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Economic Survey

	2021 Vol.38 Issue.6 Published 2021-11-10

	3	Market Integration, Effective Allocation of Resources and Adjustment of Industrial Structure
		WANG Yue
		Based on the reality of the increasing degree of market integration in China, this paper aims to clarify whether the improvement of market integration can lead to the effective allocation of resources, and then affect the adjustment of industrial structure. On the basis of using price index to measure the degree of inter-regional market integration in China, this paper selects the panel data of 30 provinces of China from 2000 to 2018, and uses spatial econometric estimation to empirically test the relationship among market integration, effective resource allocation and industrial structure adjustment. The results show that the industrial production activities among regions in China are not random and independent, and will be affected by the industrial development of other regions. And there is a significant spatial correlation between regional industrial structures, and the spatial correlation mainly comes from the transmission of spatial error terms. The market integration of the whole, eastern and central regions can significantly promote the efficiency of resource allocation, and the effect of optimal allocation of resources has a significant positive impact on the development of China's industrial structure. The efficiency of resource allocation plays an intermediary effect in the process of market integration affecting industrial structure adjustment, but this effect is not significant in the western region.
		2021 Vol. 38 (6): 3-12 [Abstract] ( 887 ) [HTML 1KB] [ PDF 1273KB] ( 674 )

	13	The Spatial-temporal Effect of Labor Skill Complementation and Its Influence on Urban Wages
		ZHU Jiguang
		Based on the panel data of 287 cities in China from 2004 to 2017, this paper studies the relationship between labor skill complementation and urban wage level through the analysis of global Moran index and coupling coordination degree analysis. There are following findings. Firstly, high and low skilled labor force has a strong correlated in space, that is, it has agglomeration effect in space. However, the high and low skilled labor force in different industries has the effect of repulsion in space. Secondly, to a certain extent, high and low skilled labor force acts as mutual promotion and mutual promotion. The growth of high skilled labor force will promote the demand for low skilled labor force and expand the city scale, so as to maintain a relative balance between different labor skills in the city. Thirdly, the coupling degree of high and low skilled labor force among cities in different regions is gradually decreasing, which will be conducive to the complementary effect of high and low skilled labor force in cities. Finally, Spatial Durbin model (SDM) shows that the increase in the proportion of low-skilled labor can neither directly improve the wage level of the local region, nor indirectly raise the wages of the neighboring regions through spatial spillover effect. But it does not mean that low-end labor force has a negative effect on urban economic development. Therefore, the increase of city size leads to the existence of wage premium effect of city scale, and both high and low skilled workers will benefit from the expansion of city scale.
		2021 Vol. 38 (6): 13-20 [Abstract] ( 601 ) [HTML 1KB] [ PDF 3762KB] ( 1054 )

	21	Digital Economy, Spatial Spillover and High-Quality Development of Urban Economy
		LU Yuxiu, FANG Xingming, ZHANG Anquan
		The city is the carrier of the digital economy, and the resources of the digital economy are concentrated in the urban regional space. The expansion of the digital economy will inevitably promote the improvement of the urban economy development. Based on the balanced panel data of 284 prefecture-level cities in China from 2003 to 2018, this paper uses the SDM model under dual fixed effect to evaluate the effect of the digital economy on urban economic development. The results indicate that the development of digital economy can not only significantly promote the economic development of local cities, but also improve adjacent cities' development with spatial spillover effect. The digital economy stimulates the urban innovation, market potential and industrial agglomeration which are the transmission path to boost urban economic development. The further heterogeneity test shows that the promoting effect of digital economy for local city's development is positively correlated with city scale, while the spatial spillover effect of digital economy in small cities is more significant. The subdivision test of digital economy shows that each dimension directly promotes the economic development of local cities, and only the foundation of digital industry drives the economic development of neighboring cities. In terms of sub-region, the role of digital economy in promoting the economic development of local cities is positively related to the degree of regional economic development, but has no significant impact on the economic development of neighboring areas.
		2021 Vol. 38 (6): 21-31 [Abstract] ( 1159 ) [HTML 1KB] [ PDF 1298KB] ( 4152 )

