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Economic Survey

	2023 Vol.40 Issue.3 Published 2023-05-10

	3	Whether Construction of High-Speed Rail Can Promote the Integration of Urban And Rural Areas: A Case Study of the Yangtze River Economic Belt
		HE Xionglang, WANG Shiyu
		Based on the panel data of major cities in the Yangtze River Economic Belt from 2005 to 2019, this paper discusses the influence of high-speed rail construction on urban-rural integration development and its internal mechanism by using multi-period double difference model and intermediary effect model. It is found that the construction of high-speed rail has promoted the integration of urban and rural areas in the Yangtze River Economic Belt, and this conclusion is still valid after a series of robustness tests. Further study shows that the impact of high-speed rail construction varies in different geographical locations and cities of different sizes, and its promotion is more obvious in the middle reaches of the Yangtze River, downstream areas and larger cities. Meanwhile, the regression results of intermediary indicates that the high-speed rail construction has a significant positive effect on the economic growth, optimization of industrial structure and investment increase of cities along the route, and can promote the integrated development of urban and rural areas through these paths. Based on the above study, the construction of transport infrastructure such as high-speed rail in developed areas should be enriched, and the shortcomings in the construction of transport facilities in less developed areas should be made up, so as to promote the integrated development of urban and rural areas in a practical and deep way.
		2023 Vol. 40 (3): 3-12 [Abstract] ( 638 ) [HTML 1KB] [ PDF 1142KB] ( 914 )

	13	E-commerce Transformation of Cities, Market Subject Vitality and Stable Employment
		LI Zhen, ZHAO Chunming, LIU Shanshan
		Based on the panel data of China cities and the data of A-share listed companies from 2006 to 2019, taking the policy implementation of national e-commerce demonstration city as the breakthrough point, this paper investigates the influence and mechanism of urban e-commerce transformation on employment by using the double difference model. It is found that the transformation of urban e-commerce has a significant improvement effect on the local labor and employment level. The analysis of the influence mechanism shows that the transformation of urban e-commerce releases the vitality of market players through two channels: the promotion of entrepreneurial vitality and the improvement of enterprise performance, which increases the demand for labor. Further study finds that, in terms of sectors, the transformation of urban e-commerce has improved the employment level of local industrial sectors and service sectors more obviously. Geographically, the transformation of urban e-commerce has a greater effect on promoting employment in cities with high economic development level, large scale of Internet users and large telecommunication business. This study has significant policy implications for understanding digital economy such as e-commerce to stabilize employment and market entities.
		2023 Vol. 40 (3): 13-23 [Abstract] ( 460 ) [HTML 1KB] [ PDF 1444KB] ( 971 )

	24	Whether Development Zones Can Affect the Green Economic Growth of Cities: A Quasi-natural Experiment Based on 285 Cities
		WANG Haixing, ZHOU Yaodong
		Based on the super-efficient SBM model and GML index including unexpected output, this paper calculates the growth rate and decomposition index of green total factor productivity (GTFP) of 285 cities from 2004 to 2018, and uses Tobit-DID model and panel threshold model to evaluate the influence and mechanism of the establishment of national development zones on the growth of urban GTFP. The results show that the establishment of the development zones can significantly improve the total factor productivity (TFP) growth level of the city, but it has a significant negative relationship with the GTFP growth rate of the city after considering resource consumption and pollution emissions. After passing a series of robustness tests, the result still holds. The increase in the number and scale of polluting enterprises in the development zones intensifies the pollution discharge of the city and is the main factor restricting the growth and promotion of the city GTFP. Affected by the duration and approved area, the growth of enterprise scale in the development zones has a threshold effect on urban environmental pollution. The longer the duration is and the larger the approved area is, the greater the impact coefficient of enterprise scale growth on urban environmental pollution is. Therefore, we should appropriately raise the threshold for the environment of the development zones to enter the park, establish the elimination mechanism of polluting enterprises, and speed up the green transformation of the development zones so as to promote the growth of urban green economy.
		2023 Vol. 40 (3): 24-33 [Abstract] ( 482 ) [HTML 1KB] [ PDF 1644KB] ( 664 )

