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Economic Survey

	2023 Vol.40 Issue.2 Published 2023-03-10

	3	Local Government Intervention and Total Factor Productivity: From the Perspective of Resource Mismatch——Based on the Perspective of Resource Mismatch
		LIAO Changwen, ZHANG Zhidong
		It is difficult to avoid resource mismatch in the process of economic development, and reducing resource mismatch is the key to improve total factor productivity. Based on the panel data of 258 prefecture-level cities in China from 2007 to 2018, this paper uses the method of fixed effect analysis to investigate the impact of government intervention on total factor productivity from the perspective of resource mismatch.The research shows that capital mismatch and labor mismatch will seriously hinder the improvement of total factor productivity as a whole, while local government intervention not only has a U-shaped direct impact on total factor productivity. It also has an indirect impact on total factor productivity by reducing resource mismatch. From a regional point of view, government intervention in the eastern region can promote the improvement of total factor productivity by reducing the indirect effects of capital mismatch, while government intervention in the central region can promote total factor productivity through both direct and indirect effects. Government intervention in the western region can promote total factor productivity through direct effects. Through threshold analysis, it is also found that government intervention has a threshold effect on the impact of resource mismatch on total factor productivity. When the intensity of government intervention is less than the threshold value, the inhibitory effect of resource mismatch on total factor productivity will be significantly improved. Otherwise, it will increase the negative impact of resource mismatch on total factor productivity.
		2023 Vol. 40 (2): 3-12 [Abstract] ( 809 ) [HTML 1KB] [ PDF 1178KB] ( 1765 )

	13	Agglomeration of Producer Services, Distribution of Labor Factors and Regional Coordinated Development
		ZHANG Hongxia, LI Jiaqi, PENG Cheng
		Based on the data of 271 prefecture-level cities from 2006 to 2018, this paper constructs panel model and spatial Durbin model to empirically test the relationship between producer services agglomeration, labor factor allocation and regional coordinated development, and uses the adjustment path model to test the mediating effect of labor factor allocation. The findings are: The agglomeration of producer services has a nonlinear relationship with labor factor allocation and regional coordinated development,respectively; The differential characteristics of “agglomeration effect” and “diffusion effect” of producer service agglomeration in eastern, central, western and northeast regions have a heterogeneous “local-neighboring” effect on urban labor factor allocation and regional coordinated development. The agglomeration of supportive producer services with high added value has a stronger nonlinear effect on the allocation of labor factors and regional coordinated development than that of basic producer services; The labor factor allocation plays an intermediary role in the nonlinear relationship between the agglomeration of producer services and regional coordinated development. And when the producer services are highly concentrated, it is easier to reverse the mismatch performance in the labor factor allocation through the “diffusion effect”. It can strengthen the intermediary transmission path of “producer services agglomeration-labor factor allocation-regional coordinated development ”.
		2023 Vol. 40 (2): 13-23 [Abstract] ( 506 ) [HTML 1KB] [ PDF 1187KB] ( 828 )

	24	Can Environmental Regulation Promote Urban Green Innovation?
		ZOU Weiyong
		Under the increasingly severe situation of resources and environment, the Chinese government has continuously improved its environmental policies and measures to create a more favorable institutional environment for improving the level of urban green innovation. Based on the panel data of 285 cities in China from 2000 to 2019, this paper discusses the impact of environmental regulation and urban green innovation and their internal mechanism. There are following findings: (1) Environmental regulation is conducive to improve the level of urban green innovation, and has a continuous positive impact. In this paper, instrumental variable method and spatial econometric model are used to verify the robustness of the research conclusion. (2) The influence of the intensity of environmental regulation on the level of green innovation has heterogeneity. In the cities with low intensity of environmental regulation and high level of green innovation, the appropriate improvement of the intensity of environmental regulation is helpful to improve the level of urban green innovation. (3) Human capital is an important influence channel for environmental regulation to improve the level of urban green innovation. The higher level of marketization and the degree of financial R & D expenditure will strengthen the role of environmental regulation in promoting the level of urban green innovation. The above research results provide experience and reference for better implementing environmental policies and promoting urban green innovation and development.
		2023 Vol. 40 (2): 24-33 [Abstract] ( 575 ) [HTML 1KB] [ PDF 1323KB] ( 887 )

