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Economic Survey
2024 Vol.41 Issue.1
Published 2024-01-10
3
Digital Finance and Audit Fees of Commercial Banks
CHEN Junmei, FENG Junke, QIU Juandong
Taking Chinese commercial banks from 2011 to 2021 as the research object, this paper explores the impact mechanism and transmission effect of digital finance on audit fees. Research finds that the audit fees of commercial banks will be increased in the initial stage of the development of digital finance. When digital finance reaches a certain level, the decline effect of audit fees caused by the enhancement of financial technology will exceed the increase of audit fees due to the increase of audit investment and audit risk, thereby reducing audit fees of commercial banks. This shows that there is an inverted U-shaped relationship between digital finance and audit fees. Mechanism testing indicates that digital finance mainly acts on agency conflicts and information asymmetry to lead to changes in audit risks and costs, and finally affects audit fees. Heterogeneity analysis shows that when the audit subjects come from the four major domestic firms, the nonlinear effect of digital finance on audit fees is enhanced, and when the audit objects are listed banks and commercial banks with high capital adequacy ratio, their use of digital technology can have a more effective non-linear effect on audit fees. Therefore, when the degree of marketization and legal level of the region where commercial banks are located is higher, and the supervision of digital finance is more strict, the inverted U-shaped relationship between digital finance and audit fees is more significant. The conclusion enriches the research on the economic consequences of digital finance from the perspective of audit fees, and provides a reference for commercial banks to implement digital transformation strategies and CPA audit fee decision-making.
2024 Vol. 41 (1): 3-16 [
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Unbalanced Development of Digital Economy, Labor Mobility and Circulation of National Value Chain
LI Dan, DAI Zheng
Using the inter-regional input-output table of multi-provinces in China, this paper discusses the impact of unbalanced development of digital economy on the cycle of inter-provincial domestic value chain by pairwise matching of data between provinces. The result shows that imbalance development of digital economy significantly inhibits the circulation of domestic value chains. Heterogeneity test shows that the restraining effect of unbalanced development of digital economy is greater among provinces with low level of economic development. Compared with manufacturing and service industries, the unbalanced development of digital economy has a stronger inhibitory effect on primary products and resource-based industries. And the imbalance of digital economic development has a significant inhibitory effect on the economic development within and between the north and south regions, and this effect is more prominent in the northern region. Mechanism research indicates that the unbalanced development of digital economy suppresses the cycle of domestic value chain through market, innovation and cost mechanism. Finally, the inter-provincial labor mobility helps to weaken the inhibitory effect of the imbalance of digital economic development on the domestic value chain cycle. This study provides new theoretical analysis and policy research ideas for speeding up the construction of a new dual-cycle development pattern and promoting the construction of a unified domestic market.
2024 Vol. 41 (1): 17-29 [
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Energy Technology Progress and Regional Specialization: From the Perspective of UHV Transmission Project
WEI Shouhua, QIAN Feifei
Based on data from 285 prefecture-level cities in China from 2003 to 2020, this paper focuses on the impact and mechanisms of energy technology progress on regional specialization, using UHV transmission projects as the starting point. The empirical results show that the progress of energy technology represented by UHV transmission technology has significantly improved the level of regional specialization in China. Specifically, cities without ultra-high voltage transmission projects experienced an approximate 1.09% increase in the level of specialization when compared to cities equipped with such projects. Furthermore, this effect is stronger in small and medium-sized cities, resource-rich cities, and inland regions. And the results remain robust after accounting for sample selection bias, base period division levels, adjusting for indicator measures, excluding extreme values, and placebo tests and propensity score matching. Further mechanistic analysis indicate that the energy technology progress characterized by the construction of UHV promotes regional specialization by stimulating the comparative advantage of resource endowments and the agglomeration effect of production. This paper argues that it is of great significance to promote regional coordinated development to continue to expand the scale of UHV transmission, reasonably implement regional specialization, exchange needed goods and learn from each other’s strong points to make up for their weaknesses.
2024 Vol. 41 (1): 30-41 [
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Smart City Construction and Urban Livability: Based on Quasi-Natural Experiments of Smart City Pilot Projects
JIN Xiangyi
Based on the panel data of prefecture level cities in China from 2005 to 2019, this paper identifies the causal relationship between smart city construction and the improvement of urban livability by using the multi-point DID method. The study shows that smart city construction can significantly improve urban livability, and the conclusion remained valid after the placebo test and the robustness test of PSM-DID matching. Mechanism verification indicates that smart city construction can promote the improvement of city livability through resource allocation effect, innovation-driven effect and entrepreneurship promotion effect. Heterogeneity test reveals that there are significant differences in urban location, geographical characteristics, population size and development model to policy responses. Moreover, eastern cities, coastal cities, cities with larger population and non-resource-based cities are more significantly affected by the policy. This paper proves that the construction of smart cities can improve the quality of life of urban residents and enhance the livability of cities. Therefore, strengthening the training of entrepreneurial and innovative talents, promoting the construction of new infrastructure and promoting the balanced development of regions are realistic and effective ways to improve the quality of people’s life, promote modern urban construction and improve China’s digital system.
