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Economic Survey
2019 Vol.36 Issue.2
Published 2019-03-10
1
Basic Research Input on Spatial Evolution of Regional Innovation ——An Analysis from the Perspective of Cluster Structure and Knowledge Spillover
WANG Chun-yang, MENG Wei-dong
To implement innovation-driven development strategy, it is a must to attach importance to basic researches. Based on the provincial panel data of innovation during the period from 2009 to 2016, this paper analyses the influence of basic research input and its spillover on spatial pattern of regional innovation. The results show that the agglomeration of basic research resources in research institutions has a significant positive impact on regional innovation, while that in universities and enterprises has no significant contribution. The agglomeration of basic research funding in research institutions and universities has a significant positive effect on innovation in the western region, while of agglomeration of basic research personnel in eastern region has significant negative impact. The agglomeration of basic research funding in enterprises shows a significant negative effect on regional innovation in the eastern region, while the effect of agglomeration of basic research personnel shows a significant positive one. The policy indications are that the funding for basic research, especially that in research institutions and universities in western regions, should be increased and the industry-university research cooperation should be strengthened so as to promote the achievement transformation of basic research.
2019 Vol. 36 (2): 1-8 [
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Factor Price Distortion, Environmental Pollution and Regional Innovation Capability
Sahibjamal·Ruzi, DENG Feng
Based on China’s provincial panel data from 2005 to 2015, Cobb-Douglas production function is used to calculate the degree of factor price distortion. This paper measures the innovation capability from the three dimensions of innovation input, innovation output and innovation environment. Then the dynamic GMM method and intermediary effect model are used to study the influencing mechanism of factor price distortion on environmental pollution and regional innovation capability. The major conclusions are that both capital factor and labor factor price distortion aggravate environmental pollution and hinder improvements in environmental quality. The enhancement of regional innovation capability can significantly reduce pollutant emissions. Factor price distortions inhibit the improvement of innovation capability and under the restraint of factor price distortion, the role of regional innovation capability on environmental protection is weakened. Thus, factor price distortion has a double negative impact on the environment. In view of regional differences, further analysis shows that factor price distortions in high economic regions have a greater impact on environmental pollution than in low economic regions in addition to a stronger effect on regional innovation capability.
2019 Vol. 36 (2): 9-16 [
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Research on Spatial Effects of Multi-channel International Technology Spillovers on Regional Innovation
XUE Jing, ZHANG Mei-qing
Combining the expanded Bertschek model with the competition effect, learning cost effect, location effect and absorption and diffusion effect of transportation infrastructure, provincial data from 2006-2016 in China and spatial econometric model are adopted in the analysis of the impact on regional innovation brought about by FDI, OFDI, import and export trade and transportation infrastructure. The results show that FDI, OFDI and export trade can generate significant local innovation spillovers thus positively influence neighboring areas. Transportation infrastructure plays a positive role in FDI’s transformation into local innovation, thus becoming one of the reasons for regional differences in local innovation spillovers in FDI. Innovation spillovers of international trade are more vulnerable to space constraints and transportation infrastructure weakens the spatial attenuation of innovation spillovers. R&D investment, education and Internet penetration bring about local innovation spillover effect, while R&D investment has a significant positive impact on neighboring regions. China should reduce its dependence on high-tech import, cultivate and upgrade brand enterprise and bring the import innovation effect into play. In the meantime, it is a must to narrow down regional differences in transportation infrastructure so as to realize the balance and cooperation in two-way international technology spillover.
2019 Vol. 36 (2): 17-24 [
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Internet and Income Gap Between Urban and Rural Residents: Factual Examination from China
HE Ya-ping, XU Kang-ning
Based on search theory, the paper studies the influencing mechanism of Internet on the income gap between urban and rural residents in China. It finds that Internet reduces search costs by reducing the variable costs and increases search efficiency, thus contributes to wage growth. But the differences in Internet penetration between urban and rural regions widen the urban-rural income gap. On the basis of theoretical study, the paper carries out an empirical test by adopting China’s provincial panel factual data between 2004 and 2015. The results show that Internet aggravates the urban-rural income gap, and the effect will change following changes in the regional economic development and human capital factors.
2019 Vol. 36 (2): 25-32 [
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Research on the Effect of Social Endowment Insurance on the Sense of Relative Deprivation of the Rural Elderly
WANG Lian-jie
Based on the survey data of China comprehensive social survey (CGSS) in 2015, this paper adopts the Ordered Probit Regression model to empirically analyze the effect of social endowment insurance on the sense of relative deprivation of rural elderly. The research shows that social endowment insurance is conducive to alleviating the sense of economic and social deprivation of the rural elderly. When endogenous problem is eliminated by using instrumental variables, the research conclusions stay strong. The results of the investigation on the influencing mechanism show that the social endowment insurance reduces the sense of relative deprivation by improving the social trust, health status and political participation of the rural elderly. Further analysis of the heterogeneity test shows that the effect is higher of social endowment insurance on the relative sense of deprivation among rural males, the 80 year-olds and above, and the elderly below the poverty line. Based on this, the paper believes that a linkage growth mechanism between basic pension and household consumption index should be established, that the targeted poverty alleviation policy should be advocated to favor rural elderly groups, and that a social atmosphere of paying attention to and caring for rural elderly should be created in order to gradually eliminate the sense of relative deprivation.
