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Economic Survey
2023 Vol.40 Issue.6
Published 2023-11-20
3
Digital Economy, Production Transformation and Rural Household Income Growth
ZHANG Wenwu, WANG Jiayin
Based on the data of Chinese Household tracking Survey ( CFPS ), this paper constructs a multi-dimensional index to measure the digital economy level of rural households from the micro level, and tests its economic return and mechanism. The study shows that the digital economy promotes the production transformation of rural households by improving their digital levels, which in turn brings long-term and obvious about income growth. The mechanism analysis indicates that the digital economy improves household economic conditions by enhancing the technical capabilities of family members, increasing the share of household agricultural and sideline management and promoting non-agricultural employment. Further analysis reveals that the economic returns of rural households from the digital economy show obvious regional differences. The digital family index has a higher effect on the income growth of rural households in the eastern region, and this effect is mainly achieved by promoting the skills of family members. While in the central and western regions, it is mainly achieved by increasing the share of household production and management. This study provides theoretical and empirical evidence for giving better play to the role of digital economy in promoting agricultural production and increasing rural household income.
2023 Vol. 40 (6): 3-14 [
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Internet Use and Household Farmland Transfer
SHEN Qiong, LI Haohao
Based on the data of China Family Panel Studies (CFPS), this paper analyzes the influence of Internet use on the decision-making of household farmland transfer, and examines the intermediary role of information effect, non-agricultural employment effect and technology effect. The results show that Internet use significantly increases the probability of farmland transfer and obviously reduces the probability of farmland transfer, and the positive impact on farmland transfer exceeds the negative impact on farmland transfer. After using the treatment effect model to deal with the potential endogenous issues and conducting the robustness test in terms of the paid farmland transfer, a basically consistent conclusion is obtained. Heterogeneity analysis indicates that internet us for families with high income level and low farmland endowment have a more obvious positive impact on their farmland transfer. The analysis of the mechanism of action reveals that the Internet use mainly affects farmland transfer through the information effect and the non-agricultural employment effect. On the basis of above analysis, some policy suggestions are put forward in this paper, such as strengthening the construction of Internet platform for agricultural land transfer, formulating differential policies to promote agricultural land transfer and further improving the Internet penetration rate in rural area.
2023 Vol. 40 (6): 15-26 [
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Whether Carbon Emissions Trading Is Conducive to the Upgrading of Industrial Structure: A Quasi-natural Experiment Based on the Pilot of Carbon Emissions Trading
CHEN Chen, GAO Ran
Under the background of China's efforts to achieve carbon peak and carbon neutralization, carbon emission trading has become a key environmental regulation policy in China. Based on the panel data of 31 provincial administrative units in China from 2000 to 2019, this paper uses the carbon emissions trading pilot launched in 2011 as a quasi-natural experiment to build a DID model to study the impact of carbon emissions trading pilot on the industrial structure. The empirical result shows that carbon emission trading is conducive to the upgrading of industrial structure, and the this conclusion turns out to be robust. The further mechanism test based on the cost channel indicates that the carbon emissions trading pilot tends to increase the operating costs of the relevant enterprises in the pilot areas, and then promotes the upgrading of the industrial structure in the pilot areas by encouraging the green technology innovation of enterprises. And the development of green finance can effectively support the promotion of carbon emissions trading pilot to the upgrading of industrial structure. At the same time, the policy effect of carbon emissions trading pilot may show heterogeneity with the degree of attention of local governments, regional resource endowment conditions, the level of marketization and the degree of development of digital economy. The research conclusion provides theoretical support for our country to promote carbon emissions trading in an all-round way from the perspective of industrial structure upgrading. We should promote and improve the construction of carbon emissions trading market, promote the optimization and upgrading of industrial structure, and speed up the green transformation of economic and social development.