	34	Whether the Transformation of Urban Development Can Improve the Level of Innovation: Evidence from the National Pilot Project of Innovative Cities
		WANG Xiangxiang, LIU Pu
		The pilot reform of innovative cities aims to activate the elements of urban innovation and improve the efficiency of the allocation of urban innovative resources. Based on the panel data of 269 cities from 2000 to 2019, this paper uses the model of Difference-in-Difference to investigate the impact of innovative city pilot policy on the improvement of urban innovation level. The results show that the pilot policy has a significant positive impact on the level of urban innovation. And after a series of tests on the above conclusions, such as urban innovation level measurement method, model window period and estimation method, the results are still robust.The mechanism test shows that the pilot policy affects the urban innovation level by promoting the spatial agglomeration level of human capital, promoting the innovation level of enterprise subjects and optimizing the direction of urban industrial agglomeration. And it shows obvious differentiation characteristics in the level of economic development, education level and policy orientation. This requires the government to take the innovation driven development strategy as the basic idea when constructing the urban innovation ecosystem, and formulate policies based on the endowment advantages of the pilot cities themselves. It should take multiple measures to improve the accumulation level of human capital, improve the technological innovation ability of enterprises through multiple channels, develop innovative industrial clusters in multiple levels, standardize the establishment of urban innovation systems, and help improve the level of urban innovation.
		2023 Vol. 40 (2): 34-44 [Abstract] ( 675 ) [HTML 1KB] [ PDF 1380KB] ( 739 )

	45	The Influence of Agricultural Agglomeration on Farmers’ Income in Western China: Moderating Effect Based on The Level of Regional Industrialization——Moderating Effect Based on Regional Industrialization Level
		LI Jing
		Based on the panel data of 12 provinces ( districts and cities ) in the western region from 2005 to 2018, this paper empirically examines the impact of the dynamic evolution of agricultural industrial agglomeration on farmers’ income in the western region, so as to provide policy reference for the western region to enhance the competitiveness of agricultural industry and promote the income growth of rural residents. The estimated results show that there is a U-shaped relationship between the dynamic evolution of agricultural industrial agglomeration and farmers’ income in the western region. In the early stage of agglomeration, the structural deviation between the increase of supply scale of agricultural products and the stability of market demand will negatively affect the income of rural residents. In the period of agglomeration and development, the improvement of agricultural production efficiency and the rise of related secondary and tertiary industries brought about by agricultural industrial agglomeration can have a positive impact on the income of rural residents from the aspects of industrial value-added sharing, employment opportunities and wage income. In the U-shaped relationship between the evolution of agglomeration and the increase of farmers’ income, the development level of industrialization in the western region has played a positive regulatory role. Industrial development strengthens the relationship between the evolution of agricultural industrial agglomeration and farmers’ income by absorbing the employment of rural labor force, improving agricultural production technology and improving the supply level of agricultural infrastructure. The above research conclusions provide a series of policy implications for the western region to build a modern industrial system based on the agglomeration of agricultural industries with regional characteristics, to enhance the degree of household organization by relying on modern agricultural management organizations, and to enhance the level of industrialization in the western region by relying on regional industrial transfer.
		2023 Vol. 40 (2): 45-54 [Abstract] ( 600 ) [HTML 1KB] [ PDF 1174KB] ( 1406 )

