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Economic Survey
2024 Vol.41 Issue.2
Published 2024-03-10
3
How Does the Co-agglomeration of Manufacturing and Producer Services Affect Urban Ecological Efficiency?
ZHENG Jie, LIN Yongkang
Taking 108 cities in the Yangtze River Economic Belt from 2006 to 2020 as the research objects, this paper discusses the influence and mechanism of collaborative agglomeration of manufacturing and producer services on urban ecological efficiency. Findings are as follows: (1)The cooperative agglomeration of manufacturing and producer services has a U-shaped impact on urban ecological efficiency, while the cooperative agglomeration of manufacturing and high-end producer services has a more significant positive impact on urban ecological efficiency; (2)The impact of collaborative agglomeration of manufacturing and producer services on urban ecological efficiency shows significant structural differences under the constraints of geographical location and urban scale heterogeneity; (3)The test of action mechanism shows that the cooperative agglomeration of manufacturing and producer services can improve urban ecological efficiency through resource allocation effect, knowledge spillover effect and structure upgrading effect. When the resource allocation effect and knowledge spillover effect are in the low threshold, the collaborative agglomeration of manufacturing and producer services is beneficial to improve the urban ecological efficiency. Once the threshold is exceeded, the effect changes from promoting effect to restraining effect.
2024 Vol. 41 (2): 3-16 [
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The Development Level of Digital Economy, Innovation Activity and the Quality of Economic Growth
PENG Dan, GAO Bo
Based on the data of 275 cities in China from 2011 to 2019, this paper uses a two-way fixed effect model to explore the relationship between digital economy and the quality of economic growth. The results show that there is an inverted U-shaped relationship between digital economy and the quality of urban economic growth, and the positive role of digital economy is more prominent in cities with low economic policy uncertainty. At the same time, there are differences in the impact of the level of marketization and the status of science and education resources on the digital economy in cities, with cities with low levels of marketization and science and education resources benefiting more significantly. Mechanism analysis shows that digital economy enhances the quality of economic growth by promoting the optimization and upgrading of industrial structure and improving the vitality of innovation. The findings deepen the understanding of the complex relationship between the digital economy and the quality of economic growth, which is of great significance for exploring new economic growth points and promoting the high-quality development of China’s economy.
2024 Vol. 41 (2): 17-28 [
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Digital Finance and Formalization of Farmers’ Farmland Transfer Contract Selection: Influence Effect and Its Mechanism
MA Yafei, MI Yunsheng, HUANG Jingyi, DENG Weihua
Based on the survey data of large sample farmers in 29 provinces in 2021, this paper examines the influence and mechanism of digital financial use on the formalization of rural land transfer contract selection by using the models of Oprobit, Cmp, Psm and intermediary effect. The results show that the use of digital finance significantly promotes the formalization of the choice of agricultural land transfer contracts, and the conclusion remains still valid after a series of endogenous and robust tests. The analysis of the function mechanism indicates that the use of digital finance significantly improves the formalization of the choice of agricultural land transfer contract by tearing up the differential order pattern of agricultural land transfer, breaking through the limited rationality of farmers and enhancing the stability of non-agricultural employment. Heterogeneity analysis manifests that digital finance has a more significant positive impact on farmers who choose formal farmland transfer contracts in areas with lower level of education, larger scale of farmland transfer and lower level of marketization. Based on this, this paper puts forward some policy suggestions, such as strengthening the support for the development of digital finance in rural areas, promoting the deep integration of digital finance and agricultural land transfer market, and strengthening the publicity and training of the use of digital finance.