2024 Vol. 41 (1): 42-56 [
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Digital New Infrastructure, Green Technology Progress and Low-carbon Economic Transformation
ZHANG Yu
Based on panel data from 31 provinces and cities in China from 2009 to 2021, this paper use spatial error model to empirically analyze the impact of digital new infrastructure and green technology progress on the transformation of low-carbon economy. The research results indicate that both digital new infrastructure and green technological progress play a significant role in facilitating the transition to a low-carbon economy. Moreover, there is a significant spatial correlation between the two factors and the transition to a low-carbon economy. And this conclusion holds true even after a series of robustness tests. At the same time, the improvement of digital new infrastructure level can enhance the empowerment effect of green technology progress on low-carbon economic transformation. The results of sub-sample study show that there is obvious regional heterogeneity in the promoting effect of digital new infrastructure and green technology progress on the transformation of low-carbon economy, which is significant in the eastern region and not significant in the central and western regions. The threshold effect test shows that green technological progress plays a threshold effect between digital new infrastructure and the transformation to a low-carbon economy. After crossing the threshold, the assistance of digital new infrastructure in the low-carbon economy transformation has significantly increased in the eastern, central, and western regions, with a more significant effect observed in the western region. The three sub-dimensions of digital new infrastructure are conducive to the transformation of low-carbon economy, among which the positive enabling effect of integrated infrastructure construction is the strongest.
2024 Vol. 41 (1): 57-69 [
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Digital Input and Climbing Global Value Chain Networks: Evidence from Chinese Manufacturing Sectors
LI Hongliang, ZHANG Weifu
From the perspective of global production network, this paper analyzes the impact of digital input on climbing global value chain networks by using WIOD input-output and China’s manufacturing merged panel data. The results are as follows: Firstly, the digital input has significantly promoted the GVC network position in China’s manufacturing sectors. This is evidenced by the fact that the greater the intensity of digital investment, the higher the centrality of the industry in the global value chain network; Secondly, the independent and controllable industrial chain can positively regulate the relationship between digital input and GVC network position climbing by enhancing the control power of key fields in manufacturing sectors and domestic supply rate. However, trade barriers can weaken this positive effect because of restricting the elements cross-border flow; Thirdly, the heterogeneity test shows that the positive effect of digital input is more obviously in technology intensive industries. Furthermore, digital infrastructure is beneficial for the ascent of China’s manufacturing industry in the global value chain network. However, the impact of digital media and transactional investment is limited; Finally, mechanism tests have found that the cost reduction and alleviation of resource mismatches resulting from digital investment are channels for enhancing the global position of the manufacturing industry in the value chain network. The research findings provide empirical evidence and policy basis for promoting the digital transformation of China’s manufacturing industry and enhancing its position in the global division of labor in the value chain.
2024 Vol. 41 (1): 70-82 [
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Can the Digital Economy Empower China and RCEP Countries to Sustain Their Export Duration?
CHENG Xianhong, JIANG Guogang, ZOU Zongsen
The digital economy not only helps improve the efficiency and quality of economic operations but also strengthens the level of economic and trade cooperation between China and RCEP countries. This paper constructs a three-level indicator evaluation system for the development level of the digital economy and measures the actual level of China’s digital economic development. Using panel data from 2011 to 2021, it examines the impact of the digital economy on the export duration of China and RCEP countries. The findings are as follows: Firstly, the digital economy will significantly increase the duration of exports between China and RCEP countries; Secondly, the digital economy reduces export risk rate and prolongs export duration by reducing trade cost, improving regional innovation ability and increasing trade openness; Thirdly, for RCEP countries with different income levels, the current and previous period’s improvement in the digital economy will increase the export duration of China and low-to middle-income RCEP countries. However, its impact on high-income RCEP countries is not significant; Fourthly, the development of the digital economy will increase the export duration of China and RCEP countries for different types of products. The impact of the digital economy on the export duration of labor-intensive products is significant, while its impact on primary products is relatively small. This indicates that as the value-added of products increases, the influence of the digital economy on the export duration of China and RCEP countries gradually increases.
2024 Vol. 41 (1): 83-96 [
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A Study on the Carbon Emlssion Reduction Effect of Industrial Digitization Transformation: Empirical Evidence from Chinese Industry
LEI Yutao, PENG Wenxiang, ZHANG Xuan
Taking various industries of Chinese industry from 2000 to 2018 as the research object, this paper explores the influence and mechanism of industrial digital transformation on carbon emissions. The results indicate that industrial digital transformation in China can significantly promote carbon emission reduction, and this conclusion still holds after conducting robustness checks and endogenous tests. The mechanism test shows that the industrial digital transformation can exert the efficiency improvement effect and cooperation synergy effect, and promote carbon emission reduction by improving energy use efficiency and strengthening cooperation between upstream and downstream enterprises in the supply chain. Heterogeneity analysis reveals that the carbon reduction effect of industrial digital transformation exhibits industry and regional heterogeneity. In low-energy and low-emission industries, digital transformation shows a significant negative linear relationship with carbon emissions. In high-energy and high-emission industries, digital transformation exhibits a non-linear relationship with carbon emissions in the form of an inverted U shape. The promotion effect of digital transformation on carbon emission reduction is significantly higher in the eastern region compared to other regions, and the digital emission reduction effect shows a decreasing trend from the eastern region to the central region, the western region, and the northeast region. Therefore, we should strive to promote the application of digital technologies in industrial production processes, promote the sharing and transmission of emission data among industries, and establish mechanisms for efficiency improvement and cooperative synergy. The digital transformation process of industries, especially high-energy industries, should be phased and implemented in different regions, providing digital assistance for the orderly achievement of carbon neutrality.
