Economic Survey

经济经纬

　

Home Current Issue Instruction Subscription Advertisement Contact Us Message Chinese

经济经纬

　

Office

　

Author Center

　

　

Links

　

　　　　　　　　 More

Quick Search

Advanced Search

Economic Survey

	2021 Vol.38 Issue.1 Published 2021-01-10

	5	A Study on High-quality Balanced Growth of National Urban Agglomerations:Based on the Perspective of Industrial Division of Labor——Bision of Labor
		SONG Deyong, LI Dongfang
		Based on the panel data of 156 cities in China from 2008 to 2017, this paper empirically tests the impact of industrial division of labor on the high-quality growth of 11 state-level urban agglomerations. There are following findings: (1) The the industrial division of labor in urban agglomeration can not only significantly promote high-quality growth, but also help to narrow the growth gap between non-central cities and central cities; (2) For non-central cities, the promotion effect of state-level urban agglomerations is more significant in southern urban agglomeration and multi-central urban agglomeration; (3) The test results of the Mediating Effect Model show that the improvement of the level of construction transportation infrastructure can accelerate the industrial division of labor within the urban agglomeration, and promote the city’s high-quality growth. Therefore, in order to achieve high-quality balanced growth of urban agglomeration, it is necessary for us to accelerate the construction of transportation infrastructure in non-central urban, further strengthen industrial division of labor and cooperation, optimize the spatial distribution of production factors, and promote the complementary functions of central cities and non-central cities.
		2021 Vol. 38 (1): 5-14 [Abstract] ( 676 ) [HTML 1KB] [ PDF 1250KB] ( 854 )

	15	Coupling Coordination and Temporal-spatial Evolution Between Tourism Economy and Urbanization in Coastal Provinces: Taking Shandong Province as an Example
		DU Xia, FANG Chuanglin, MA Haitao
		Based on the tourism statistical data of Shangdong Province from 2000-2017, this paper constructs a evaluation index system of tourism economy and urbanization and uses the Coupling Coordination Model to make an empirical study on the spatio-temporal evolution characteristics of the coupled coordinated development of tourism economy and urbanization in Shandong Province. Then some developing strategies for the coupled development of tourism economy and urbanization in coastal provinces are put forward. The results show that the coupling coordination level between tourism economy and urbanization is moving towards benign coordination, but there are some obvious spatial differences. And the coupling coordination of the central cities is superior to other cities, and their relative development level changes from the tourism-lagged model to synchronous model. In view of the fact that there is still a huge space for the development of tourism economy in coastal provinces, we should deeply explore coastal tourism resources. In the near future, we should comprehensively promote the level of high-quality tourism and new urbanization in coastal provinces, establish a coupled development plan of tourism and urbanization, and develop it reasonably in accordance with local conditions.
		2021 Vol. 38 (1): 15-26 [Abstract] ( 851 ) [HTML 1KB] [ PDF 3826KB] ( 1529 )

	27	A Dynamic Analysis of the Linkage Between Digital Economy and Regional Economic Growth
		YAO Zhiyi, ZHANG Yang
		In Cobb Douglas Production Function, there are three factors of production. This paper regards digital economy as a new factor of production to theoretically deduce the linkage mechanism between digital economy and regional economic growth.Taking the digital economy as the research object, the paper uses the panel co-integration test method to empirically analyze whether there is a linkage between the digital economy and the regional economy. Then, based the data from 2002 to 2017, we construct a State Space Model to analyze the dynamic changes between digital economy and regional economy. Through study, the following findings are deduced. Firstly, the growth of digital economy and regional economic fluctuate periodically, especially the fluctuations caused by the input of digital technology are great. Secondly, the integration of digital economy and industry is mainly achieved by increasing E-commerce revenue through online retail. It is beneficial for us to promote employment and regional economic development. The integration of digital economy and traditional industries is undergoing a process of transformation from acceptance to faultage. Therefore,the government needs to actively guide the transformation of traditional industries, overcome the problems of digital technology, and support the development of digital economy of small and medium-sized enterprises in policy and finance.
		2021 Vol. 38 (1): 27-36 [Abstract] ( 938 ) [HTML 1KB] [ PDF 1282KB] ( 1788 )