	34	Influence of Inter-provincial Capital Element Flow on Regional Innovation Differences in China
		WEI Jiahui, GENG Chengxuan
		Based on the capital data from 2009 to 2018, this paper uses the improved capital flow model to compile the inter-provincial capital flow table, embeds the interaction of labor, technology, data and land on the basis of capital elements, and uses the quadratic assignment model (QAP) to analyze the relationship between inter-provincial capital flows and the coordinated development of regional innovation from two aspects of regional dimension and time dimension. The inter-provincial capital flow table indicates that the capital flow preferences of eastern, central, western and northeastern China are obviously different, showing a decreasing trend from east to west as a whole. The results of QAP regression show that the preference difference of capital flow is related to the regional innovation difference. In the eastern region where capital flow is the first preference, the influence of capital flow on innovation difference is not obvious, but it has a significant positive impact in other regions. After adding other market factors to the regression analysis, it is found that the capital factor is the main reason for the innovation difference between the central and northeast regions, while in the eastern and western regions, labor and land factors are the main reasons for the innovation difference.
		2023 Vol. 40 (3): 34-44 [Abstract] ( 495 ) [HTML 1KB] [ PDF 3483KB] ( 584 )

	45	The Effect of Internet Use on Occupational Mobility of Rural Labor Force
		CHEN Weimin, HAN Peipei
		Using the data of China Household tracking survey (CFPS) in 2014, 2016 and 2018, the paper studies the impact of Internet use on rural labor occupational mobility and its mechanism from both theoretical and empirical aspects. The study found that Internet use has a significant positive impact on the upward mobility of rural labor. After a series of robustness tests, such as the use of instrumental variables, replacement variables, and changing the model setting, the research conclusion is still robust. Internet use has different effects on rural labor with different endowment characteristics, and the use of Internet by female and highly educated rural labor has a more significant impact on their upward career mobility. Further analysis shows that the Internet affects the occupational mobility of rural labor by reducing information search costs, improving vocational skills, and improving labor employment preferences. Therefore, government departments should carry out large-scale Internet skills training, strengthen rural non-agricultural employment support policies, optimize the entrepreneurial environment in rural areas, promote the upward vocational mobility of rural labor force, and accelerate the realization of the strategic goal of rural revitalization.
		2023 Vol. 40 (3): 45-54 [Abstract] ( 570 ) [HTML 1KB] [ PDF 1141KB] ( 594 )

	55	The Influence of Digital Economy on the Quality of Non-farm Employment of Rural Labor: Evidence from the Development of E-commerce
		WANG Xiumei, YI Famin
		In this paper, the development index of e-commerce in China is matched with the data of China Comprehensive Social Survey (CGSS) from 2015 to 2018, and the influence of e-commerce development on the non-agricultural employment quality of rural labor force is systematically investigated by using OLS method and Probit model. The results show that the development of e-commerce can significantly improve the quality of non-agricultural employment of rural labor force. The mechanism test indicates that the role of e-commerce development in promoting the quality of non-agricultural employment of rural labor force mainly comes from the deepening effect of e-commerce development, the promotion effect of human capital and the expansion effect of social capital. The influence of e-commerce development on the quality of non-agricultural employment of rural labor force has significant regional and individual heterogeneity. Compared with the rural labor force in the eastern region, unmarried, elderly and highly educated, the development of e-commerce has a greater effect on improving the quality of non-agricultural employment of rural labor force in the central and western regions, married, young and middle-aged, and less educated. The results of the analysis of specific groups of rural women show that the development of e-commerce has significantly improved the quality of non-agricultural employment of rural women. The above research conclusions provide empirical evidence and policy guidance for stabilizing employment and achieving common prosperity in the context of digital economy.
		2023 Vol. 40 (3): 55-65 [Abstract] ( 660 ) [HTML 1KB] [ PDF 1280KB] ( 1151 )