	55	A Study on the Impact and Mechanism of Digital Financial Inclusion on Common Prosperity
		TAN Yanzhi, SHI Weiqi
		Based on the panel data of 283 prefecture-level cities from 2011 to 2020, this paper constructs a common prosperity system with 18 three-level indicators, and uses a fixed effect model to evaluate the impact of digital inclusive finance on common prosperity and its mechanism. The results show that digital inclusive finance and its three sub-dimensions can significantly promote common prosperity. When they exceed a certain threshold, their role in promoting common prosperity is more obvious. Entrepreneurial activity, agricultural total factor productivity and the level of transportation infrastructure play a partial mediating role in the enhancement effect of digital financial inclusion on common prosperity. Further research indicates that there is heterogeneity in the impact of digital inclusive finance on common prosperity. The development of digital inclusive finance in eastern cities plays a stronger role in promoting common prosperity than that of central and western regions, while the development of digital inclusive finance in areas with low level of common prosperity plays a more obvious role in promoting common prosperity. On the basis of the above conclusions, the paper puts forward policy suggestions of establishing the new orientation of “Entrepreneurship, Emphasizing Agriculture and Promoting Transportation (promoting transportation infrastructure construction)”, and vigorously develop digital inclusive finance in order to achieve common prosperity in a more balanced and full way.
		2023 Vol. 40 (2): 55-65 [Abstract] ( 1063 ) [HTML 1KB] [ PDF 1174KB] ( 2267 )

	66	Domestic Value Chain Embeddedness and Skilled-unskilled Wage Gap
		XIAN Guoming, ZHANG Huimin
		Based on the inter-regional input-output tables of 30 provinces (municipalities and autonomous regions) of China in 2002, 2007, 2010 and 2012, this paper studies the impact and mechanism of domestic value chain embeddedness on skilled-unskilled wage gap. The results show that the embeddedness of domestic value chain has a significant negative impact on the skilled-unskilled wage gap, that is, the embedding of domestic value chain reduces the skilled-unskilled wage gap of workers. After introducing the instrumental communication tool variables of provincial and regional officials from different places to alleviate the endogenesis, the results are still robust. The mechanisms analysis indicates that the embedding of domestic value chain drives technology progress more toward unskilled labor-intensive sectors and hinders industrial structural upgrading, which leads to an increase in relative demand for low-skilled labor and wages.To a certain extent, it narrows the skills wage gap. Finally, after including the global value chain variables, it is found that the embedding of the domestic value chain weakens the widening effect of the skilled-unskilled wage gap caused by the embedding of the global value chain.The conclusions of this study have important policy implications for the reconstruction of domestic value chain and the realization of common prosperity in the context of regional economic integration.
		2023 Vol. 40 (2): 66-76 [Abstract] ( 593 ) [HTML 1KB] [ PDF 1181KB] ( 1054 )

	77	Binary Margin of Service Export And Intellectual Property Protection in Importing Countries
		ZHANG Hao, WANG Shiqi, CHEN Huiyu
		Based on the United Nations service trade database, this paper calculates the binary margin of service exports of various countries by using the bilateral service sector export data of 177 exporting countries and 71 importing countries from 2000 to 2015. The revised G-P index was introduced as the key explanatory variable to express property protection, and the PPML method was used for baseline regression.The regression results show that the improvement of intellectual property protection in importing countries has a significant promoting effect on the intensive export margin of partner countries, and has a negative impact on the margin of export expansion. Heterogeneity research indicates that there are differences in the impact and degree of intellectual property protection in importing countries on the intensive and extended margins. Further study finds that intellectual property protection plays a role in market expansion and promotes intensive marginal growth by improving the efficiency of contract execution. It strengthens the supply level of local service enterprises by promoting the country’s innovation ability, completes the import substitution in the domestic market, and negatively affects the expansion margin of other countries’ exports.
		2023 Vol. 40 (2): 77-88 [Abstract] ( 545 ) [HTML 1KB] [ PDF 1184KB] ( 788 )

	89	Internet Development And Total Factor Productivity Growth in Manufacturing Industry
		DENG Zongbing, WEN Jiangxue, WANG Ju
		Based on the panel data of 285 cities in China from 2006 to 2019, this paper brings Internet development into the analysis framework of manufacturing total factor productivity improvement, and examines the effect sources, stage characteristics and mechanism of Internet development on manufacturing total factor productivity. There are following findings: Internet development can promote total factor productivity growth in manufacturing industry, mainly through promoting technological progress; The dividend of Internet development is the most significant in the central region, followed by the eastern region, and the weakest in the western region; Only when the level of Internet development exceeds the second threshold (0.0753) can it have a significant promoting effect on manufacturing total factor productivity, and about 20% of cities still fail to reach this threshold by 2019. The development of Internet has the effects of optimal allocation of resources and knowledge spillover. It indirectly promotes the total factor productivity of the manufacturing industry by optimizing the industrial structure and improving the ability of innovation. However, its economies of scale effect is not obvious, and it has failed to indirectly promote the total factor productivity of the manufacturing industry by reducing costs.
		2023 Vol. 40 (2): 89-98 [Abstract] ( 590 ) [HTML 1KB] [ PDF 1347KB] ( 986 )