	37	A Study on Income Distribution Effect of Rural E-commerce Development: An Empirical Evidence from “Taobao Village”
		LI Hongbing, WANG Shuang, ZHAO Chunming
		Based on the matching of Alibaba “taobao village” data from 2009 to 2017 with China’s county-level indicators, this paper uses a variety of empirical schemes, such as the Intermediary Effect Model and PSM Model, to test the impact of development of rural e-commerce on farmers’ income increase and urban-rural income gap. The study finds that, on the whole, the development of rural e-commerce has significantly promoted farmers’ income, and the effect is greater in central and western regions than that of eastern regions, and lower in the areas with high marketization level than that of low marketization level. From the perspective of the influence mechanism of E-commerce, the level of regional economic development plays a positive role in promoting the effect, while the government’s financial support shows a negative regulating effect on it. At the same time, the intermediary channel of promoting farmers to return to their hometowns for employment has also significantly promoted the increase of farmers’ income. Further research finds that the impact of rural e-commerce on the income gap between urban and rural areas shows a significant inverted “U-shaped” trend, which is mainly realized through the mechanism of industrial structure upgrading.
		2021 Vol. 38 (1): 37-47 [Abstract] ( 1115 ) [HTML 1KB] [ PDF 1458KB] ( 3981 )

	48	A Study on the Change and Structure Optimization of Farmers’ Income in Different Regions under the Distortion of Factor Market
		WU Guosong, YAO Sheng
		Based on Gini coefficient, this paper discusses the regional differences of farmers’ total income growth and the changes of different income sources under the background of factor market, analyzes the changes of farmers’ income source structure through the change index of income structure, and studies the contribution rate and contribution order of seven factors, including the distortion of factor market to the differences of farmers’ income in different regions by means of Shapley value decomposition method. The results show that the regional differences of the total level of farmers’ income are increasing year by year, and the Gini coefficient of wage income is significantly higher than that of household operating income. Therefore, the Gini coefficient of farmers’ total income and wage income tends to the warning line of international income gap. Also there are significant differences in the growth potential and speed of the four major sources of farmer’s income, which have outstanding structural differences in the contribution to the increase of farmer’s income.The reason for it is that the distortion of factor market hinders the growth of farmers’ total income and other income from different sources in different regions, while other factors have significant income increasing effect. In a word, the distortion of factors market, rural human capital and the level of regional industrialization are the top three factors which result in the differences of farmers’ total income and different income sources in different regions. While the adjustment of agricultural-related policies can reduce the regional differences of farmers' total income and various income sources.
		2021 Vol. 38 (1): 48-56 [Abstract] ( 743 ) [HTML 1KB] [ PDF 1199KB] ( 851 )

	57	Mobile Empowerment: Migrant Working Experience and the Employment Quality of Returning Female Migrant Workers
		YUAN Chao, ZHANG Dong
		Based on the date of 2018 China Labor Force Dynamics Survey (CLDS), this paper discusses the impact of urban working experience on non-agricultural employment choice and income of returning women from the theoretical perspective of women’s economic empowerment. The empirical results show that the mobile working experience has changed the employment concept of rural women to a certain extent and improved their economic empowerment status. However, under the background of the dual structure of urban and rural areas, the relatively underdeveloped industrial foundation in the vast rural areas has restricted their opportunities of being employed and gained economic independence, which has also affected their economic empowerment and professional employment chances. Therefore, revitalizing and developing the modern industry in rural areas to absorb more female employment, strengthening employment training and improving the employment security system are important ways to promote the economic empowerment and family status of returning women.
		2021 Vol. 38 (1): 57-65 [Abstract] ( 842 ) [HTML 1KB] [ PDF 1193KB] ( 1171 )

	66	Factor Endowment Differences, Institutional Distance and China’s Location Choice of OFDI for Countries along the “Belt and Road Initiative”
		YAO Huibin, ZHANG Yabin
		Based on the data of China and the countries along the “Belt and Road Initiative” from 2005-2017, this paper empirically examines the influence of the factor endowment differences and the institutional distance on China’s OFDI in the countries along the “Belt and Road Initiative”. The results show that compared with labor differences, human capital differences and natural resources differences have an inhibitory effect on China’s OFDI in countries along the “Belt and Road Initiative”, tangible capital differences and technological differences show a positive impact, and institutional distance increases China’s tendency to invest directly in countries along “Belt and Road Initiative”. In addition, the heterogeneity grouping test confirms that the influence of different levels of samples of the factor endowment differences and institutional distance on China’s OFDI exists institutional distance multidimensionality, regional heterogeneity and national differences. In a word, the results of the interactive terms test shows that China’s location choice of OFDI for countries along the “Belt and Road Initiative” is affected by the interaction between factor endowment differences and institutional distance, in which there is a substitution relationship between institutional distance and human capital difference, and there is a complementary relationship between institutional distance and natural resource difference.
		2021 Vol. 38 (1): 66-74 [Abstract] ( 773 ) [HTML 1KB] [ PDF 1210KB] ( 1576 )

