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Economic Survey

	2023 Vol.40 Issue.4 Published 2023-07-10

	3	The Impact of Low-carbon City Pilot Policy on the High-Quality Development of Urban Economy
		FAN Xianxian, GUO Ping
		Based on the panel data of 255 cities at prefecture level and above in China from 2009 to 2019, this paper uses a double difference model to evaluate the impact and mechanism of low-carbon city pilot policies on high-quality urban economic development. The results show that the pilot policies of low-carbon cities can promote the high-quality development of urban economy, and the promoting effect of three batches of pilot policies on high-quality development of urban economy shows a decreasing trend. Mechanism test shows that in the process of low-carbon city pilot policies to promote high-quality urban economic development, technological innovation plays a positive intermediary role, while total factor productivity plays a negative intermediary role.According to the city location, the effect of the pilot policy of low-carbon cities in eastern cities is significantly higher than that in central and western cities.From the perspective of city size, resource endowment and environmental regulation, the promotion effect of low-carbon city pilot policy on high-quality urban economic development only exists in big cities, non-resource cities and cities with two control areas. In view of this, we should implement low-carbon policies suitable for their own development according to urban characteristics, and make full use of the innovation compensation effect of low-carbon city pilot policies to promote the high-quality development of urban economy.
		2023 Vol. 40 (4): 3-14 [Abstract] ( 779 ) [HTML 1KB] [ PDF 1552KB] ( 1825 )

	15	Does the New Urbanization Boost Common Prosperity?
		SHEN Shi, YANG Hong
		Based on the panel data of 30 provinces from 2004 to 2020, this paper analyzes the relationship between new urbanization and common prosperity with the help of dynamic panel system GMM model. There are following findings: The new type of urbanization can significantly improve the level of common prosperity, and it is an effective way to promote common prosperity in the new development stage; There are obvious regional differences in the impact of new urbanization on common prosperity, showing an overall distribution pattern of northwest>northeast>southwest>south China>central China>north China>east China; The impact of new urbanization on common prosperity has a single threshold effect based on human capital accumulation; Under the threshold condition of human capital accumulation, the impact of new urbanization on common prosperity presents a nonlinear characteristic of positive and increasing marginal efficiency; Under the constraint of the threshold conditions of industrial structure upgrading, the impact of new urbanization on common prosperity shows a “ U ” shaped characteristic. Further study finds that under the constraints of different thresholds of human capital accumulation and industrial structure upgrading, the impact of new urbanization on common prosperity in different quantiles is different. Therefore, we should strive to promote the citizenization of agricultural transfer population, establish a human capital transfer mechanism, promote industrial digital transformation, and provide assistance for the solid promotion of common prosperity.
		2023 Vol. 40 (4): 15-25 [Abstract] ( 757 ) [HTML 1KB] [ PDF 1223KB] ( 1164 )

	26	Financial Agglomeration, Innovation and Entrepreneurship Vitality and Urban Economic Resilience
		LI Shufen
		Based on the panel data of 264 cities in China from 2004 to 2020, this paper uses panel econometric model and intermediary effect model to investigate the influence and mechanism of financial agglomeration on urban economic resilience. The results show that financial agglomeration has a significant driving effect on the improvement of urban economic resilience.And after using the replacement variable index and the tendency score matching-double difference method, the conclusion is still robust. The test results of intermediary mechanism show that there is an obvious U-shaped intermediary effect in innovative entrepreneurial activity, that is, when the degree of financial agglomeration is low, it may inhibit the increase of innovative entrepreneurial activity due to lack of financial support, thus reducing urban economic resilience.With the deepening of financial agglomeration, the activity of innovation and entrepreneurship has increased significantly, which is helpful to improve the resilience of urban economy. Heterogeneity analysis shows that in the samples of strong economic resilience, good economic resilience, general economic resilience, medium-sized cities, medium-sized cities and low urban flow intensity, innovative entrepreneurial activity has a more significant U-shaped intermediary effect in urban economic resilience driven by financial agglomeration. Therefore, we should cultivate the source power of financial innovation, optimize the innovation and entrepreneurship ecosystem, and strive to build a gradient and resilient citiy, so as to enhance the toughness of urban economy and drive high-quality economic development.
		2023 Vol. 40 (4): 26-36 [Abstract] ( 931 ) [HTML 1KB] [ PDF 1235KB] ( 1605 )