2023 Vol. 40 (6): 27-37 [
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Quantitative Analysis of Electric Vehicle Charging Infrastructure Policies and Industrial Policy Effect
WANG Xin, WANG Jinfeng, XU Chunqiu
From the perspective of policy tool theory, this paper constructs the analysis framework of policy tools and charging infrastructure industry chain, and uses content quantitative analysis and binary Logistic regression model to analyze 41 policy samples from 27 provinces in China.Based on the comparison of inter-regional policy differences among accelerated development areas, demonstration and promotion areas and actively promoted areas, this paper uses OLS benchmark regression model to analyze the correlation effect between provincial policy tools and public charging pile construction.There are following findings: (i) There are different degrees of structural imbalance of policy tools in the policy of electric vehicle charging infrastructure in various parts of our country, the proportion of environmental policy tools is too high and the proportion of demand-side policy tools is too low, and the distribution of policy tools in the industrial chain is not reasonable; (ii) The Policies of different regions are more or less much the same, and their differences are shown as follows: 1) The fast-growing regions pay more attention to providing a good development environment for the charging infrastructure industry, standardize and guide the industrial development from the aspects of target planning and regulation, and pay more attention to the operation of charging facilities and the manufacture of charging equipment in the industrial chain; 2) The demonstration and promotion areas have given key support to the construction of public services, including the construction of charging infrastructure information service platform, focusing on the operation of charging facilities and energy supply in the industrial chain; 3) There is a clear problem of excessive abuse of environmental policy tools in all regions; (iii) In terms of industrial policy effects, the environmental policy tools of electric vehicle charging infrastructure play a significant role in promoting industrial development.In the long run, we should make comprehensive use of various policy tools to avoid over-reliance on mandatory tools.
2023 Vol. 40 (6): 38-50 [
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Digital Industry Agglomeration, Local Government Competition and Urban Green Economy Efficiency Improvement
JIAO Jiao, GUO Jinhua, ZHAO Guohao
Based on the panel data of 285 cities in China from 2005 to 2021, this paper examines the influence and mechanism of digital industry agglomeration and local government competition on urban green economy efficiency. The research shows that the agglomeration of digital industry is beneficial to improve the efficiency of urban green economy. However, due to the differences in the level of urban economic development, resource dependence and industrialization, the improving effect of digital industry agglomeration on the efficiency of green economy is more significant in first-and second-tier cities, non-resource-based cities and non-old industrial cities. Mechanism analysis indicates that digital industrial agglomeration can improve the efficiency of urban green economy mainly by promoting the online transformation of residents' lifestyle and the intensive transformation of industrial production mode. Under the effect of local government competition, local government economic competition strengthens the promoting effect of digital industry agglomeration on urban green economic efficiency, but the role of local government innovation competition is not obvious. Governments at all levels should actively promote the development of digital industry agglomeration according to the characteristics of urban development, cultivate new momentum of urban green transformation and development, and fully release the enabling effect of digital industry agglomeration development on the improvement of urban green economic efficiency.
2023 Vol. 40 (6): 51-60 [
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How Does Digital Transformation Affect the Compensation Dispersion within Enterprises?
LIU Changgeng, ZHANG Wenzhe
Digital transformation has given enterprises new development functions, and how it affects the compensation dispersion within enterprises deserves in-depth study. Based on the data of Chinese A-share listed companies from 2009 to 2020, this paper examines the impact of digital transformation on the internal compensation dispersion and its mechanism.The research shows that the digital transformation has significantly widened the internal compensation dispersion, and widened the reasonable compensation dispersion.After a series of robustness tests, the above conclusion is still valid. Mechanism test indicates that digital transformation affects the internal compensation dispersion by improving corporate performance and reducing principal-agent costs, and helps to reduce the excess compensation dispersion and expand the reasonable compensation dispersion. Heterogeneity analysis shows that digital transformation has a more significant impact on non-state-owned enterprises and capital-technology-intensive enterprises, and has a significant inhibitory effect on the excess compensation dispersion of non-state-owned enterprises. This study provides an important decision-making reference for internal income distribution and further promoting the digital transformation of enterprises.
