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Economic Survey
2021 Vol.38 Issue.4
Published 2021-07-10
3
A Study on the Effect of Partner Assistance Policy on Promoting the Economic Growth of Recipient Areas: Based on a Quasi-natural Experiment of Inter-provincial Partner Assistance in Tibet
WANG Lei
Partner assistance is an important regional policy to promote regional coordinated development in China, and it is a regional cooperation mechanism with Chinese characteristics. This paper theoretically analyzes the mechanism of partner assistance policy in promoting the economic growth of recipient areas. Based on the balanced panel data of 43 prefecture-level cities in 10 provinces of western China from 1991 to 2017, this paper uses the double difference-in-differences method to empirically verify the effect of partner assistance policies of 17 provinces and cities on Tibet’s economic growth. The study reveals that the policy of partner assistance to Tibet has significantly promoted Tibet’s economic growth, but its growth effect has a certain degree of regional difference. Compared with the relatively backward regions of Tibet, the positive impact of the policy of partner assistance on the relatively developed regions of Tibet is more obvious. Therefore, Supporter and recipient should strengthen communication and cooperation, reasonably identify projects of partner assistance, and improve the accuracy of the use of resources of partner assistance and resource allocation efficiency. They should give full play to the additional economic effects of the policy of partner assistance, promote the endogenous development momentum of Tibet, optimize distribution of partner assistance, and coordinate the use of resources of partner assistance. The comprehensive assessment and evaluation mechanism for the performance of the policy of partner assistance also should be improved.
2021 Vol. 38 (4): 3-12 [
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Inter-regional Industrial Transfer and Regional Economic Gap
LI Chunmei
Based on the data of 27 double-digit industrial segments from 1992 to 2018, this paper measures and analyzes China’s industrial inter-regional transfer, and uses Theil index to measure and analyze China’s regional economic gap. Also a panel data econometric model is built to verify whether the industrial inter-regional transfer has narrowed the regional economic gap. There are following findings: (1) Since 2004, China’s industry as a whole has been in a two-stage decentralized transfer. The central and western regions are the main undertaking regions in the first stage and the main gathering regions of labor-intensive and resource-intensive industries. And the southern and eastern coastal areas are the main undertaking regions in the second stage of decentralization and transfer, and the main agglomeration areas of moderately intensive industries in technology and labor technology. In the industrial transfer, the northern region has benefited less, the industrial gap between the northern and southern regions has widened, and the industrial center has gradually tilted toward the southern region. (2) Since 2003, the economic gap between the eastern, central and western regions has gradually narrowed. However, in recent years, the economic gap between the northern and southern regions has expanded significantly. The economic gap between the northern and southern parts in the eastern region mainly leads to the expansion of China’s overall economic gap. (3) Although the decentralized industrial transfer has narrowed the economic gap among the eastern, central and western regions, in the regional game of undertaking industrial transfer, the northern region has benefited less which results in the fact that the economic gap between the north and the south has gradually widened. At the same time, it has also gradually enlarged the economic gap between the northern and southern regions. (4) In addition to industry, the development of service industry is also a main factor affecting the regional economic gap. The role of the service industry development in narrowing the economic gap between the eastern and western regions, and between the northern and southern regions is greater than that of industrial transfer.
2021 Vol. 38 (4): 13-22 [
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Public Transfer Payment and Rural Consumption
LIU Wen
In this paper, the mechanism of public transfer payments on household consumption is summarized from the theoretical level. Based on the data of Chinese household tracking survey from 2010 to 2018, a double-fixed effect panel model is constructed to estimate the effect of public transfer payments on household consumption, and the mediating effect analysis method is used to test the mechanism. The are following findings: The existence and the amount of the public transfer payment help to stimulate farmers to increase their consumption expenditure, and the effect on low-consumption families is more obvious, which can help alleviate the rural consumption inequality situation. Then, the public transfer payment will stimulate the rural consumption by increasing household per capita income, increasing the favorable income uncertainty, reducing the adverse income uncertainty and improving the internal income distribution in rural areas. And the coverage rate and the amount are equally important. Therefore, it will be helpful for the further release of the consumption potential of rural market that expanding the coverage of public transfer payments and improving their targeting, disbursement and stability.
