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Economic Survey
2025 Vol.42 Issue.4
Published 2025-07-10
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Can Public Data Access Promote Enterprise Open Innovation: A Quasi-Natural Experiment Based on Government Public Data Platform Access
YANG Zhuang, WU Fuxiang, GONG Enze
Based on the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2022 and taking the launch of the city-level government public data platform as an exogenous policy impact, this paper constructs a multi-period Difference-in-Differences model to examine the impact and mechanisms of public data access on corporate open innovation. The results show that government’s promotion of public data access through online public data platforms can significantly enhance open innovation in enterprises. This conclusion remains still robust after handling endogenous concerns and various robustness tests. Mechanism test indicates that public data access mainly affects enterprise open innovation through reducing information asymmetry, expanding supply chain partners and improving innovation capabilities. Heterogeneous analysis displays that the promoting effect of public data access on enterprise open innovation is more significant among high-tech enterprises, state-owned enterprises and large-scale enterprises. The conclusions provide theoretical support for the government to continuously promote the practice of public data access, and also offer policy implications for enterprises to transform their innovation models and achieve high-quality development.
2025 Vol. 42 (4): 3-15 [
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The Synergistic Incentive Effect of Fiscal Ecological Transfer Payment on Livelihood and Environmental Quality from the Perspective of Multi-Stakeholder Governance: Taking the Horizontal Ecological Compensation Mechanism in Cross-provincial River Basins as an Example
LU Hongyuan, MA Jie, CHEN Xudong
Taking the cross provincial river basin horizontal ecological compensation mechanism in China’s fiscal ecological transfer payment system as an example, this paper uses panel data from 135 cities across seven major river basins from 2007 to 2021 to construct a multi-period difference-in-differences ( DID ) model to empirically analyze the mechanism’s role in promoting the coordinated development of living standards and environmental quality in recipient areas from the perspective of multi-stakeholder governance. The results show that the cross-provincial river basin horizontal ecological compensation mechanism can promote the coordinated improvement of living and environmental quality in recipient areas by increasing government expenditures, boosting industrial upgrades and improving public environmental awareness. However, its incentive effects are only significant in areas with low fiscal decentralization, high tax competition and high population density, as well as in low-carbon pilot cities. Additionally, horizontal and vertical ecological transfer payments can work together to positively promote the coordinated enhancement of living and environmental quality in recipient areas. Therefore, we should accelerate establishing cross-provincial basin eco-compensation mechanisms in key regions, enhance financial incentives for multi-stakeholder engagement in public welfare and environmental protection, and streamline coordination between vertical and horizontal eco-fiscal transfer systems.
2025 Vol. 42 (4): 16-31 [
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Land Transfer, Rural Identity and Migrant Workers’ Migration Intentions: An Empirical Analysis Based on Rural Household Survey Data in Henan Province
ZHANG Jianqiu, LIU Tao, GENG Mingzhai
Based on the rural household survey data from “Hundred Counties and Thousand Villages” project in Henan Province, the paper constructs a Probit model to empirically examine the impact and mechanism of land transfer on migrant workers’ willingness to migrate. The results show that land transfer can significantly enhance migrant workers’ migration intentions. This conclusion remains robust after a series of robustness checks and addressing potential endogenous issues. Heterogeneous analysis indicates that the land transfer rates at the village level more positively affect the migration willingness of migrant workers and rural households transferring land. Mechanism analysis reveals that land transfer indirectly enhances migrant workers’ willingness to migrate by reducing their sense of identity with rural education and living environment, and the mediating effect of identity with rural living environment is greater. Further analysis of the choice of relocation places demonstrates that migrant workers are most inclined to migrate to the county after land transfer. The conclusions help clarify how land transfer affects migrant workers’ migration willingness, offering crucial insights for formulating more systematic and coordinated policies to promote land transfer and migrant workers’ migration.
2025 Vol. 42 (4): 32-44 [
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How Does the Digital Economy Influence the Spatial Distribution of Urban Scale: Flattening or Centralization
MAO Fengfu, GAO Yuchen, HOU Yuqiao
Based on the high-precision night lighting and dynamic population grid data of China from 2003 to 2021, the paper explores the evolution of urban scale and spatial distribution driven by the digital economy by identifying the real city scope and measuring the scale and spatial distribution of regional cities. The study shows that the development of the digital economy has significantly driven the flattening of the spatial distribution of urban scale. Theoretical analysis based on cost changes demonstrates that the support of low transportation cost effects and the acceleration of low information cost effects are two important reasons. Heterogeneity analysis indicates that in advanced stages of digital economy development, regions with higher digital responsiveness, less economic development pressure and greater housing price pressure are more likely to experience this equalizing effect. Further findings reveal that, unlike the flattening trend at the provincial level, digitalization promotes centralized urban scale development within urban agglomerations. This centralization is primarily observed in early-stage integrated developments or less developed regions. The study provides empirical evidence from China to grasp the evolution of urban system structure driven by the digital economy, and has policy implications for achieving balanced regional economic development in agglomeration in the digital age.
