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Economic Survey
2023 Vol.40 Issue.5
Published 2023-09-10
3
Local Government Competition, “Dual Carbon” Goals Pressure and Green Technology Innovation Efficiency
TANG Tianwei, ZHU Kaiwen, LIU Yuanhui
Based on the panel data of 273 prefecture-level cities in China from 2007 to 2020, this paper uses the super-efficiency SBM model to measure the green technology innovation efficiency of prefecture-level cities in China. From the perspectives of horizontal intergovernmental competition and vertical pressure system, this paper discusses the influence of local government competition on green technology innovation efficiency and its mechanism, as well as the regulation of “double carbon” target pressure. There are following findings: (1) Local government competition significantly suppresses the efficiency of green technology innovation; (2) The results of regulation effect show that the target pressure of “double carbon” can weaken the adverse impact of local government competition on the efficiency of green technology innovation, and the superposition effect of the two is beneficial to improve the efficiency of green technology innovation; (3) The results of further heterogeneity show that the inhibitory effect of local government competition on the efficiency of green technology innovation is more significant in the east, middle, super-megalopolis and type I metropolises, but not in the west, northeast, type II metropolises, small and medium-sized cities. Therefore, we should give full play to the vertical coordination advantages of the central government, promote regional coordinated development, improve the assessment and incentive system, establish multi-dimensional target management, and implement target pressure management according to the heterogeneity of different cities.
2023 Vol. 40 (5): 3-13 [
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Low-carbon City Construction, Green Technology Innovation and Inclusive Low-carbon Growth
SONG Shiyun, WEI Xiaojun
Based on the panel data of 214 cities prefecture level and above from 2012 to 2020, this paper explores the impact of low-carbon city construction on inclusive low-carbon growth, and examines the mechanism of green technology innovation in the relationship between the two. The study finds that the construction of low-carbon cities can significantly promote inclusive low-carbon growth, and this promotion is more significant in the northeast and western regions and non resource-based cities. The intermediary mechanism test results show that green technology innovation plays an intermediary role in the impact of low-carbon city construction on inclusive low-carbon growth, and the level of marketization plays a regulatory role between low-carbon city construction and inclusive low-carbon growth. Further discussion indicates that the construction of low-carbon cities has a significant positive impact on substantive green technology innovation, but has no significant impact on strategic green technology innovation. Both substantive green technology innovation and strategic green technology innovation can promote inclusive low-carbon growth. Based on this, it is proposed to release inclusive low-carbon growth momentum through low-carbon city construction, build a green low-carbon growth base through green technology innovation, enhance the effectiveness of low-carbon city construction by means of marketization, so as to better achieve inclusive low-carbon growth.
2023 Vol. 40 (5): 14-25 [
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Accessibility and Urban Space Efficiency: from the Perspective of Agglomeration of Factors
WEI Xinyue
Based on the panel data of 282 cities above prefecture level in China from 2009 to 2020, this paper analyzes the influence and mechanism of accessibility improvement on urban spatial efficiency in China. The results are as follows: (1) The improvement of accessibility can promote the efficiency of urban space, effectively attract the agglomeration of labor and capital and promote the effective use of urban land elements; (2) The direct promoting effect of urban accessibility on urban spatial efficiency is greater than the indirect promoting effect of factor agglomeration on urban spatial efficiency; (3) From the perspective of city size and economic endowment, the impact of changes in urban accessibility on the urban spatial efficiency of large-scale cities and cities in poverty-stricken areas is relatively greater than that of small and medium-sized cities and cities in non-poor areas. Therefore, speeding up the construction of transport infrastructure, promoting the interconnection between cities and stimulating the intermediary effect of factor agglomeration will contribute to the efficient development of Chinese cities.