	32	A Study on the Characteristics and Driving Factors of Spatial Correlation Network of Agricultural Ecological Efficiency in China
		ZHENG Yun, HUANG Jie
		Based on the panel data of 31 provinces in China from 1997 to 2018, this paper uses the window DEA model to measure the inter-provincial agricultural eco-efficiency, utilizes social network and module analysis methods to empirically investigate the spatial correlation characteristics of inter-provincial agricultural eco-efficiency, and analyzes its driving factors through the secondary assignment model. The study shows that the spatial correlation of inter-provincial agricultural eco-efficiency in China has obvious network characteristics. And Shanghai, Tianjin and Chongqing are in the core position in the network, which plays a leading role in the improvement of agricultural eco-efficiency. Block model analysis shows that the agricultural eco-efficiency of the four plates interact closely, with the feature of significant national linkage effect. The results of module analysis show that there are a large number of non-equilibrium associations in the spatial association network of agricultural ecological efficiency in China. The QAP regression results show that similar agricultural economic development level, agricultural marketization degree and agricultural technology innovation level are conducive to the formation of spatial correlation network of agricultural eco-efficiency.
		2021 Vol. 38 (6): 32-41 [Abstract] ( 671 ) [HTML 1KB] [ PDF 3630KB] ( 1051 )

	42	The Influence of Migrant Work Experience and Dynamic Ability on E-commerce Entrepreneurship Performance
		CHEN Zhe, LI Xiaojing, XIA Xianli
		Based on the survey data of 398 e-commerce entrepreneurs in Shaanxi and Sichuan provinces, this paper studies the influence of migrant work experience on e-commerce entrepreneurial performance. With the help of the moderated intermediary effect model, this paper also analyzes the intermediary and moderating roles of dynamic capability and decision empowerment in the relationship between migrant experience and e-commerce entrepreneurial performance. The empirical results show that the experience of migrant workers makes a significant contribution to the entrepreneurial performance of e-commerce. The dynamic ability of entrepreneurs plays a significant intermediary role in the path of migrant workers' experience affecting the entrepreneurial performance of e-commerce. Decision empowerment plays a significant moderating role in the relationship among migrant experience and knowledge integration ability, migrant experience and integrated utilization ability.
		2021 Vol. 38 (6): 42-52 [Abstract] ( 644 ) [HTML 1KB] [ PDF 1329KB] ( 1106 )

	53	The Promoting Effect of Inward Internationalization on Outward Internationalization of Chinese Banks: Analysis Based onthe Perspective of Intangible Resources
		WEI Tao
		The internationalization development of Chinese banks includes inward internationalization and outward internationalization. Based on the theory of intangible resources and the panel data model, this paper studies the promotion effect of inward internationalization on outward internationalization innovation ability and operation efficiency of Chinese banks. It is found that the deepening of introverted internationalization and the accumulation of business experience of Chinese banks can promote the innovation ability of outward internationalization, but the degree of inward internationalization weakens the promoting effect of inward internationalization experience on outward international innovation ability and operational efficiency. The inward internationalization experience of Chinese banks can also promote the improvement of outward international operation efficiency. The promotion effect of Chinese banks' inward internationalization business experience on the improvement of outward internationalization innovation ability is mainly reflected in the process of outward internationalization in Europe and the United States. At the same time, the improvement of the degree of inward internationalization of Chinese banks has a restrictive effect on the operation efficiency of outward internationalization in the Asia Pacific region. Based on the new perspective of intangible resources, the discussion of the promotion effect of inward internationalization on outward internationalization of Chinese banks can not only make up for the lack of previous scholars' attention to the relationship between inward internationalization and outward internationalization, but also help Chinese banks better promote the internationalization development of inward and outward in the next step.
		2021 Vol. 38 (6): 53-62 [Abstract] ( 610 ) [HTML 1KB] [ PDF 1270KB] ( 1148 )

