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Economic Survey
2025 Vol.42 Issue.1
Published 2025-01-10
3
The Heterogeneous Impact of Unemployment Insurance on the Activity of Urban Entrepreneurship: Also on the Road of High-quality Entrepreneurship in China
FAN Hongzhong, ZOU Nan
Based on the information of urban industrial and commercial registered enterprises and unemployment insurance premium data in China from 2008 to 2021, this paper analyzes the impact of unemployment insurance premium on entrepreneurial activity in different types of cities. The study has found that unemployment insurance benefits have a positive impact on the activity of opportunity based entrepreneurship and a negative impact on the activity of survival based entrepreneurship. Mechanism testing shows that unemployment insurance benefits have both the occupational choice effect of suppressing entrepreneurship by reducing unemployment costs and the market potential effect of promoting entrepreneurship by increasing labor market supply. These two effects respectively reveal the channels through which unemployment insurance benefits affect the activity of survival oriented entrepreneurship and opportunity oriented entrepreneurship. Furthermore, unemployment insurance benefits have improved the quality of entrepreneurship. Heterogeneous analysis at the city level indicates that in places with higher urban capital endowments and human capital endowments, unemployment insurance benefits have a more obvious impact on opportunistic entrepreneurial activity, while survival entrepreneurial activity is the opposite. Heterogeneous analysis at the industry level shows that unemployment insurance benefits mainly affect the activity of opportunistic entrepreneurship in labor-intensive industries. Micro-level heterogeneity analysis indicates that unemployment insurance benefits have a stronger inhibitory effect on the entrepreneurial choices of individuals with unemployment insurance. The conclusions provide policy insights for recognizing the economic effects of China's unemployment insurance system and promoting entrepreneurship and high-quality economic development at the level of social security.
2025 Vol. 42 (1): 3-15 [
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Digital Infrastructure, Spatial Spillover Effect and Total Factor Productivity
DENG Li, LU Yang, ZHONG Zhangqi
Taking 284 cities in China from 2007 to 2021 as examples, this paper discusses the impact of digital infrastructure on urban total factor productivity and its potential spatial spillover effects from a spatial perspective. The findings are as follows: (1) Digital infrastructure has significantly promoted the improvement of total factor productivity in local cities and promoted technological progress, scale efficiency and allocation efficiency improvements; (2) Digital infrastructure has a positive spatial spillover effect on the improvement of total factor productivity in other surrounding cities, but it is not significant in some areas. Moreover, the spatial spillover effect of digital infrastructure will gradually diminish with the increase of geographical distance, and the impact on different urban agglomerations and cities in different regions is heterogeneous; (3) Digital infrastructure can promote the improvement of urban total factor productivity and form spillover effects by promoting technology spillovers, accelerating industrial structure upgrading and integrating markets. The paper clarifies the actual effects and impact mechanisms of digital infrastructure on urban total factor productivity, providing useful references for how to effectively utilize digital infrastructure to promote economic growth and improve efficiency.
2025 Vol. 42 (1): 16-27 [
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Urban and Rural Medical Insurance Integration, Sense of Social Fairness and Rural Residents' Life Satisfaction
CHEN Xiaodong
Bases on the data available in the China Labor Dynamics Survey (CLDS) and the Difference-in-Differences (DID) model, this study examines the effects and mechanisms of the urban-rural medical insurance integration policy on rural residents' life satisfaction from the perspective of social fairness. The results show that the urban-rural medical insurance integration policy significantly improves the life satisfaction of rural residents in China, and this conclusion still holds after a series of robustness tests. The mediation analysis indicates that individuals' perception of social fairness serves as a significant pathway through which the urban-rural medical insurance integration policy influences the life satisfaction of rural residents in China. However, the variable of individual health status does not mediate this effect. Gender heterogeneity analysis shows that compared to the male population, the positive impact of the urban-rural medical insurance pooling policy on rural residents' sense of social fairness and life satisfaction is more prominent in the female population. The study deepens the understanding of the social welfare effects of the urban-rural medical insurance integration policy and has certain theoretical reference value for how to further enhance the sense of social equity and gain among rural residents in China.
