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Economic Survey

	2023 Vol.40 Issue.1 Published 2023-01-10

	3	Digital Economy, Factor Allocation and Regional Technological Convergence
		ZENG Xiangyan, WEI Mengmeng, ZHOU Jian
		With the rapid development of digital economy, much attention has been paid to whether the digital economy can become an “accelerator” to narrow the regional gap. Among them, whether the digital economy can promote technological convergence is particularly critical. From the perspective of factor allocation, this paper discusses the influence and transmission mechanism of digital economy on regional technology convergence from both theoretical and empirical aspects. There are following findings: (1) There are obvious characteristics of absolute β convergence and conditional β convergence in the level of technological innovation, the quality and quantity of technological innovation and the number of technological innovation in China. That is, with the passage of time, the technological innovation gap gradually narrowed and eventually converged to a stable state. When considering the factors such as economic development level and government support, the conclusion remains unchanged; (2) Digital economy can effectively promote regional technological convergence, and the speed of digital economy to promote the convergence of technological innovation quantity is faster than that of the convergence of technological innovation quality. After the treatment of endogenous problems and the replacement of core explanatory variables, it still has a good robustness; (3) Digital economy can promote regional technological convergence by optimizing the allocation of labor factors and capital factors. The conclusion of this paper provides some policy enlightenment for promoting high-quality regional coordinated development and implementing digital economy strategy.
		2023 Vol. 40 (1): 3-13 [Abstract] ( 654 ) [HTML 1KB] [ PDF 1230KB] ( 1762 )

	14	A Study of The Effect and Mechanism of the Impact of Digital Economy on Urban Innovation Quality
		ZHANG Yingying, PENG Shuoyi, BAI Dongbei
		On the basis of theoretically expounding the mechanism of digital economy on urban innovation quality, this paper measures Chinese urban innovation quality by innovation index including patent value information, and estimates the effect and mechanism of digital economy on urban innovation quality. The results show that the digital economy has significantly promoted the improvement of the quality of urban innovation in China, and the conclusion is still valid after selecting the share transfer tool variable method and multi-period double difference method to overcome the potential endogenous problems, as well as a series of robustness tests. At the same time, this effect also shows a conditional convergence trend in the long run. Further tests on mechanisms show that optimizing the allocation of innovation resource and enlarging the scale of consumption market are important channels for digital economy to promote the quality of urban innovation. Finally, the analysis of threshold model analysis shows that the positive impact of digital economy on urban innovation quality has a significant non-linear characteristic of increasing “marginal effect” increasing, which indicates that “Metcalfe Law” is fully applicable in urban innovation systems. And under the full consideration of the allocation of innovation resources and the adjustment of the scale of consumer market, the dynamic spillover effect of digital economy in urban innovation system will be further strengthened.
		2023 Vol. 40 (1): 14-24 [Abstract] ( 633 ) [HTML 1KB] [ PDF 1233KB] ( 1717 )

	25	Does the Opening of High-speed Rail Facilitate Urban Green Innovation?
		HUANG Manyu, YU Zupeng, CHEN Lei, ZHAO Yao
		As a new type of transportation infrastructure in China, high-speed rail has an important impact on improving urban economic connection and promoting green innovation with its efficient and convenient mode of transportation. On the basis of systematically illustrating the internal correlation logic between the opening of high-speed rail and urban green innovation, and based on the panel data of 266 Chinese cities from 2008 to 2019, this paper empirically tests the local and spatial spillover effects of high-speed rail opening on urban green innovation by using the spatial Dubin model. There are following findings: (1) There is a significant spatial correlation of green innovation at the urban level. The opening of high-speed rail provides an important impetus for urban green innovation, which not only promotes green innovation in the local cities, but also in neighboring cities; (2) The opening of high-speed rail not only improves the absolute level of urban green innovation, but also improves its relative level. The spatial effect of high-speed rail opening on urban green innovation will be adjusted by city size. The larger the city size is, the more obvious the effect of high-speed rail on urban green innovation will be; (3) The spatial spillover effect of the opening of high-speed rail on urban green innovation is within the radius of 100km to 250km from the local city, but it is no longer obvious beyond 250km. The above research results provide an important basis for giving full play to the role of high-speed rail operation and promoting the green transformation of urban economy.
		2023 Vol. 40 (1): 25-35 [Abstract] ( 632 ) [HTML 1KB] [ PDF 1236KB] ( 850 )