2019 Vol. 36 (2): 33-40 [
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41
The Effect of Village Cadres Doubling as Managers on the Performance of Farmer Cooperatives
LIU Yu-xiang
In order to study the effect of village cadres doubling as managers on cooperatives’ performance, the survey data of Shaanxi and Shanxi provinces are collected and the Ordered Logit model is adopted in the evaluation of the impact of village cadres on the development of cooperatives from the perspectives of farmers’ income and rural community development. Results show that village cadres doubling as cooperative managers can effectively increase the members’ income and promote the community development, whereas the relationship between village committee and cooperative management has no significant impact on cooperative performance. Village cadres doubling as cooperative managers is a rational choice of farmers, which can effectively promote the integration of social and human resources and capital, both in and out of the village, thus promoting the development of cooperatives. To safeguard fairness and democracy in cooperatives, village cadres need appropriate incentives and restrictions as a prevention of cooperative alienation brought about by excessive concentration.
2019 Vol. 36 (2): 41-47 [
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48
Economic Characteristics of Partner Countries, OFDI and Domestic Value Added in Exports ——Empirical Evidence from China
DING Yi-bing, ZHANG Hong-yuan
Using the latest international input-output data from WIOD in 2000-2014, this paper measures the Chinese domestic value added in exports adopting gross trade accounting method by Wang Zhi et al(2015), and analyzes the effects of the economic characteristics of partner countries and OFDI on the Chinese domestic value added in bilateral trade exports applying the modified gravity model. The study has shown that economic scale, economic development and labor productivity of the partner countries have a significant positive impact on Chinese domestic value added in exports. As to economic institutional arrangements, institutional distance has a significant negative impact on Chinese exports to EU countries and emerging market countries. For OFDI, Chinese direct investment in countries outside the EU can significantly increase Chinese domestic value added in exports.
2019 Vol. 36 (2): 48-55 [
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Research on the Impact of Institutional Distance on the Location Distribution of China’s Outward Foreign Direct Investment ——Empirical Analysis Based on Data from 47 Countries Along the “Belt and Road”
LIU Zhen-lin,HUANG Kai
This paper analyses the influence of institutional distance on the regional distribution of China’s direct investment with 47 countries along the “Belt and Road” as a sample. The results show that the economic institutional distance has little effect on China’s direct investment, while the legal institutional distance has a significant negative effect. Even after adopting the Ward system cluster analysis method to divide the economic system distance into two groups with high and low economic institutional differences, the above conclusion is still valid. In addition, China’s outward foreign direct investment has obvious inertial features. That is, the early investment will significantly affect the current investment, and follows the path of an export-oriented investment. Moreover, it tends to go to those countries or regions with lower exchange rate valuation, better infrastructure, and higher labor output.
2019 Vol. 36 (2): 64-71 [
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Research on Threshold Effect of Industrial Co-agglomeration’s Impact on Total Factor Productivity ——Based on the Empirical Test of 246 Cities in China
WU Xian-fu
Based on the estimation of the threshold value with reference to the general threshold model, this paper constructs piecewise function to solve model parameters by using virtual variable generated from the threshold value. Then the paper carries out an empirical test using the panel data of 246 cities of prefecture-level and above in China during 2003-2016. It is found that the effect of industrial co-agglomeration with producer services on TFP(total factor productivity), PEC(pure efficiency change) and production scale change turns from negative to positive after the threshold value of 1.0299, 2.1741 and 2.0651 are passed respectively in the specialized agglomeration index of manufacturing, while this effect on pure technological progress turns from positive to negative after reaching the threshold value of 2.1741. With the specialized agglomeration of producer services being the threshold variable, the threshold effect of industrial co-agglomeration on TFP and its decomposition indicators is not significant, or even null.
2019 Vol. 36 (2): 72-78 [
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The Influence of Higher Engineering Education on Regional Industrial Competitiveness in China ——A Study Based on System Coupling Interaction
WANG Jie, WANG Xiang-yu, SUN Xue-min
Taking as samples the data of higher engineering education and the data of industrial development in 30 provinces and cities between 2005 and 2013, this paper calculates the coupling degree and coordination degree of those two and analyzes their interactions from two dimensions of space and time. Finally the paper calculates regional industrial competitiveness using the factor analysis and examines the impact of coupling coordination of industrial development and higher engineering education on regional industrial competitiveness. It is found that firstly, the coupling degree of industrial development and higher engineering education is at a high level, but the coordination degree is not high. Secondly, there are great regional differences in the degree of coordination and the imbalance. Thirdly, this synergistic development between industry and higher engineering education could enhance the regional industrial competitiveness.