2023 Vol. 40 (6): 61-71 [
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Equity Incentive for Technical Employees and Enterprise Innovation Efficiency: Also on the Provisions of the Limit on the Number of Shares Granted in Incentive Plans
LIU Zhangfa, ZHANG Weidong
Using manually collected equity incentive data from equity incentive announcements for technical employees in various enterprises, and after matching the propensity scores year by year, this paper adopts a double difference model to examine the overall and dynamic impact and mechanism of equity incentives for technical employees on innovation efficiency, and analyzes the moderating effect of enterprise and equity incentive plan characteristics on this impact. The conclusions of are as follows: (i) Equity incentive for technology employees can improve innovation efficiency by reducing agency costs of technology employees, improving knowledge sharing and cooperation and supervision of technology employees, and attracting and retaining more technology employees. And its effect on innovation efficiency increases year by year; (ii) When the enterprise is a non-state-owned enterprise, a high-tech enterprise, the chairman of the board of directors does not have R&D career background, and the proportion of directors with R&D career background in the board of directors is lower, the equity incentive for technical employees is more effective in improving innovation efficiency; (iii) The incentive effect of equity incentive on each incentive object has the law of diminishing marginal effect, and there is also a “free rider” phenomenon caused by the excessive number of incentive objects when encouraging technical employees belonging to the same department. This paper further deepens the research on employee equity incentives, providing empirical evidence for improving equity incentive management methods, designing employee equity incentive plans for enterprises, and human resource management.
2023 Vol. 40 (6): 72-82 [
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Customer Digital Transformation and Total Factor Productivity of Enterprises: An Analysis from the Perspective of Technological Progress and Factor Reset
WANG Jiao, WANG Fanlin, YU Yao
Based on the top five customer data of Chinese A-share listed companies in Shenzhen and Shanghai, this paper examines the impact of customer digital transformation on total factor productivity from the perspective of technological progress and factor reset. The study shows that customer digital transformation has a positive spillover effect on enterprise total factor productivity, which is still valid after a series of robustness tests.The function channel test indicates that the improvement of enterprise total factor productivity benefits from the enterprise technological progress promoted by customer digital transformation and the reset enterprise production factors.From the perspective of technological progress, customer digital transformation has promoted the total factor productivity of enterprises by forcing them to apply digital technology, transform internet business models, use modern information systems, increase capital investment in innovation, improve innovation efficiency, and increase invention and design patents. From the perspective of factor reset, customer digital transformation improves enterprise total factor productivity by improving asset utilization and asset iteration rate, increasing labor costs and optimizing labor structure. Heterogeneity test reveals that the positive spillover effect of customer digital transformation exists significantly in the samples of state-owned enterprises, non-high-tech enterprises and geographically distant enterprises.This paper provides empirical evidence of both glory and prosperity for enterprises in the upstream and downstream of the supply chain.From the perspective of supply chain spillover, the study further verifies that Solow Paradox is not established, and finds that there is an internalized intrinsic effect of digital spillover in supply chain, which has practical significance and theoretical value.
2023 Vol. 40 (6): 83-96 [
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A Study on the Economic Effects of the Integration Policy of Financial Funds Related to Agriculture: A Test Based on the Data of Henan Province
NIU Hui, WU Yiping
Based on the county panel data of Henan Province from 2012 to 2019, this paper uses the Double Difference Method (DID) to study the impact of the policy of financial integration of agriculture-related funds on the economic growth of pilot counties. The study shows that the policy of integration of financial funds related to agriculture has significantly promoted the economic growth of the pilot counties, and the effect has been enhanced year by year. The function path is to promote economic growth by improving the efficiency of using agricultural funds in pilot counties, strengthening the integration and supervision of agricultural funds, and promoting the all-round development of pilot counties. In order to further distinguish the impact of this policy on the economic growth of different pilot counties, this paper divides 53 pilot counties according to topography and geographical areas. The conclusions are as follows: Divided by terrain area, the influence of this policy is plain area > mountain area; Divided by geographical region, the effect of this policy is western region > eastern region > central region. Therefore, this policy can be further promoted in other non-pilot counties. In the process of implementing the policy, the government should adjust the policy according to local conditions, gradually form a long-term mechanism for the integration of financial funds related to agriculture, and optimize the allocation of financial resources.