2025 Vol. 42 (1): 28-40 [
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Elderly Care for Rural Household and Transfer of Agricultural Land: Policy Effect Evaluation Based on Long-term Care Insurance Pilot
WANG Zhaolin, CHEN Wenjuan, LYU Qiuhang, ZENG Wei
Based on panel data from the China Family Panel Studies (CFPS) across four waves from 2014 to 2020, the paper regards the long-term care insurance pilot policy as a quasi-natural experiment and employs a Difference-in-Differences (DID) model to evaluate the policy effects of long-term care insurance on the transfer of agricultural land. The findings are as follows: (1) The implementation of the long-term insurance pilot policy has promoted the transfer behavior of rural children's farmland. After a series of robustness tests, this conclusion is still valid: (2) Heterogeneity analysis indicates that the effect of the long-term care insurance pilot policy on promoting the transfer of agricultural land among rural offspring is more significant in groups with high human capital, young female groups, low-income levels, and families with disabled elderly; ( 3 ) Mechanism analysis reveals that the implementation of the long-term care insurance pilot policy can facilitate the transfer of agricultural land by alleviating the burden of elderly care on rural offspring and promoting off-farm employment; (4) Extended analysis shows that the implementation of the long-term care insurance pilot policy has a suppressive effect on the agricultural land acquisition behavior of rural offspring, but it does not produce an “anchoring effect” on the rural offspring. Therefore, guiding the development of the agricultural land transfer market by improving the social elderly care service system in rural areas, alleviating the burden of family care, and promoting non-agricultural employment for rural households will be an important pathway to achieving modernization in agriculture and rural development.
2025 Vol. 42 (1): 41-52 [
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Digital Technology Innovation and Integration of Domestic and Foreign Trade: From the Perspective of National Unified Market
LI Hongbing, TANG Lian, ZHAI Ruirui
Based on the sample data of 283 prefecture-level and above cities in China from 2009 to 2022, this paper constructs and calculates indicators for digital technological innovation and the development level of integrated domestic and foreign trade at the urban level. From the perspective of a unified national market, it systematically examines the impact of digital technological innovation on the level of integrated domestic and foreign trade. The study finds that digital technological innovation can significantly promote the integrated development of domestic and foreign trade in cities, and the aforementioned impact can be further strengthened through the transmission mechanism of the construction of a unified national market. Moreover, the impact of digital technological innovation on the development of integrated domestic and foreign trade is more pronounced in cities with high levels of digital infrastructure, high levels of human capital, and those located in the southern region and the Yangtze River Economic Belt. The extended analysis explores the promotional effect of cross-border e-commerce comprehensive pilot zone policies on the integration of urban domestic and foreign trade, and further finds that this effect is more pronounced in cities with higher levels of digital technological innovation. This study provides a rich theoretical basis and empirical support for promoting the integrated development of domestic and foreign trade through digital technological innovation from the perspective of building a unified national market.
2025 Vol. 42 (1): 53-66 [
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The Impact of Digital Trade on the Coordinated Development of Urban Pollution Reduction and Carbon Emission Reduction: From the Perspective of Industrial Agglomeration and Factor Allocation
LI Zihao, WANG Yue
Based on data from 276 cities in China from 2011 to 2021, this study employs a quasi-natural experiment using cross-border e-commerce comprehensive pilot zones and applies a difference-in-differences model to investigate the impact and mechanisms of digital trade on the synergistic development of urban pollution reduction and carbon emission reduction. The study shows that digital trade can promote the coordinated development of urban pollution reduction and carbon emission reduction, and has passed a series of robustness tests. Mechanism analysis reveals that digital trade fosters the coordinated development of urban pollution reduction and carbon emission reduction by agglomerating the digital service industry and cross-border trade enterprises, and by optimizing the allocation of traditional and new factors. Heterogeneity analysis indicates that the role of digital trade in promoting the coordinated development of urban pollution reduction and carbon emission reduction is more significant in large cities, key environmental protection cities and non-old industrial base cities. Further analysis shows that digital trade has a significant positive spatial spillover effect on the coordinated development of urban pollution reduction and carbon emission reduction, mainly realized through the agglomeration of cross-border trade enterprises and the allocation of innovative factors. This research provides theoretical references for China's development of digital trade and the enhancement of urban carbon-pollution synergistic governance.
