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Economic Survey
2024 Vol.41 Issue.5
Published 2024-09-10
3
Does Geographical Proximity Affect Regional Coordinated Emission Reduction?
LIAO Bin, TIAN Caihong
Based on panel data of 284 cities in China from 2011 to 2021, the paper tested the impact effect, mechanism and heterogeneity of geographical proximity on regional coordinated emission reduction on the basis of scientific measurement of regional coordinated emission reduction levels. The change and convergence analysis of regional coordinated emission reduction level indicates that the overall regional coordinated emission reduction level of China showed a fluctuating upward trend and regional differentiation characteristics of east> middle> west, and it had β convergence. The impact effect test shows that geographical proximity has an inverted U-shaped impact on regional coordinated emission reduction, which promotes first and then suppresses it. And this conclusion is still true after a series of robustness tests. The impact effect of geographical proximity on regional coordinated emission reduction is mainly a promoting effect in the Yangtze River Economic Belt, while it is mainly an inhibitory effect in the non-Yangtze River Economic Belt. Moreover, in high-level cities, the promoting effect of geographical proximity on regional coordinated emission reduction is greater than that in ordinary cities. The mechanism test reveals that geographic proximity can have a nonlinear impact on regional synergistic emission reduction through green innovation division of labor and energy factor mismatch. Based on the above conclusions, policy suggestions are put forward from aspects such as amplifying the positive externalities of geographical proximity, improving the action mechanism, and exerting the positive role of geographical proximity according to local conditions.
2024 Vol. 41 (5): 3-14 [
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Towards Urban Inclusive Low-carbon Development: The Impact and Mechanism of Regional Collaborative Development Policies
MA Dianyuan, SUN Hui, ZHAO Yan, WANG Zhiwei
Based on the balanced panel data of 272 cities from 2009 to 2021, and taking the relevant documents of11 urban agglomerations such as Beijing-Tianjin-Hebei as the policy background of regional coordinateddevelopment, the paper uses a double machine learning model to infer the causal relationship between regionalcoordinated development policies and inclusive and low-carbon development of cities. The results show that theregional coordinated development policy can significantly promote the inclusive and low-carbon development ofcities, and this conclusion is still valid after the robustness test. The mechanism test indicates that the regionalcoordinated development policy achieves inclusive and low-carbon development by promoting the co-constructionof urban strategic emerging industries, environmental co-governance and green technology sharing. Heterogeneousanalysis reveals that cities with better high-speed rail construction and digital infrastructure and low-carbon pilotcities are more significantly affected by policies, but the driving effect on resource-based cities is not strong. Inview of this, we should pay attention to the importance of coordinated urban development, improve urbanco-construction, co-governance, and sharing mechanisms, strengthen the construction of high-speed rail and digitalinfrastructure, and summarize low-carbon development models to improve the level of inclusive and low-carbondevelopment of cities.
2024 Vol. 41 (5): 15-27 [
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A Study on the Impact of Carbon Finance Development on Enterprise Green Governance: An Analysis Based on the Triple Bottom Line Theory
ZHANG Rao, GUO Xiaoxu
Based on the triple bottom line theory and the panel data of Shanghai and Shenzhen A-share listed enterprises from 2013 to 2022, this paper explores the impact and mechanism of carbon finance development on corporate green governance on the basis of the construction of carbon finance development evaluation index system. The Study has found that the development of carbon finance can significantly promote corporate green governance. Mechanism testing found that the development of carbon finance can guide enterprises to adhere to the triple bottom line of “ environment-society-economy ”, thereby effectively promoting corporate green governance. In terms of the environmental bottom line, the development of carbon finance can promote the green governance of enterprises by improving their green innovation output and reducing pollution emission intensity. In terms of the social bottom line, the development of carbon finance promotes corporate green governance by improving corporate environmental responsibility. In terms of the economic bottom line, the development of carbon finance promotes corporate green governance by improving corporate green total factor productivity. An expanded analysis shows that in areas with high public awareness of environmental protection, areas with high level of marketization, areas with high digital technology development, state-owned enterprises and heavily polluting enterprises, the development of carbon finance has a more obvious role in promoting corporate green governance. The conclusion expands the research on the development of carbon finance and green governance, and are great significance for the country to further implement the low-carbon economic development strategy.
