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Economic Survey

	2022 Vol.39 Issue.3 Published 2022-05-10

	3	The Influence of National New Zone Construction on the Development of Regional Economy
		ZHOU Guofu, CHEN Xinpeng
		With the approval of the State Council, the national new area is a comprehensive functional platform established to undertake the strategic tasks of national major development and reform and opening up, and its policy effect remains to be tested. Based on the panel data of 285 cities at prefecture level and above from 2002 to 2018, this paper takes the policy of establishing national new area as a quasi-natural experiment, and uses multi-time-point double difference method to identify the causal effect of the establishment of national new area on regional economic development. There results are listed as follows. (1) The establishment of national new areas is conducive to regional economic development, and its driving force has not weakened with the passage of time. (2) The policy effect of the state-level new areas established in the northeast and western regions is obviously better than that of the state-level new areas established in the eastern and central regions, and the policy effect of the state-level new areas established in inland areas is obviously better than that of the state-level new areas established in coastal areas. (3) No matter whether the national new area is established in “provincial capital or above cities” or “other cities”, it has a “siphon effect” on the surrounding cities, among which the “siphon effect” of the national new areas established in “other cities” is more significant. (4) The policy effect of establishing national new area across regions is better than that of establishing national new area by a single administrative subject. The above empirical research results provide an important basis for the future layout of national new areas and the implementation of related policies.
		2022 Vol. 39 (3): 3-14 [Abstract] ( 732 ) [HTML 1KB] [ PDF 1333KB] ( 2618 )

	15	Internet Development Level, Knowledge Spillovers and Regional Innovation Capability
		LI Xue, WU Fuxiang, ZHU Lile
		Based on the panel data of 30 provinces in China from 2006 to 2018, this paper empirically tests the impact of Internet development level and knowledge spillover on China's regional innovation capability by using spatial econometric model. The study shows that in the national sample, both the level of internet development and knowledge spillover can significantly promote the improvement of China's regional innovation capability, which shows that the level of Internet development and knowledge spillovers between provinces are important driving forces for the improvement of regional innovation capability. At the same time, the improvement of the development level of the internet can significantly promote the innovation promotion effect of knowledge spillovers. In the sub-samples, on the one hand, there are significant differences in the promoting effect of Internet development level and knowledge spillover on China's regional innovation capability in different regions. The Internet development level and knowledge spillover in the eastern region have a significant positive effect on its innovation capability, while the effect in the central and western regions is not obvious. On the other hand, the effect of the internet on promoting regional innovation capability through knowledge spillover also has obvious regional heterogeneity, which plays a significant promoting role in the eastern region, but does not exist in the central and western regions. In order to enhance regional innovation capability, achieve the coordinated development of regional innovation and promote the development of the internet, we should also implement differentiated Internet innovation strategies according to the endowment conditions of different regions.
		2022 Vol. 39 (3): 15-25 [Abstract] ( 693 ) [HTML 1KB] [ PDF 1259KB] ( 2736 )

	26	A Study on the Influence of Regional Cooperation on Innovation Performance
		HU Shuangyu, WU Hecheng, WENG Min
		Based on the balanced panel data of 31 provinces (autonomous regions and municipalities) in China from 2005 to 2019, this paper discusses the impact of intra-regional cooperation, inter-regional cooperation and the balance of intra-regional and inter-regional on regional innovation performance based on knowledge production function. On this basis, the moderating role of regional technological diversification as a situational factor is also analyzed. The results are listed as follows. The innovation performance of each region has improved significantly, but the gap between the central and western regions and the eastern region has not been significantly improved. Under the geo-spatial effect, intra-regional cooperation significantly promotes the improvement of regional innovation performance. Although there is a non-linear relationship between inter-regional cooperation and regional innovation performance, with the increase of cross-regional cooperation, regional innovation performance shows an inverted U-shaped trend of rising first and then decreasing. Different from the positive correlation in previous studies, this study points out from the perspective of resource scarcity that the balance of intra-regional and inter-regional cooperation is not conducive to the improvement of regional innovation performance. Regional technological diversification not only directly improves regional innovation performance, but also positively adjusts the relationship between intra-regional, inter-regional and their balance and regional innovation performance.
		2022 Vol. 39 (3): 26-34 [Abstract] ( 564 ) [HTML 1KB] [ PDF 1192KB] ( 1119 )

