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Economic Survey

	2022 Vol.39 Issue.6 Published 2022-11-10

	3	The Impact of the Opening of High-speed Rail on the Level of Urban Innovation from the Perspective of Heterogeneous Borrowing Size
		HU Yan, ZHANG Anwei
		Innovation is the driving force of economic structure transformation and high-quality development, and transportation infrastructure construction plays an important supporting role in it. Based on the panel data of 41 cities at prefecture level and above in the Yangtze River Delta in 2007 and 2018, this paper uses the time-varying DID model to analyze the impact of the opening of high-speed rail on the level of urban innovation from the perspective of heterogeneous borrowing scale. First, the opening of high-speed rail has significantly improved the level of urban innovation. From the spatial dimension, the opening of high-speed rail has improved the innovation level of big cities, but it has no significant effect on the innovation level of small cities. Second, after the opening of the high-speed railway, its interaction with borrowed-performance inhibits the innovation level of the city, and its interaction with borrowed-function promotes the improvement of the innovation level of the city. Third, for large cities, the interaction between high-speed rail opening and borrowed-performance and borrowed-function has improved the urban innovation level. For small cities, the interaction between high-speed rail opening and borrowed-performance has no significant impact on the urbaninnovation level. The interaction between high-speed rail opening and borrowed-function has improved the urban innovation level.
		2022 Vol. 39 (6): 3-13 [Abstract] ( 548 ) [HTML 1KB] [ PDF 1296KB] ( 769 )

	14	A Study of the Threshold Effect of Environmental Regulation on Technological Innovation
		ZHENG Zhanpeng, WANG Yarou, LUO Xiaotian, WANG Fengge
		From the perspective of following the cost effect and innovation compensation effect, this paper theoretically explains the threshold effect of environmental regulation on technological innovation, and uses the panel threshold model to empirically test this effect,and takes 30 provinces and cities in China from 2006 to 2017 as samples. It is found that the impact of environmental regulation on imitative technological innovation and original technological innovation has a double threshold effect, showing a Vshaped relationship as a whole. In addition, the impact of environmental regulation on technological innovation in different regions is different. The impact of environmental regulation on technological innovation in developed regions has a dual threshold effect, while the impact on technological innovation in underdeveloped regions does not have a threshold effect. When analyzing the mechanism of the impact of environmental regulation on technological innovation with RD investment as a mechanism variable, it is found that the impact of environmental regulation on RD investment has a double threshold effect, which also presents a similar V-shaped characteristic as a whole. In general, when the level of economic development is low, following the cost effect plays a leading role in the impact of environmental regulation on technological innovation. Only when the level of economic development crosses a certain threshold, does the innovation compensation effect play a leading role.
		2022 Vol. 39 (6): 14-23 [Abstract] ( 781 ) [HTML 1KB] [ PDF 1257KB] ( 1283 )

	24	Whether the Development of the Digital Economy Reduces Market Segmentation: From the Dual Perspective of Regional Economic Linkages and Administrative Monopoly
		YUAN Shengchao, LYU Cuicui, ZHANG Shuai
		Under the background of the current implementation of the dual-cycle development strategy, the construction of a unified national market is an inevitable requirement to promote the domestic cycle. In theory, the vigorous development of the digital economy makes it possible to break the market segmentation between regions in China. From the dual perspective of regional economic relations and administrative monopoly, using diversified measurement methods, this paper empirically tests the effect and mechanism of digital economy development on market segmentation based on provincial panel data from 2006 to 2018. There are following findings. First, the development of digital economy helps to reduce market segmentation, which is still holds after dealing with endogenous problems and using dynamic panel GMM estimation. The impact of digital economic development on reducing the market segmentation has a long-term effect, and shows the characteristics of increasing marginal effect. Second, from a regional perspective, the effect of the digital economy on reducing market segmentation is significantly stronger in the central and western regions than that in the eastern regions, and slightly stronger in the southern regions than that in the northern regions. Third, the mechanism test confirms that the digital economy can reduce market segmentation by strengthening regional economic ties and weakening administrative monopoly. The conclusions not only help to clarify the relationship between digital economy and market segmentation in theory, but also provide ideas for breaking regional market segmentation and promoting regional market integration in practice.
		2022 Vol. 39 (6): 24-33 [Abstract] ( 739 ) [HTML 1KB] [ PDF 1264KB] ( 841 )