2019 Vol. 36 (2): 79-86 [
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The Impact of Demographic Changes on Real Estate Inventory ——An Analysis of Regional Differences Based on SYS-GMM Estimation
FU Yi-mang, ZHOU Jian-jun, ZHOU Ying
Using the Chinese provincial panel data from 2004 to 2016, this paper constructs a dynamic panel model to investigate the impact of demographic changes on real estate inventory. The results show that compared with social and spatial demographic structures, natural demographic structure has a more significant influence on real estate inventory. Specifically, the ratio of youth dependency and elderly dependency play a significant promoting role in real estate inventory. The effect of the average household size on the real estate inventory shows significant regional differences, which is inhibiting in the whole country and the eastern region but promoting in the central and western regions. There is no evident influence on real estate inventory from gender ratio, higher education ratio and the rate of population urbanization. In addition, the real estate inventory has a strong continuity, and the lagged variable has significant influence on it while the expected item shows no obvious impact. The economic development has a strong impact on real estate inventory and shows regional differences, while the impact of economic openness is not significant.
2019 Vol. 36 (2): 87-94 [
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Influencing Factors of Enterprises Entering Strategic Emerging Industries ——Empirical Analysis Based on Probit Selection Model
YAN Jun-zhou, TONG Chao, QIN Jian-jun
Taking 2568 industrial enterprises in Shanxi Province as the research samples from 2014 to 2016, the paper empirically analyzes the influencing factors of enterprises entering strategic emerging industries using the probit selection model. The results show that the enterprise structure and enterprise management have a significant influence on the enterprises entering strategic emerging industries. The probability of state holding enterprises doing this is significantly higher than that of collective holding companies and private holding companies. The scale, assets and profits of enterprise have a significantly positive influence on enterprises entering into strategic emerging industries. Enterprise risks have a negative influence on enterprises entering strategic emerging industries, and enterprise liquidity risks can significantly reduce the probability of that happening. But financial subsidies and tax relief policies have a significantly positive influence on enterprises’ entrance into that field.
2019 Vol. 36 (2): 95-101 [
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102
Can Analyst Follow up Play the Role of External Governance——An Empirical Analysis Based on the Relationship Between Separation of Two Rights and Overinvestment
ZHANG Ying
Using the sample of all the listed companies in Shanghai and Shenzhen stock markets in the period of 2009 2016, this paper tests whether analyst follow up can inhibit the overinvestment of enterprises resulted from the separation of two rights. It examines the external governance role of analysts and makes a further study to distinguish the nature of property rights while taking into consideration all the possible situations. The empirical result shows that the separation of two rights is positively related to the overinvestment of enterprises. Analyst follow up strengthens the positive relationship between the overinvestment and the separation of two rights and fails to reduce the former. The further study shows that the enhancement effect is more significant in state owned enterprises.
2019 Vol. 36 (2): 102-109 [
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Financing Management, Executive Governance and Actual Surplus
JIA Xin-zhong, YUAN Wei-qiu
From the perspective of actual earnings management, this paper selects data of popular non-financial companies in Shanghai and Shenzhen A-share stock markets between 2010 and 2017 and carries out a regression analysis in the hope of testing the correlation among financing management, executive governance and actual surplus management. The conclusions are that there is a significant positive influence on actual surplus management from financing constraints and the level of executive governance. In large-scale enterprises with a large number of people, the positive role between the three is more prominent and there is a reaction force, which in turn promotes the improvement of management capabilities of enterprises. Therefore, it is conducive to reducing the actual surplus and maintaining a sound management in times of decision-making by raising the salary level, perfecting the corporate governance system, and establishing a mature supervision and management mechanism.
2019 Vol. 36 (2): 110-117 [
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Economic Development, Market System and Income Inequality
CHENG Qiang
In recent years, people pay more and more attention to inequality. This paper studies the causal relationship between economic development, market system and income inequality using data from 50 countries in 2004-2015. The empirical results of the SEM model show that the increase of economic development helps to reduce income inequality and the impact of this mechanism is achieved by improving the market-oriented system. The robustness of the conclusion is improved by using the Corruption Perceptions Index as an alternative variable. The expanded analysis of the subsample regression shows that the increase of economic development has more significant effect on the improvement of market system in the indigenous capitalist countries. The market system construction has more significant effect on reducing income inequality in the non-OECD countries with low marketization. Therefore, this paper argues that to achieve the goal of reducing inequality, it is a must to accelerate the market-oriented reform while maintaining steady economic growth.