2025 Vol. 42 (4): 45-58 [
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Study on the Carbon Emission Reduction Effect of Coordinated Development of Green Production and Lifestyle in the Yangtze River Economic Belt
LIU Jianping, CAI Rui
Based on panel data from 108 cities in the Yangtze River Economic Belt from 2006 to 2022, this study explores the spatial impact and mechanism of the coordinated development of green production and lifestyle on carbon reduction. The results show that enhanced synergy between green production and lifestyles significantly suppresses local carbon emission intensity while exacerbating that of neighboring regions. Cities with larger scales and stronger technological innovation capabilities achieve greater carbon reduction through coordinated green production and lifestyle development. Compared with non-resource-based cities, resource-based cities demonstrate a more pronounced effect in curbing carbon emission intensity through the advancement of such coordinated development. However, when contrasted with non-low-carbon pilot cities, the impact of coordinated green production and lifestyle development on local carbon reduction in low-carbon pilot cities is not significantly prominent. The synergistic development of green production and lifestyles reduces carbon emission intensity by enhancing resource allocation efficiency, optimizing energy consumption structures and raising public environmental awareness. Both the “ effective market ” and “ proactive government ” play positive regulatory roles in amplifying the carbon reduction effects of this synergy. The introduction of the “ dual carbon ” goals policy significantly strengthens the carbon reduction impact arising from green production-lifestyle coordination. The conclusions provide theoretical support and policy reference for promoting the coordinated development of green production and lifestyle in the Yangtze River Economic Belt and leveraging its carbon emission reduction effect.
2025 Vol. 42 (4): 59-75 [
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Host Country’s Digital Infrastructure and Chinese Enterprises’ Cross-Border M&A
GUO Ying, QI Jianhong
Based on listed firm data from 2010 to 2021, this study employs the entropy weight-Topsis method to quantitatively measure the level of digital infrastructure in host countries and investigates its impact on the scale of cross-border mergers and acquisitions (M&A) by Chinese enterprises. There are following findings: (1) The host country’s digital infrastructure has significantly enhanced the scale of cross-border M&A of China enterprises and become a new location advantage to attract China’s cross-border M&A. (2) Mechanism analysis shows that the host country’s digital infrastructure plays an enhancing role by expanding information access and stabilizing supply relationships. (3) Further analysis indicates that regarding M&A motives, the innovation capacity and experience of “ self-driven ” enterprises significantly enhance the positive effects of mergers and acquisitions on the digital infrastructure of the host country. In terms of M&A locations, Chinese enterprises show a preference for shifting their cross-border mergers and acquisitions from “ digital deserts ” to “ digital oases ”. As for M&A strategies, compared to “ exploitative ” mergers and acquisitions, “ exploratory ” strategies are better suited to the demands of the digital competitive environment. The conclusions provide new insights into the theoretical framework of location advantages for multinational enterprises, and offer practical implications for optimizing the geographic distribution of Chinese investments in the digital era.
2025 Vol. 42 (4): 76-91 [
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Does the Establishment of Free Trade Zones Raise Labour Income Shares: From the Perspective of Employment Structure and Skill Wages of Workers
HE Xiaogang, MAO Shenya, CAO Yan
Based on the data of A-share listed companies from 2009 to 2022, this paper constructs the theoretical framework of “ the establishment of FTZ-employment structure and skill wage allocation-labour income share ”, and adopts the multi-period DID model system to examine the impact and mechanism of the establishment of FTZ on the labour income share of enterprises. There are following findings: Firstly, the establishment of a free trade zone has significantly increased the share of enterprises’ labor income. This conclusion is still valid after considering the heterogeneity treatment effect and passing the robustness test; Secondly, the heterogeneity analysis shows that the effect of the FTZ on the labour income share of enterprises is more significant in the non-state-owned enterprises, labour-intensive enterprises, low-financing-constraint enterprises and high-tech industries; Thirdly, the mechanism test indicates that the FTZ promotes the increase of labour income share through the dual path of optimizing the labour skill structure and expanding the skill wage premium; Finally, the FTZ policy significantly promotes the growth of total factor productivity of enterprises through the enhancement of labour income share, which helps enterprises to achieve the high-quality development goal of efficiency and fairness. This study provides micro-evidence for the policy of the free trade zone to optimize the allocation of labor factors and promote high-quality development, and has policy implications for improving the income distribution system and achieving the goal of common prosperity.