2024 Vol. 41 (2): 29-40 [
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A Study on the Influence of Relationship Intensity on the Choice of Farmland Transfer Contract: Empirical Evidence from 1108 Households in 4 Counties (Cities) of Guizhou Province
LOU Lei, HONG Mingyong
Based on the first-hand survey sample data of 1108 farmers in 4 counties (cities) of Guizhou Province, this paper uses the Probit model to investigate the influence of relationship intensity on the choice of farmland transfer contract, and uses the improved intermediary effect model to further explore its internal transmission mechanism. The results show that the weaker the relationship intensity is, the more farmers tend to use written contracts in the transfer of agricultural land. Natural spatial distance and trust have mediating effect on the influence of relationship intensity on farmers’ choice of farmland transfer contract. The conclusion of the study indicates that in the rural areas where the economic development is relatively backward, the choice of contracts in the process of agricultural land transfer has not yet got rid of the influence of social relations, and both sides of agricultural land transfer will still allocate agricultural land resources based on the intensity of the relationship. Therefore, in the process of promoting the regularization of agricultural land transfer contracts, the central and local governments at all levels must fully consider the important role of informal institutional supply such as local differential order pattern, trust mechanism and relationship network in rural governance.
2024 Vol. 41 (2): 41-52 [
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China’s Service Trade Openness and the External Value Chain Linkage of Manufacturing Industry
HU Zhaoling, LU Yang, FAN Longfei
Based on the theoretical explanation of the impact of China’s service trade openness on the closeness of bilateral value chain linkages between China and foreign countries, this paper empirically tests the impact effect and mechanism by using the data of Chinese manufacturing industry. The study finds that the improvement of China’s service trade openness in service is conducive to the improvement of the correlation tightness of Chinese and foreign value chains, and this conclusion is still valid after a series of robustness tests. The mechanism test shows that the opening of trade in services mainly affects the bilateral value chain correlation through the effects of trade cost reduction and technological innovation. Heterogeneity analysis shows that the value chain correlation effect caused by the opening of service trade is more significant in low-tech manufacturing industries and developing countries, and shows strong characteristics of “ geographical proximity ”. That is, the value chain correlation effect with Asian countries is more prominent. The extended analysis shows that the level of national digital infrastructure has a significant positive moderating effect on the promotion effect of service trade openness on bilateral value chain linkages between China and foreign countries. The empirical conclusions imply that promoting the high-level opening of the service industry and improving the construction of digital infrastructure are important measures to promote China’s manufacturing industry to deeply participate in the division of labor in the global value chain and enhance the competitiveness of the international industrial chain.
2024 Vol. 41 (2): 53-64 [
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Industrial Intelligence and Industrial Upgrading: Structural Transformation or Location Transfer?
LIU Dongsheng, ZHENG Lilin
According to the difference of technical level, the industry can be divided into five categories.Based on the provincial panel data, this paper empirically studies the heterogeneous impact and dynamic evolution trend of industrial intelligence on the development of different industries. The results show that on the whole, industrial intelligence promotes the expansion of medium-and high-tech industries, accelerates the contraction of low-tech industries, and optimizes and upgrades the structure of industrial sectors.From a regional point of view, industrial intelligence plays an obvious role in the return of high-tech industry and the rise of high-tech industry in the eastern region, while the industrial undertaking role in the central region is weakened. Further research has found that the impact of industrial intelligence on industrial structure is not linear and varies across industries. The industrial proportion indicates a inverted U-shaped trend, with an initial increase followed by a decrease, while the service sector exhibits the opposite trend. Additionally, various industries display distinct characteristics of gradient adjustment. In addition, the mechanism test manifests that industrial intelligence promotes the transfer of medium- and low-tech industrial locations and “forces” low-tech industries to transform into high-tech industries and the service sector, thereby promoting the optimization and upgrading of industrial structure.
2024 Vol. 41 (2): 65-76 [
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A Study on the Influence of House Price on the Consumption Inequality of Urban Residents
JYU Fang, LUO Jiahao, ZHOU Jianjun, JIANG Hanyu
Based on the data of China Household tracking Survey Database (CFPS) from 2010 to 2018, this paper systematically studies the effect and mechanism of house price on urban residents’ consumption inequality by using panel econometric model and intermediary effect model. The results show that house prices will positively affect the consumption inequality of urban residents. And the above conclusion is robust after using the instrumental variable method for endogenous test and other robustness tests. The result of mechanism test indicates that house price will affect the consumption inequality of urban residents through household per capita consumption expenditure.The greater impact of housing prices on housing expenditure and education, culture and entertainment expenditure further shows that the rise in housing prices will aggravate the consumption inequality of urban residents by affecting the consumption structure. The heterogeneity test results show that, compared with urban families with low and low income and low and middle financial assets, the impact of house price changes on the consumption of urban households with high income and high financial assets is more obvious. To this end, we should stabilize housing prices, properly guide housing expenditures and adjust the structure of household consumption, so as to promote consumption fairness and narrow consumption inequality.