2019 Vol. 36 (2): 118-125 [
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Research on the Influence of Environmental Regulation on Green Technology Innovation ——Evidence from Hunan Province
KUANG Chang-e, LU Jiang-lin
Environmental regulation is an important influencing factor on green technology innovation. By building a theoretical model based on cost-minimization, this paper analyzes the influencing mechanism of environmental regulation on green technology innovation. Theoretical research shows that the influence depends on the actual output, reported pollution quantity and punishment coefficient of government on enterprises for false reporting of pollution quantity. On this basis, selecting urban panel data of 13 prefecture-level cities (excluding Xiangxi Autonomous Prefecture) between 2003 and 2014, the paper establishes a panel threshold model and empirically tests the influence of environmental regulation on green technology innovation. It is shown that the influence of environmental regulation on green technology innovation is not a simple linear relationship, but presents threshold characteristics of V-shape. In other words, in different periods, the intensity of environmental regulation shows different relevant intensity on “Follow-the-cost Effect” and “Backward Forcing Effect” on green technology innovation. Labor investment and capital investment have a significant positive effect on green technology innovation, while the openness of foreign trade has a significant negative one. Accordingly, targeted policy recommendations to enhance green technology innovation are put forward.
2019 Vol. 36 (2): 126-132 [
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Regional Financial Development, Supply Chain Integration and Corporate Bank Debt Financing
WANG Yong-qing, SHAN Wen-tao, ZHAO Xiu-yun
Taking Chinese A-share listed companies between 2009 and 2016 as research samples, this paper empirically examines the impact of supply chain integration on corporate bank debt financing. The results show that supply chain integration can help enterprises get more bank debt financing. Further analysis shows that the financial development of the region where the enterprise is located can strengthen the integration of supply chain effect, which results in the fact that the above-mentioned relationship exists mainly in enterprises with a high level of regional financial development. Based on the dual perspective of transaction scale and stability, this paper demonstrates the influence mechanism of supply chain integration on corporate bank debt financing. The conclusion enriches the economic consequences of supply chain relationship with enterprises, and offers new thoughts on the improvement of debt financing in enterprises.
2019 Vol. 36 (2): 133-140 [
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Internet Use and Farmers’ Financial Exclusion —An Empirical Research Based on CHFS2013
LIU Chang-geng, LUO Wu-yang
Using the data of China Family Finance Survey (CHFS), this paper examines the impact of internet use on farmers’ financial exclusion. Empirical results show that internet use can significantly reduce the probability of farmers’ financial exclusion, and has restraining effects on the exclusion of savings, risky assets, loans and commercial insurance. Even in the case of overcoming endogeneity and replacing core variables in the measurement, the conclusion remains stable. Heterogeneity analysis shows that the effect of internet on farmers’ financial exclusion is more evident in the samples of low-income, middle-aged and elderly farmers and households with low financial development, which highlights the promotion effect of internet use on the financial welfare of vulnerable groups in the society.
2019 Vol. 36 (2): 141-148 [
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Research on the Influencing Factors of Rate of Return of Financing Products of Commercial Banks —From the Perspective of Regulatory Policy Changes
LI Na
Taking the monthly data of 4 state-owned large banks, 5 joint-stock banks and 4 city commercial banks from December, 2008 to August 2018 as statistic samples, this paper adopts time series threshold regression model and studies the co-relationship between market interest rate, product maturity, financial system liquidity and rate of return of commercial bank RMB financing products from the perspective of structural variation brought about by regulatory policies. The conclusion shows: in the past decade, regulation policies do have a short-term inhabitation effect on the rate of return of commercial bank RMB financing products, but have no long-term substantial effect. Market rate, product maturity are very important determinants and liquidity of financial system can also influence the rate.
2019 Vol. 36 (2): 149-157 [
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A Study of Response of Public Goods Supply on Tax Competition of Local Government —An Empirical Analysis Based on Spatial Panel Model
HOU Ming, CHANG Ge, QU Yang
Under the background of fiscal decentralization, the correlation between local tax competition and public goods supply have become one of the most popular topics in public economics with the continuous improvement of the market economic system and the increasingly prominent drawbacks of the incentive mechanism of local government performance. Based on the 2007-2015 provincial panel data, this paper constructs a spatial autocorrelation model and a spatial error model that entail random effects. Placing the local tax competition and expenditure competition under the same empirical framework, the paper then analyses the influence of tax competition on six public expenditures, namely education, science and technology, culture, sports and media, social security and employment, health care,and environmental protection. The results show that there is significant spatial complementation effect in the per capita values in those six expenditures, while there is negative effect from tax competition on all six expenditures. Both effects show consistence in intensity on different expenditure categories, thus forming an anti-distortion effect.
2019 Vol. 36 (2): 158-164 [
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