	75	Contract Environment, FDI and Quality of Export Products
		CAO Huiping, SHA Wenbing
		Based on incomplete contract theory, this paper analyzes the internal mechanism among contract environment, FDI and quality of export products, and uses the matching data from HS6 code product level data of UN comtrade Database, the World Bank Global Governance Index and Business Environment Database during 2000-2018 to conduct an empirical test. There are the following results. Interaction between contract environment and foreign direct investment can significantly improve the quality of export products, and a good contract environment can positively regulate the relationship between foreign direct investment and export product quality. Heterogeneity test shows that interaction between contractual environment and FDI plays a more significant role in improving the quality of export products in countries with high levels of economic development and industries with high technical complexity. The mechanism test finds that the improvement of the contract environment can realize effective utilization of foreign capital and promote the quality of export products by relieving financing constraints, optimizing factor structure and increasing scientific research and innovation.
		2021 Vol. 38 (1): 75-85 [Abstract] ( 814 ) [HTML 1KB] [ PDF 1245KB] ( 1233 )

	86	Aging and Employment Structure of China’s Service Industry
		WEI Jiahui, GU Naihua
		The degree of aging in China is increasing and it plays an important role in the evolution of employment structure of service industry. In this paper, a general equilibrium framework is constructed on the basis of a Two-stage Overlapping Generation Model. Under the assumption of full employment and commodity market equilibrium, it is found that aging will affect the employment structure of service industry through demand effect, productivity effect and forcing enterprises to change their mode of production. Based on the above conclusion and the inter-provincial panel data of China from 2005 to 2017, this paper finds that the above three effects are significant by using method of different service industry classifications. However, due to the characteristics of population flow, regional cost differences and uneven technology distribution in China, the aging shows strong regional and industrial heterogeneity.In Generally, although aging has a negative impact on economy due to the decrease of labor supply, it has also promoted the structural upgrading of China’s service industry.
		2021 Vol. 38 (1): 86-95 [Abstract] ( 672 ) [HTML 1KB] [ PDF 1199KB] ( 1279 )

	96	Heterogeneous Influence of Government Subsidies on Enterprise Performance:Based on the Perspective of Industry Life Cycle
		ZHENG Fei, SHEN Xianghua, LU Ren
		Based the data of Chinese listed companies from 2013 to 2017, this paper empirically tests the relationship between government subsidies and enterprise performance from the perspective of industrial life cycle. The results show that on the whole, the impact of financial subsidies on enterprise performance is positive and weakly significant. However, after distinguishing the stages of the industrial life cycle, the authors find that the financial subsidies significantly stimulate enterprises’ performance when the enterprises are in growing or recessing period, but have little influence on their formation or mature period. After having a further study on the subdivided samples, the authors find that financial subsidies have a significant incentive effect on the performance of non-state-owned enterprises in the period of growth or recession, but have a weak and significant incentive effect on state-owned enterprises in the period of formation and even have no significant impact on other types of enterprises.
		2021 Vol. 38 (1): 96-104 [Abstract] ( 870 ) [HTML 1KB] [ PDF 1191KB] ( 1900 )

	105	Enterprise Financialization and Earnings Management: Based on a Research Perspective of Heterogeneous Holding Purpose
		MA Hong, HOU Guisheng
		Bases on the empirical data of Chinese A-share listed companies from 2008 to 2016, this paper has an empirical analysis of the impact of enterprise financialization on earnings management. There are following findings: (1) In the analysis of heterogeneous impact of financialization, the authors find that moderate enterprise financialization tends to have the purpose of preventive reserve, which inhibits enterprise’s motivation of earnings management, while the excessive enterprise financialization tends to have the purpose of speculative arbitrage, which increases the motivation of earnings management; (2) In the further grouping analysis, according to the degree of dependence on financial income, it is found that the enterprise financialization has a significant incentive effect on earnings management in the group with higher degree of dependence. On the contrary, it has a significant inhibition effect in the group with lower degree of dependence.
		2021 Vol. 38 (1): 105-113 [Abstract] ( 943 ) [HTML 1KB] [ PDF 1200KB] ( 847 )

	114	Supervision or Tunneling: Vertical Interlocks of Executives and Enterprise Debt Financing
		HAN Jinhong, ZHI Hao
		Based on the date of Shanghai and Shenzhen A-share listed firms in China from 2008 to 2019, this paper examines the impact of vertical interlocks of executives on enterprise debt financing from the perspectives of “supervisory effect” and “tunneling effect”. The study finds that when there are vertical interlocks of executives in listed companies, the cost of enterprise’s debt financing is higher, the debt financing period is shorter, and this effect is more significant in non-state-owned enterprises. The paper also finds that the vertical interlocks of executives play a “tunneling effect” through capital occupation. Through further research, this paper indicates that the stronger the concurrently position is, the weaker the controlling power of major shareholders is, and the more significant the “tunneling effect” of vertical interlocks of executives is. Moreover, compared with the vertical concurrent tenure of the general manager, the vertical interlocks of the chairman have a more significant the impact on enterprises debt financing. This paper can enrich the research on the corporate governance effects of the vertical interlocks of executives and is a useful supplement to its economic consequences.
		2021 Vol. 38 (1): 114-123 [Abstract] ( 782 ) [HTML 1KB] [ PDF 1211KB] ( 1037 )