2024 Vol. 41 (2): 77-87 [
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A Study on the Influence of Energy Saving and Carbon Reduction Policy on Enterprise Financialization
ZHAO Wenwen, WANG Shuhua
Taking the listed entity enterprises from 2008 to 2021 as the research sample, this paper uses the double difference model to explore the effect and specific mechanism of energy conservation and carbon reduction policy on enterprise finance. The empirical results show that the energy conservation and carbon reduction policy significantly reduces the financial level of policy pilot enterprises, which has passed a series of robustness and endogenous tests, such as parallel trend test, replacement variable and PSM-DID. The mechanism test indicates that the policy of energy conservation and carbon reduction restrains the financialization of enterprises by improving the ability of technological innovation and alleviating the myopia of managers. Heterogeneity analysis indicates that the effect stopping the companies being distracted from their intended purpose of the policy has heterogeneity, which is more significant when senior executives have financial background, industry competition is high and economic policy is more stable. The expansion analysis manifests that the energy conservation and carbon reduction policy has changed the investment bias of enterprises and prevented them being distracted from their intended purpose. Based on this, the government should constantly optimize the construction of environmental regulation system to achieve the win-win goal of environmental protection and economic development.
2024 Vol. 41 (2): 88-99 [
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Towards Common Good: Research on the Achieving Common Prosperity Through Empowering Corporate Tech for Social Good
RUAN Rongbin, ZHU Zuping, CHEN Wan
Taking Shanghai and Shenzhen A-share listed companies from 2016 to 2021 as the research object, this paper investigates the influence mechanism of Corporate Tech for Social Good on corporate common prosperity, and analyzes moderating effects of news media attention and corporate digital transformation on the relationship between Corporate Tech for Social Good and corporate common prosperity. These findings are as follows: (1) Corporate Tech for Social Good has a significant positive impact on corporate common prosperity; (2) News media attention and corporate digital transformation play positive moderating roles in the relationship between Corporate Tech for Social Good and corporate common prosperity; (3) The positive effect of Corporate Tech for Social Good on corporate common prosperity is more obvious in the samples of higher intensity of regional marketization, higher ESG management in the industry and high-tech enterprises. These conclusions not only provide theoretical support for corporate common prosperity empowered by Corporate Tech for Social Good in the context of high-quality development, but also put forward suggestions for enterprises, news media, government and other governance bodies to promote enterprises to achieve common prosperity through Tech for Social Good.
2024 Vol. 41 (2): 100-111 [
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National Pilot Policy on Innovative Cities, Agglomeration of Digital Factors and Digital Transformation of Enterprises
WANG Tingdong, YIN Lili
Based on the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2020, this paper takes the establishment of national innovative pilot cities as a quasi-natural experiment to investigate the impact of national innovative city pilot policies on the digital transformation of enterprises. The study has found that the national pilot policy of innovative cities has significantly promoted the digital transformation of enterprises, and there is a structural difference between the “practical application” level and the“underlying technology” level. The level of “practical application” is the key to the transformation of digital elements driven by policies. Heterogeneity analysis shows that the pilot policy has more significant transformation effects on state-owned enterprises, science and technology enterprises, small and medium-sized enterprises, low-market-oriented cities and large-scale urban enterprises. Mechanism analysis indicates that the current pilot policy mainly exerts the effect of digital transformation through the agglomeration of “digital capital” factors, the agglomeration of “digital skilled labor” and the optimal allocation of production factors. However, the innovation-driven role of the underlying key digital technologies has not been highlighted. The conclusions are not only provide empirical evidence for the orderly promotion of innovative city construction and the realization of the digital transformation of Chinese enterprises, but also provide a policy basis for the government to direct the resources owned by the city towards the underlying digital technological innovation, and to further promote the digital transformation from application-based to innovation-based.
