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Economic Survey
 
2021 Vol.38 Issue.3
Published 2021-05-10
3 A Study on the Upgrading Effect of Industrial Structure and Its Influencing Factors in the Turning Countries into Districts
LAI Sizhen
This study selects Tongzhou District of Nantong City, Tongshan District of Xuzhou City, Jiangdu District of Yangzhou City, Wujiang District of Suzhou City and Jiangyan District of Taizhou City as research cases, takes 2000-2017 as the research period, and makes a diachronic evaluation study on the industrial structure upgrade of the research cases. The results show that there is an upgrading effect of industrial structure in the district of withdrawing counties (cities). Turning countries into district plays a positive role in advancing industrial structure, rationalizing industrial structure and upgrading of industrial structure in withdrawn counties (cities), but it has a certain time lag. Turning counties (cities) into district mainly affect the upgrading of the industrial structure of the withdrawn counties (cities) through the three dimensions of government behavior, social demand and resource supply. Government behavior, social demand and resource supply play leading role , pulling role and promoting role in the upgrading of industrial structure separately. The per capita disposable income of urban residents, the average salary of on-duty employees, the accumulation of local government regulations and documents of industrial policy, the accumulation of human capital and expenditure on science, technology and education are the main influencing factors of industrial structure upgrading after the withdrawal of counties (cities).
2021 Vol. 38 (3): 3-13 [Abstract] ( 743 ) [HTML 1KB] [ PDF 2565KB] ( 813 )
14 Environmental Regulation, Government Subsidies and Regional Green Technology Innovation
LI Xin'an
Green technology innovation has become an important support for economic transformation and green development. Based on the inter-provincial panel data of China from 2004 to 2018, this paper uses the Spatial Durbin Model to investigate the local and spatial spillover effects of environmental regulation and government subsidies on green technology innovation. It is found that green technology innovation shows obvious aggregation characteristics in the inter-provincial space, and the government plays a crucial role in promoting the development of green innovation. The environmental regulation policy implemented by the government based on the green development goal will have an inverted “U” type of local effect on green technology innovation. It means that the overall green innovation capability of provinces and cities will increase with the increase of the intensity of local government regulation. But it will have a restraining effect when the intensity of regulation exceeds its critical point. And the government's subsidy policy can improve the local green innovation ability both directly and indirectly. From the estimation results of the impact on the green technology innovation capacity of neighboring provinces, environmental regulation and government subsidies both have negative spatial spillover effect, which is not conducive to the green technology progress of related regions. The research results are of positive reference value to the formulation of regional green development policies.
2021 Vol. 38 (3): 14-23 [Abstract] ( 943 ) [HTML 1KB] [ PDF 1231KB] ( 1498 )
24 The Influence of Family Migration of Migrant Workers on the Consumption Inequality in Urban Areas —Based on the Study of Family Heterogeneity
LUO Li, LI Xiaofeng
Compared with income inequality, consumption inequality can reflect the welfare status of individuals or families more comprehensively and intuitively. In China, the family structure of rural and urban residents is changing gradually. Therefore, the measurement of consumption inequality based on family homogeneity is easy to produce a large measurement errors. Under the background of the gradual family migration of migrant workers in cities, this paper uses the 2016 CFPS data to compare and analyze the consumption costs of urban resident families and migrant worker families with different numbers and ages of children in urban areas. Then the consumption inequality of urban area is corrected by equivalent scales. And the consumption inequality in urban areas is further decomposed and calculated. The results show that the measurement method of ignoring the number of family members and age structure is easy to underestimate of current consumption inequality. For the group migrant workers, the consumption Gini coefficient based on on the full demand system is nearly 20% higher than that of the unadjusted level. According to the results of group decomposition, the contribution of migrant workers to the consumption inequality in urban areas is greater than that of urban residents. And the inequality within migrant workers is more than that between migrant workers and urban residents. The decomposition of consumer categories shows that the main factors that open the consumption in urban areas are household equipment, other expenditures, education and entertainment, medical care and other enjoyable consumer expenditure.