2024 Vol. 41 (5): 28-40 [
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A Study on the Impact of Carbon Information Disclosure on the Enterprises’ Green Transformation
XU Hui, ZHOU Xiaohua, ZHOU Bing
Based on the dual perspectives of signal display theory and legitimacy theory, the paper builds a carbon information disclosure indicator system, and uses relevant data of A-share listed companies in the Shanghai and Shenzhen stock exchanges from 2013 to 2023 to systematically analyze the impact of carbon information disclosure on corporate green transformation and mechanism of action. The study shows that carbon information disclosure has a significant incentive effect on enterprises’ green transformation. Mechanism test results show that alleviating financing constraints and attracting external market attention are the transmission mechanisms for carbon information disclosure to help enterprises’ green transformation. The results of extended analysis show that the “double carbon” target has a significant incentive effect on carbon information disclosure to help enterprises green transformation. Investor identification ability can strengthen the incentive effect of carbon information disclosure on enterprises’ green transformation, indicating that carbon information disclosure and investor identification ability are complementary in motivating enterprises’ green transformation. The conclusions not only deepen people’s theoretical understanding of the economic consequences of carbon information disclosure, but also provide theoretical support for China to unswervingly promote the construction of ecological civilization. They also provide feasible path options for China enterprises to achieve green transformation and formulate carbon regulatory policies under the “ double carbon ” goal.
2024 Vol. 41 (5): 41-52 [
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Digitalization, Farmers’ Participation in Medical Insurance and Equity in Urban and Rural Health Benefits
WEI Qinwen, ZHANG Yongfeng, LU Yao
Based on data from the 2019 China Household Finance Survey, the paper uses multiple methods such as OLS, Logit Model and 3SLS to examine the impact of payment digitalization on farmers’ medical insurance participation and explore the role of the two in promoting equity of urban and rural health benefits. The results indicate the following: Firstly, the digitization of payments has significantly increased medical insurance participation among rural residents, with a stronger promoting effect on the elderly population and rural migrant workers; Secondly, digitization of payments can alleviate information asymmetry in medical insurance participation, enhance the accessibility and health literacy of rural residents regarding medical insurance, and thereby increase their willingness to participate; Thirdly, digitization of payments narrows the urban-rural health gap, contributing to equitable health benefits between urban and rural areas. Medical insurance participation and access to healthcare services are procedural pathways through which digitization of payments promotes equitable health benefits. However, considering medical insurance participation under both the New Rural Cooperative Medical Insurance System and the Urban and Rural Residents Basic Medical Insurance System simultaneously exacerbates urban-rural health inequalities. In contrast, solely considering medical insurance participation under the Urban and Rural Residents Basic Medical Insurance System exhibits better equity, highlighting the importance of integrating these two systems; Fourthly, the digitization of payments also has an income effect on rural households’ participation in commercial medical insurance, demonstrating the complementary nature of China’s current social medical insurance and commercial medical insurance. Based on the aforementioned conclusions, it is necessary to comprehensively enhance the level of digitization in rural areas and actively promote online processing for medical insurance participation and changes. Additionally, it is imperative to accelerate the integration of medical insurance for urban and rural residents, thereby achieving equalization of medical insurance services between urban and rural areas.
2024 Vol. 41 (5): 53-64 [
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A Study on the Impact and Mechanism of Participation in the Agricultural Industry Chain on the Credit Rationing of Farmers
ZHAO Nan, WANG Jing, LYU Dehong
Based on the micro survey data of 1159 farmers in Shaanxi and Shandong provinces, and on the basis of theoretical analysis, this paper tests the mechanism and effect of the agricultural industry chain on farmers 'credit rationing through Probit model and intermediary effect model. The study found that participating in the agricultural industry chain significantly alleviated farmers’ supply-based quantity rationing, demand-based price rationing, risk rationing and transaction cost rationing. After handling endogenous problems through robustness test and instrumental variable method, the conclusion is still valid. Mechanism test shows that participation in the agricultural industry chain can enhance farmers’ collateral capacity through agricultural orders, guarantee measures, and agricultural insurance, thereby alleviating quantitative rationing. It can increase farmers’ agricultural business income by increasing agricultural revenue, reducing production costs, and improving product quality, thus alleviating price rationing. It can reduce farmers’ agricultural business risks by decreasing production risks, market risks, and natural risks, thereby alleviating risk rationing. Furthermore, it can lower farmers’ credit transaction costs by reducing loan procedures, approval times, and post-loan inspections, thus alleviating transaction cost rationing. The impact of the agricultural industry chain on credit rationing for farmers of different scales shows variations: the agricultural industry chain has a significant negative effect on the quantitative rationing for large-scale farmers, while its impact on the quantitative rationing for small-scale farmers is not significant. It has a significant negative effect on various demand-oriented credit rationing for small-scale farmers, and its alleviating effect on demand-oriented credit rationing for large-scale farmers is only evident in transaction cost rationing. Therefore, strengthening the mechanisms for interest linkage and information sharing within the agricultural industry chain, and improving the functions of credit collateral and guarantees, are important strategic choices for enhancing rural revitalization financial services in the new era.