2021 Vol. 38 (4): 23-32 [
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Social Responsibility, Social Capital and Performance of Farmers’ Cooperatives
ZHANG Ying, ZHAO Cuiping, WANG Lili
Based on the survey data of 407 farmers’ cooperatives in Henan, Shaanxi and Shanxi province, this paper constructs a theoretical analytical framework of “social responsibility, social capital and performance of farmers’ cooperatives” and uses the structural equation model to empirically test the impact of social responsibility on cooperative performance. The results show that cooperatives’ social responsibility has no direct effect on its economic performance, but it has significant positive effects on internal social capital, external social capital and satisfaction of members. And internal social capital and external social capital have a complete intermediary effect between social responsibility and cooperatives’ economic performance, and there is partial intermediary between cooperatives’ social responsibility and members’ satisfaction. This means that social responsibility behavior does not cause the loss of efficiency of cooperatives, but can promote the improvement of cooperatives’ performance indirectly, which is the motivation for cooperatives to assume social responsibility. Therefore, we should change the traditional view of “ responsibility=cost ” and pay attention to the accumulation of social capital.At the same time, local government departments should provide a relaxed environment for cooperatives to fulfill their social responsibilities and accumulate social capital.
2021 Vol. 38 (4): 33-42 [
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A Study on the Impact of Service Imports on Employment in Importing Countries or Regions
CUI Riming, ZHAO Lunan, SHENG Xinyu
Studying the impact of service import on the employment of importing countries from the perspective of the source of import growth and summarizing the enlightenment to China will not only help China to adjust the its trade structure and promote the orderly opening of the service industry, but also provide clear theoretical reference for exploring and continuously giving full play to the positive role of service import. Based on transnational panel data, this paper proves theoretically and empirically that the expansion of service imports can increase the employment scale of importing countries. However, after distinguishing the sources of import growth, it is found that the species margin has no significant effect on employment, the quantity margin significantly promotes employment, and the quality margin significantly inhibits employment. Furthermore, the species margin is positively promoting the employment of high-skilled labor in the emerging economies, and the quantity margin promotes the employment of low-skilled labor force and the quality margin inhibits all types of skilled labor. And the species margin helps to increase female employment and relatively alleviate gender discrimination in the labor market. The intermediary effect confirms that service imports can affect employment of import countries by affecting the productivity of import countries.
2021 Vol. 38 (4): 43-52 [
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Does the Home-country Political Connection Affect Chinese Enterprises’ OFDI?
LIU Juan, CAO Jie
Based on the data of listed companies from 2008 to 2017, this paper systematically explores the influence mechanism of home-country political connections on OFDI of Chinese enterprises from the perspective of home-country and host-country effects, and examines the joint regulatory role of ownership and the relationship between government and market. There are following empirical results: (1) The home-country political connection is significantly negatively correlated with OFDI of enterprises. (2) Compared with private enterprises, the home-country political connection has more negative impact on state-owned enterprises’ OFDI. (3) With the improvement of the positive role of the market in the allocation of resources, the impact of home-country political connection on the enterprises’ OFDI changes from “incentive” to “restriction”. (4) The joint moderation effects show that the moderation effects of the ownership on home-country political connection and enterprises’ OFDI depends on the relationship between the government and the market. Under the regulation of the relationship between the government and the market, the difference of the impact of home-country political relations on the OFDI of state-owned enterprises and private enterprises is reduced. (5) The results of Mlogit model show that the home country effect is prominent when the developing country is the host country, and the host country effect is also prominent when the developed country is the home-country, regardless of whether or not the regulation effect is considered. (6) Rent-seeking cost plays an intermediary role between home-country political connections and corporate OFDI. The conclusion has much reference value for Chinese enterprises to make a balance between home-country political connection and OFDI.
2021 Vol. 38 (4): 53-62 [
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Industrial Convergence, Technological Innovation and Wage Level: Quasi-natural Experimental Analysis Based on the Reform of “Triple Play”
YANG Zhihao, YANG Chao, MI Feifei
This paper takes the “Triple Play” reform led by the central government as the quasi-experiment of industrial convergence, and constructs an analysis framework of the impact of industrial convergence on the wage level of residents. Based on the panel data of China’s cities from 2004 to 2016, this paper empirically studies the influence mechanism of industrial convergence on wage level by using Difference-in-differences Model, PSM-DID Model, Mediating Effect Model and Moderate Effect Model. The result shows that the “Triple Play” reform significantly improves the wage level. The dynamic analysis shows that there is a response lag period of about two years when the reform of “Triple Play” improves the wage level. After the lag period, the effect of the reform on the wage level begins to be significant and lasts for at least four years. Mechanism analysis shows that the “Triple Play” reform can promote urban technological innovation, which in turn affects the wage level.