2021 Vol. 38 (3): 24-33 [Abstract] ( 750 ) [HTML 1KB] [ PDF 1676KB] ( 612 )
34 Identity,Personal Skills and Migrant Workers' Willingness to Return Their Home —An Empirical Study Based on the Data of CMDS
WANG Zhitao, LI Hanbing
Based on the China Migrants Dynamic Survey (CMDS) in 2017, this paper empirically analyzes the relationship among the sense of identity, personal skills and the migrant workers' willingness of returning home. The results show that there is a significant negative correlation between migrant workers' urban identity and their willingness to return home. And they are also significant after being added the variables of urban characteristic and individual characteristic successively. The level of personal skills has a significant impact on migrant workers' willingness to return home under the influence of resource endowment in their hometown. Heterogeneity analysis shows that the economic condition of migrant workers into the city, the flow scope of migrant workers, the income level and age of migrant workers will affect their willingness to return home. Therefore, it is suggested that we should improve the system and mechanism of labor mobility and and eliminate identity discrimination Completely so that migrant workers can root in cities and enjoy the same social security and public services as urban residents, and participate in the developing process of new urbanization on an equal footing. At the same time, we should provide a development platform for the employment and entrepreneurship of migrant workers so that they can really share the benefits of value-added industrial chain, and become an important force in rural governance and rural revitalization.
2021 Vol. 38 (3): 34-43 [Abstract] ( 833 ) [HTML 1KB] [ PDF 1223KB] ( 1332 )
44 The Influence of Institutional Differences on the Spatial Layout of OFDI in China —Analysis Based on SDID Model
XU Weicong
The influence of national institutional differences on the spatial layout of OFDI of Chinese enterprises has become increasingly prominent. By constructing the SDID Modal, this paper examines the impact of institutional differences on the spatial distribution of OFDI in China from the aspects of overall impact, regional comparison and time trend. The empirical results show that the overall OFDI distribution in China is spatially related, and the spatial radiation effect is gradually expanding.The influence of institutional differences on China's OFDI layout has an “asymmetric effect”, and the OFDI layout of enterprises is characterized by “pursuing institutional strong countries and avoiding institutional weak countries”. Besides, the OFDI motivation of Chinese enterprises shows regional differences. For investment in “Belt and Road Initiative” countries, Chinese enterprises show significant motivation to seek resources, while for “Non-Belt and Road Initiative” countries, they show significant motivation to seek technology. Finally, the “Belt and Road Initiative” is producing positive spatial spillover effects. And it can adjust the impact of institutional differences on China's OFDI reversely , but its reverse regulatory power has not been brought into full play.
2021 Vol. 38 (3): 44-54 [Abstract] ( 683 ) [HTML 1KB] [ PDF 1533KB] ( 1022 )
55 A Study on the Influence of the Negative List System of Foreign Investment Access on Banking Risk
LU Xuehuan, YANG Suiquan
The impact of the reform of the foreign investment negative list system on bank risks is a realistic issue worthy of attention. Using the macroeconomic fluctuation model under the open condition, this paper discusses the influence mechanism and effect of the negative list system of foreign capital on banking risk. Based on the panel data of 53 countries around the world from 1996 to 2017, this paper comprehensively uses the ratio of non-performing assets and Z index to measure the risk level of banking industry in each country. And the Difference-in-Differences Modal (DID) and multiple robustness test estimates are also used in this paper to examine the impact of the negative list system of foreign investment access on the banking risk of the implementing countries systematically. The study finds that the negative list system for foreign investment in the banking industry has significantly reduced the risk level of the banking industry. Moreover, when the degree of openness of the capital account of the implementing country is relatively low, or the Legalization level level of the implementing country is relatively high, the effect of the negative list system of foreign capital access to reduce banking risk is more obvious, and vice versa. Therefore, actively expanding the level of opening up of the banking industry, perfecting the supporting system of the banking industry's foreign negative list and comprehensively enhancing the abilities of financial supervision and governance are of great significance for the promotion of the international competitiveness of China's commercial banks and the prevention of financial risks.