	37	Market Potential, Attenuation Boundary and Urban Green Innovation Efficiency
		ZHANG Yue, BO Na
		Based on the urban panel data of China cities from 2000 to 2019, this paper establishes a spatial Durbin model to investigate the impact of market potential on urban green innovation efficiency, and discusses its mechanism and spatial spillover attenuation characteristics. The main results are as follows: (1) The market potential significantly improves the efficiency of urban green innovation, and the robustness test also supports this conclusion; (2) The paper analyzes the mechanism of market potential to improve the efficiency of urban green innovation, and uses the intermediary effect model to identify that the market potential can promote the efficiency of urban green innovation through the mechanisms of economic agglomeration, market competition and industrial structure upgrading; (3) There are obvious regional differences in the impact of market potential on urban green innovation efficiency, and the promotion effect shows a decreasing trend of “ east-central-west ”; (4) There is a spatial spillover effect of market potential on the efficiency of urban green innovation.The distance between cities within 650 km is a significant effective area of spatial spillover effect, and there is an obvious attenuation when it is more than 950 km. In order to further improve the efficiency of urban green innovation, this paper puts forward some policy suggestions from the aspects of deepening institutional reform, strengthening the function mechanism and breaking through the decline boundary of market potential to “ reshape space ”.
		2023 Vol. 40 (4): 37-47 [Abstract] ( 697 ) [HTML 1KB] [ PDF 1246KB] ( 1275 )

	48	A Study on the Impact of the New Round of Farmland Ownership Confirmation on Farmers’ Behavior of Protecting the Quality of Cultivated Land: Test of Intermediary Effect Based on the Perceived Value of Cultivated Land
		ZHANG Gaiqing, ZHANG Jianjie
		Starting from the new round of farmland confirmation certification, this paper considers the heterogeneity of the impact of confirmation policy on farmers’ perception of cultivated land value, and then uses the intermediary effect model to analyze and verify the effect of confirmation certification on farmers’ cultivated land quality protection behavior. The are following results: The confirmation certification strengthens farmers’ perception of the security and stability of land rights, and effectively promotes farmers’ protective investment in the promotion of soil organic matter and the construction of small-scale farmland infrastructure. With the implementation of the farmland confirmation certification policy, the comprehensive scores of farmers’ perceived cultivated land value from high to low are social perception, ownership perception and economic perception. And ownership and social perceived value have a significant intermediary effect on farmers’ cultivated land quality protection behavior, while economic perceived value has not been proved to play an intermediary role; If the influence of the perceived value of cultivated land is ignored, the effect of a new round of confirmation of rights on farmers’ cultivated land quality protection behavior will be overestimated. Further robustness test shows that the impact of land transfer on farmers’ perception of cultivated land value is heterogeneous. Among farmers who only manage their own contracted land, the total effect of confirming certification on cultivated land quality protection behavior is strengthened. Therefore, the government should actively consolidate the results of confirmation and certification, and improve the consciousness of farmers’ cultivated land quality protection behavior by enhancing the perceived value of cultivated land.
		2023 Vol. 40 (4): 48-57 [Abstract] ( 594 ) [HTML 1KB] [ PDF 1207KB] ( 1025 )