	36	Network Infrastructure, Knowledge Spillover and Urban Innovation: A Quasi-natural Experiment from the “Broadband China” Strategy
		HE Xiaogang, GUO Xiaobin
		In the context of the implementation of the “Network Power” strategy, this paper takes knowledge spillover as a starting point, constructs a quasi-natural experiment with the help of the “Broadband China” policy and investigate the effects and mechanisms of network infrastructure on urban innovation. There are following findings: (1) Network infrastructure has a significant knowledge spillover effect, which significantly improvesthe level of the local innovation level, and the findings are still valid under a series of robustness tests; (2) The promotion effect of network infrastructure on urban innovation has temporal heterogeneity, and the innovation effect first increases and then decreases with the passage of time, and reaches the maximum in the third year of network expansion (3) Spatial heterogeneity analysis finds that the innovation effect of network infrastructure construction is greater in the east, cities with larger city size and more developed transportation infrastructure; (4) The impact of network infrastructure on urban innovation has a spatial spillover effect, which is also has a positive impact on the innovation level of neighboring areas. If the spatial spillover effect is not considered, the enhancement effect of network infrastructure on local urban innovation will be overestimated. The above empirical findings provide important policy references for the “synergy effect” of the “strong network” and “strong innovation” strategies in the new era.
		2023 Vol. 40 (1): 36-46 [Abstract] ( 641 ) [HTML 1KB] [ PDF 1403KB] ( 1116 )

	47	Does the Construction of National Demonstration Logistics Park Produce Economic Growth Effect?
		LUO Rui, WANG Qinmei
		Taking the construction of national demonstration logistics park project as a quasi-natural experiment, this paper establishes a progressive double difference model based on 284 cities’ data from 2013-2019 in China to analyze economic growth effect produced by the construction of national demonstration Logistics Park. There are following findings: (1) The construction of national demonstration logistics park significantly promotes t economic growth and economic efficiency. After a series of robustness tests, such as parallel trend test, placebo test and other model effectiveness analysis, replacement of regression model, change of economic effect proxy variables and elimination of other policy interference, this conclusion is still valid; (2) Regional heterogeneity analysis indicates that the construction of national demonstration logistics parks in the eastern and central regions play a more significant role in building national demonstration logistics parks, which may be that the eastern and central regions are more sensitive to policies. The analysis of city level heterogeneity shows that the effect of building a national demonstration logistics park in the second to fifth tier cities is more significant, which may be that the second to fifth tier cities are more dependent on policies; (3) The construction of national demonstration logistics park mainly produces economic growth effect by increasing economic agglomeration, improving logistics efficiency and promoting the development of wholesale and retail industry. Therefore, the government and enterprises should continue to work together to build a national demonstration logistics park and connect points into a network to provide logistics guarantee for the new pattern of “double cycle” development.
		2023 Vol. 40 (1): 47-56 [Abstract] ( 574 ) [HTML 1KB] [ PDF 1343KB] ( 808 )

	57	Self-employment and Family Migration of Rural Migrant Workers
		ZOU Yinan
		Based on the dynamic monitoring data of floating population in 2017, this paper discusses the impact of self-employment of migrant workers on their family migration. The study shows that self-employed migrant workers are more likely to move their families than employed migrant workers, which is more obvious in women, the new generation, non-higher education, inter-provincial migration and high-income migrant workers. After using tool variables to control potential endogenesis and adopting tendency score matching method to correct selective bias, the above conclusion is still robust. At the same time, self-employment also helps migrant workers to choose other migration modes with a higher degree of family-based migration. And the positive impact of employment on the family-based migration of migrant workers increases with the improvement of the degree of family-based migration. That self-employment of migrant workers promotes family migration is mainly achieved through the family space reallocation mechanism of urban independent living and rural land transfer. While the role of family labor reallocation mechanism such as spouse not working and the elderly moving with the elderly is relatively weak. The conclusion shows that the family migration of migrant workers can be effectively promoted by actively supporting flexible forms of employment such as self-employment. Providing convenience for self-employed migrant workers to live in cities and transfer agricultural land is conducive to the realization of this mechanism. Therefore, city managers should formulate public service policies in line with the characteristics of self-employed migrant workers.
		2023 Vol. 40 (1): 57-67 [Abstract] ( 485 ) [HTML 1KB] [ PDF 1229KB] ( 762 )