2021 Vol. 38 (3): 55-65 [Abstract] ( 630 ) [HTML 1KB] [ PDF 1305KB] ( 863 )
66 A Study on the Influence of “Belt and Road Initiative” on the Upgrading of Industrial Structure in Provinces along the Road
FU Jingyan, CHENG Fangfang
Under the trend of increasing downward pressure on the world economy in the “post-epidemic era” and drastic changes in the economic development situation at home and abroad, China has timely proposed to build a new development pattern of mutual promotion of domestic and international double cycles, which provides a Chinese plan for the optimization and adjustment of international industrial cooperation. Based on the data at the prefecture-level city level from 2008 to 2018, this paper makes a quantitative evaluation of the industrial structure upgrading effect of “Belt and Road Initiative” initiative. There are following findings: (1) The results of the dual differential regression show that the “Belt and Road” initiative has promoted the upgrading of regional industrial structure, but there is a time lag. (2) The propensity score matching double-difference and placebo test prove that the promotion effect of the “Belt and Road” initiative on the upgrading of industrial structure is not affected by unforeseen factors at the prefecture-year level. (3) The grouping test results of urban geographical characteristics and resource levels show that the “Belt and Road” initiative has a more significant promotion effect on the upgrading of industrial structure in the northwestern region of the “Hu Huanyong Line” and resource-based cities. (4) Mechanism analysis shows that unimpeded trade and facility connectivity are important ways for the “Belt and Road” initiative to promote industrial structure upgrading.
2021 Vol. 38 (3): 66-75 [Abstract] ( 840 ) [HTML 1KB] [ PDF 1464KB] ( 1106 )
76 Information Network, High-tech Industrial Agglomeration and Industrial Green Transformation
DENG Feng, REN Zhuanzhuan
Information network application and high-tech industry cluster provide an opportunity for industrial green transformation. Based on the panel data of 30 provinces (autonomous regions) in China from 2006 to 2017, this paper uses the Spatial Doberman Model to empirically analyze the relationship between high-tech industrial agglomeration and industrial green transformation under the background of information network. There are following findings: (1)There is a U-shaped relationship between high-tech industrial agglomeration and industrial green transformation. Only when the agglomeration level exceeds the inflection point, its role in promoting industrial green transformation will continue to be highlighted. The spatial decomposition effect shows that the spillover effect of high-tech industrial agglomeration is greater than the direct effect. (2)Information network plays a significant role in promoting industrial green transformation of industry. And it is also the driving power of promoting industrial green transformation. (3)The joint action of information network and high-tech industrial agglomeration delays the arrival of the U-shaped curve inflection point of high-tech industrial agglomeration to industrial green transformation. And the interaction between information network and high-tech industrial agglomeration does not show a positive effect on industrial green transformation, indicating that the integration dividend of information network needs to be further released at the present stage.
2021 Vol. 38 (3): 76-85 [Abstract] ( 662 ) [HTML 1KB] [ PDF 1235KB] ( 982 )
86 Entrepreneurship,Economic Growth Goal and High-quality Economic Development
WANG Wenju, YAO Yijia
Based on the provincial panel data of China from 2001 to 2017, under the background of introducing local governments to set economic growth targets, the systematic GMM method is used in this paper to empirically study the effect of entrepreneurship on high-quality economic development. The results show that entrepreneurship significantly improves the high-quality economic development. After introducing the regulatory role of government economic growth goals, it is found that when local governments set higher economic growth goals, the weaker the role of entrepreneurship in promoting high-quality economic development, that is, the excessively high economic growth goals set by local governments will inhibit the role of entrepreneurship in promoting high-quality economic development. The conclusion of the study provides a policy basis for inspiring and protecting entrepreneurship in the new era and improving the role of entrepreneurship in promoting high-quality economic development.