2023 Vol. 40 (5): 26-35 [
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The Influence of Agricultural Subsidies Reform on Grain Production Efficiency: from the Perspective of Farmers Who Rented-in land
ZHANG Yazhou, CHEN Zhuo, YANG Junxiao, LIU Yan
Based on the data of China Labor Force Dynamics Survey (CLDS) from 2016 to 2018, this paper uses the first difference model to examine the impact of agricultural subsidies reform on grain production efficiency from the perspective of farmers who rented-in land. The results are as follows: (1) Agricultural subsidies reform significantly improve the grain production efficiency. In terms of internal composition, agricultural subsidies reform have a stronger effect on scale efficiency than that of technical efficiency, and this finding still holds after various robustness tests and controlling for endogeneity problems; (2) Mechanism tests show that agricultural subsidies reform mainly improve grain production efficiency by promoting farmers to expand the scale of land transfer-in, increase investment in agricultural production, and improve agricultural mechanization; (3) The impact of agricultural subsidies reform on grain production efficiency shows certain heterogeneity. The reform plays a greater role in large-scale, strong mobility constraints, and non-major grain producing areas. The findings are helpful to identify the intrinsic relationship between agricultural subsidies reform and grain production efficiency improvement, and provide empirical evidences for further improving agricultural subsidy policies to ensure food security.
2023 Vol. 40 (5): 36-47 [
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Study on the Mechanism and Effect of Digital Finance Improving the Resilience of Grain System
WANG Yanfei, YE Jyu, CAO Jie
Based on 31 provincial panel data from 2011 to 2020, and on the basis of theoretical analysis, this paper uses a two-way fixed effect model to test how digital finance affects the toughness of China's grain system. The results show that digital finance can significantly improve the resilience of China's grain system. After a series of robustness tests and elimination of endogenous problems, the conclusion is still valid. The results of heterogeneity test show that digital finance plays a more significant role in improving the resilience of grain system in central and western regions. The results of regulatory effect test indicate that government support and financial supervision can significantly enhance the resilience of digital financial enabling grain system. On the basis of these conclusions, the paper proposes that in view of the changing characteristics of the resilience of the grain system, the government should fully release the potential of digital finance to enable the resilience of the grain system. Based on the heterogeneity of the eastern, central and western regions, the state should support the development of digital finance according to local conditions, appropriately and effectively supervise and scientifically guide the development of digital finance.
2023 Vol. 40 (5): 48-60 [
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American Export Control to China and the Upgrading of Chinese Enterprises' Global Value Chain
CHENG Kai, JIN Zhuiqiao
Based on the theoretical explanation of the influence mechanism of export controls to China on the upgrading of global value chain of Chinese enterprises, this paper takes American high-tech intermediates as an example to test the impact and mechanism of American export controls on the upgrading of global value chain of Chinese enterprises by using Chinese micro-enterprise data. The study shows that US export controls to China will inhibit the upgrading of the global value chain of Chinese enterprises, and this result is still valid after a series of robustness tests. The mechanism test indicates that the US export control to China mainly affects the upgrading of its global value chain by reducing the cost addition rate of Chinese enterprises and increasing the relative price of intermediate goods at home and abroad. Extensive analysis shows that compared with general trade enterprises, US export controls to China have a greater inhibitory effect on the upgrading of global value chain of processing trade enterprises. However, compared with high-tech innovative enterprises, US export controls to China have a greater inhibitory effect on the upgrading of the global value chain of low-tech innovative enterprises. In addition, the government subsidies received by companies will weaken the inhibitory effect of US export controls on the upgrading of their global value chains. Therefore, the Chinese government should continue to expand the scope of economic and trade cooperation and deepen economic and trade ties with substitute countries of other import sources, so as to weaken the adverse impact caused by the decoupling of the United States from China.
2023 Vol. 40 (5): 61-72 [
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Can the Construction of Innovative Cities Deepen the Level of Participation Level of Digital Global Value Chain?