	35	Labor Transfer, Service Outsourcing and Farmland Transfer: Based on Evidence from the Rural Households' Labor Transfer Data ——Evidence from the Rural Households' Labor Transfer Data
		TAN Zhuping, GENG Pengpeng, LUO Biliang
		Based on the data of farmers in 9 provinces (regions), this paper analyzes the influence of agricultural labor transfer distance on farmers' farmland transfer. The results show that the farther the spatial distance of labor transfer is, the more it can strengthen farmers' behavior tendency of farmland transfer. Further study finds that there is a “threshold effect” in the impact of farmers' labor transfer on the transfer of agricultural land. That means that only when the non-agricultural transfer of labor among farmers reaches a certain proportion, it will have an impact on the transfer of farmland. After using proxy variables and instrumental variables to solve the endogenous problem, the impact of rural labor transfer on farmland lease-out still obtains a consistent conclusion. Heterogeneity analysis shows that the labor transfer of rural households who has high-level non-agricultural income and the non-agricultural employment of physical labor force have a more significant positive impact on farmland transfer. In addition, from a sub-region point of view, the impact of labor transfer on the transfer of farmland from rural households presents a regional pattern of weakening in the central, eastern and western regions. However, once farmers are involved in the division of labor and outsourcing agricultural production services, it will significantly weaken the positive effect of non-agricultural labors'transfer on farmland rental activity. This shows that there is a mutual growth and decline relationship among the market of agricultural labor force, agricultural socialized services, and agricultural land transfer.
		2022 Vol. 39 (3): 35-44 [Abstract] ( 626 ) [HTML 1KB] [ PDF 1176KB] ( 704 )

	45	Relationship Between Internet Using and Farmer' Income Inequality
		ZHANG Ziqiang
		Based on the data of 2017 China Comprehensive Social Survey (CGSS), this paper uses the endogenous transformation model to empirically analyze the relationship between Internet use and farmers' income inequality and its internal mechanism. The results are listed as follows. The use of the Internet has alleviated the income inequality of farmers. Based on the counterfactual hypothesis, if the farmers who do not use the Internet choose to use the Internet, their income inequality will decrease by 21.4%. There is heterogeneity in the impact of Internet use on farmers' income inequality, which is shown by the fact that female, middle-aged and below-average household economic conditions play a greater role in reducing income inequality through the Internet. Based on the counterfactual hypothesis, if farmers who are educated in junior high school or below or whose family economic status is lower than the average choose to use the Internet, their income inequality will decline even more. And if they actually use the Internet and choose not to use it, their income inequality will increase significantly. After replacing explanatory variables and estimation methods, the results are still robust. Besides, the study finds that Internet indirectly affects farmers' income inequality through information effect and employment effect, in which the information effect has a complete intermediary effect and the employment effect has a partial intermediary effect.
		2022 Vol. 39 (3): 45-54 [Abstract] ( 661 ) [HTML 1KB] [ PDF 1188KB] ( 916 )

	55	Value Chain Extension M&As and Independent Innovation of Chinese Firms
		GE Shunqi, WAN Shuzhen
		In the era of global value chains, extending to both ends of the “smile curve” is a core strategy for firms to enhance competitiveness. And value chain extension mergers and acquisition (M&A) is an important measure to realize this strategy. Based on the data of Chinese manufacturing enterprises and M & A transaction data from 2008 to 2017, this paper examines the impact of value chain extension M & A on the independent innovation of Chinese enterprises by using OLS, PSM-DID and other empirical schemes based on upstream M & A, which clearly focuses on the characteristics of vertical integration of M & A. The results show that although the large amount of resources required by implementing M&A will squeeze out R&D inputs, especially of micro-firms', the integration of upstream and downstream formed by value chain extension M&A can reduce the original market transaction costs, encourage specific R&D investment, and drive independent innovation. Value chain extension M&A generally promotes firms' independent innovation. As far as upstream M&As are concerned, the above effects are significantly higher than those of other types of M&A on the independent innovation of firms. And it can keep increasing for a period of time afterwards. Therefore, creating a business environment conducive to the extension of enterprise value chain M & A can promote the construction of an innovative country in China.
		2022 Vol. 39 (3): 55-66 [Abstract] ( 547 ) [HTML 1KB] [ PDF 1326KB] ( 1100 )