	68	An Analysis of The Impact of Migrant Workers’ Returning Entrepreneurship Behavior on Rural Revitalization
		ZHU Jiguang
		Based on the data of Chinese household tracking survey from 2014 to 2018, this paper uses the fixed effect model to investigate the impact of migrant workers returning to their hometown to start their own businesses on rural revitalization. The purpose of is to clarify the logical relationship between migrant workers returning to their hometown to start their own businesses and rural revitalization and provide reference for the implementation of rural revitalization strategy. The are following findings: (1) The return of migrant workers to their hometowns to start their own businesses has a significant promoting effect on rural revitalization in general, and can add new impetus to rural revitalization; (2) Migrant workers returning to their hometowns to start their own businesses can change the original industrial structure and traditional development mode of rural areas, provide financial support for rural ecological livable, effectively improve rural governance capacity, and achieve the goal of rural residents’ material and spiritual well-being; (3) There are regional differences in the impact of migrant workers’ entrepreneurial behavior on rural revitalization. The entrepreneurial behavior of migrant workers returning to their hometown in the eastern, central and western regions has a promoting effect on rural revitalization, while the return of migrant workers in Northeast China has no significant impact on rural revitalization because of its small scale. Based on the above conclusion, this paper puts forward some suggestions, such as optimizing the external environment of returning home to start a business, perfecting the policy of helping, strengthening the training of professional skills, and formulating the policy of returning home to start a business according to local conditions.
		2023 Vol. 40 (1): 68-77 [Abstract] ( 795 ) [HTML 1KB] [ PDF 1455KB] ( 1270 )

	78	A Study of The Influence of Industrial Intelligence on Occupational Injury of Labourer
		YANG Siying, WANG Bingbing
		Based on the idea of matching workers’ skills and industrial basic conditions, this paper analyzes the impact of industrial intelligent transformation on workers’ occupational injury, and tests it based on the panel fixed effect model.The results show that industrial intelligence not only failed to effectively reduce occupational injury, but also improved the degree of occupational injury. This conclusion is still valid after using instrumental variable method to overcome the endogenous problem of the model. Further research shows that the impact of industrial intelligence on occupational injury is no longer significant in the next year, and in the subsequent time, industrial intelligence can gradually reduce occupational injury.In addition, after considering the urban cultural characteristics and industrial characteristics,it is found that the cultural heritage can strengthen the safety awareness of workers and reduce the negative impact of industrial intelligence on occupational safety.The local government guides and optimizes the industrial layout to create a good industrial foundation for the transformation of industrial intelligence,so as to effectively reduce the occupational injury caused by industrial intelligence.The conclusion of this paper has an important reference significance for China to ensure the personal safety of workers in the early stage of the industrial intelligence.
		2023 Vol. 40 (1): 78-87 [Abstract] ( 561 ) [HTML 1KB] [ PDF 1231KB] ( 874 )

	88	The Influence of Service-oriented Input in Manufacturing Industry on the Transformation and Upgrading of Industrial Structure: Re-verification Based onthe Difference of Input Sources
		JIAO Qingxia
		Based on the panel data of 30 provinces in China from 2007 to 2019, this paper makes an empirical study on how the service input of manufacturing industry affects the transformation and upgrading of industrial structure by using fixed effect model and panel threshold model. The results show that the service-oriented investment in manufacturing industry can promote the transformation and upgrading of industrial structure, and there is heterogeneity in the source of service input.After endogenous treatment and robustness test, the above conclusion is still valid. The further extended study shows that under the influence of the development of the service industry, the relationship between the service input of the manufacturing industry, the service within the region and the transformation and upgrading of the industrial structure is in a “U” shape, while the impact of the service outside the region on the transformation and upgrading of the industrial structure is marginal and increasing.The level of economic development plays a regulatory role in the impact of manufacturing input service, intra-regional service and out-of-region service on the transformation and upgrading of industrial structure. When the level of economic development crosses the threshold (11.2735), the three promote the transformation and upgrading of industrial structure significantly. Based on the above conclusions, some suggestions were put forward, such as improving the level of manufacturing input servitization, creating convenient conditions for the introduction of services outside the region, and formulating industrial development policies according to the actual situation of regional service industry and economic development.
		2023 Vol. 40 (1): 88-98 [Abstract] ( 512 ) [HTML 1KB] [ PDF 1330KB] ( 657 )