	34	A Study of the Influence and Mechanism of Internet Use on Peasant Household Income Growth
		LUO Qianfeng, ZHAO Qifeng
		Based on the data of China Rural Revitalization Survey (CRRS) in 2020, this paper empirically analyzes the impact of farmers' Internet use behavior on their household income growth. The results show that Internet use has a significant income-generating effect. After solving the potential endogenous problems by using the instrumental variable and propensity score matching method, and conducting a robustness test on the impact of different Internet access methods on household income, consistent conclusions can still be obtained. Heterogeneity analysis shows that the income increasing effect of Internet use in rural households with lower education level of head of household, average age of family members between 41 and 65 years old and small-scale land management is more obvious. The analysis of the impact mechanism indicates that Internet use mainly influenced farm household income through five paths: reducing production and operation costs, promoting effective connection between farm households and markets, promoting human capital accumulation, enhancing financial capital support and improving social capital levels. According to the above conclusions, this paper puts forward the following policy recommendations: (1)It is necessary to consolidate the foundation of Internet development and improve the level of Internet use by farmers; (2) We should give full play to the effect of increasing income through multiple channels of the Internet, and promote the steady increase of farmers' income through multiple channels; (3)In addition, the income-generating effect of the Internet should be brought into play under the framework of common prosperity to guarantee farmers' reasonable sharing of digital economy dividends.
		2022 Vol. 39 (6): 34-44 [Abstract] ( 806 ) [HTML 1KB] [ PDF 1268KB] ( 824 )

	45	Farmers' Characteristics, Regional Differences and Farmers' Willingness to Withdraw the Land
		HE Xiongwei, YANG Zhicheng
		It is an important task to actively and steadily promote the voluntary withdrawal of rural land contract right with compensation to deepen the reform of the “separation of three rights” of rural land in China. According to thepush-pull theory model, farmers' land withdrawal behavior will not only be affected by the characteristics of farmers themselves, but also be affected by the differences in regional economic development. Based on the field survey data of Anhui and Jiangxi provinces in China, this paper uses Probit model to analyze the differences of influencing factors of farmers' willingness to withdraw from land. Through the study of the samples of the two provinces, it is found that age, farmland area, the level of education, the total family income, the proportion of non-agricultural income, family members of urban household registration and the distance from the nearest town have a significant impact on the withdrawal of land contract rights. From the perspective of sub-samples at the provincial level, characteristic variables such as age, the proportion of non-agricultural income and family members of urban household registration have the same influence on farmers' willingness to withdraw from land contract rights in Anhui and Jiangxi provinces. The sub-sample regression at the county level in Anhui shows that except for the difference in the influence of age variables, the influence of other variables is consistent with the regression results of Anhui total samples. Based on the above conclusions, this paper puts forward some policy suggestions, such as adhering to the principle of voluntary withdrawal, strengthening the motivation of farmers' land withdrawal, taking into account regional development differences, coordinating urban and rural areas and so on.
		2022 Vol. 39 (6): 45-55 [Abstract] ( 486 ) [HTML 1KB] [ PDF 1402KB] ( 560 )

	56	The Status of Import Trade Network and Firm Environmental Performance
		LUO Dan
		Improving the status of import trade network will help to promote the construction of trade power, and improving environmental performance is an inevitable requirement to achieve “carbon neutrality” and “carbon peak”.Taking trade network as an entry point and on the basis of constructing a theoretical model, this paper uses the data of Chinese manufacturing enterprises from 2000 to 2013 to measure the import trade network status of enterprises through a directed weighted trade matrix, and systematically examines how the import trade network status affects the environmental performance of enterprises in combination with two representative indicators of pollution emission intensity and carbon emission intensity.The study shows that the improvement of import trade network status significantly improves the environmental performance of enterprises, and the technology upgrading effect and cost optimization effect are important channels for import trade network status to affect the environmental performance of enterprises. This conclusion is still true after the endogenous treatment and robustness test of a series of methods such as tool variables.In addition, heterogeneity analysis indicates that the impact of import trade network status on enterprise environmental performance will vary with the location of production chain, business dynamics and export participation.
		2022 Vol. 39 (6): 56-66 [Abstract] ( 410 ) [HTML 1KB] [ PDF 1280KB] ( 812 )

