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Economic Survey
2024 Vol.41 Issue.4
Published 2024-07-10
3
How Does the Supply of Urban Public Services Promote Regional Innovation: A Test Based on the Agglomeration Effects of Talents and Industries
XIAO Peng, LIU Yawei, DAI Longtao
Based on the panel data of 282 prefecture-level cities ( municipal districts ) from 2011 to 2020, the study uses a two-way fixed-effect model to examine the impact of differentiated urban public service supply on regional innovation. The results show that the urban public service supply has a significant promoting effect on the regional innovation level measured by the total amount of patent grant. The mechanism analysis indicates that Urban public services, such as education, medical care and transportation infrastructure, promote regional innovation mainly by attracting talents and industrial agglomeration. Heterogeneity analysis reveals that this positive effect is more significant in first-and second-tier cities and cities with higher financial self-sufficiency rate. And its promoting effect is positively correlated with the proportion of secondary and tertiary industries in the region. In particular, the proportion of the tertiary industry has a greater impact on regional innovation.The above conclusions provide practical basis and policy reference for governments to attract talents and industrial agglomeration by improving the level of public service supply, so as to promote regional innovation.
2024 Vol. 41 (4): 3-15 [
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Can Technological Innovation in Central Cities Promote Coordinated Development of Urban Agglomerations: Also on the Regulating Role of Housing-Price to Income Ratio
LIANG Jun, LI Jiayi
Based on the data of listed companies in 127 prefecture-level cities from 2007 to 2019, this paper systematically examines the influence mechanism of technological innovation in central cities on the coordinated development of urban agglomerations, and discusses the moderating effect of housing-price to income ratio. There are following findings: Firstly, the improvement of technological innovation level in central cities not only significantly promotes the coordinated development of urban agglomerations, but also accelerates the convergence of economic growth in peripheral cities, and shows obvious heterogeneity in urban agglomerations in different regions and development stages; Secondly, technological innovation in central cities promotes coordinated development of urban agglomerations through deepening industrial division of labor; Thirdly, the income to housing price ratio can regulate the relationship between technological innovation in central cities and the coordinated development of urban agglomerations, but the regulatory effect has regional heterogeneity. Only in the central region, it significantly enhances the promoting effect of technological innovation in central cities on the coordinated development of urban agglomerations, and has no significant regulatory effect on the eastern and western regions. The research findings not only enrich the theoretical research on the impact of technological innovation in central cities on the coordinated development of urban agglomerations, but also provide policy insights in improving the housing-price to income ratio.
2024 Vol. 41 (4): 16-28 [
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A Study of Empower Effect of Digital Villages Project on High-quality Development of Chinese Counties:From the Perspective of Technological Progress Bias
WANG Zhenhua, JIANG Jinqi
Based on a country-level data of 1869 Chinese counties, this paper constructs an index system based on the new development concept, adopts random forest algorithm to measure and describe the high-quality development level of counties across the country, and further analyzes the effect and mechanism of digital rural construction enabling high-quality development of counties from the perspective of technological progress. The research findings are as follows: Firstly, the level of high-quality development in Chinese counties has steadily improved, and the overall average comprehensive index has shown a fluctuating upward trend. There are significant global spatial agglomeration effects and regional differences, and obstacle factor diagnosis has found that innovation has a higher proportion of obstacles compared to the other four dimensions; Secondly, the construction of digital villages can significantly promote the high-quality development of counties in China; Thirdly, technological progress tends to play a mediating role in the impact of digital rural construction on the high-quality development of Chinese counties. Specifically, the construction of digital countryside can accelerate the transformation of China's county technology progress from labor-oriented to capital-oriented, and then increase the county innovation output to significantly promote the high-quality development of China's county economy. Therefore, governments at all levels should continue to strengthen digital empowerment, guide more capital flow to counties, and strengthen the capital bias of technological progress, so as to play the role of digital rural construction in enabling high-quality development of counties.