2024 Vol. 41 (5): 65-76 [
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Global Value Chain Embedding and the Promotion of the Domestic Circulation of China
HAO Xiazhen, SONG Yuegang
Based on the world input-output table from 2000 to 2018, this paper constructs an index to measure the intensity of China’s participation in domestic and international cycles, and empirically tests the mechanism and impact of global value chain embedding on domestic cycles. The research results show that the embedding of global value chains helps promote the formation of domestic circulation, and this promotion has a nonlinear effect of increasing marginal effects. Distinguishing the forward and backward embedding patterns, it is found that the forward embedding pattern characterized by forward participation is conducive to the formation of domestic circulation, while the backward embedding pattern characterized by backward participation is not conducive to the formation of domestic circulation. After in-depth analysis of the channels of action of the global value chain, it is found that there are significant differences in the impact of different embedding models of the global value chain on the domestic cycle under the three modes of action: consumption capacity improvement effect, output scale effect and productivity improvement effect. Therefore, promoting high-level opening up to the outside world and building a new open economic system will help promote the realization of a new dual-cycle development pattern with the domestic cycle as the main body.
2024 Vol. 41 (5): 77-91 [
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A Study on the Impact of Digital Global Value Chain Integration on the Carbon Emissions of Manufacturing Enterprises
WU Jie
Based on multi-product enterprise panel data matched by China’s listed company database, OECD input-output database and China Import and Export Customs Enterprise Database, the paper empirically analyzes the impact of digital global value chain embedding on manufacturing enterprises’ carbon emissions. The results show that embedding in digital global value chains significantly reduces carbon emissions of manufacturing enterprises, and deep participation in digital global value chains can help achieve carbon emission reduction goals. Mechanism analysis finds that digital global value chain embedding promotes carbon emission reduction in manufacturing companies by promoting technological diversity, improving energy efficiency and reducing trade costs. Heterogeneous analysis reveals that the core products of enterprises embedded in the digital global value chain have a strong carbon emission reduction effect. General trade enterprises that integrate into the digital global value chain can significantly reduce carbon emissions, while mixed trade enterprises that do so can increase carbon emissions. High carbon-intensive enterprises are key targets for promoting the low-carbon and green transformation of manufacturing enterprises, and the carbon emission reduction effect is most significant for low carbon-intensive enterprises when they are integrated into the digital global value chain. Therefore, strengthening the mechanisms for interest linkage and information sharing within the agricultural industry chain, and improving the functions of credit collateral and guarantees are important strategic choices for enhancing rural revitalization financial services in the new era. Further analysis reveals that manufacturing enterprises that integrate into the digital global value chain through forward participation significantly reduce carbon emissions, while those that integrate through backward participation increase their carbon emissions. The higher the position of manufacturing enterprises in the digital global value chain, the better the carbon emission reduction effect.
2024 Vol. 41 (5): 92-106 [
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A Study on the Influence of Corporate Data Assets on Total Factor Productivity
YAO Huina, ZHANG Jinchang
Using data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022, this paper studies the effect and mechanism of enterprise data assets on total factor productivity. The results show that enterprise data assets can significantly improve total factor productivity, which is still holds after a series of robustness checks and endogenous tests. The mechanism analysis indicates that enterprise data assets affect the total factor productivity of enterprises through two primary mechanisms. Heterogeneous analysis indicates that the impact of data assets on the total factor productivity of enterprises varies across enterprises, industries, and regions. The enhancing effect of corporate data assets on the total factor productivity is more pronounced in large-scale enterprises and those with lower financing constraints, as well as in industries with low competition and high levels of intelligence. Moreover, a higher degree of marketization and the level of digital infrastructure construction in a region are conducive to leveraging the productivity-enhancing effects of data assets. The research conclusions not only enrich the relevant literature on enterprise data assets and total factor productivity, verify the important role of data assets in improving total factor productivity, but also provide useful reference for the practical development of data assets.