	99	Tax Avoidance Behavior And Diversification Operation of Enterprises
		SUN Haitao, LI Chunqi
		Tax avoidance and diversification are the strategic choices of enterprises. Based on the data of non-financial listed companies from 2003 to 2018, this paper examines the impact of tax avoidance on the diversification strategy of enterprises,and makes an expansion analysis in many aspects. The are following findings: (1) Tax avoidance can significantly inhibit the diversification of enterprises, and this conclusion is still valid after endogenous test and robustness test; (2) The inhibition of tax avoidance on the diversification of enterprises lasts for a long time; (3) Heterogeneity analysis shows that the inhibition effect is more obvious in non-state-owned enterprises, small enterprises, enterprises with low information transparency and poor corporate governance; (4) Further research shows that tax avoidance is not conducive to the diversification of enterprises by increasing the financing constraints of enterprises. Specifically, tax avoidance increases the bank loan interest rate and cost of enterprises, and mainly increases the bank short-term loan interest rate compared with the long-term loan interest rate. The research results of this paper expand the research scope of the economic consequences of enterprise tax avoidance, and also have a certain practical significance for the choice of enterprise diversification strategies.
		2023 Vol. 40 (1): 99-109 [Abstract] ( 601 ) [HTML 1KB] [ PDF 1230KB] ( 991 )

	110	The Reform of Investment Approval System And The Quality of Enterprise Innovation
		ZHANG Wenke, WANG Jingyu
		Taking the reform of investment examination and approval system as the quasi-natural experimental platform, this paper makes a research on the relevant data of Chinese A-share listed companies from 2010 to 2019. It is found that the reform of investment examination and approval system is beneficial to improve the quality of enterprise innovation, that is, the policy change has innovation spillover effect. The mechanism test results show that the reform of investment examination and approval system promotes the improvement of enterprise innovation quality by restraining institutional transaction costs and improving managers’ equity incentive intensity. Further study shows that the effect of investment examination and approval system reform on the quality of enterprise innovation is mainly reflected in private enterprises, enterprises with bank-enterprise relationship and enterprises with high total factor productivity. The results not only enrich the literature on the factors affecting the quality of enterprise innovation, but also test the policy effect of the reform of investment examination and approval system, and provide sound empirical evidence for further promoting the reform of investment examination and approval system to release market vitality.
		2023 Vol. 40 (1): 110-119 [Abstract] ( 478 ) [HTML 1KB] [ PDF 1213KB] ( 1049 )

	120	Executive Compensation Stickiness, Agency Cost and R&D Manipulation Governance
		SHI Fang, NING Jinhui, YUAN Zeming
		Taking the A-share listed companies in China from 2008 to 2020 as the research sample, this paper examines the governance effect and mechanism of executive pay stickiness on R & D manipulation. The results show that executive compensation stickiness can significantly inhibit R&D manipulation. The mechanism test indicates that the reduction of agency cost is an important channel through which executive compensation stickiness affects R&D manipulation. Further study shows that, compared with the “reward excellent-punish inferior” salary contract, the “reward excellent-reward inferior” salary contract with viscous characteristics has a significant inhibitory effect on R&D manipulation, especially the governance effect of the “reward excellent-low reward inferior” salary contract with a slight increase in executive compensation when performance decreases. In addition, it is also helpful to alleviate the negative impact of R&D manipulation on patent applications and grants, and improve the company’s future innovation output. Therefore, enterprises should pay more attention to and supervise the abnormal situation of R&D expenses, build a sticky incentive mechanism of executive compensation with “heavy reward and light punishment”, and give full play to its incentive and restraint effect in innovation investment decision-making. Relevant government departments should create a social culture and innovation environment of “heavy reward and light punishment” to alleviate the worries of innovation decision makers and participants.
		2023 Vol. 40 (1): 120-129 [Abstract] ( 693 ) [HTML 1KB] [ PDF 1214KB] ( 965 )