2024 Vol. 41 (4): 29-43 [
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The Impact of Rural Collective Property Rights System Reform on the Establishment of New Agricultural Operators
WEI Binhui, LUO Mingzhong
Based on the panel data of 1898 counties in China from 2010 to 2019, this paper analyzes the impact of rural collective property rights system reform on the establishment of new agricultural operators by using the multi-time-point differential method based on the pilot policy of rural collective operating assets property rights system reform. The results show that the reform of rural collective property rights system has significantly promoted the establishment of new agricultural management entities, with an average increase of 4.1% in the number of newly registered agricultural enterprises in pilot counties. Mechanism testing indicates that from the perspective of factor flow, promoting capital to the countryside, attracting labor to return and promoting agricultural mechanization have played an important role in the reform of the rural collective property rights system and promoting the creation of new agricultural business entities. The above effects vary significantly due to different agricultural production conditions, demographic structure characteristics and informal institutional environments. In areas with major grain-producing areas, high aging and illiteracy rates, and prevalence of clan and Confucian culture, the reform of rural collective property rights system can effectively promote the creation and development of new agricultural business entities. The conclusion indicates that the government should continue to deepen the reform of the rural collective property rights system, promote the overall improvement of agricultural production efficiency and rural economy. Considering the heterogeneous impact of rural collective property rights system reform, policy makers should adopt differentiated strategies and develop more precise policies based on local conditions.
2024 Vol. 41 (4): 44-55 [
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Can High-standard Farmland Construction Prevent the “Non-grain” Use of Cultivated Land?
TIAN Hongyu, FU Weiqiong, ZHU Zhiyong
Taking the policy of constructing high-standard farmland as a natural experiment, a continuous differential model was constructed to investigate the impact and mechanism of high-standard farmland construction on farmland “non-grain” based on provincial panel data. The results have shown that compared to the control group, the construction of high standard farmland reduced the degree of “non-grain” of farmland in the experimental group by 3.64%, indicating that the construction of high standard farmland has a significant and sustained inhibitory effect on the “non-grain” of farmland. After model applicability and multiple robustness tests, the results are still reliable. The effect of this policy varies significantly due to differences in regional grain functional positioning, grain maturity, types of grain crops and terrain conditions. The inhibitory effect of high standard farmland construction on the “non-grain” of cultivated land is more pronounced in major grain producing areas, high maturity areas, rice planting areas, and non plain areas. Moreover, the expansion of land plots, changes in planting patterns, and comparative cost advantages are three important ways to prevent the “non-grain” of farmland through the construction of high standard farmland. Therefore, in the process of building a strong agricultural country, we should accelerate the new round of high-standard farmland construction and make up for the shortcomings in farmland quality as soon as possible. At the same time, we should strictly implement the priority order of high standard farmland utilization, completely reverse the trend of “non-grain” of arable land, and provide support for achieving the strategic goal of “Storing Food in Land”.
2024 Vol. 41 (4): 56-68 [
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China's OFDI and Green Transformation of Bilateral Trade Structure: Evidence from Countries along the “Belt and Road”
TIAN Siyuan, WANG Xiaosong
Based on China's data of 62 countries along the “Belt and Road” from 2003 to 2021, the paper examines the impact of China's OFDI on the green transformation of bilateral trade structure. The study finds that China's OFDI can significantly promote the green transformation of bilateral export structure but has an insignificant impact on the import structure. China's foreign direct investment mainly promotes the green transformation of export structure through the mechanism of promoting infrastructure construction, industrial structure upgrading and green technology application in host countries. Heterogeneous analysis shows that in countries with high environmental protection and trade facilitation, the promoting role of China's foreign direct investment is more obvious. Further analysis indicates that the “Belt and Road Initiative” has further strengthened the role of China's OFDI in promoting the green transformation of the bilateral trade structure. The research provides certain ideas on how to promote the green development in countries along the “Belt and Road Initiative”.