2021 Vol. 38 (3): 86-94 [Abstract] ( 771 ) [HTML 1KB] [ PDF 1213KB] ( 1107 )
95 Does Internet Application Promote Enterprises' Investrent in Environmental Protection?
LIAO Jinqiu, QIU Xinfeng
Based on date of the micro-data of China Private Enterprise Survey (CPES), this paper analyzes the impact of enterprise internet application on environmental protection investment and its mechanism. The study shows that there is a significant positive correlation between the use of the internet and the investment in environmental protection, which is still valid after the endogenous test and robustness test. And the heterogeneity study finds that the impact of Internet application environmental protection investment in central and western regions, manufacturing enterprises and small-scale enterprises is more obvious. Finally, the mechanism test shows that internet application plays a role in enterprise environmental protection investment through the mechanisms of technological level improvement and brand image improvement. Based on the above study, we suggest that the government should continue to urge telecom enterprises to improve broadband speed and reduce broadband charges, help enterprises improve the levels of Internet application and promote the transparency of environmental information disclosure and the normalization of public environmental supervision so as to encourage enterprises to increase investment in environmental protection and achieve green transformation.
2021 Vol. 38 (3): 95-104 [Abstract] ( 671 ) [HTML 1KB] [ PDF 1221KB] ( 1082 )
105 A Study on the Impact of Organizational Routine Updating on Organizational Performance
WANG Yongwei, YUE Caijun, DU Haoyang
Based on the data collected from 181 enterprises of Guangdong, Xinjiang, Shandong and Henan provinces, this paper takes the middle and senior managers as the research object, and the date was analyzed by SPSS and AMOS, and discusses the relationship among organizational practice update, dynamic capability and organizational performance in the context of environmental uncertainty. The results show that organizational routine updating has a significant positive impact on dynamic capability. Dynamic capability has an intermediary effect between organizational practice update and organizational performance. And the environmental uncertainty can negatively regulate the relationship between organizational practice update and dynamic capability. The conclusions have important theoretical and practical significance for enriching the organizational routine updating and dynamic capability.
2021 Vol. 38 (3): 105-113 [Abstract] ( 768 ) [HTML 1KB] [ PDF 1260KB] ( 1430 )
114 Does Corporate Social Responsibility Promote Corporate Green Innovation?
XIAO Xiaohong, PAN Ye, WANG Zhanjie
Based on the green patent data of 410 listed A-share manufacturing companies in China from 2014 to 2018, this study explores the effect and internal mechanism of CSR on green innovation. There are following findings: (1)CSR fulfillment by enterprises can improve the level of green innovation, and this influence exists in both state-owned enterprises and non-state-owned enterprises, enterprises in eastern region and enterprises in other regions. (2)Corporate social capital plays a part of intermediary role between CSR and green innovation. In the process of fulfilling social responsibility, enterprises can positively influence green innovation through the accumulation of their own social capital. (3)Executive compensation incentive can strengthen the promotion effect of CSR on green innovation, and such strengthening effect is higher in non-state-owned enterprises than that of state-owned enterprises, and higher in enterprises in eastern regions than that of enterprises in other regions. This study provides experience and reference for different types of manufacturing enterprises in China to achieve green innovation and high performance, and also provides theoretical support for enterprises to fulfill their social responsibilities.
2021 Vol. 38 (3): 114-123 [Abstract] ( 927 ) [HTML 1KB] [ PDF 1232KB] ( 4034 )
124 Stock Pledging of the Major Shareholders, Crash Risk and Cost of Equity —A Study Based on Modified ICC Models
WANG Haofei, ZHU Lei
Taking the A-share listed companies in Shanghai and Shenzhen stock markets from 2014 to 2019 as the research object, this paper constructs the equity capital cost variable based on the modified implicit capital cost model, and studies the relationship between the equity pledge of major shareholders and the cost of equity of listed companies. The empirical results show that, in different macro environments and equity pledge market development stages, the impact of major shareholders' equity pledge level on the cost of equity capital is different. There is an unknown significant correlation between 2014-2016, and there is a significant positive correlation between 2017-2019. And the test results of the mediating effects show that the crash risk can well explain the mechanism that the equity pledge ratio of the major shareholders affects the equity capital cost, and explain the different correlation between the equity pledge and the equity capital cost in different periods. The degree of information asymmetry inside and outside the company can play part of the intermediary effect, but the proportion of the intermediary effect in the total effect is low, and the explanatory ability is weak.