	58	The Role of Productive Agricultural Services in Carbon Reduction: Effects and Mechanisms
		LUO Mingzhong WEI Binhui
		A panel of 213 cities in China from 2003 to 2019 was selected and a two-way fixed-effects model was used to explore the impact of agricultural productive services on the level of agricultural carbon emissions and its mechanism of action. The study shows that agricultural productive services significantly contribute to agricultural carbon emission reduction, and the findings still hold after using instrumental variables to mitigate the endogeneity problem and conducting various robustness tests. Further analysis shows that agricultural productive services contribute more significantly to carbon reduction in the eastern and food-producing regions. Combining the “scale-structure-technology” logical framework, promoting large-scale operations, adjusting cropping structures and promoting technological progress are the main ways in which agricultural production services can reduce the level of agricultural carbon emissions. At the same time, the impact of agricultural production services on the level of agricultural carbon emissions has a significant negative spatial spillover effect, which helps to promote the reduction of agricultural carbon emissions in the surrounding areas and realise the overall optimisation of the ecological environment in the region. Therefore, the agricultural production service system should be further improved to realise the complementary advantages of service scale operation and land scale operation, and to strengthen inter-regional agricultural economic ties, so as to form a good situation of regional synergy in agricultural carbon emission reduction.
		2023 Vol. 40 (4): 58-68 [Abstract] ( 680 ) [HTML 1KB] [ PDF 1220KB] ( 874 )

	69	“Smart City”Construction and the High-quality Development of Enterprise Export Trade
		XIE Shenxiang, GAO Xinrui
		Under the background of information development and export quality improvement, whether the construction of “smart city”can be a driving force for the high-quality development of export trade is worth further discussion. This paper discusses the impact of“smart city”construction on Export Trade Quality of Enterprises. We adopt the multiphase difference-in-differences design to systematically analyze the influence taken by the construction of “smart city” on export product quality of Chinese enterprises and its affection mechanism, which is based on China Customs Data, China Industrial Enterprise Data and prefecture-level city data from 2010 to 2015. It is found in the researching that the construction of “smart city” obviously improves the export product quality of Chinese enterprises. And this conclusion still works even under inspections like conducting propensity score matching,performing instrumental variable regression,removing other interference policies and so on. The further analysis has shown that the upgrades of product quality can be promoted through the improvement of domestic intermediate input sharing, imported intermediate goods types and technical innovation, which is promoted by the construction of “smart city”. The results of quality improvement in exports haveheterogeneity between cities, enterprises and industries, which has a more prominent impact on cities in the eastern region, low administrative level cities,private enterprises, enterprises with high domestic value-added rate, industries with intensive technology and industries with high digitization level. This paper has great implications for the use of urban information construction to cultivate new advantages of export trade.
		2023 Vol. 40 (4): 69-81 [Abstract] ( 786 ) [HTML 1KB] [ PDF 1436KB] ( 1247 )

	82	Production Technology Relatedness and Markup of Export Enterprises
		GE Zhenyu
		This paper constructs a theoretical analysis framework to examine the cost addition of export enterprises from the perspective of technological relatedness of enterprise production, and conducts empirical verification based on the micro data of Chinese manufacturing enterprises. The results show that production technology relatedness can significantly promote the increase of export firms’ markup, which is still valid after several robustness tests. In terms of factor intensity, technology-intensive export enterprises are more positively affected by production technology relatedness than capital-intensive and labor-intensive enterprises. From the perspective of regional heterogeneity, the effect of production technology relatedness on the markup rate of export enterprises in the eastern region is significantly greater than that in the central and western regions. From the perspective of path mechanism, enterprises can improve export markup rate through quality improvement effect and cost effect formed by production technology relatedness. Through the spillover effect generated by technology relatedness, enterprises obtain technology and knowledge information from the production connection subjects to improve product quality and obtain higher product pricing in overseas markets by virtue of exclusive quality improvement factors. At the same time, regional production technology association network can reduce the flow barriers of production factors in the interval, optimize the input efficiency of factors, and effectively obtain market information, so as to reduce enterprise costs and improve profit margins.
		2023 Vol. 40 (4): 82-92 [Abstract] ( 656 ) [HTML 1KB] [ PDF 1218KB] ( 828 )