2024 Vol. 41 (5): 107-119 [
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ESG Performance and Foreign Investors’ Entry: Micro Evidence from Foreign Investment Equity Changes
AN Zhanran, WANG Shuai, BAN Yuanhao
Based on a sample of A-share listed enterprises from 2009 to 2022, this paper systematically examines the impact and mechanism of ESG performance of enterprises on foreign investors from the perspective of sustainable development. The Study shows that good ESG performance of companies can help promote the entry of foreign investors. After a series of robustness tests, this conclusion is still true. Moreover, this positive effect is more obvious in high-tech industries, facing strong environmental regulations and higher environmental uncertainty. The effect decomposition of ESG performance shows that good environmental, social responsibility and corporate governance performance of enterprises can promote the entry of foreign investors. And compared with social responsibility performance, environmental and corporate governance performance, it is more conducive to attracting foreign investors. Mechanism testing shows that reducing the degree of information asymmetry and investment risks faced by foreign investors is a channel for ESG performance to promote the entry of foreign investors. Expanded analysis found that differences in ESG evaluation will weaken companies’ attractiveness to foreign investors. The research conclusions provide empirical evidence and policy reference for my country to further promote ESG construction and achieve high-level opening up.
2024 Vol. 41 (5): 120-132 [
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Digitization of Tax Collection and Maturity Mismatch of Enterprises’ Investment and Financing: A Study on the Mechanism of Firm and Market Relationship
ZHOU Bo, HE Wei
Based on the data of Chinese A-share listed companies from 2009 to 2019, this paper examines the impact of digitization of tax collection on the maturity mismatch of enterprises’ investment and financing. The study shows that the digitization of tax collection can alleviate the maturity mismatch of enterprises’ investment and financing. From the perspective of mechanism, the taxation effect of digitalization of tax collection will aggravate the maturity mismatch of investment and financing, but its supervision and governance effect and market optimization effect will ease the maturity mismatch of investment and financing, as a whole, the effect of supervision and market optimization is stronger than that of taxation. In addition, in regions with high levels of digital transactions and fiscal pressure, as well as politically connected enterprises, the digitization of tax collection can better alleviate the maturity mismatch of investment and financing. This study can deepen the government’s understanding of effectively using big data technology to build a standardized government-market relationship and deeply influence micro-enterprise business decisions, and provide theoretical support and practical guidance for high-quality economic development and China’s modernization.
2024 Vol. 41 (5): 133-146 [
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A Study on the Impact of Bank Fintech on Shadow Banking of Non-financial Firms
GUO Na, HU Lining, LIU Yandi
Taking commercial banks and A-share listed companies in Shanghai and Shenzhen as research objects from 2010 to 2022, this paper studies the impact and mechanism of bank fintech on shadow banking of non-financial enterprises by establishing information links between banks and enterprises through enterprise-by-loan.The study shows that banking financial technology can inhibit shadow banking of non-financial companies. The mechanism examination indicates that, on one hand, bank fintech can expand the scale of bank credit, reduce corporate financing costs, alleviate corporate financing constraints and suppress precautionary motives. On the other hand, the application of fintech can enhance banks’ supervisory effectiveness over borrowing enterprises, mitigate corporate information asymmetry and improve the quality of corporate information disclosure, thereby inhibiting arbitrage motives. Further analysis indicates that, compared to credit chain-based shadow banking, the inhibitory effect of bank fintech on non-financial enterprises’ participation in credit intermediary-based shadow banking activities is more pronounced. The impact is more significant for non-state-owned enterprises, non-manufacturing industries and enterprises with weaker external supervision.This paper expands the research on the influencing factors of financial technology and shadow banking of non-financial enterprises, which has certain theoretical and practical significance for strengthening the efficiency of financial services to the real economy and promoting the high-quality development of my country’s real economy.
2024 Vol. 41 (5): 147-160 [
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