2021 Vol. 38 (3): 124-132 [Abstract] ( 691 ) [HTML 1KB] [ PDF 1304KB] ( 1654 )
133 Fiscal Decentralization, Industrial Upgrading, Technological Progress and “Resource Curse” —Empirical Analysis of Resource-based Cities in the Yellow River Basin
ZHANG Zilong, WANG Bo, LONG Zhi, CHEN Yanbi
Taking the resource-based cities in the Ordos Basin located in the Yellow River Basin as the research object, this paper uses the panel data from 2000 to 2017 to verify “Resource Curse” hypothesis by constructing the resource curse coefficient using. There are following empirical results: (1) the “Resource Curse” effect of resource-based cities in Ordos Basin shows an overall downward trend from 2000 to 2017. (2) The “Resource Curse” effect of resource-based cities in different life cycle stages is different. Mature resource-based cities are the weakest, growth resource-based cities take the second place, and declining resource-based cities are the strongest. (3) Fiscal decentralization, industrial upgrading and technological progress can alleviate the “Resource Curse” effect to a certain degree. And the economic autonomy (fiscal decentralization) of resource-based cities is not only an important factor affecting industrial upgrading and technological progress, but also the fundamental premise to break the “Resource Curse” effect.
2021 Vol. 38 (3): 133-141 [Abstract] ( 694 ) [HTML 1KB] [ PDF 1474KB] ( 1318 )
142 A Study on the Influence of Fiscal Expenditure Structure on Income Inequality in China
WANG Haixia
Using the panel data of 31 provinces in China from 2000 to 2018, the Gini coefficient of urban and rural residents is measured in this paper. Then the grouping weighting method is applied to measure the Gini coefficient of the whole country, which is used to describe the income inequality of residents. This paper takes it as an indicator of income inequality to analyze the impact of fiscal expenditure structure on income inequality empirically. The results show that the optimizing the structure of fiscal expenditure can significantly improve, and the increase of social fiscal expenditure can significantly slow down income inequality, while the increase of economic fiscal expenditure has a greater effect on income inequality. The heterogeneity test results show that for the high-income group, both social fiscal expenditure and economic fiscal expenditure play an important role in reducing income inequality. The influence of social fiscal expenditure on income inequality has regional heterogeneity, showing the effect of decreasing graduatty from east to west. The economic fiscal expenditure in the central region is more conducive to reducing income inequality. This study provides a scientific basis for the system design of fiscal expenditure structure in the future.
2021 Vol. 38 (3): 142-150 [Abstract] ( 768 ) [HTML 1KB] [ PDF 1375KB] ( 900 )
151 A Study on the Impact of Air Pollution on Health Expenditure of Chinese Resicents
ZHAO Qiang, SUN Jian
Based on China Household Finance Survey (CHFS) , this paper uses a sharp regression discontinuity model to analyze the impact of air pollution on health expenditure of Chinese residents. There are following findings: (1) Under the influence of air pollution, residents' medical expenditure and health care expenditure increased by 36.35% and 15.94% respectively. (2) The positive impact of air pollution on health expenditure is heterogeneous for different populations, in which rural residents pay less attention to their own health and are less sensitive to air pollution than urban residents, male residents are weaker than female residents, and low-educated residents are weaker than highly educated residents. The research results of this paper have a certain reference value for the product research and development of insurance companies and medical institutions.
2021 Vol. 38 (3): 151-160 [Abstract] ( 605 ) [HTML 1KB] [ PDF 1804KB] ( 962 )
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