CHEN Miao
Taking the innovative city construction as a “quasi-natural” experiment, and based on the panel data of 272 cities at prefecture level and above in China from 2008 to 2021, this paper applies the multi-time point double difference model to investigate the impact of innovative city construction on digital global value chain participation. The study finds that innovative urban construction can improve the participation level of digital global value chain as a whole. This result is still valid after a series of robustness tests. The heterogeneity test results indicate that the construction of innovative cities has a more significant effect on the participation of small and medium-sized, coastal areas and low marketization cities in the digital global value chain. The results of further mechanism test show that the construction of innovative cities promotes the participation of digital global value chain mainly by alleviating the mismatch of factor structure, catching up with cutting-edge digital technology and upgrading the structure of service trade. Based on the above conclusions, innovative policy suggestions are proposed to comprehensively deepen the layout of innovative city strategic points, promote the construction of intercity digital economy linkage pattern, and coordinate the construction of data unified factor market between cities, so as to provide new ideas for high-level construction of innovative cities and enhance the position of the international digital value chain.
2023 Vol. 40 (5): 73-85 [
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Embedded Position of Global Value Chain, Quality of Export Products and Wage Gap
WANG Zirui, LIU Junting, DONG Dandan
Using the relevant data and yearbook data from Chinese industrial enterprise database, customs database and WIOD database, this paper empirically analyzes the impact of enterprises embedded global value chain on wage gap, and the role of export product quality in the relationship between global value chain and wage gap. The results show that the position of enterprises embedded in the global value chain has a significant positive impact on the wage gap. This conclusion is still valid after endogenesis test and robustness test. The mechanism test results indicate that the improvement of the status of the global value chain will improve the product quality, while the improvement of product quality will widen the wage gap. Heterogeneity analysis shows that the rising status of mixed trade enterprises and private enterprises in the global value chain has a significant positive impact on the wage gap. On the other hand, the change of the position of enterprises with only one mode of trade, state-owned enterprises, foreign capital and Hong Kong, Macao and Taiwan-funded enterprises in the global value chain does not affect the wage gap. Based on the above research conclusions, this paper puts forward corresponding policy recommendations from the aspects of increasing R&D investment, improving the intellectual property protection system, raising the level of human capital of low-skilled labor, increasing the supply of high-skilled labor and focusing on reducing the income level of low skilled workers.
2023 Vol. 40 (5): 86-98 [
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Financing Structure and Enterprise Digital Transformation: from the Perspective of Direct Financing and Indirect Financing
XIE Xianjun, YU Junli
Based on the data of Chinese A-share listed companies from 2011 to 2020, this paper empirically tests the impact of market led direct financing and bank led indirect financing on corporate digital transformation. The research shows that increasing the proportion of market led direct financing significantly promotes enterprises' digital transformation, while increasing the proportion of bank led indirect financing significantly inhibits enterprises' digital transformation. Among the different ownership attributes, industry attributes, technology intensive attributes and capital intensive attributes of enterprises, increasing the proportion of direct financing and increasing the proportion of indirect financing have significant promoting and inhibiting effects on enterprises' digital transformation respectively. Further mechanism analysis indicates that increasing the proportion of direct financing significantly alleviates corporate financing constraints, promotes corporate total factor productivity and improves corporate profitability, thereby promoting corporate digital transformation. However, increasing the proportion of indirect financing significantly aggravates corporate financing constraints, inhibits corporate total factor productivity and reduces corporate profitability, thus inhibiting corporate digital transformation.
2023 Vol. 40 (5): 99-112 [
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Whether the Application of Industrial Roberts Can Reshape the Survival Advantages of Enterprises:Data from Chinese Industrial Enterprises
ZHANG Hui, YANG Yongcong, PENG Biyu
Industrial robots are more and more widely used in enterprises. It is worth discussing whether it can reshape the survival advantages of enterprises. Based on IFR robot data and Chinese micro-firm data, this paper tests the impact and mechanism of industrial robot application. The results show that the application of industrial robots can reshape the survival advantages of enterprises. On average, every 1% increase in robot penetration increases the probability of enterprise survival by 35.60%. Further heterogeneity test indicates that the survival promotion effect of industrial robot is more significant in non-export enterprises and private enterprises, while government subsidies do not enhance this effect. At the same time, the survival promotion effect of industrial robot is significantly different in various industrial sectors and manufacturing sub-sectors, and this effect is more significant in labor-intensive industries. In addition, the application of industrial robots has a stronger effect on firm survival in the eastern region and high-innovation regions. In terms of mechanism, optimization of factor allocation, improvement of production efficiency and expansion of output scale are all important channels. In the era of digital economy, the findings provide a useful reference for the formulation and implementation of industrial robot policies in the next stage.