	93	Digital Transformation and Enterprise Labor Investment Efficiency
		YU Biao, YANG Gang, LI Qinyang
		Under the background of China’s booming digital economy and the gradual elimination of demographic dividend, this paper takes Shanghai and Shenzhen A-share non-financial listed enterprises from 2012 to 2021 as the research object, and examines the governance mechanism of inefficient labor investment behavior from the perspective of corporate Digital transformation. The results show that Digital transformation can significantly improve enterprise labor investment efficiency, which is still true after several endogenous treatments and robustness tests; The mechanism test shows that Digital transformation can play an information effect and governance effect, mainly by improving the transparency of enterprise information and the quality of internal control, thereby improving the efficiency of enterprise labor investment; The heterogeneity analysis found that in non-state-owned enterprises, enterprises with high labor factor intensity, competitive industries and areas with poor labor rights protection environment, the effect of Digital transformation on improving enterprise labor investment efficiency was more obvious. The research conclusions provide new perspectives and empirical evidence for in-depth understanding of how digital technology enables high-quality development of real enterprises, enrich and expand relevant research on the economic effects of enterprises’ Digital transformation, and also provide useful policy enlightenment for further improving the efficiency of enterprises’ labor investment.
		2023 Vol. 40 (4): 93-103 [Abstract] ( 883 ) [HTML 1KB] [ PDF 1216KB] ( 1959 )

	104	Institutional Environment Change and Enterprise Technological Progress: A Quasi-natural Experiment Based on China’s Pilot Free Trade Zones
		DONG Qichen, XU Chenxi, XU Jiangbo
		This paper constructs a theoretical model to describe the impact of institutional environment changes brought about by free trade zone policies on the technological level of enterprises. Based on the data of listed companies from 2009 to 2019, the multi-period DID was used to empirically test the impact of the establishment of free trade zone on the technological progress of enterprises. The results show that the establishment of free trade zone can significantly improve the total factor productivity of enterprises, and the policy effect is more obvious in the key industries supported by free trade zone and enterprises in coastal areas. Further analysis shows that free trade zone increases enterprises’ ability to discover, acquire, transform and apply advanced knowledge, which strengthens the role of absorptive capacity in promoting enterprises’ technological progress; At the same time, the promotion effect of free trade zone policies on technological progress of enterprises also has a spatial spillover effect, which drives the technological progress of enterprises in surrounding areas. The policy of free trade area can help enterprises “introduce” advanced technology, make full use of both domestic and foreign resources and markets, and promote enterprises to absorb highly skilled talents. The construction of new development pattern should pay attention to the effective application of the policy of free trade area.
		2023 Vol. 40 (4): 104-114 [Abstract] ( 756 ) [HTML 1KB] [ PDF 1221KB] ( 5290 )

	115	How Does Social Trust Affect the Efficiency of Enterprise Labor Investment?
		ZHAO Yanfeng
		This paper takes the non-financial listed companies of Shanghai and Shenzhen A shares in China from 2010 to 2020 as a sample to explore the impact of social trust on the efficiency of labor investment. Research shows that social trust can improve the efficiency of labor investment in enterprises. By replacing core variables, changing samples and using instrumental variable method, PSM matching samples, two-stage residual regression and other robust and endogenous tests, the conclusion remains unchanged. Mechanism analysis shows that alleviating agency conflicts and improving information transparency are the ways for social trust to improve the efficiency of labor investment. Heterogeneity analysis indicates that the promoting effect of social trust on the efficiency of labor investment is more significant in the samples of excessive labor investment, state-owned enterprises, high labor intensity and poor legal environment. Thus it can be seen that the internal and external environment of the enterprise will affect the effect of social trust to improve the efficiency of labor investment. The study not only expands the research on the economic consequences of social trust and the influencing factors of labor investment efficiency, but also provides reference for cultivating the cultural atmosphere of social trust and optimizing labor investment decision-making.
		2023 Vol. 40 (4): 115-125 [Abstract] ( 797 ) [HTML 1KB] [ PDF 1216KB] ( 1099 )