	66	China's Direct Investment in “ Belt and Road Initiative ” Countries and the Quality of Products Exported by the Host Country
		WANG Yan, FAN Aijun
		Based on CEPII-BACI database and Statistical Bulletin of China's Foreign Direct Investment from 2008 to 2020, this paper uses a fixed-effect model to explore the influence and mechanism of China's direct investment in “ Belt and Road Initiative ” countries on the quality of manufacturing exports of “ Belt and Road Initiative ”countries.There are following findings: (1) China's foreign direct investment will significantly promote the quality upgrading of manufacturing exports of “ Belt and Road Initiative ” countries.After the robustness test such as endogenous problem handling, this conclusion is still valid, and the promoting effect is more significant in low-and medium-tech products, labor-intensive products and homogenized products; (2) China's foreign direct investment promotes the upgrading of the quality of its export products by upgrading the industrial structure and innovation level of “ Belt and Road Initiative” countries.At the same time, the financial development, institutional quality and certainty of “ Belt and Road Initiative ” countries will strengthen this promoting role; (3) Further study shows that China's direct investment in “ Belt and Road Initiative ” countries can significantly improve the quality of China's imports from “ Belt and Road Initiative ” countries than the quality of products imported by other countries from “ Belt and Road Initiative ” countries.And the reason for this phenomenon is that China's direct investment in “ Belt and Road Initiative ” countries increases the trade complementarity between China and it.
		2023 Vol. 40 (3): 66-76 [Abstract] ( 534 ) [HTML 1KB] [ PDF 1164KB] ( 1092 )

	77	Will Digital Trade Barriers Constrain the Digital Transformation of Enterprises?
		CHU Tiantian, HAO Dajiang
		Based on the data of 26 countries from 2006 to 2020, this paper uses the methods of tool variables to analyze the impact of digital trade barriers on the digital transformation of enterprises. The results show that digital trade barriers directly restrict the digital transformation of enterprises from two aspects: blocking the application of digital technology and reducing the level of digital investment. Digital trade barriers can indirectly affect the digital transformation of enterprises through the intermediary role of enterprise operating costs, capital resource allocation, and technological innovation. The negative impact of digital trade barriers on the digital transformation of enterprises in underdeveloped economies exceeds that in developed economies, and the impact on the digital transformation of enterprises with high digital technology exceeds that of enterprises with low digital technology. For enterprises with different factors of production intensity, the role of digital trade barriers in restricting the application of digital technology is significantly heterogeneous, and its influence degree is technology-intensive enterprises, capital-intensive enterprises and labor-intensive enterprises in turn. The order of efficiency of blocking the level of digital investment is capital-intensive enterprises, technology-intensive enterprises and labor-intensive enterprises.
		2023 Vol. 40 (3): 77-87 [Abstract] ( 519 ) [HTML 1KB] [ PDF 1155KB] ( 1744 )

	88	Whether Digitalization Will Widen the Industry Income Gap: An Intermediary Mechanism Test Based on Human Capital And Production Efficiency
		SUN Qunli, PENG Youwei
		Integrating the characteristics of digital technology into industrial production function, this paper constructs a mathematical model of industrial digitalization and industrial income gap, quantifies the level of industrial digitalization, and empirically analyzes the influence and mechanism of industrial digitalization on industrial income gap. It is found that the influence of industry digitalization on industry income gap presents an “ inverted U-shaped ” trend, which is still valid after a series of robustness tests. Heterogeneity test indicates that the “ inverted U-shaped ” influence of industrial digitalization on industry income gap is significant in industries with low technology penetration difficulty, labor-intensive, capital-intensive or strong market attributes, and only presents income gap expansion effect in industries with high technology penetration difficulty or technology-intensive. The mechanism test shows that the optimization of human capital can explain the nonlinear impact of industrial digitization on the industry income gap, but the improvement of production efficiency can only explain the widening income gap. The research conclusions provide theoretical reference and empirical evidence for standardizing the development of digital economy and industrial digitization, optimizing the pattern of income distribution in the new era of digital economy, and promoting common prosperity.
		2023 Vol. 40 (3): 88-97 [Abstract] ( 559 ) [HTML 1KB] [ PDF 1142KB] ( 781 )