2024 Vol. 41 (2): 112-124 [
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Regional Social Networks and Enterprises’ Off-site Investment
ZHAO Jingyan, JI Xiaoqing, LI Guangqin
Based on the off-site investment data of A-share listed companies in China from 2007 to 2021, this paper uses various estimation methods such as conditional Logit, negative binomial regression, and OLS to examine the impact and mechanism of regional social networks on the location selection of enterprise overseas investment. The study shows that the regional social network has a significant impact on the location choice of enterprises’ off-site investment. That is, the more developed the regional social network is, the more favorable it is to attract enterprise investment. This conclusion is still valid after a series of robustness tests. Mechanism analysis shows that the information transmission function, resource allocation function and network embedding function of regional social network can effectively alleviate the difficulties faced by investment enterprises, such as information asymmetry and resource shortage, and enhance the risk resistance of new subsidiaries. At the same time, regional social networks can also attract business investment by lowering the threshold for enterprises to invest locally. Heterogeneity analysis indicates that the influence of regional social network on the investment of non-state-owned enterprises, manufacturing enterprises and close enterprises is more obvious. The study enriches the research level of social networks and the literature on enterprise investment location selection, which has reference significance for improving investment efficiency and rational layout of enterprises.
2024 Vol. 41 (2): 125-137 [
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A Study on the Impact of Entity Enterprises’ Financialization on Debt Financing
FENG Zhanbin, LI Guomin
Based on the financial data of Chinese A-share listed companies from 2007 to 2020, this paper examines the impact of financialization of real enterprises on debt financing. The results show that the financialization of entity enterprises has a “crowding-out effect” on debt financing, that is, the higher the level of financialization, the lower the total borrowing rate and total debt ratio. This conclusion is still valid after the robustness test such as endogenesis test of instrumental variable method and replacement measurement index. Heterogeneity test indicates that the negative impact of financialization of real enterprises on debt financing is more significant in the samples of currency contraction, state-owned enterprises, low market level and high industry competition. Mechanism analysis shows that the financialization of entity enterprises increases the capital risk and information risk of creditors by aggravating business risks and increasing earnings management, thus reducing the scale of corporate debt financing. The study has reference value for strengthening the supervision of the financialization of entity enterprises and optimizing corporate financing decisions by restraining financialization.
2024 Vol. 41 (2): 138-149 [
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A Study of the Impact of the Policy of “ Replacement of Business Tax by VAT ” on the Employment of Individual Labor Force
GUO Jiexiu
Taking the individual labor force in the comprehensive social survey data of China from 2010 to 2017 as the research object, and based on the quasi-natural experiment of the policy of “ Replacing the Business Tax with a Value-added Tax ”, this paper uses the double difference method to analyze its impact on the employment of individual labor force so as to evaluate the social welfare effect of the policies of reducing tax and fee, and investigates the specific mechanism of its impact on employment. The results show that the policy of “ Replacement of Business Tax by VAT ” will improve the employment probability of individual labor force and optimize the industrial structure in the pilot area. The impact of the “ Replacement of Business Tax by VAT ” policy on employment reached a peak in the second year of policy implementation, and then gradually weakened with the expansion of the scope of the pilot project. Heterogeneity analysis shows that the impact of “ Replacement of Business Tax by VAT ” policy on individual employment of labor force is different among different education level, gender and household registration groups. The implementation of accurate policies is more conducive to promoting employment and optimizing the employment structure. This study is helpful to identify the mechanism of “Replacement of Business Tax by VAT” affecting employment in theory, and provide a useful reference for the formulation and adjustment of employment promotion policies in practice.
2024 Vol. 41 (2): 150-160 [
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