	126	A Study on the Influence of Digital Economy on the Regional Distribution of VAT
		LIU Jie, WANG Shenghua
		The gap in the development level of digital economy aggravates the inter-regional transfer of value-added tax, which makes the imbalance of regional distribution of value-added tax more prominent. Based on the provincial panel data from 2010 to 2020, this paper uses the spatial durbin model and the mediation model to empirically test the promotion effect and spatial effect of the digital economy on the regional distribution of VAT, as well as the intermediary mechanism of the regional transfer of VAT. The results show that the improvement of the relative development level of digital economy will significantly increase the distribution share of value-added tax in this region, but it has obvious siphon effect on other areas. The intermediary test indicates that the regional transfer of VAT is an important intermediary mechanism that affects the regional distribution of VAT. Among the effects on the regional distribution share of VAT, 18.03% is achieved by influencing the transfer of VAT between regions. The above research conclusions provide a theoretical and empirical basis for deepening the VAT reform, improving the fairness of the VAT tax system, and establishing a good regional VAT distribution relationship.
		2023 Vol. 40 (4): 126-137 [Abstract] ( 727 ) [HTML 1KB] [ PDF 1581KB] ( 944 )

	138	A Study on the Impact of Digital Finance on R&D Cost stickiness of Enterprises
		HOU Shiying, SONG Liangrong
		Based on the perspective of cost stickiness, this paper studies the influence mechanism and effect of digital finance on R&D cost stickiness of Shanghai and Shenzhen A-share listed companies from 2013 to 2020. The results show that digital finance suppresses the stickiness of R&D costs of enterprises, and the inhibitory effect of digital finance on R&D cost stickiness of eastern enterprises and non-state-owned enterprises is more obvious. This conclusion is still valid after a series of robustness tests, such as endogenous test, replacement of core variables, joint fixed effect and so on. Mechanism test shows that capital allocation efficiency and information transparency have some intermediary effects in the impact of digital finance on R&D cost stickiness. Digital finance suppresses R&D cost stickiness by improving capital allocation efficiency and accounting information transparency. The efficiency test finds that the stickiness of R&D cost has a significant inhibitory effect on the quality of enterprise innovation, while the positive effect on the quantity of enterprise innovation is not obvious. The digital finance can help reduce the stickiness of corporate R&D costs and improve the quality of corporate innovation. The conclusion of this paper deepens the understanding of enterprise R&D innovation from the perspective of cost behavior, and has important practical significance for promoting digital financial innovation to “ reduce cost ” and promote high-quality development of enterprises.
		2023 Vol. 40 (4): 138-148 [Abstract] ( 665 ) [HTML 1KB] [ PDF 1212KB] ( 928 )

	149	A Study on the Impact and Mechanism of Digital Transformation on Total Factor Productivity of Small and Medium-sized Banks
		WANG Shuhua, LIU Huichao, FAN Rui
		Based on the background of bank digital transformation and samples of 106 small and medium-sized banks from 2012 to 2020, this paper empirically tests the impact of bank digital transformation on bank total factor productivity and its mechanism on the basis of using SBM-LM model to measure bank total factor productivity and bank annual report text mining to measure bank digital transformation index. The results show that digital transformation can significantly improve the total factor productivity of small and medium-sized banks. At the same time, digital transformation will have a heterogeneous impact on the total factor productivity of small and medium-sized banks due to their different attributes and scales. digital transformation has the strongest effect on the total factor productivity of joint-stock banks, followed by agricultural and commercial banks and urban commercial banks. In terms of impact mechanism, small and medium-sized banks focus on improving total factor productivity by reducing the input cost of fixed assets, increasing the level of net interest income and the scale of intermediary business. The results results provide ideas and experience for better promoting the digital transformation of small and medium-sized banks and promoting the improvement of total factor productivity of banks.
		2023 Vol. 40 (4): 149-160 [Abstract] ( 638 ) [HTML 1KB] [ PDF 2211KB] ( 1265 )

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