	130	The Influence of The Pilot Policy of Technology Finance Integration on The Term Mismatch of Enterprise
		ZHU Renze, CHEN Xiangguang, LI Guangwu
		The pilot policy of technology finance integration is not only a gradual reform characterized by typical governance, but also a powerful measure to prevent the disorderly expansion of capital, guide the financial sector to serve the real economy, and accelerate high-quality economic development. As an important participant in the economy, enterprises cannot transform, upgrade and innovate without long-term financial support. Based on data from 2007 to 2020 on Chinese A-share listed manufacturing companies and a quasi-experiment on the technology finance integration pilot policy, this paper finds that the technology finance integration pilot policy significantly suppresses maturity mismatch of enterprises, and this finding still holds significantly after a series of robustness tests. The channel analysis shows that the technology finance integration pilot can effectively mitigate the maturity mismatch of enterprises through channels of equity financing, long-term debt-type financing and government assistance. Heterogeneity analysis indicates that the inhibitory effect of the technology finance integration pilot policy on maturity mismatch was more pronounced among enterprises with severe maturity mismatch and those with rational borrowing. The conclusions of this paper provide an important reference for the government to actively guide financial capital to promote economic development.
		2023 Vol. 40 (1): 130-140 [Abstract] ( 553 ) [HTML 1KB] [ PDF 1294KB] ( 1085 )

	141	The Impact of Chattel Collateral Policy on Financing Constraints: Quasi-natural Experiments Based on Two Revisions of Measures for the Pledge Registration of Accounts Receivable
		ZHOU Xianping, LUO Ruifeng, CHEN Mingwei
		Taking two revisions of Measures for the Pledge Registration of Accounts Receivable as natural experiments, and based on the panel data of A-share listed companies in China from 2011 to 2020, this paper constructs a DID model to study the policy effect from two aspects: the expansion of the industry scope of accounts receivable and the chattel types in pledge registration. The results show that two revisions can significantly alleviate financing constraints, and the effect of the latter is stronger than that of the former. Channel analysis shows that the policy effect works through reducing debt costs, smoothing debt fluctuations and improving debt maturity structures. The improvement of the quality of accounts receivable, the promotion of interest rate marketization and the tightening of monetary policy play a positive role in regulating the policy effect. Heterogeneity analysis shows that the policy effect is more significant in private enterprises, enterprises in areas with higher level of financial development and better legal and policy environment. The study results enrich the perspective that the chattel collateral policy affects financing constraints, and have a certain significance for evaluating and optimizing the chattel collateral policy.
		2023 Vol. 40 (1): 141-151 [Abstract] ( 503 ) [HTML 1KB] [ PDF 1236KB] ( 922 )

	152	Equity Pledge of Controlling Shareholders, External Governance Environment and Dividend Policy Choice
		JU Fang, XIA Yidan, LUO Quan, XIA Yunfeng
		Bases on samples of Shanghai and Shenzhen A-share listed companies from 2010——2019, this paper empirically tests the impact of equity pledge of controlling shareholder on dividend policy choice and regulatory effect of external governance environment. The results show that equity pledge of controlling shareholders leads to transfer of control rights and an active stock transfer. And the level of cash dividend can lead to agency conflict and affect the equity pledge behavior of controlling shareholders. Further research shows that a good external governance environment has a positive effect, which can restrain the increasing behavior of high stock delivery and the reduction of cash dividend caused by equity pledge of controlling shareholders. Combined with the macro environment and capital market, this paper deeply analyzes the relationship between equity pledge and dividend policy choice, and provides useful policy suggestions for government governance and financial supervision.
		2023 Vol. 40 (1): 152-160 [Abstract] ( 585 ) [HTML 1KB] [ PDF 1184KB] ( 1134 )

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