2025 Vol. 42 (4): 92-106 [
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The Cordial and Clean Relationship Between Government and Business and Corporate Risk: Empirical Evidences from China’s Listed Companies
PENG Bin, ZHU Shujin, LI Dan
Based on the index of urban government-business Business Relations and the data of listed companies from 2017 to 2022, this paper examines the impact of cordial and clean government-business relationship on corporate risk and the underlying mechanism. The results show that the cordial and clean government-business relationship in cities can significantly reduce corporate risks, among which the reduction of corporate uncertainty perception, entrepreneurship incentives and corporate rent-seeking constraints play an important mediating role.Heterogeneity analysis indicates that the urban cordial and clean government-business relationship has a more significant risk reduction effect on types of enterprises that are far from the origin of business group culture, without government-enterprise connection, and frequently engage in shadow banking business. Further analysis reveals that the urban cordial and clean government-business relationship can significantly promote the digital transformation of companies, reduce the misallocation of enterprises resources, improve the ESG performance of companies and ultimately promote the high-quality development of enterprises. The conclusions provide empirical support and decision-making reference for optimizing the government’s business environment and promoting the high-quality development of China enterprises from the perspective of clarifying the boundaries between government and enterprises and building cordial and clean relationship between government and business.
2025 Vol. 42 (4): 107-119 [
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Digital Government Construction and Enterprise Labor Productivity
ZHAO Renjie, DU Ying, HE Aiping
Based on the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2022, this paper takes the launch of public data open platforms in various cities of China as a quasi-natural experiment and uses the difference-in-differences model to investigate the impact of digital government construction on the labor productivity of enterprises and its specific mechanism of action. The results show that the construction of digital government has significantly promoted the labor productivity of enterprises. This conclusion still holds true after a series of robustness tests. The mechanism test reveals that the construction of digital government mainly affects the enterprise labor productivity by improving labor investment efficiency, promoting human capital upgrading and enhancing employee labor enthusiasm. In addition, the heterogeneity analysis indicates that the improvement effect of digital government construction on enterprise labor productivity is more pronounced in small scale enterprises and enterprises with high degree of information uncertainty. The findings not only deepen the academic cognition of the micro-economic consequences of government digital transformation in the digital economy era, but also provide useful policy reference for promoting efficient production of enterprises and thus promoting high-quality economic development during the “ 15th Five-Year Plan ” period.
2025 Vol. 42 (4): 120-133 [
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A Study on the Impact of Rookie Independent Directors on Tunneling by Major Shareholders
SHAO Jianbing, YUAN Dongxu
Based on proposing the opposing hypothesis of “ ineffective supervision ” and “ effective supervision ” for rookie independent directors, this paper uses data from Shanghai and Shenzhen A-share listed companies from 2012 to 2022 to test the impact of rookie independent directors on tunneling out of major shareholders. The results show that rookie independent directors increase major shareholders’ tunneling. This conclusion still holds true after a series of robustness tests, rejecting the “ effective supervision ” hypothesis. The results of examining ineffective functions show that rookie independent directors display both “ lack of independence ” and “ lack of experience”. Heterogeneous analysis reveals that in enterprises with low information transparency and weak supervision capabilities of minority shareholders, the positive correlation between rookie independent directors and tunneling out of major shareholders is more significant. At the same time, rookie independent directors with non-academic backgrounds, non-overseas backgrounds and non-chain backgrounds have a stronger impact on tunneling out of major shareholders. This paper not only deepens the research on the influencing factors of hollowing out of major shareholders, but also helps us comprehensively understand the impact of rookie directors on corporate governance. It is of great significance to understanding the role of rookie independent directors in the board of directors and how to prevent tunneling out of major shareholders.
2025 Vol. 42 (4): 134-146 [
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Can Corporate ESG Ratings Reduce Corporate Idiosyncratic Risk: The Moderating Effect of Multidimensional Information Transparency
LIU Weiqi, WANG Guangyao
Based on data from China’s A-share listed companies from 2009 to 2022, this study examines the impact and mechanism of ESG ratings on corporate idiosyncratic risk, as well as the moderating effect of multidimensional information transparency. The findings reveal that ESG ratings help reduce corporate idiosyncratic risk. Mechanism testing shows that ESG ratings can reduce corporate idiosyncratic risks by alleviating investor irrationality, narrowing analyst prediction differences and improving corporate reputation. The moderating effect test indicates that the effect of ESG rating on reducing the company’s idiosyncratic risk is more significant at lower multi-dimensional information transparency, while higher multi-dimensional information transparency suppresses this effect. The heterogeneity test demonstrates that the effect of ESG ratings in reducing the specific risks of companies is more significant in enterprises with a strong willingness to disclose proactively, labor-intensive enterprises and enterprises in the recession stage. And this effect is more prominent during periods of high economic policy uncertainty and high investor sentiment. The conclusions provide theoretical foundations and practical insights for promoting corporate ESG disclosure, reducing corporate idiosyncratic risk and fostering high-quality enterprise development.
2025 Vol. 42 (4): 147-160 [
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