	99	A Study on the Influence Mechanism of Artificial Intelligence on Industrial Structure Upgrading: A Theoretical Analysis of Capital-skill Complementarity
		ZHANG Wanli, LIU Jie
		Artificial intelligence has become the main driving force for China's industrial upgrading and economic transformation. It is necessary to speed up the cultivation of artificial intelligence industries that play a major leading role, and promote the deep integration of artificial intelligence with various industrial fields. Based on the transnational data of 27 countries from 2015 to 2019, this paper establishes a theoretical analysis frame based on the theory of capital-skill complementarity, and uses the intermediary effect model to verify the total effect of artificial intelligence on the upgrading and rationalization of industrial structure and the mechanism effect of inequality in labor structure and income distribution. There are following findings: (1) Artificial intelligence significantly improves the upgrading of industrial structure, but does not play an obvious role in the rationalization of industrial structure; (2)Artificial intelligence speeds up the process of upgrading and rationalization of industrial structure by promoting human capital; (3) Income distribution inequality also has an intermediary effect, that is, artificial intelligence aggravates income distribution inequality, resulting in factor mismatch, which is not conducive to improving the rationalization of industrial structure. Therefore, China should learn from the development experience of other countries, continue to play the efficiency-driven role of artificial intelligence, and prevent the mismatch of factors.
		2023 Vol. 40 (2): 99-110 [Abstract] ( 1049 ) [HTML 1KB] [ PDF 1185KB] ( 1359 )

	111	Auditors’ Social Network Relationship and Enterprise Risk-taking: An Empirical Analysis of A-share Listed Companies——Empirical analysis From A-share Listed Companies
		LIAO Yigang, HE Li, YE Chenghui
		Taking A-share listed companies from 2010 to 2018 as research samples, this paper analyzes and examines the impact of auditors’ social network relationships on corporate risk-taking. The result shows that that auditors’ social network relationships can enhance corporate risk-taking. The mechanism test indicates that auditors’ social networks can enhance the level of corporate risk-taking by alleviating financing constraints, reducing information asymmetry, and alleviating agency problems. Furthermore, Further tests show that when the audit tenure is shorter, the clients face more investment opportunities, the higher the customers’ external financing demand, and the worse the business environment in the area where the customers are located, the auditor social network relationship has a more significant positive impact on corporate risk-taking. Compared with the political social network, the commercial social network of auditors is more helpful to improve the risk-taking level of enterprises. The study of economic consequences shows that the improvement of the level of enterprise risk taking caused by the auditors’ social network relationship is ultimately conducive to the promotion of enterprise value. The above research conclusions can provide ideas for firms to accumulate human capital and social capital, independent audit to play a supervisory role, and micro-enterprises to expand access to resources.
		2023 Vol. 40 (2): 111-120 [Abstract] ( 495 ) [HTML 1KB] [ PDF 1171KB] ( 1033 )

	121	How Does Leadership Empowerment Stimulate Employee Creativity: Regulation Based on Positive Emotion
		WANG Yongwei, HAN Xueliang, TIAN Qitao
		Based on the social exchange theory, this paper constructs a mechanism for the influence and transmission of leadership empowerment on employee creativity, using team psychological security perceptions as the mediating mechanism and positive emotions as the regulating mechanism. The research hypothesis is also validated through 243 data collected from two stages. There are following findings: (1) Leadership empowerment positively affects team psychological security perception and employee creativity; (2) Leadership empowerment indirectly affects employees’ creativity through team psychological security perception; (3)The positive emotions of employees can regulate the relationship between team psychological security perceptions and employee creativity. That is, when employees have high positive emotions, team psychological security perceptions have a stronger positive impact on employee creativity; (4) Employees’ positive emotions regulate the indirect effect of leadership empowerment on employee creativity through the team psychological security perception. That is, when employees have a high level of positive emotions, the positive effect of leadership empowerment on employee creativity through team psychological security perceptions is enhanced. The above conclusions of the study deeply excavates the intermediary mechanism and boundary conditions of leadership empowerment on employees’ creativity. It provides reference and reference for guiding the innovation management of enterprises from the aspects of leadership authorization, enhancing the perception of team psychological security and doing a good job of employee emotional management.
		2023 Vol. 40 (2): 121-129 [Abstract] ( 394 ) [HTML 1KB] [ PDF 1168KB] ( 871 )