2021 Vol. 38 (4): 63-72 [
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A Study on the Relationship Between Industrial Agglomeration Mode and Environmental Pollution
KOU Dongxue
Under the background of high-quality development, it is more practical significance of how to use the agglomeration effect to promote economic growth while reducing the intensity of pollution emissions and improving the efficiency of resource and environmental utilization. This paper divides industrial agglomeration into four modes: specialization, diversification, related diversification and irrelevant diversification, and selects the panel data of 285 cities at prefecture-level and above in China from 2003 to 2017 to investigate the relationship between industrial agglomeration mode and environmental pollution. The results show that both professional agglomeration and diversified agglomeration are helpful to improve environmental pollution. In diversified agglomeration, the inherent correlation of industrial agglomeration is negatively related to environmental pollution. The relevant diversified agglomeration can significantly improve environmental pollution, while irrelevant diversified agglomeration will aggravate environmental pollution. In addition, the above conclusions have a certain degree of regional heterogeneity and are affected by urban characteristics. The improvement of the degree of professional agglomeration has a greater effect on the improvement of environmental pollution in the western region and resource-based cities, while the increase of the degree of diversified agglomeration has a greater effect on the improvement of environmental pollution in the eastern region and non-resource-based cities.
2021 Vol. 38 (4): 73-82 [
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Key Audit Matters and Audit Insurance Value:Based on a Two-dimensional Test of Auditor’s Insurance Motivation and Investor Reaction
LI Xiaoyue, XIAO Xiang, JIA Lihuan
Taking Shanghai and Shenzhen A-share listed companies from 2014 to 2019 as samples, this paper examines whether the disclosure of key audit matters has insurance value under the new audit report standards from the two dimensions of auditor insurance motivation and investor response, and tests whether the differentiated disclosure characteristics represent different levels of insurance value. The results are as follows: (1) Companies that disclose key audit matters will be required to pay higher insurance audit fees, and get a more positive response from investors. The paper uses DID and DID-PSM models to verify that they generated incremental insurance value. (2) Although the characteristic differences of the number of matters, whether to invite the experts to carry out audit procedures and whether to express concluding evaluations show different degrees of insurance value, the results of characteristic differences deviate in two dimensions which indicates that the impact of disclosure of key audit matters on the response of investors is not only insurance value. The conclusions are helpful for the market to understand the effect of new auditing reporting standards and has certain guiding significance for the behavioral choice of market subjects.
2021 Vol. 38 (4): 83-92 [
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Local Officials’ Turnover, Political Connections and Corporate Green Innovation
LIU Shiyuan, DU Jiang
Taking A-share listed companies from 2011 to 2018 as samples, this paper empirically tests the impact of local official turnover on corporate green innovation, and further examines the role of political connections. The results show that under the current system of administrative decentralization and official promotion tournament in China, the policy discontinuity caused by local officials’ turnover has a significant negative impact on corporate green innovation, and the effect is more obvious in the politically related enterprises than that of non-political affiliated enterprises. Further mechanism test results show that the two channels of this impact are to intensify the environmental uncertainty faced by enterprises and reduce the local environmental supervision. The conclusion of the study has a certain reference value for understanding of the impact of government behavior and political connections on corporate environmental protection activities from a micro point of view.
2021 Vol. 38 (4): 93-102 [
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A Study on Enterprise Litigation Risk and Auditor Selection
ZHAO Yanfeng
Taking the listed companies of Shanghai and Shenzhen A shares in China from 2008 to 2019 as samples, this paper studies the influence of corporate litigation risk on auditor selection. The study shows that litigation risk has the effect of inhibiting the selection of high-quality auditors. The intermediary effect test indicates that the enterprise litigation risk can reduce the risk probability of choosing high-quality auditors mainly by increasing agency costs and operating risks. The heterogeneity analysis shows that good corporate governance, internal control and external information environment can weaken the negative impact of litigation risk on auditor selection, while a better legal environment and the implementation of new audit standards strengthen this effect. The study enriches the literature on the economic consequences of corporate litigation risks and the influencing factors of auditor selection, and provides a reference for enterprises to choose auditors and auditors to deal with client litigation risks.