	67	Variety of Imported Products and Domestic Value-added Rate of Export
		YUAN Liu
		Based on the trade data of Chinese industrial enterprises and customs from 2000 to 2013, this paper systematically studies the relationship between the types of imported products and the domestic added value rate of enterprises' exports by using the double difference modal and instrumental variables. The results show that there is U-shaped relationship between the imported product variety and enterprises' export DVAR. That is to say, before reaching the threshold value is, the increase of the imported product variety reduces the enterprises' export DVAR. When the varieties of imported product reach a certain threshold value, the increase of the imported product variety significantly improves enterprises' export DVAR. The impact of the imported product variety on the enterprises' export DVAR has passed the heterogeneity test which means the influence of imported product variety on export DVAR of enterprises with different trade types, enterprises in different regions and enterprises with different ownership types is obviously different. The mechanism test shows that cost-plus effects and R&D innovation effects are the channels through which the imported product variety affects the enterprises' export DVAR. Therefore, in order to increase enterprises' export DVAR and gain more benefits from international trade, enterprises should continuously increase the imported product variety, and the government should adopt different import strategies according to different trade methods, different regions and different types of ownership.
		2022 Vol. 39 (3): 67-77 [Abstract] ( 579 ) [HTML 1KB] [ PDF 1216KB] ( 1226 )

	78	Digital Input and Innovation Efficiency of Manufacturing Industry
		CHEN Jindan, WANG Jingjing
		The in-depth deep application of digital technology is changing the process of enterprise innovation and industrial innovation ecology , and it is a new engine to realize the innovation and development of China's manufacturing industry. Based on WIOTs and Chinese manufacturing panel data, this paper systematically studies the impact of digital input on manufacturing innovation efficiency. The results are listed as follows. First, there is a U-shaped relationship between digital input and innovation efficiency of manufacturing industry, the promotion effect of digital input is not fully played, and the influence effect of domestic digital input is greater than that of foreign digital input. Second, the expansion of demand scale has a moderating effect on the U-shaped relationship between digital input and innovation efficiency of manufacturing industry, and the moderating effect of domestic demand is greater than that of external demand. Third, market reform and market competition will weaken the U-shaped relationship between digital input and innovation efficiency of manufacturing industry, and alleviate the adverse effects caused by insufficient initial digital input. Further analysis shows that improving the efficiency of the use of innovation resources, the abilities of technological innovation and achievement transformation are important channels for digital input to improve the innovation efficiency of the manufacturing industry. Therefore, accelerating the digital transformation of industry, giving full play to the multiplier effect of digital economy and expanding domestic demand and market-oriented reform will contribute to the innovative development of China's manufacturing industry.
		2022 Vol. 39 (3): 78-88 [Abstract] ( 632 ) [HTML 1KB] [ PDF 1192KB] ( 1467 )

	89	Carbon Footprint Tax, Ecological Value Compensation and Industrial Transformation of a Resource-Based Economy
		XIONG Zhenxing
		Carbon footprint quantifies the carbon emissions caused by the inherent energy consumption of products from the demand side, which is of great significance to achieve carbon ecological compensation and strengthen demand side management. By calculating the carbon footprint of energy consumption and quantifying the value of the corresponding carbon sequestration gas regulation function ecological products, this paper puts forward an ecological value compensation scheme based on carbon footprint tax, and innovates the value realization mechanism of service ecological products. On this basis, this paper, taking the comprehensive reform pilot area of national resource-based economic transformation in Shanxi Province as an example, constructs a CGE model to analyze the impact of carbon footprint tax on industrial structure, and compares and analyzes the effects of industrial structure transformation of resource-based economy from the aspects of factor intensity, input-output and economic growth structure. It is found that carbon footprint plays a positive role in the transformation of resource-based economy, which can promote the intensification of factor input, the rationalization of resource allocation and the upgrading of industrial structure, realize the reduction of resource-intensive industries, and promote the growth of technology-intensive industries. And it is also helpful to guide the development of high-tech industries with low energy consumption and low emissions, which is necessary and feasible under the background of carbon peak and carbon neutralization. Therefore, we propose to guide the transformation and upgrading of industrial structure through carbon footprint tax.
		2022 Vol. 39 (3): 89-96 [Abstract] ( 1098 ) [HTML 1KB] [ PDF 1159KB] ( 1165 )