2024 Vol. 41 (1): 97-109 [
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Industrial Intelligence and Global Carbon Reduction
YANG Chunlei, TONG Jiying
Based on the balanced panel data of 51 countries from 1993 to 2019, this paper uses the models of double fixed effect, intermediary effect and threshold effect to analyze the influence and internal mechanism of industrial intelligence on global carbon emission reduction. Research has found that industrial intelligence can significantly drive global carbon reduction, and this conclusion remains valid after a series of rigorous tests. The mediation effect regression results indicate that industrial intelligence can promote global carbon reduction through channels such as upgrading the manufacturing industry and upgrading the industrial structure. The regression results of the threshold effect indicate that global carbon reduction is not only dynamically influenced by the development level of industrial intelligence itself but also regulated by the industrial agglomeration. Further research has found that industrial intelligence can significantly reduce the per capita carbon footprint of wealthy countries and populations, helping to alleviate global carbon emission inequality. Therefore, it is necessary to promote the widespread application of artificial intelligence technology in the industrial sector, track the actual environmental impact of carbon footprint assessment policies, and promote international cooperation in the fields of industrial intelligence and carbon reduction.
2024 Vol. 41 (1): 110-119 [
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Social Credit Environment and Corporate Default Risk: A Quasi-natural Experiment Based on Social Credit System Model City Construction
FAN Run, ZHAI Shuping, SU Ye
Taking the A-share listed companies from 2008 to 2020 as research samples, this study utilizes the construction of social credit system demonstration cities to portray the social credit environment and uses it as a quasi-natural experiment to investigate the impact of social credit environment on corporate default risk. The study shows that a good social credit environment can significantly reduce the default risk of enterprises. The mechanism test reveals that a good social credit environment can inhibit corporate default risk by alleviating financing constraints and reducing agency costs. Further research has found that in situations where the company has lower asset collateralization capacity, lower board independence, better regional legal environment, and higher economic policy uncertainty, a good social credit environment can more effectively reduce corporate default risk. The research findings not only enrich the study on the influence of corporate default risk but also verify the policy effectiveness of constructing social credit system demonstration cities. It provides empirical evidence for government departments to further promote the construction of social credit system and prevent and mitigate corporate risks.
2024 Vol. 41 (1): 120-133 [
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Does the Digitization Transformation of Enterprises Curb Excessive Debt?
XUE Long
Taking non-financial listed companies on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2022 as the research objects, this paper uses text analysis methods to measure the digital transformation of companies. It explores the impact and mechanism of excessive debt on the digital transformation of companies, and further analyzes the heterogeneous effects of this impact on companies with different characteristics. The results show that the digital transformation of enterprises can effectively restrain excessive debt, which is still true after a series of robustness tests. The results of mechanism test show that digital transformation inhibits excessive debt of enterprises by improving corporate information transparency and easing corporate financing constraints. The results of further heterogeneity analysis show that in high profitability, high internal governance and non-state-owned enterprises, digital transformation has a more significant inhibition effect on excessive debt. The research conclusion not only expands the relevant literature on the economic consequences of enterprise digital transformation, but also provides a new idea for the governance of enterprises’excessive debt.
2024 Vol. 41 (1): 134-146 [
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Will the Heterogeneity of Debt Sources Suppress the Level of Excess Cash Holdings of Enterprises?
DONG Hongjie, WANG Congcong
Taking A-share listed companies from 2009 to 2021 as a sample, this paper examines the impact of heterogeneity in debt sources on a firm’s level of excess cash holdings. The findings reveal that heterogeneity in debt sources significantly reduces a company’s excess cash holdings. Furthermore, after conducting various robustness tests, the above conclusion still holds valid. Mechanism analysis shows that debt source heterogeneity can significantly reduce the level of excess cash holdings by reducing agency costs and alleviating financing constraints. The heterogeneity analysis indicates that the reducing effect of heterogeneity in debt sources on a firm’s level of excess cash holdings is more pronounced in regions with lower market competition, state-owned enterprises, and small-scaleenterprises. On the other hand, a higher proportion of institutional investors, greater media attention, and higher internal control quality weaken the inhibitory effect of heterogeneity in debt sources on excess cash holdings. Economic consequence studies have found that excess cash holdings reduce a company’s ability for sustainable development, while heterogeneity in debt sources can attenuate this negative impact. The research conclusion provides an important basis for fully leveraging the role of debt governance and improving the efficiency of capital allocation in companies.
2024 Vol. 41 (1): 147-160 [
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