	67	A Study of the Influence of East Asian Service Trade Barriers on Manufacturing Industry's Participation in Regional Value Chain
		DING Wenyu, LIU Hongzhong
		In the information age, trade in services is crucial to the development of an economy's manufacturing industry. Based on the relevant data of East Asian economies from 2005 to 2015 in the TiVA database published by WTO-OECD, this paper examines the impact of service trade barriers on the participation of East Asian economic systems in the regional value chain by means of fixed effects and instrumental variables.The results show that the service trade barriers in East Asia hinder the manufacturing industry's participation in the regional value chain, and the impact of trade barriers in different service industries is different.On the one hand, service trade barriers directly affect the opportunity of the manufacturing to obtain service input; on the other hand, service trade barriers reduce the efficiency of division of labor and industrial competitiveness of the service industry and further affect the participation of manufacturing in the regional value chain through the service of of manufacturing inputs.Compared with the impact of service trade barriers on the forward participation of the regional value chain, the service trade barrier has a greater negative impact on the backward participation of the regional manufacturing value chain in East Asia.According to the conclusions, this paper puts forward some suggestions that we should further reduce trade barriers in finance, insurance, logistics and other service industries and strengthen regional cooperation such as RCEP in order to ensure the stability and security of China's manufacturing production and regional value chain.
		2022 Vol. 39 (6): 67-76 [Abstract] ( 598 ) [HTML 1KB] [ PDF 1277KB] ( 580 )

	77	A Study of the Spatial Spillover Effect of Digital Inclusive Finance on the Optimization of Regional Industrial Structure
		GUO Shouting, JIN Zhibo
		Digital inclusive finance improves the efficiency of resource allocation by alleviating the effect of financial exclusion, which will have a more far-reaching impact on the upgrading of industrial structure.Based on the “Peking University Digital Financial Inclusion Index”, this paper applies the Spatial Dobbin Model to explore the effect and mechanism of digital financial inclusion on the upgrading of regional industrial structure. The empirical results show that there is a U-shaped non-linear relationship between between the development of digital inclusive finance and the upgrading of industrial structure in the region, that is, only when the digital financial inclusion is greater than the critical point will it have a positive impact on the upgrading of regional industrial structure.There is an inverted U-shaped non-linear relationship between the development of digital inclusive finance in surrounding areas and the upgrading of industrial structure in this region, which shows that when the digital inclusive finance in surrounding areas is greater than the critical value, it will have a negative spatial spillover effect on the upgrading of industrial structure in this region. After a series of robustness tests and the elimination of endogenous problems, the conclusion is still valid.Mechanism analysis indicates that the digital financial inclusion promotes the upgrading of regional industrial structure by improving the effect of resource allocation, demand effects and technological innovation effects.Based on the above conclusions, this paper puts forward policy suggestions to give full play to the role of Digital Financial Inclusion in promoting the upgrading of industrial structure and to enhance the regional influence of Digital Financial Inclusion.
		2022 Vol. 39 (6): 77-87 [Abstract] ( 939 ) [HTML 1KB] [ PDF 1339KB] ( 1536 )

	88	A Study of the Evaluation of the Synergetic Development Level of Digital Economy Industry in Urban Agglomeration in The Middle Reaches of The Yangtze River
		LI Xiaoyu, LI Huaxu
		With the rise of the national strategic status of urban agglomeration in the middle reaches of the Yangtze River, integration has become the main theme of the development of urban agglomeration in the middle reaches of the Yangtze River. Scientific evaluation of the synergetic development level of digital economy and industry of urban agglomeration in the middle reaches of the Yangtze River is helpful to solve the dilemma of industrial coordination of urban agglomeration in the middle reaches of the Yangtze River and form a high-quality integrated development pattern. This paper selects the data related to digital infrastructure, digital industrialization and industrial digitalization from 2013 to 2020 in Wuhan City Circle, around Changsha Zhuzhou Xiangtan City Cluster and around Poyang Lake City Cluster in the middle reaches of the Yangtze River city cluster. Based on the analysis of the development of digital economy industry in the middle reaches of the Yangtze River city cluster, this paper uses the coupling synergy model to evaluate the level of coordinated development of digital economy industry in the middle reaches of the Yangtze River city cluster. The study shows that the digital economy industry coupling coordination degree of the three major urban agglomerations in the middle reaches of the Yangtze River from 2013 to 2020 has been continuously improved. And the digital economy industry in Wuhan metropolitan area has achieved high-quality coordination in 2020., and Changsha-Zhuzhou-Xiangtan urban agglomeration and Poyang Lake urban agglomeration have achieved good coordination. From the perspective of the spatial coordination of digital economy and industry in the three major urban agglomerations, the coordination of digital economy and industry among the three major urban agglomerations has achieved good coordination. However, the degree of digital industrialization coordination among the three major urban agglomerations obviously lags behind the level of digital infrastructure coordination and industrial digital coordination. Based on the above conclusions, this paper puts forward countermeasures and suggestions to accelerate the top-level design of digital economy industry collaboration, promote the digital industrialization of urban agglomeration with greater strength, promote the collaborative governance of digital economy industry chain, build digital economy industry alliance and improve the system and mechanism.
		2022 Vol. 39 (6): 88-97 [Abstract] ( 672 ) [HTML 1KB] [ PDF 2386KB] ( 772 )