	130	Social Trust and the Availability of Household Loans
		WANG Yuwei, WU Jingmei
		The absence of mortgage and guarantee makes social capital more and more important. Social capital, as the core of social trust, provides a new perspective for alleviating the problem of household loan constraints. Based on the data of Chinese Household tracking Survey (CFPS) and Probit model, this paper empirically studies the impact of social trust on households’ loan availability. The results show that improving social trust can significantly improve the household’s loan availability as a whole. Heterogeneity test indicates that the above effects are more beneficial to rural households, low-income and low-asset families, and can significantly narrow the gap in the availability of loans among different classes. Mechanism analysis shows that improving social trust can enhance social mutual assistance, improve the social status of loan subjects, alleviate social exclusion and enhance the availability of household loans. Therefore, both the supply and demand of funds should change the traditional concept of lending and attach importance to the role of social trust. At the same time, they should also strengthen the construction of macro systems such as social trust culture and social credit system.
		2023 Vol. 40 (2): 130-139 [Abstract] ( 563 ) [HTML 1KB] [ PDF 1158KB] ( 782 )

	140	A Study on the Influence Mechanism of Education Level on Household Risk Financial Asset Allocation
		ZHANG Ruya
		In recent years, under the influence of economic trend and national macroeconomic policy, the rate of return on real estate investment has declined, and the allocation and risk problems of Chinese household risk financial assets have been highlighted. The requirements for household financial investment have changed from extensive to intelligent. Therefore, the education level of residents has become an effective research perspective on this issue. Based on the Chinese Household Financial Survey data (CHFS), this paper uses the two-stage least square method (2SLS) and multiple intermediary effect model to study the influence of residents’ education level on Chinese household risk financial asset allocation and its mechanism and path. The results show that improving residents’ education level can increase the proportion of risky financial asset allocation in households, and there is significant heterogeneity in this impact on household registration types, their education level, family location, and economic development level. Education level mainly affects the allocation of risky financial assets in households through various paths such as financial literacy and social security. This paper argues that improving the quality of the whole people, popularizing financial knowledge and strengthening financial supervision are effective ways to optimize the allocation of household risk financial assets.
		2023 Vol. 40 (2): 140-149 [Abstract] ( 772 ) [HTML 1KB] [ PDF 1158KB] ( 1450 )

	150	Digital Financial Development and Regional Innovation Performance Gap
		WAN Jiayu, ZHOU Qin, WU Xiaofei
		With the deep integration of technology and the financial market, digital finance has dramatically impacted the innovation gap between regions. Based on the samples of 278 cities in China from 2011 to 2018 and a relational data analysis paradigm, this article uses a secondary assignment procedure to examine the relationship between the development of digital finance and the innovation gap between regions from four levels: full sample, phased, annual, and regional, as well as three dimensions of digital finance coverage, depth of use, and degree of digitization. There are following findings: The balanced development of digital finance is conducive to narrowing the innovation gap between regions in China, and its role is increasing year by year; The contribution of coverage breadth is more significant than that of using depth, and the contribution of digitization is not significant; From the perspective of regional heterogeneity, the role of digital finance in narrowing the innovation gap between regions is only significant in the central and eastern regions. There are differences in the impact of coverage and use depth. At this stage, China should pay attention to and give full play to the potential of digital finance and narrow the gap in innovation level between regions to better achieve the policy goal of inclusive development.
		2023 Vol. 40 (2): 150-160 [Abstract] ( 645 ) [HTML 1KB] [ PDF 1213KB] ( 931 )

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