2021 Vol. 38 (4): 103-112 [
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Internal Control Material Weaknesses and Enterprise R&D Investment
SHI Qingmei, XIE Xiangbing
Based on the perspective of internal control weaknesses and the dimension of state-owned group, this paper takes the listed companies of state-owned group from 2009 to 2019 as samples to examine the impact of internal control material weaknesses of the listed companies of state-owned group on their R&D investment. The study finds that internal control material weaknesses can inhibit the companies’ R&D investment. The test of influence mechanism shows that the negative impact of internal control material weaknesses on the companies’ R&D investment is due to the internal control quality rather than financing constraints. And the heterogeneity test indicates that the inhibitory effect of the internal control material weaknesses on R&D investment is stronger for the state-owned companies with high level of agency cost, low degree of marketization. The conclusions not only expand the research on innovation investment of listed companies from the perspective of state-owned groups, but also provide theoretical analysis and empirical evidence for improving the innovation governance of listed companies of state-owned groups.
2021 Vol. 38 (4): 113-122 [
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Deposit Insurance Limits, Bank Government Background and Risk-taking Behavior
HU Yuancheng, WANG Xingyu
Based on the data of 455 Chinese commercial banks from 2009 to 2019, this paper empirically tests the influence of deposit insurance limit and bank government background on their risk-taking and its synergistic effect. The results show that there is a U-shaped relationship between deposit insurance limit and bank risk-taking. The deposit insurance limit and the bank government background not only have an impact on the bank risk taking, but also weaken the restraint effect of the market mechanism, thus weakening the U-shaped relationship between the bank risk taking and the deposit insurance limit. The higher the household savings rate is, the smaller the net interest margin is, and the more obvious the influence of bank-government background on weakening the U-shaped relationship between deposit insurance limit and bank risk-taking is. Based on the fact that China’s deposit insurance system is in its initial stage, this paper provided important policy implications for giving full play to the role of deposit insurance limits and the background of the bank government, and strengthening the effective management of bank risk-taking.
2021 Vol. 38 (4): 123-131 [
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Long-term Use of Short-term Debt and Resource Allocation
JIANG Shaojing, PENG Yichen, PENG Jisheng
Based on the empirical data of A-share listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018, this paper studies the impact of long-term use of short-term debt on enterprise resource allocation by using mixed regression model. There are following findings: (1) The higher the utilization degree of the enterprise’s short-term debt and the less the R&D cost are, but the more sale investment is. (2) When the concentration of the industry to which the enterprise belongs is high, the negative impact of long-term use of short-term debt on R & D investment will be weakened. (3) When the degree of marketization in the area where the enterprise is located is high, the positive impact of long-term use of short-term debt on sales investment will be weakened. The conclusions of this paper are helpful for us to deeply understand the influence mechanism of short-term debt for long-term use on corporate corporate performance and provide decision-making basis for relevant policy makers
2021 Vol. 38 (4): 132-140 [
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A Study on the Impact of Fiscal-Financial Decentralization on the Expansion of Local Government Debt
HOU Shiying, SONG Liangrong
Based on the panel data from 30 provinces in China from 2010 to 2018 , this paper studies the spatial correlation among fiscal decentralization, financial decentralization and the expansion of local government debt. The results show that fiscal decentralization not only promotes the expansion of local government debt in the region, but also stimulates the debt expansion of neighboring regions. The financial decentralization has shown a restraining effect. After further considering the impact of decentralization regulation on debt expansion under local government competition behavior, it is found that the interaction between fiscal decentralization and local government competition promotes the expansion and spatial spillover of local government debt. However, the interaction of local government competitive behavior alienates the impact of financial decentralization on the expansion of local debt. In addition, the interaction between fiscal decentralization and financial decentralization does not show a significant positive linkage effect. The conclusions of this paper have certain practical significance for the scientific management of local government debt, preventing systemic financial risks and promoting the sustainable development of local finance.
2021 Vol. 38 (4): 141-149 [
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Local Officials’ Turnover and First-round Investment of Venture Capital
HUANG Zhuoqun
Due to the different political purposes and individual differences of officials, the change of local officials often leads to the instability of the local policy environment and affects the decision-making of venture capital. Based on the resume information of local officials and venture capital events from 2002 to 2016, this paper empirically tests the effect of local official changes on the new investment activities of venture capital institutions. There are following empirical results: (1) When City officials changes, the new investment of venture capital institutions in the city decreases significantly that year. (2) The legal environment magnifies the adverse impact of local official’s turnover on the investment of venture capital. (3) When city officials change due to unconventional reasons or when new officials come from outside the city, the decline in new venture capital investment is even more obvious. The study provides a reference for the field of venture capital from the perspective of political economy.
2021 Vol. 38 (4): 150-160 [
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