	98	Open Paradox, Dominant Design Scenario and Ambidextrous Innovation Performance
		CAI Shuangli, MA Hongmei
		Open innovation andappropriability mechanism are important ways to solve the resource tension of ambidextrousinnovation.Base on the patent data of the listed companies from 1991 to 2020,this paper studies the impact of openness and monopoly on ambidextrous innovation performance under the opening paradox, and empirically tests the heterogeneity of the impact of openness and appropriability on ambidextrous innovation performance under different dominant design scenarios.Firstly, the sensitivity of exploitative innovation performance to openness and exclusivity is higher than that of exploratory innovation performance. Secondly, the breadth of openness has an inverted U-shaped impact on ambidextrous innovation performance, and the depth of openness has a positive influence on exploitative innovation within the range, but the influence on the performance of utilization innovation is distributed in the left branch of the inverted U-shaped curve.Thirdly, appropriate first suppresses ambidextrous innovation performanceto a certain degree of protection can promotes the performance of ambidextrous innovation.Finally, under different dominant design scenarios, the influence of each element of open paradox on exploratory innovation performance is not significant, but on utilization innovation performance is significant.The conclusions help to enrich the existing literature on open paradox and ambidextrous innovation theory, and provide empirical evidence for the different emphasis of ambidextrousinnovation strategy under the dominant design situation. It also provides theoretical support and decision-making reference for the choice of open and exclusive strategies under different strategies.
		2022 Vol. 39 (6): 98-107 [Abstract] ( 831 ) [HTML 1KB] [ PDF 1352KB] ( 903 )

	108	Digital Transformation and Firm Risk-taking Behaviors
		LIN Jing, ZHONG Jiyin
		Digital transformation is an important measure to promote the development of national digital economy strategy, and the level of enterprise risk taking is of great significance to high-quality economic development. Based on the data of listed companies from 2007 to 2020, this paper examines the impact of digital transformation on risk taking behavior.There are following empirical results. (1) The digital transformation significantly promotes enterprise risk taking behavior, and there are heterogeneity characteristics in property rights and profitability. The above conclusions still hold after a series of robustness tests. (2) In the enterprises with weak profitability and private property rights, digital transformation plays a stronger role in promoting enterprise risk-taking behavior. (3)The channel mechanism indicates that enterprise digital transformation can improve the level of enterprise risk taking by increasing the degree of strategic difference and promoting the degree of strategic radicalization. (4) The effectiveness of enterprise digital transformation needs the support of internal governance mechanism and external governance environment. Appropriate corporate governance arrangements and good external governance environment can effectively promote digital transformation to improve the level of risk-taking. This paper analyzes the relationship between digital transformation and risk-taking behavior from a micro perspective, and provides enlightenment for listed companies on how to better promote digital transformation.
		2022 Vol. 39 (6): 108-117 [Abstract] ( 924 ) [HTML 1KB] [ PDF 1266KB] ( 2761 )

	118	Enterprise Digital Transformation and Tax Avoidance: From the Perspective of Internal Control and Information Transparency
		ZHANG Meng, ZHANG Yongshen, SONG Shunlin
		From the perspective of corporate tax avoidance, this paper examines the impact of digital transformation on the enterprise. Based on the data of Chinese A-share listed companies from 2007 to 2020, this paper uses Python to grab the keywords of “digital transformation” in the annual report of enterprises, measures the degree of digital transformation of enterprises, and empirically tests the impact of digital transformation on tax avoidance and channel mechanism. The study shows that corporate digital transformation will significantly inhibit corporate tax avoidance behavior. Through the analysis of the function mechanism, these authors find that the digital transformation can restrain the management's aggressive tax avoidance behavior of seeking self-interest through the effective governance mechanism, which enables the management to weigh the benefits and costs of tax avoidance, and then affect the corporate tax avoidance strategy. Specifically, the corresponding internal control quality and information transparency have produced governance mechanisms and information intermediary effects, thus reducing the level of corporate tax avoidance. Further tests indicate that the inhibitory effect of enterprise digital transformation on tax avoidance is more significant in the case of state-owned enterprises, manufacturing and the low degree of marketization. The study expands the research in the fields of enterprise digital transformation and corporate tax avoidance, and provides relevant enlightenment for promoting the deep integration of digital economy and real economy.
		2022 Vol. 39 (6): 118-127 [Abstract] ( 2000 ) [HTML 1KB] [ PDF 1264KB] ( 2921 )