2023 Vol. 40 (6): 97-108 [
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Diversified Financial Medical Expenditure and Residents' Medical Burden: An Empirical Analysis Based on CFPS Data
FAN Minjie, YIN Qiang
Based on the panel data and macro data of China Family Panel Survey (CFPS) from 2010 to 2020, this paper examines the impact of financial health expenditure on residents' burden. The are following findings: (i) From the dimensions of “supplier's subsidy” and “demander's subsidy ”, both expenditures have a significant promoting effect on total medical expenses, which are mainly reflected in hospitalization expenses. In addition, the “demander's subsidy” is conducive to reducing the patient's self-paid medical expense and thus reduce the patient's medical burden, while the “supplier's subsidy” will increase the patient's medical burden; (ii) “strengthening the grass roots” has different negative effects on all kinds of medical expenses; (iii) Each item of financial medical and health expenditure has different effects on medical expenses by increasing the frequency of patients, increasing medical resources and improving the ability of disease prevention and control. The conclusion helps to optimize the structure of financial medical and health expenditure, improve the efficiency of the allocation of medical and health resources, and provide a policy basis for the government to reduce the medical burden of residents.
2023 Vol. 40 (6): 109-120 [
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A Study on the Mechanism and Effect of High-quality Development of Digital Economy Promoting Common Prosperity
LI Hongbing, ZHANG Shaohua, ZHU Tingjun
Based on the provincial panel data from 2010 to 2020 and the micro data of China Family tracking Survey (CFPS), this paper analyzes the mechanism and effect of high-quality development of digital economy on common prosperity on the basis of constructing provincial high-quality development indicators of digital economy and common prosperity indicators covering affluence and sharing dimensions respectively. The empirical results indicate that the high-quality development of the digital economy has significantly promoted common prosperity by addressing growth and distribution issues. After the endogenous and multiple robustness tests, the conclusion remains robust. Heterogeneity analysis shows that the effect of high-quality development of digital economy in promoting common prosperity is more significant in the areas east of Heihe-Tengchong Line and in areas with medium level of common prosperity. And the above effects are mainly achieved through the mechanism of improving the level of human capital and expanding investment in public services. Further expansion research shows that the high-quality development of digital economy not only has a positive spatial spillover effect on the level of common prosperity in neighboring areas, but also promotes the flow of low-income families to middle-income families, which is conducive to the realization of Expand the scale of middle-income groups and increase the income of low-income groups. The above conclusions provide theoretical support and empirical evidences for the practice of promoting common prosperity with the high-quality development of digital economyin the new development stage.
2023 Vol. 40 (6): 121-135 [
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A Study on the Effect and Mechanism of Data Factors on Green Ecological Efficiency
LIU Pei
Data factors have become one of the basic production factors besides labor, capital, land and technology in the new development pattern. In order to analyze the influence and action path of data elements on green ecological efficiency, this paper measures the green ecological efficiency from the perspective of data factor index and data elements by using entropy method, SBM direction distance function and Malmquist-Luenberger function, and examines the influence effect and mechanism of data elements on green ecological efficiency. The results are as follows: (i) The improvement effect of data elements on green ecological efficiency is obvious. After using the two-stage least square method (IV-2SLS) under tool variables and the system GMM method for estimation, the results are still significant and passed a variety of robustness tests; (ii) The results of the impact mechanism indicate that the improvement of green ecological efficiency by data factors is mainly achieved through the upgrading effect of industrial structure, market scale effect, and technological progress effect. That is, data factors achieve the improvement of green ecological efficiency by promoting the advanced process of regional industrial structure, expanding the scale of market information application of data elements, and market technological progress effect; (iii) The heterogeneity results show that the improvement of the level of data elements has a greater impact on the market in areas with low liquidity and market size, and the more significant the effect is. In the eastern region with high concentration of market factors and other areas with better integration of production factors, the market impact effect of data factors is large and significant.
2023 Vol. 40 (6): 136-148 [
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The Impact of Digital Economy on the Risk-taking of Urban Commercial Banks
WU Chuntao
Based on the panel data of 92 city commercial banks from 2011 to 2019, this paper examines the transmission channels of digital economy on risk-taking of commercial banks from the perspective of financial science and technology, and explores the impact of digital economy on risk-taking of city commercial banks from the aspects of micro (income structure), meso (official characteristics) and macro (monetary policy). The study shows that the development of digital economy aggravates the risk-taking of city commercial banks, and digital economy-financial technology-bank risk-taking is an important transmission channel. With the increase of non-interest income of banks, the improvement of academic qualifications of regional officials and the extension of tenure, the negative impact of digital economy on the risk-taking of city commercial banks has been weakened. Therefore, city commercial banks should comply with the development of digital economy and improve their risk management level.
2023 Vol. 40 (6): 149-160 [
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