2025 Vol. 42 (1): 67-79 [
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Study on the Informal Institutional Drivers of Corporate Green Transformation: Evidence from the Perspective of Executives' Geographic Ties
WANG Xingyue, WANG Tao, FENG Qiaogen
From the perspective of executives' geographical ties, this study selects listed companies on the Shanghai and Shenzhen A-share markets from 2009 to 2023 as the research sample, and discusses the impact and mechanisms of CEOs from different hometowns (non-local CEOs) on the green transformation of enterprises. The study finds that non-local CEOs can significantly promote corporate green transformation. The mechanism test indicates that non-local CEOs can alleviate the “ intention”, “ capability”, and “ resource” dilemmas faced by enterprises during the green transformation process by mitigating managerial myopia, enhancing the company's risk-taking ability, and increasing the abundance of redundant resources. Further analysis from the perspective of stakeholders' green focus finds that the higher the green focus from local governments, social media, and investors, the more pronounced the promoting effect of non-local CEOs on corporate green transformation. Further analysis at the regional level reveals that the promoting effect of non-local CEOs on corporate green transformation is more pronounced in the eastern regions. This study uncovers the significant impact of informal institutional drivers on corporate green transformation, offering micro-level empirical references for a deeper understanding of the positive significance of orderly and effective talent mobility for national green development, and for refining policies on talent mobility across regions.
2025 Vol. 42 (1): 80-92 [
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Digital Intelligence Transformation and the Development of New Quality Productivity of Enterprises
XIE Jiaping, ZHAO Junjie, XIE Jiqing
Based on data from Chinese A-share manufacturing companies from 2013 to 2022, this study examines the impact of digital intelligence transformation on the level of new quality productivity and the differences in heterogeneity, and tests the mechanism pathways of green technological innovation and supply chain diversification. There are following findings: ( 1 ) Digital intelligence transformation has a significant positive impact on the new quality of productivity in enterprises; ( 2 ) Digital intelligence transformation enhances the new quality of productivity levels in enterprises by promoting green technological innovation and strengthening supply chain collaboration and division of labor; ( 3 ) Heterogeneity analysis reveals that the new quality of productivity benefits more from digital intelligence transformation in non-state-owned and mature enterprises, non-high-tech and labor-intensive enterprises, enterprises in low marketization regions, and enterprises in the western regions. The conclusions provide theoretical foundations and practical references for promoting enterprise digital intelligence transformation, improving the new quality of productivity in enterprises, and accelerating high-quality economic development.
2025 Vol. 42 (1): 93-105 [
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Marketization Process, Technological Diversity and Corporate Innovation Performance
HE Jianfeng, WU Hui
Based on data from Chinese listed companies between 2008 and 2021, this paper constructs an econometric model to investigate the impact of the marketization process on corporate innovation performance and the role of technological diversity. The findings reveal that the marketization process significantly improves corporate innovation performance, particularly in enhancing exploitative innovation outcomes, while it does not exert a significant influence on exploratory innovation performance. These conclusions hold after conducting robustness checks. Mechanism analysis indicates that technological diversity is an important channel through which the marketization process significantly affects corporate innovation performance. However, this channel is only significantly present in related technological diversity, while unrelated technological diversity does not show statistical significance. Moreover, there is an inverse U-shaped relationship between related technological diversity and corporate innovation performance. Heterogeneity analysis reveals that compared to private enterprises and companies in the eastern and western regions, the marketization process has a more significant promotional effect on the innovation performance of state-owned enterprises and companies in the central region. Based on the above conclusions and in line with the innovation-driven development strategy, policy recommendations are proposed from aspects such as improving market operation mechanisms, guiding enterprises to undertake breakthrough innovations, and encouraging enterprises to implement technological diversification strategies.
