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Articles in press have been peer-reviewed and accepted, which are not yet assigned to volumes /issues, but are citable by Digital Object Identifier (DOI).
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2024, 39(5): 4-22.
Abstract:
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.
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.
2024, 39(5): 23-37.
Abstract:
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.
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.
2024, 39(5): 38-54.
Abstract:
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.
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.
2024, 39(5): 55-71.
Abstract:
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.
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.
2024, 39(5): 72-87.
Abstract:
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 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.
2024, 39(5): 88-101.
Abstract:
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.
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.
2024, 39(5): 102-116.
Abstract:
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.
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.
2024, 39(5): 117-129.
Abstract:
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.
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.
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。
2019, 34(3): 43-53.
摘要：
制造业与生产性服务业合理的空间协同分布体系是企业创新发展的关键所在，但目前关于生产性服务业与制造业协同集聚如何影响企业创新的研究还相对匮乏。鉴于此，基于产业空间协同分布视角，利用中国工业企业微观数据与城市面板的匹配数据，实证检验生产性服务业与制造业协同集聚对制造业企业技术创新的影响效应及其作用机制。结果发现：生产性服务业与制造业协同集聚显著促进了企业的技术创新，并且这一作用依赖于企业所有制类型、要素密集度、沟通密集度、城市规模等异质性因素。进一步研究表明，生产性服务业与制造业协同集聚主要通过作用于企业的交易成本结构、进入与退出决策行为及研发创新激励来影响企业的技术创新活动。
制造业与生产性服务业合理的空间协同分布体系是企业创新发展的关键所在，但目前关于生产性服务业与制造业协同集聚如何影响企业创新的研究还相对匮乏。鉴于此，基于产业空间协同分布视角，利用中国工业企业微观数据与城市面板的匹配数据，实证检验生产性服务业与制造业协同集聚对制造业企业技术创新的影响效应及其作用机制。结果发现：生产性服务业与制造业协同集聚显著促进了企业的技术创新，并且这一作用依赖于企业所有制类型、要素密集度、沟通密集度、城市规模等异质性因素。进一步研究表明，生产性服务业与制造业协同集聚主要通过作用于企业的交易成本结构、进入与退出决策行为及研发创新激励来影响企业的技术创新活动。
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。
2022, 37(2): 71-87.
摘要：
“双循环”背景下，新型城镇化不仅是经济发展的新动力，也是实现共同富裕的有力支撑。基于扎实推进共同富裕的背景，从富裕水平、区域差距和城乡差距三方面构建共同富裕的指标体系，测算了281个城市的共同富裕水平，并采用SARAR模型分析新型城镇化对共同富裕的影响。研究发现：推进地区经济发展是实现共同富裕的根本途径；新型城镇化和共同富裕存在着空间相关性，且新型城镇化对共同富裕及其各维度产生显著的促进作用；共同富裕不仅受新型城镇化的影响，还受到城市初始经济发展的影响；比较而言，新型城镇化更能够提升贫困地区的共同富裕水平；新型城镇化对共同富裕产生直接作用的同时，还会通过农民收入和公共服务对共同富裕产生间接的促进作用。在推进新型城镇化过程中，可从提高富裕水平、缩小城乡收入差距和区域经济差距角度助推共同富裕。
“双循环”背景下，新型城镇化不仅是经济发展的新动力，也是实现共同富裕的有力支撑。基于扎实推进共同富裕的背景，从富裕水平、区域差距和城乡差距三方面构建共同富裕的指标体系，测算了281个城市的共同富裕水平，并采用SARAR模型分析新型城镇化对共同富裕的影响。研究发现：推进地区经济发展是实现共同富裕的根本途径；新型城镇化和共同富裕存在着空间相关性，且新型城镇化对共同富裕及其各维度产生显著的促进作用；共同富裕不仅受新型城镇化的影响，还受到城市初始经济发展的影响；比较而言，新型城镇化更能够提升贫困地区的共同富裕水平；新型城镇化对共同富裕产生直接作用的同时，还会通过农民收入和公共服务对共同富裕产生间接的促进作用。在推进新型城镇化过程中，可从提高富裕水平、缩小城乡收入差距和区域经济差距角度助推共同富裕。
2021, 36(2): 69-85.
摘要：
相较于美国式面向全体员工的退休储蓄型计划，中国式员工持股计划面向关键少数员工，员工大多自行出资，持股期更加灵活。基于2011—2017年A股上市公司数据，研究员工持股计划与企业创新产出数量与质量之间的关系；并进一步依据员工持股计划的契约特征将其分为治理型、激励型与绑定型三类，研究不同路径取向下的员工持股计划对企业创新的影响差异。结果表明：相对于治理型计划，激励型计划与绑定型计划均能提升企业的创新产出，且绑定型计划的作用更加显著；影响机制检验发现，激励型计划促进了员工在创新活动中的努力投入，绑定型计划降低了员工流失率并提升了高管的风险承担水平。本研究证实员工持股计划的实施符合利益协同观而非市值管理观，中国式员工持股计划具有创新促进效应。
相较于美国式面向全体员工的退休储蓄型计划，中国式员工持股计划面向关键少数员工，员工大多自行出资，持股期更加灵活。基于2011—2017年A股上市公司数据，研究员工持股计划与企业创新产出数量与质量之间的关系；并进一步依据员工持股计划的契约特征将其分为治理型、激励型与绑定型三类，研究不同路径取向下的员工持股计划对企业创新的影响差异。结果表明：相对于治理型计划，激励型计划与绑定型计划均能提升企业的创新产出，且绑定型计划的作用更加显著；影响机制检验发现，激励型计划促进了员工在创新活动中的努力投入，绑定型计划降低了员工流失率并提升了高管的风险承担水平。本研究证实员工持股计划的实施符合利益协同观而非市值管理观，中国式员工持股计划具有创新促进效应。
2020, 35(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。
2020, 35(5): 48-57.
摘要：
基于不同规制类型与行业竞争程度差异, 将制造业分为高竞争性行业和低竞争性行业, 采用系统GMM动态面板模型评估行政命令型环境规制、市场激励型环境规制及综合使用这两类环境规制对制造业绿色发展的异质性影响。研究发现: (1)环境规制整体对制造业绿色发展的影响会经历一个由阻碍到促进的U型变化, 当前我国环境规制的影响处于阻碍阶段, 且这种阻碍效应在高竞争性行业更显著, 低竞争性行业的U型拐点出现更晚; (2)行政命令型环境规制和市场激励型环境规制对制造业绿色发展分别表现为阻碍效应和促进效应, 且这两种效应在高竞争性行业均表现更显著; (3)技术创新主要驱动了低竞争性行业的绿色发展, 而对高竞争性行业的作用不显著。
基于不同规制类型与行业竞争程度差异, 将制造业分为高竞争性行业和低竞争性行业, 采用系统GMM动态面板模型评估行政命令型环境规制、市场激励型环境规制及综合使用这两类环境规制对制造业绿色发展的异质性影响。研究发现: (1)环境规制整体对制造业绿色发展的影响会经历一个由阻碍到促进的U型变化, 当前我国环境规制的影响处于阻碍阶段, 且这种阻碍效应在高竞争性行业更显著, 低竞争性行业的U型拐点出现更晚; (2)行政命令型环境规制和市场激励型环境规制对制造业绿色发展分别表现为阻碍效应和促进效应, 且这两种效应在高竞争性行业均表现更显著; (3)技术创新主要驱动了低竞争性行业的绿色发展, 而对高竞争性行业的作用不显著。
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