	97	Capital Introduction Strategy and Capacity Utilization: An Analysis Based on the New Development Pattern of “Dual Cycle”
		FU Dong, QIAN Aimin
		Under the new development pattern of “Dual cycle”, the key to dredging the blocking point of economic cycle is to improve the market-oriented allocation mechanism of production factors in order to improve the quality of supply. Based on the agency theory, this paper studies the influence and mechanism of all kinds of capital introduction on the capacity utilization of manufacturing enterprises from the perspective of enterprise capital introduction strategy. The results are listed as follows. (1) The introduction of endogenous capital can improve capacity utilization, but the introduction of exogenous capital can reduce capacity utilization. (2)Among the three kinds of exogenous capital, the inhibitory effect of debt capital on capacity utilization is significant, the level of government subsidy decreases significantly, and the equity capital is not obvious. (3) Mechanism test finds that endogenous capital reduces agency costs, and then increases capacity utilization, while exogenous capital increases agency costs, which in turn reduces capacity utilization. (4) Further research finds that the role of endogenous capital in improving capacity utilization is more significant in a good business environment, so optimizing the business environment is an important measure to improve the quality of supply. The conclusion of the study reveals the mechanism by which the allocation of capital factors affects the capacity utilization of enterprises, which helps to smooth the circulation of the national economy and supports the ongoing reform of the business environment.
		2022 Vol. 39 (3): 97-107 [Abstract] ( 545 ) [HTML 1KB] [ PDF 1197KB] ( 1519 )

	108	Intellectual Property System and Total Factor Productivity of Private Enterprises
		YAN Yongsheng, LI Lingfei, SHAO Chuanlin
		Taking the national intellectual property demonstration city policy implemented in 2012 as a quasi-natural experiment, this paper selects the micro data of A-share private listed enterprises from 2005 to 2019, and uses the double difference model to investigate the impact of intellectual property system on the total factor productivity of private enterprises. The results show that compared with the private enterprises in non-intellectual property model cities, the intellectual property model city policy significantly promotes the total factor productivity of private enterprises in the area, and the conclusion is still valid after a series of robustness tests. The heterogeneity test indicates that the intellectual property system has a greater positive impact on the total factor productivity of private enterprises in the central and western regions, private enterprises with higher financing constraints and higher degree of industry competition. The intermediary effect model test shows that the intellectual property demonstration city policy can have a positive impact on the total factor productivity of private enterprises by increasing regional science and technology expenditure and encouraging the innovation output of private enterprises. The conclusion reveals the role of intellectual property system in promoting the total factor productivity of private enterprises, and provides reference for improving the intellectual property system, optimizing the business environment, encouraging private enterprises to innovate and promoting high-quality economic development.
		2022 Vol. 39 (3): 108-118 [Abstract] ( 697 ) [HTML 1KB] [ PDF 1184KB] ( 1061 )

	119	The Influence of Alternative Resource Allocation on the Growth of Platform Enterprises from the Perspective of Iterative Innovation
		ZHANG Teng, ZHU Xiaohong
		Based on the frontier research results of resource allocation and iterative innovation, this paper constructs the theoretical framework of “alternative allocation-iterative innovation-platform enterprise growth”, and uses the method of hierarchical linear regression to verify the research proposition to explore the way of platform enterprise growth. This paper draws the following conclusions through the empirical study of 160 enterprises from Beijing, Tianjin, Shandong, Henan and other regions. (1) Alternative resource allocation has a positive influence on Internet platform firms' growth. (2) Alternative allocation can promote the swift action and continuous improvement of iterative innovation, which is conducive to the growth of enterprises. (3) As the basic dimension of iterative innovation, swift action and continuous improvement play an intermediary role between alternative allocation and enterprise growth. For the growth of enterprises, resource allocation plays a more important role than the amount of resources owned by enterprises. This research is helpful for us to improve the growth mechanism of platform enterprises under the internet background, explore the driving mechanism of iterative innovation, investigate the intermediary role of iterative innovation from different dimensions, enrich the quantitative research of iterative innovation, promote its theoretical development, enrich the research results of resource allocation, and promote the expansion of research vision from static attributes of resources to the dynamic allocation of resources.
		2022 Vol. 39 (3): 119-127 [Abstract] ( 542 ) [HTML 1KB] [ PDF 1178KB] ( 695 )