	124	A Study on the Governance Effect of Disclosure of Key Audit Items on Earnings Management Behavior:Based on DID Modeland and Text Analysis
		ZHU Zegang, JIANG Lisha
		With the help of the new audit standards(No.1504), the authors designed a DID model and did a quasi-natural experiment to test the impact of the disclosure of key audit items on the earnings management behavior of listed companies.The study found that that the disclosure of key audit items has an obvious governance effect on the earnings management behaviors of listed companies, especially for non-state-owned enterprises and companies with a strong tendency of earnings management behavior with high financing demand.Further analysis shows that the more key audit items are disclosed, the more obvious the “shock and awe” effect on the management level is, and the more the level of earnings management decreases.Among them, the disclosure of key audit items in the revenue recognition category plays a most significant role in reducing the earnings management level of sample companies.The conclusion shows that the disclosure of key audit items improves the information quality of listed companies by restraining earnings management behavior, which is conducive to the improvement of capital market efficiency.
		2021 Vol. 38 (1): 124-133 [Abstract] ( 844 ) [HTML 1KB] [ PDF 1211KB] ( 1241 )

	134	Financial Agglomeration, Spatial Spillover and RegionalIndustrial Green Innovation Efficiency
		ZHANG Dong, WANG Haojie
		Based on the provincial data, this paper uses a two-stage network SBM model to measure the efficiency of industrial green innovation from 2008 to 2017 in China.The empirical results indicate that although the R&D efficiency has been improved to some extent in recent years, the R&D efficiency and the transformation efficiency of technological achievements are still at a low level, and the trend of two-level differentiation within regions is obvious. And there is a strong positive spatial correlation between financial agglomeration and two-stage industrial green innovation efficiency.Therefore,financial agglomeration can only promote the efficiency of R&D, but it is not obvious in the stage of technological achievement transformation. The spatial spillover effect of financial agglomeration only exists in the stage of technological achievements transformation.
		2021 Vol. 38 (1): 134-142 [Abstract] ( 794 ) [HTML 1KB] [ PDF 1333KB] ( 1202 )

	143	Internet, Financial Development and Science & Technology Innovation
		WEI Chenglong, LUO Tianzheng
		Based on the provincial panel data of China from 2008 to 2017, this paper constructs a threshold model to explore the nonlinear transmission mechanism of the impact of the internet on science and technology innovation. The results show that the Internet can promote regional science and technology innovation through financial development, and the direct effect of the level of Internet infrastructure on science and technology innovation is greater than that of the indirect effect. The level of using Internet has a certain inhibitory effect on the output of science and technology innovation in regions with low level of financial development, while it has a positive effect on the output of science and technology innovation in regions with higher level of financial development. The level of Internet infrastructure plays a positive role on science and technology innovation in regions with different levels of financial development, but it has a smaller effect on promoting scientific and technological innovation in regions with lower levels of financial development and a greater effect on those regions with higher levels of financial development. Therefore, although the Internet has improved the output of science and technology innovation as a whole, it has also widened the gap of innovation output between regions with different levels of financial development.
		2021 Vol. 38 (1): 143-151 [Abstract] ( 704 ) [HTML 1KB] [ PDF 1321KB] ( 1753 )

	152	Can the Green Credit Policy Improve the Debt Financing of Listed Companies?
		XUE Jian, ZHU Di
		Based on the panel data of A-share listed companies from 2008 to 2018, this paper comprehensively uses Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), Entropy Balancing (EB) and Difference-in-differences (DID) to evaluate the impact of the “Green Credit Guidelines” promulgated by the former China Banking Regulatory Commission on debt financing of listed companies. The results show that after the implementation of the “Green Credit Guidelines 2012” , the financing of non-liquid liabilities of heavily polluting enterprises have decreased significantly, while liquid liabilities and commercial credit have significantly increased as alternative financing methods. Through further study, the authors find that state-owned enterprises are more affected by the policy than that of non-state-owned enterprises. The policy effect of the eastern region is stronger than that of the central and western regions. The policy effect in developed areas is stronger than that of developing areas. And the policy effect in polluted areas is stronger than that of green areas. Generally speaking, the overall effect of green credit policy is not ideal in China. Due to the existence of alternative financing, green credit policy fails to control the flow of credit funds effectively and promote the development of green economy.
		2021 Vol. 38 (1): 152-160 [Abstract] ( 873 ) [HTML 1KB] [ PDF 1219KB] ( 1170 )

经济经纬

　

News

　

　

·

·	《经济经纬》编辑部声明

·

·

·

·

·

·

·

·

·

　　　　　　　　 More

　

Article Search

　

Copyright © 《Chemical Research and Application》Editorial
Support by Beijing Magtech Co.ltd support@magtech.com.cn