	98	National “ Five-Year Plan ”,Industrial Policy and Enterprises Innovation Strategy
		XIE Xiangbing, SHI Qingmei
		Taking the data of China's A-share listed companies from 2011 to 2020 as the research samples and taking the industrial policy support embodied in the five-year national plan as the starting point, this paper explores the influence of its industrial policy support on enterprise innovation strategy. It is found that industrial policy support in the national “ Five-Year plan ” can promote enterprise innovation, and its promotion effect is mainly transmitted through government subsidies and tax incentives rather than bank credit. Further research shows that enterprise innovation under the path of government subsidies and tax incentives has a short-term negative impact on enterprise performance, but tax incentives and bank credit paths help enterprise innovation to enhance the long-term value of enterprises. Heterogeneity test indicates that the promotion effect of industrial policy support on enterprise innovation is stronger in state-owned enterprises and environments with low marketization. This paper expands the research on the influence of industrial policy on micro-enterprise innovation strategy, and also provides a policy basis for China's “ promising government ” to improve the external environment for the implementation of industrial policy.
		2023 Vol. 40 (3): 98-107 [Abstract] ( 531 ) [HTML 1KB] [ PDF 1197KB] ( 419 )

	108	How Does ESG Performance Affect the Total Factor Productivity of Enterprises?
		FU Jialin, HUANG Xiaohong
		In this paper, China A-share listed companies from 2011 to 2021 are selected as research samples, and ESG (Environment, Society and Corporate Governance) rating is used to measure the ESG performance of enterprises. On this basis, a panel data model is constructed to empirically study the impact of ESG performance on total factor productivity and its mechanism, and further study the heterogeneity of this impact. The results show that good ESG performance can promote the improvement of total factor productivity, and this conclusion is still valid after a series of robustness tests, such as replacing the measurement method of explanatory variables, using instrumental variables to alleviate possible endogenous problems, and Heckman two-stage method to overcome sample selection errors. The research on the mechanism of action indicates that the good ESG performance of enterprises mainly improves the total factor productivity of enterprises by alleviate financing constraints and increase R&D investment. The results of heterogeneity analysis show that the effect of good ESG performance on total factor productivity is more significant in large-scale enterprises and state-owned enterprises. The research conclusion has important reference significance for enterprises to strengthen ESG construction, strengthen ESG information disclosure, ease financing constraints and increase R&D investment, improve enterprise total factor productivity, and then promote high-quality economic development.
		2023 Vol. 40 (3): 108-117 [Abstract] ( 830 ) [HTML 1KB] [ PDF 1136KB] ( 2297 )

	118	A Study on the Formation Mechanism of Entrepreneurial Team Creativity Based on the Perspective of Resource Bricolage
		CHEN Chong, YANG Ziwei, YU Caiting
		Based on the resource bricolage theory, the study uses 76 entrepreneurial teams from Zhengzhou, Henan Province to test the antecedent of the entrepreneurial bricolage and its impact on the team creativity and the mutually moderated effect between organizational trust and experiential learning. There are following findings: (1) Organizational trust and experiential learning have a positive effect on entrepreneurial bricolage; (2) Entrepreneurial bricolage plays a positive mediating role in the process of the impact of organizational trust and experiential learning on team creativity; (3) Experiential learning has a significant moderating effect on the relationship between organizational trust and entrepreneurial bricolage, and positively moderates the indirect influence of organizational trust on team creativity through entrepreneurial bricolage; (4) Organizational trust has a significant moderating effect on the relationship between experiential learning and entrepreneurial bricolage, and positively moderates the indirect influence of experiential learning on team creativity through entrepreneurial bricolage. The conclusion enriches the research on the formation mechanism of entrepreneurial team creativity from the perspective of resource patchwork, provides ideas for exploring the explanatory boundary conditions of resource bricolage theory, and has certain theoretical and practical significance for the healthy growth of entrepreneurial teams and enterprises.
		2023 Vol. 40 (3): 118-127 [Abstract] ( 397 ) [HTML 1KB] [ PDF 1247KB] ( 982 )