	63	The Impact of Government R&D Subsidies on the Export of High-tech Products under the Trade Policy Uncertainty
		QU Lina, LIU Junting
		This paper uses national (regional) data from 2003 to 2017 to investigate the impact of government R&D subsidies on the export of high-tech products under the trade policy uncertainty. The study finds that in the context of increased trade policy uncertainty, government R&D subsidies can effectively alleviate the negative impact of trade policy uncertainty on the export market share, export types and quantity of high-tech products. Further analysis shows that, compared with high-income countries (regions), government R&D subsidies are more conducive to alleviating the negative impact of trade policy uncertainty on the quantity of Chinese exports to middle-income countries (regions). In addition, the study indicates that government R&D subsidies begin to play a positive role in mitigating the negative impact of trade policy uncertainty on export quantity after the international financial crisis. Based on the above conclusions, this paper proposes targeted policy recommendations from the perspectives of improving the R&D subsidy, promoting trade liberalization and export market diversification.
		2021 Vol. 38 (6): 63-72 [Abstract] ( 661 ) [HTML 1KB] [ PDF 1271KB] ( 1236 )

	73	The Influence of Production Network Structure Difference on the Box Office of State-owned and Private Film Production Enterprises
		WEN Hu, CHEN Shiyu
		Based on the ownership types of the first domestic film production enterprises, this paper selects 450 films produced by state-owned and private production enterprises from 2003 to 2017 as samples to construct the production networks of state-owned and private production enterprises respectively. On this basis, Social network analysis is used to compare the structural differences between the above enterprises. Finally, this paper uses the econometric model to measure the impact of the position of production enterprises in the two types of ownership production networks on their box office. There are following findings: (1) The “private film production network” has the advantage of large scale, high density, more open, lower central potential and structural hole limit system, and the overall structure is better than that of “state-owned film production network”. (2) The state-owned enterprise and China Film Group Corporation occupy a central position in both types of production networks and remain a profound influence on the development of the industry. (3) The centrality in the “state-owned film production network” and the share of structural holes in the “private film production network” have a significant positive impact on the box office of production enterprises. Therefore, if we strengthen the relationship between the state-owned film production enterprises and the private film production enterprises , it will play a positive role in promoting the performance of the box office.
		2021 Vol. 38 (6): 73-83 [Abstract] ( 632 ) [HTML 1KB] [ PDF 4517KB] ( 643 )

	84	Can Haze Control Policy Improve Total Factor Productivity？
		MA Dongdong
		Based on the panel data of 13 cities in Beijing, Tianjin and Hebei from 2013 to 2017, this paper uses the SBM-Malmquist-Luenberger index to measure the total factor productivity under the constraint of haze pollution.The measuring results show that during the study sample period, the total factor productivity under the haze constraint is 9.8%, the technical efficiency contribution is -0.80%, and the contribution rate of technological progress is 11.1%. Technical progress is the main source of total factor productivity growth. Furthermore, based on the further analysis of the impact of haze governance policy on total factor productivity, it is found that the current haze governance policy has a positive and significant effect on total factor productivity. Therefore, it can be concluded that the “Environmental Kuznets Curve” hypothesis is existed in the Beijing-Tianjin-Hebei region, while the “pollution refuge” hypothesis may not be established under the long-term influence of the haze control policy. The population density and industrial structure level have a positive significant impact on total factor productivity, and the technological innovation under the haze control policy will also have a positive significant impact too.
		2021 Vol. 38 (6): 84-92 [Abstract] ( 624 ) [HTML 1KB] [ PDF 1267KB] ( 822 )