	128	County-to-District Reform, Land System and the Expansion of Municipal Investment Bonds
		XU Shengyan, GUO Xing
		After the 2008 financial crisis, how did local governments use the land to finance urban construction? Based on China's urban panel data from 2010 to 2017 and using the difference-in-difference modal, this paper examines the impact of the county-to-district reform on urban investment bonds from the perspective of land elements. The study shows that the county-to-district has significantly promoted the assignment of urban investment bonds. On average, the amount of urban investment bonds issued in cities where had county-to-district reform increase by 30%-34%, and the probability of issuance increase by 56%. The mechanism analysis indicates the reform county-to-district mainly promote the assignment of urban investment bonds by increasing the revenue from land transfers, auctions, and listings. And the heterogeneity analysis finds that the county-to-district reform only affects cities not change officials, the central and western regions and before the implementation of the new budget law in 2015. Based on the above conclusions, this article puts forward policy recommendations to strengthen the construction of the local government financing restraint systems, adjust the fiscal and taxation relationship between the central and local governments, improve the particular transfer payment system, and market-oriented allocation of construction land quotas.
		2022 Vol. 39 (6): 128-139 [Abstract] ( 668 ) [HTML 1KB] [ PDF 1846KB] ( 1009 )

	140	Enterprise Financialization and Enterprise Income Distribution Structure
		HUANG Baozhu, CHEN Xiangguang
		With the rapid development of global financialization, the trend of financialization of Chinese enterprises is also strengthening, and has a significant impact on the income distribution of employees in enterprises that can not be ignored. Based on the panel data of China's A-share non-financial listed companies from 2012 to 2019, this paper empirically analyzes the impact of corporate financialization on the structure of enterprise income distribution. The study shows that enterprise financialization aggravates the income gap between different income groups within the enterprise. When the financialization level increases by one percentage point, the employee income gap will increase by 0.94 to 1.78 percentage points, and the effect has obvious heterogeneity. Among them, the financial level of the eastern, central and large-scale enterprises has a more obvious effect on the widening of the income gap. Further mechanism testing indicates that enterprise financialization affects income distribution mainly through the management compensation payment channel. This paper argues that restraining the financial development of non-financial enterprises will not only help to solve the problem from reality to deficiency, but also help to control theexpansion of income distribution gap and promote the fair distribution of income.
		2022 Vol. 39 (6): 140-149 [Abstract] ( 669 ) [HTML 1KB] [ PDF 1262KB] ( 950 )

	150	The Corporate Environmental Investment Effect of Ecological Regulation: A Quasi-natural Experiment Based on Central Environmental Protection Inspection
		YANG Lanpin, CHEN Jiaoyu
		Base on the panel data of A-share listed heavily polluted companies from 2008 to 2018 and taking the first round of the central environmental protection inspection (CEPI) as quasi natural experiment, this paper empirically tests the impact of the Central Environmental Protection Supervision Group on the environmental protection investment of enterprises by using a multi period DID model on the basis of theoretical analysis. The study shows that after the arrival of the central environmental protection supervision team, the scale of environmental protection investment of enterprises has increased significantly, and this conclusion is still valid after a series of robustness tests. It is also found that CEPI can further influence corporate environmental investment through the intermediary role of local government governance pressures, and that the effect of environmental governance strategy of “supervising the government” to “supervising enterprises” is effective. And the optimization of institutional environment can ensure the effective implementation of environmental protection policy, and the higher the “pro” and “clear” degree of the relationship between government and business, the better the implementation of the central environmental protection inspector. Additionally, the government competition to attract external high-quality resources can enhance the influence of the central environmental protection inspectors on enterprises, while the government competition in pursuit of economic growth will weaken the effect of this policy. Further study indicates that, compared with non-state-owned enterprises, the CEPI had a more significant effect on increased corporate environmental investment by state-owned enterprises. The above conclusions enrich the literature of environmental protection inspectors and their influence, and provides useful inspirations for the government to further improve the ecological supervision system.
		2022 Vol. 39 (6): 150-160 [Abstract] ( 720 ) [HTML 1KB] [ PDF 1438KB] ( 932 )

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