2024 Vol. 41 (4): 69-79 [
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Is Service Trade a New Engine for “Stabilizing Employment”: Evidence from Pilot Zone of Innovative Development of Service Trade
CHENG Zhonghai, QIAO Zhihong
Based on panel data from 285 cities at prefecture level and above in China from 2007 to 2021, the paper uses the pilot zone of innovative development of trade in services as a quasi-natural experiment for the development of trade in services to examine the causal effect of the development of trade in services on the scale of labor employment and employment structure. The results show that the pilot construction of innovative development of trade in services can significantly expand the scale of employment and optimize the employment structure at the industrial and skill levels. After a series of robustness tests such as overcoming endogenous problems, eliminating heterogeneity treatment effects, and controlling urban characteristics and free trade pilot zone policies, this conclusion is still valid. Mechanism testing indicates that the development of service trade can have an impact on employment scale through export growth, increased entrepreneurial activity and labor mobility channels, and can also affect employment structure through advanced industrial structure and technological innovation. Heterogeneity analysis manifests that the employment effect of service trade innovation pilot policies is more obvious in cities with higher administrative levels, more advantageous geographical locations, and higher levels of economic development and digital economy development. Spatial effect analysis shows that the employment effect of the pilot policy for innovative development of trade in services has spatial spillover effects. The conclusion provides important policy implications for promoting “stable employment” through the high-quality development of service trade.
2024 Vol. 41 (4): 80-93 [
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Population Aging, Industrial Structure and Labor Income Share
WU Yutong, LU Xianfeng, LI Jun
Based on China's inter-provincial panel data from 1994 to 2017, this paper uses the threshold effect model of industrial structure to highlight the nonlinear impact of population aging on labor income expenditures from the perspective of industrial structure. The results show that during the sample period, the impact of population aging on labor income share exhibits a nonlinear transition from negative to positive, with industrial structure playing a crucial moderating role. Specifically, when the ratio of the tertiary industry to the secondary industry exceeds 0.871, the effect of population aging on labor income share shifts from negative to positive. In the negative impact stage, population aging affects labor income share through both the “relative price” and “relative quantity” channels of labor capital. However, in the positive impact stage, the “relative quantity” channel is no longer significant, and population aging primarily influences labor income share through the “relative price” channel. Heterogeneity tests indicate that in regions with higher marketization levels and economic development, the positive shift in the impact of population aging on labor income share is more pronounced.
2024 Vol. 41 (4): 94-107 [
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The Impact of Market-based Allocation of Factors on the Efficiency of Green Innovation in High-tech Industries
MA Lin, HUANG Lijun
Selecting panel data from 30 provinces in China from 2012 to 2021, the paper examined the impact of market-oriented allocation of factors on green innovation efficiency in high-tech industries. The results show that market-oriented allocation of factors can significantly improve the efficiency of green innovation in high-tech industries. And after a series of robustness tests, this conclusion is still valid. The intermediary effect results indicate that market-oriented allocation of factors can improve the efficiency of green innovation in high-tech industries by promoting the flow of human capital and promoting the upgrading of industrial structure. The heterogeneity test reveal that the influence of market-oriented allocation of factors on the green innovation efficiency of high-tech industries is more significant in the eastern and central regions, resource endowment regions and high urbanization level. The spatial effect test show that the market-oriented allocation of factors has a significant positive spatial spillover effect on the green innovation efficiency of high-tech industries. Accordingly, governments at all levels should deepen the reform of market-oriented allocation of factors, stimulate the green innovation vitality of high-tech industries, accelerate the upgrading of industrial structure, and promote the construction of a unified national factor market. In addition, the government should formulate a differentiated allocation policy of factors and break down barriers to the circulation of factors between regions, in order to help improve the efficiency of green innovation in high-tech industries.