	93	A Study on the Influence of Decentralization on Innovation Quality of China's High-tech Enterprises
		MA Shengli, JIANG Bo
		The purpose of the decentralization reform is to clarify the boundary between the government and the market, promote efficiency and fairness in the allocation of innovation resources, and stimulate enterprises to upgrade the quality of innovation. Based on the panel data of listed companies from 2007 to 2019, this paper empirically studies the impact of decentralization on the innovation quality of high-tech enterprises. The study finds that the decentralization can significantly promote the innovation quality of high-tech enterprises by reducing institutional transaction costs, stimulating entrepreneurship, optimizing the business environment and strengthening supervision. In this regard, the east economically developed areas have performed better. This shows that the impact of the decentralization on the quality of innovation is heterogeneous in terms of corporate nature, political relevance and family control, but not related to the attributes of the Internet. Therefore, when coordinating the policies of decentralization and innovation incentive, the government should highlight the premise of supervision of innovation, strengthen the barriers of rules, intensify the systematicness, coordination and precision of policy design, and avoid an across-the-board approach. We should speed up the reform of decentralization, so that the “dividend”of the reform will take root in the innovation field of high-tech enterprises as soon as possible.
		2021 Vol. 38 (6): 93-102 [Abstract] ( 677 ) [HTML 1KB] [ PDF 1275KB] ( 1247 )

	103	Competitive Strategy, Capital Operation and Firm Performance
		WANG Zhenjie, WANG Hui, LI Zhenzhen
		Based on the measurement of capital operation and identification of competitive strategy,this paper puts capital operation into the framework of “competitive strategy-firm performance” analysis, and investigates the moderating effect of capital operation on competitive strategy to improve firm performance. Based on the sample of A-share listed companies from 2008 to 2017, this paper finds that the implementation of low-cost and differentiation strategy can significantly improve firm performance, while the capital operation can significantly promote the improvement of the two competitive strategies to the firm performance, and the effect is stronger in low-cost strategic firms. Combined with the driving factors of competitive strategy, it is found that in low-cost strategic firms, capital operation can improve firm performance by easing financing constraints and improving learning ability, while in differentiation strategic firms, only the path of easing financing constraints is verified. This study incorporates the capital allocation theory into the analytical framework of competitive strategic management which is conducive to guiding firms to establish competitive advantages by improving capital allocation efficiency.
		2021 Vol. 38 (6): 103-112 [Abstract] ( 737 ) [HTML 1KB] [ PDF 1272KB] ( 2114 )

	113	Technology Mergers & Acquisitions, Technology Innovation Performance and Earnings Persistence
		YANG Qing, ZHOU Shaoni
		Taking the M & A events of A-share listed companies in China's high-tech industry from 2009 to 2017 as the research object, and from the perspective of the intermediary effect of technological innovation performance, this paper examines the impact of technological M&A on earnings persistence of acquiring companies, and tests whether the intermediary effect of technological innovation performance is affected by the growth potential of acquiring companies at the same time. The study finds that technology mergers and acquisitions can significantly enhance the earnings persistence of acquiring companies and obviously improve the two-dimensional technological innovation performance. In addition, the mediating effect of technological innovation performance is also regulated by the growth potential of acquisition companies. The greater the growth potential of acquisition companies is, the stronger the relationship between technological innovation performance and earnings persistence is. This paper reveals the influence mechanism and action mechanism of technology M&A on earnings persistence through the mediating effect of technology innovation performance.
		2021 Vol. 38 (6): 113-121 [Abstract] ( 750 ) [HTML 1KB] [ PDF 1293KB] ( 738 )

	122	A Study on CPA Team Sharing and Risk Spillover Effect
		SUN Longyuan, LI Xiaohui, ZHANG Qi,JIANG Yahan
		Taking the A+H-share listed companies with key audit items reports issued in 2016-2019 and other companies employing the same CPA team in the same firm as samples, this paper uses comparative analysis to study the impact of CPA reports on litigation risks and audit fees and the “risk spillover” effect of “CPA team sharing”. The results show that the issuance of reports on key audit items will increase the audit work input and litigation risk of CPA and increase audit fees, while CPA team sharing will produce risk spillover effect which will make the audit risk spread to to other companies undertaken by the certain CPA . In order to deal with this effect, CPA should increase the work input to improve the business quality and increase audit fees for these companies. The further research shows that the improvement of professional ability of CPA can weaken the “risk spillover ” effect.
		2021 Vol. 38 (6): 122-129 [Abstract] ( 698 ) [HTML 1KB] [ PDF 1250KB] ( 1015 )

