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2025, 40(4): 4-20.
Abstract:
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.
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.
2025, 40(4): 21-34.
Abstract:
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.
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.
2025, 40(4): 35-49.
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.
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.
The Impact of Intelligent Manufacturing Policies on the New Quality Productive Forces in Enterprises
2025, 40(4): 50-65.
Abstract:
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.
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.
2025, 40(4): 66-79.
Abstract:
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 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.
2025, 40(4): 80-91.
Abstract:
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.
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.
2025, 40(4): 92-111.
Abstract:
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.
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.
2025, 40(4): 112-128.
Abstract:
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.
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.
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(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。
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。
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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