2025 Vol. 42 (1): 106-119 [
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Data Assets and Enterprise Resilience: Effects and Mechanisms
YUAN Zeming, YIN Qi, HUANG Can
Based on the data of A-share listed companies from 2007 to 2022, this study analyzes and examines the impact of data assets on enterprise resilience and the underlying mechanism.The study finds that data assets significantly enhance corporate resilience.Mechanism analysis reveals that the direct impact of data assets on corporate resilience has both a stabilizing effect and a growth effect. Data assets have a positive impact on the incremental improvement of technological innovation and the reorganization of industrial and supply chains, and they can promote the enhancement of corporate resilience through these pathways. Further research reveals that even when confronted with significant internal operational challenges and external environmental pressures, the enhancement of corporate resilience by data assets remains markedly effective, with clear resilience characteristics. Economic consequence tests demonstrate that data assets can enhance corporate resilience, which subsequently leads to an increase in the number of overseas subsidiaries and total foreign investment, thereby promoting the international development of enterprises.The study provides a micro-theoretical foundation and policy implications for strengthening the development, application, and management of data assets under the new development paradigm of domestic and international dual circulation.It suggests that enterprises can transform “ risks ” into “ opportunities ” amidst adversity and achieve high-resilience development.
2025 Vol. 42 (1): 120-132 [
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Can Government Funding Boost Universal Charitable Giving: Empirical Evidencefrom Chinese Charitable Foundations ——Evidence from Chinese Foundations
ZHANG Qilin, ZHANG Caijing
Based on the unbalanced panel data of 2,937 charitable foundations in China from 2005 to 2020, this study empirically examines the impact of government funding on the social donation income of charitable foundations and its underlying mechanisms, and extends the analysis to the market spillover effects of government funding. The results show that government funding increases the social donation income of charitable foundations and activates the philanthropic enthusiasm of different donors. The mechanism at work is that government funding increases public donations by encouraging charitable foundations to actively participate in fundraising activities and enhancing the organizational reputation of charitable foundations. Heterogeneity analysis indicates that this crowd-in effect is more pronounced for charitable foundations with greater philanthropic experience, larger organizational scales, and those located in cities with lower administrative levels. Furthermore, government funding has a significant positive spillover effect on the social donation income of other charitable foundations in the philanthropic market that have a higher “ degree of intimacy ” with the funded foundations. Different types of government funding significantly crowd-in the social donation income of charitable foundations. The aforementioned conclusions provide practical references for optimizing fiscal policies and promoting the high-quality development of the philanthropic sector.
2025 Vol. 42 (1): 133-146 [
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The Impact of Key Customers as Suppliers on Corporate Cash Holdings
YU Nutao, YANG Zhangmeng
Taking non-financial listed companies in China's A-share market from 2007 to 2022 as the research subject, the paper explores the impact of the special supply chain relationship where major customers are also suppliers on the level of corporate cash holdings. The research findings indicate that having major customers who are also suppliers significantly increases a company's level of cash holdings. Mechanism examinations reveal that these key customers and suppliers enhance corporate cash holdings by reinforcing the transactional, precautionary and agency motives for holding cash. Heterogeneity analysis shows that the promotional effect of key customers and suppliers on corporate cash holdings is more pronounced when there is weaker geographical proximity in the supply chain, lower stability in supply chain relationships, poorer corporate governance and less media attention. The conclusion not only enriches the research in the field of major customers who are also suppliers and corporate cash holdings, but also helps to maximize the positive impact of supply chain relationships on corporate financial decisions.
2025 Vol. 42 (1): 147-160 [
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