	130	Population Mobility, Fiscal Decentralization and Local Government Governance ——Empirical Analysis Based on DEA-Tobit Model
		SHI Guifen, LI Zhen
		This paper uses the DEA model to measure and evaluate the government governance efficiency of 30 provinces and cities in China from 2004 to 2017, and applies the restricted Tobit model to conduct an empirical study on how population mobility and fiscal decentralization affect local government governance efficiency. The results show that although the overall efficiency of government governance has been on the rise in recent years, there are still certain efficiency losses and regional differences. The government governance efficiency in the western region is much lower than that of the central and eastern regions. Fiscal decentralization and inter-regional population mobility have a significant negative impact on the efficiency of local government governance. And this result is still valid in the robustness test of replacing variables, changing samples and lagging one period. Further heterogeneity analysis shows that the negative impact of population mobility and fiscal decentralization on local government governance efficiency is more pronounced in the western regions and population inflow regions. Therefore, combined with the government governance situation in various regions, we should optimize the scale of government input and structure, improve the living environment and quality of the floating population and enhance the level of local government governance.
		2021 Vol. 38 (6): 130-139 [Abstract] ( 759 ) [HTML 1KB] [ PDF 1336KB] ( 909 )

	140	Stock Repurchase and Equity Pledge Risk of Listed Company
		SONG Kun, TIAN Xiangyu
		Taking the A-share listed companies in Shanghai and Shenzhen stock market from 2005 to 2020 as the research object, this paper divides the risks caused by equity pledges into four types: proportional risks, moral risks, market risks and legal risks, and studies the relationship between stock repurchase and equity pledge risk. There are following findings: (1) Stock repurchase can alleviate the ratio, market and legal risks of the current and future period, and can also reduce moral hazard of future period caused by equity pledge. (2) Investor sentiment only plays a partly intermediary role in the ratio between the current period and the future period and the legal risk in the future period. (3) After analyzing the samples classified by the nature of property rights and emotional index, it is found that the samples of state-owned holding companies will increase the risk of equity pledge ratio, and investor sentiment can not play an intermediary role. The sample results of private holding companies are consistent with the total sample results. Moreover, both high emotion samples and low emotion samples can alleviate the proportion, market and legal risk of current and future periods, but investor sentiment can only play an intermediary role in low mood samples. The findings mean that after equity pledges, listed companies are more inclined to use and create good news to raise their stock prices, so as to alleviate the risks of equity pledge.
		2021 Vol. 38 (6): 140-149 [Abstract] ( 739 ) [HTML 1KB] [ PDF 1275KB] ( 1458 )

	150	Social Trust and the Cost of Equity Capital
		JIANG Yingbing, BAN Xu
		Under the background of supply-side structural reform and the implementation of socialist core values and based on the data of Shanghai and Shenzhen A-share non-financial listed companies from 2010 to 2017, this paper empirically tests the impact of social trust on the cost of equity capital, and also uses the intermediary effect model to explore their the mechanism. There are following findings: (1) Social trust can significantly reduce the cost of equity capital. (2) The intermediary mechanism shows that social trust can alleviate the degree of information asymmetry and reduce the cost of equity capital by improving the transparency of financial information and stock liquidity. (3) The legal environment and social trust complement each other. In areas where the legal environment is better, the effect of social trust in reducing the cost of equity capital is more obvious. This study clarifies the relationship and mechanism between social trust and the cost of equity capital, provides an explanation from the informal system of social trust for companies to reduce the cost of equity capital. It also provides empirical evidence for the government to actively foster a trusting environment.
		2021 Vol. 38 (6): 150-160 [Abstract] ( 705 ) [HTML 1KB] [ PDF 1285KB] ( 1107 )

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