, China's tax system can regulate and incentivize data asset transactions by the relevant details and deduction rules in the current income tax law and the value-added tax law, systematically optimizing and adjusting tax policies, adapting data point pricing and platform collection and management responsibilities.
Reviewing the regulations related to the transaction of data assets in China's tax system reveals that such problems in the transaction of data assets as vague definition of transaction nature, high tax burden, difficulties in identification and supervision may result in excessive tax risks in transactions of data assets. In practice, the specialized legislation or amendment for data tax are not conducive to the exertion of incentive function, and the solution to the lack of standardization and effectiveness of local policies, the significant fluctuation of data asset value and the uncertainty of interest ownership. In view of the virtual, replicable and non-exclusive characteristics of data assets, China's tax system can regulate and incentivize data asset transactions by the relevant details and deduction rules in the current income tax law and the value-added tax law, systematically optimizing and adjusting tax policies, adapting data point pricing and platform collection and management responsibilities.
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。
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(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。
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。
2019, 34(5): 4-21.
摘要：
以环保经历嵌入为研究视角, 基于2008—2016年中国沪深A股重污染企业的经验证据, 实证检验高管环保经历嵌入对企业绿色转型的影响及其机制。研究发现:环保经历嵌入能有效促进企业绿色转型; 环保经历嵌入管理层和董事会均能显著地提高企业绿色转型水平, 但环保经历嵌入监事会的影响不显著。进一步研究发现, 新《环境保护法》实施后, 环保经历嵌入对企业绿色转型的促进作用更加显著, 并主要表现在民营企业与低融资约束企业中, 其作用路径一般是通过提高企业创新水平和降低企业调整成本来促进企业绿色转型。因此, 为推进企业绿色转型, 聘请和重视环保经历人才有助于降低绿色转型的风险和成本。
以环保经历嵌入为研究视角, 基于2008—2016年中国沪深A股重污染企业的经验证据, 实证检验高管环保经历嵌入对企业绿色转型的影响及其机制。研究发现:环保经历嵌入能有效促进企业绿色转型; 环保经历嵌入管理层和董事会均能显著地提高企业绿色转型水平, 但环保经历嵌入监事会的影响不显著。进一步研究发现, 新《环境保护法》实施后, 环保经历嵌入对企业绿色转型的促进作用更加显著, 并主要表现在民营企业与低融资约束企业中, 其作用路径一般是通过提高企业创新水平和降低企业调整成本来促进企业绿色转型。因此, 为推进企业绿色转型, 聘请和重视环保经历人才有助于降低绿色转型的风险和成本。
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。
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