	128	Local Officials' Turnover and the Risk of Bond Market
		ZOU Jin, XU Zihan, CUI Chuantao
		The high-quality development of China's economy depends on the benign interaction between the local government and the market, so it is very important to investigate the role of local government behavioral factors in the bond market. Based on the data of Chinese credit bond market and officials' turnover, this paper studies whether officials' turnover will break the original political connection and thus affect the default of bonds. The results show that the change of local government officials will lead to an increase in the default rate of the bond market, and this effect is mainly affected by non-state-owned enterprises, especially in areas where officials have a longer term of office, less transparency and a poor business environment. It reveals that there is government cover-up behavior in China's bond market. Further study indicates that in the default samples, the officials' turnover will increase the short-term solvency and profitability of the default enterprises, indicating that the original relationship between government and enterprises may make some enterprises with poor financial quality stay in the bond market. This paper provides an empirical evidence for China to guard against financial risks indeepening financial supply-side structural reform.
		2022 Vol. 39 (3): 128-137 [Abstract] ( 608 ) [HTML 1KB] [ PDF 1171KB] ( 1012 )

	138	A Study on the Influence Mechanism of Financial Development on the Improvement of Regional Innovation Ability
		XIE Qiaoyan, WANG Yuwei
		Based on the inter-provincial panel data of China from 2006 to 2019, this paper reveals the realization mechanism of financial development in promoting the improvement of regional innovation capability. It is found that financial development plays a significant positive role in promoting regional innovation capability, and the development of financial industry is more conducive to promoting regional innovation capability than financial scale expansion and financial efficiency improvement. In addition, the improvement of regional innovation capability promoted by financial development is mainly reflected in the impact on regional incremental innovation capability, while the expansion of financial scale and the development of financial industry tend to promote regional incremental and radical innovation capability respectively. From the perspective of mechanism analysis, increasing the degree of opening to the outside world and weakening the distortion of industrial structure are important reasons for strengthening the improvement of regional innovation ability by financial development. The former is mainly realized through the expansion of financial scale and the development of financial industry, while the latter is mainly reflected in the overall financial development and financial scale expansion by weakening the distortion of tertiary industrial structure. And the development of the financial industry is realized by weakening the distortion of the overall industrial structure. The study expands the understanding of the role of financial development in promoting regional innovation capability, and provides reliable empirical evidence for better promoting regional innovation capability.
		2022 Vol. 39 (3): 138-149 [Abstract] ( 762 ) [HTML 1KB] [ PDF 1275KB] ( 1241 )

	150	Environmental Regulation and Tax Avoidance of Heavy Polluting Enterprises
		MA Yahong, YANG Suchang
		Government environmental regulation will have an impact on the operation and financial behavior of enterprises. Environmental regulation increases the production costs and the pressure of transformation and upgrading of enterprises, and may also make enterprises get into trouble due to the deterioration of business performance or the failure of transformation. Therefore, in the context of strong regulation, enterprises need to reduce costs and resist risks through tax evasion. Under the institutional background of the implementation of the new Environmental Protection Law in 2015 this paper, taking China's A-share listed enterprises as the research samples, uses the double difference method to study the impact of environmental regulation on the degree of tax evasion of heavily polluting enterprises. Empirical test finds that government environmental regulation significantly expands the degree of tax evasion of heavily polluting enterprises. After changing the measurement method of tax avoidance and using PSM-DID for robustness test, the conclusion remains unchanged. The results of further study are as follows. Small-scale enterprises and highly profitable enterprises are more likely to offset the negative impact of environmental regulation through tax evasion. The impact of environmental regulation on the degree of tax avoidance is significant only in resource-intensive industries, but not in technology-and capital-intensive industries. And the impact of environmental regulation on the degree of corporate tax avoidance is only significant in the eastern region and areas with better legal environment, but not significant in the central and western regions and areas with poor legal environment.
		2022 Vol. 39 (3): 150-160 [Abstract] ( 613 ) [HTML 1KB] [ PDF 1246KB] ( 1814 )

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