	128	Financialization, Risk-taking Ability and Enterprise Value
		JIN Jian
		Based on the annual data of China A-share listed entities from 2009 to 2019, this paper uses panel threshold model to test the dynamic relationship among financialization, risk-taking ability and enterprise value. The results show that there is a threshold effect based on the risk-taking ability of enterprises in the direction of enterprise financialization on enterprise value. When the enterprise's risk-taking ability is low, excessive financialization has a “restraining effect”, which will hinder the promotion of enterprise value. While when the enterprise's risk-taking ability reaches and exceeds the threshold, moderate financialization has a “boosting effect”, which is conducive to the promotion of enterprise value. Further research indicates that the threshold effect is heterogeneous based on the nature of enterprise property rights, geographical distribution and industry nature. When the financialization effect of state-owned enterprises, enterprises in the eastern and central regions and industrial enterprises changes structurally, the threshold value of their risk-taking ability is lower. By introducing the variable of risk-taking ability, the appropriateness of enterprise financialization can be re-identified. The research conclusion can provide a new explanation for the moderate financialization of entity enterprises, and provide a new basis for enterprise investment and financing decision-making and guiding the real economy to “move from virtual to real”.
		2023 Vol. 40 (3): 128-138 [Abstract] ( 557 ) [HTML 1KB] [ PDF 1280KB] ( 972 )

	139	A Study on the Entrepreneurial Effect of Digital Financial Inclusion
		ZHANG Xiaopeng, JIANG Ling, WANG Shufan
		Based on the inter-provincial panel data of China from 2011 to 2020, this paper uses the spatial Dobbin model to test the influence and mechanism of digital inclusive finance on the inter-provincial entrepreneurial level.The results show that digital inclusive finance can improve the level of regional entrepreneurship, and there is obvious spatial spillover effect. In terms of different dimensions, the coverage and digitization of digital inclusive finance have significantly improved the level of regional entrepreneurship, but the depth of use is not significant. In terms of different functions, the payment function and credit function of digital inclusive finance have significantly improved the level of regional entrepreneurship, and have a strong spatial spillover effect, while the insurance function is not significant. The mechanism test indicates that digital inclusive finance can promote regional entrepreneurship by improving the availability of regional financing and consumer demand, and this effect is more significant in economically underdeveloped areas and areas closer to Hangzhou, showing strong characteristics of inclusiveness.
		2023 Vol. 40 (3): 139-149 [Abstract] ( 493 ) [HTML 1KB] [ PDF 1155KB] ( 971 )

	150	Financial Support, Tax Incentive and Enterprise Innovation
		WANG Yuheng, SUN Jianfu
		Based on the sample data of A-share listed companies in Shanghai and Shenzhen from 2013 to 2020, this paper constructs econometric model, intermediary model and regulation model to study the impact effect and mechanism of financial support on enterprise innovation. There are following findings: (1) Financial support can promote enterprise innovation, and the promotion effect on endogenous innovation is stronger than that of the exogenous innovation; (2) Financial support plays a more significant role in promoting enterprise innovation in smaller enterprises, non-state-owned enterprises, non high-tech enterprises and the central and western regions; (3) With the help of human capital agglomeration and financing constraints, financial support can greatly stimulate the innovation vitality of enterprises; (4) Tax incentives play a regulatory role in financial support to promote enterprise innovation. Based on these conclusions, the relevant departments should consolidate the policy synergy of financial support and tax incentives for enterprise innovation, fully consider the heterogeneous impact of financial and tax support at the enterprise and regional levels, pay high attention to the mechanism role of human capital agglomeration and financing constraints, and promote the high-quality innovation development of enterprises.
		2023 Vol. 40 (3): 150-160 [Abstract] ( 484 ) [HTML 1KB] [ PDF 1231KB] ( 819 )

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