2024 Vol. 41 (4): 108-122 [
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The Impact of the Integration of “ Manufacturing and Producer Services ” on Enterprises' Mark-up Rates: Empirical Evidence from Listed Manufacturing Companies ——Evidence from Listed Manufacturing Companies
HAN Minchun, LIU Tong
Based on samples of manufacturing enterprises obtained by matching national input-output data with the database of listed companies in China, the paper studies the impact of the integration of manufacturing and producer services (hereinafter referred to as the “Two Industries”) on the mark-up rate of enterprises. The results show that the integration of the “ Two Industries” has significantly increased the mark-up rate of manufacturing enterprises. This conclusion is still valid after a series of robustness tests. Heterogeneity tests indicate that the integration of “ Two Industries ” significantly improves the markups of manufacturing enterprises in the growth and maturity stages, while its effect on declining enterprises is not significant. Mechanism tests reveal that the integration of “Two Industries” enhances the markups of manufacturing enterprises through three channels: upgrading input factors, upgrading core technologies and upgrading product functionality. Further analysis shows that the institutional environment of the region where the enterprises are located strengthens the promoting effect of the integration of “ Two Industries ” on the markups of manufacturing enterprises. Additionally, the integration of “ Two Industries ” has also significantly reduced the dispersion of corporate mark-up rates and optimized resource allocation. The conclusion provides a new perspective and empirical evidence for in-depth understanding of how the integration of the “ Two Industries” empowers the transformation and upgrading of the manufacturing industry, and also provides useful policy inspiration for further promoting the “ quality and efficiency upgrading ” of the manufacturing industry.
2024 Vol. 41 (4): 123-136 [
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A Study on the Effect of Green Finance on Promoting Emission Reduction of Heavy-polluting Enterprises
WANG Dongmei, WANG Xueyuan, ZHAO Liange
Based on the samples of Shanghai and Shenzhen A-share listed companies from 2012 to 2022, the paper uses the first batch of green finance reform and innovation pilot zones established in 2017 as quasi-natural tests, and uses a triple difference method to test the impact of green finance pilot policies on corporate pollution reduction by comparing before and after the implementation of the green finance pilot policy, and the pilot areas relative to non-pilot areas, heavily polluting industries relative to non-heavily polluting industries, whether corporate carbon emissions change. The results show that the green finance pilot policy has effectively reduced the carbon emissions levels of heavily polluting enterprises in the pilot areas, and this conclusion still holds after a series of robustness tests. The mechanism indicates that end-of-pipe environmental governance, financing constraints and production scale are three important channels for the policy to effectively reduce corporate carbon emissions. Heterogeneity analysis reveals that the carbon emission reduction effect of green finance pilot policies is more significant for state-owned enterprises, enterprises highly dependent on external financing, capital-intensive industries and enterprises in areas with strict environmental regulations. The conclusions of this research not only provide empirical evidence for evaluating the implementation effect of green finance pilot policies, but also have practical significance for replicating and promoting the green finance reform and innovation pilot zone.
2024 Vol. 41 (4): 137-148 [
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Local Government Implicit Debt, Debt Replacement and Enterprise Commercial Credit
SU Mingzheng
Based on the listed companies and local economic data from 2010 to 2021, this paper uses panel data two-stage least squares method, double difference method and other methods to test the impact and mechanism of local government implicit debt expansion on corporate commercial credit supply behavior. At the same time, the micro effect of debt replacement as an implicit debt governance policy is evaluated. The empirical results indicate that the expansion of implicit debt by local governments significantly suppresses the supply of commercial credit to enterprises. And after considering endogeneity and various robustness tests, the conclusion still holds true. The mechanism testing shows that the credit creation ability of commercial banks and the sustainable development ability of enterprises play a mediating role in the impact of implicit debt expansion on the supply of commercial credit for enterprises. The policy effect test reveals that the implementation of implicit debt replacement policy significantly promotes the increase of commercial credit supply for enterprises. Heterogeneity analysis shows that the inhibitory effect of local government implicit debt expansion on the commercial credit supply of enterprises is more pronounced in the eastern region and private enterprises. The conclusion of this paper has certain theoretical and practical significance for a deeper understanding of the impact of local government implicit debt on the real economy.
2024 Vol. 41 (4): 149-160 [
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