2023 Vol. 40 (5): 113-124 [
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Financialization and Innovation Extrusion of Entity Enterprises from the Perspective of Market Competition
HU Qiuyang, WU Zihao
Taking China's A-share non-financial listed companies from 2009 to 2021 as samples, this paper studies the impact of financial asset holding behavior of entity enterprises on enterprise innovation, and focuses on the regulatory role of market competition. The results show that the holding of financial assets by entity enterprises significantly squeezes out enterprise innovation, while market competition plays a positive moderating role. With the improvement of the degree of competition, the extrusion effect of financialization on innovation is gradually weakened, but as the degree of competition exceeds the case of moderate competition, the extrusion effect of financialization on innovation is gradually enhanced, that is, compared with the case of high competition and high monopoly, moderate market competition can better weaken the extrusion effect of financialization on enterprise innovation. Mechanism analysis shows that the situation of high competition or high monopoly will aggravate the financial profit motivation of enterprises, which makes financialization more significantly squeeze out innovation. The extrusion effect of financialization on enterprise innovation is stronger in state-owned enterprises, low-profit enterprises and low-growth enterprises, while the regulatory effect of market competition is more obviously reflected in non-state-owned enterprises, high-profit enterprises and high-growth enterprises. The conclusion of this paper provides a policy idea for dealing with the problem from reality to deficiency of real enterprises from the perspective of market competition.
2023 Vol. 40 (5): 125-137 [
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The Influence of Digital Financial Inclusion on Urban Economic Gap
LI Heng, YIN Zhigao
Based on the data of 284 cities above prefecture level in China from 2011 to 2020, this paper empirically examines the comprehensive impact of digital inclusive finance on urban economic disparity. The results show that digital inclusive finance can significantly narrow the urban economic gap, and the geographical location and institutional environment will produce heterogeneity. Innovation and entrepreneurship play an intermediary role in narrowing the urban economic gap by digital inclusive finance, which shows that digital inclusive finance can promote urban innovation and entrepreneurship and indirectly narrow the urban economic gap. Factor agglomeration has a positive regulatory effect on digital inclusive finance to narrow the urban economic gap, that is, the improvement of talent, capital and technology agglomeration will weaken the balanced development of digital inclusive finance. Based on the above conclusions, this paper puts forward some policy suggestions, such as moderately advancing the construction of digital infrastructure, mining the application scenarios of digital financial inclusion, and speeding up institutional innovation with regional integration as the core.
2023 Vol. 40 (5): 138-149 [
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The Influence of Tax Burden on Innovation Input of Manufacturing Enterprises
HAO Xiuqin, YANG Bojian
Based on the relevant data of Chinese listed manufacturing companies from 2013 to 2019, this paper uses the fixed utility model to investigate the influence and mechanism of tax burden on innovation investment of manufacturing enterprises. The research shows that the tax burden has a crowding-in effect on enterprise innovation investment, and this conclusion is still valid after a series of robustness tests. Mechanism analysis indicates that tax burden promotes enterprises to increase innovation investment by strengthening tax-saving earnings management behavior, and enterprise adjustment cost alleviates the behavior of enterprises to increase innovation investment caused by tax burden to some extent. The conclusions help us to understand the internal mechanism of the impact of tax burden on innovation investment of manufacturing enterprises, and provide new evidence for the effect of tax policy on innovation investment of manufacturing enterprises. It provides supporting evidence and practical suggestions for adjusting and perfecting tax policies to promote innovation of manufacturing enterprises.
2023 Vol. 40 (5): 150-160 [
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588
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