Based on the realistic environment of liquidity creation in China and the actual situation of different banks, this paper cites advanced foreign theories in order to explore the internal mechanism of China’s bank liquidity creation and the way in which it affects systemic risk, while also assessing whether this mechanism can provide policy value to China’s bank regulators. To test the theoretical hypothesis, we analyze unbalanced panel data based on the quarterly data of 32 listed commercial banks in China. The empirical results show that in the special case of China, the creation of bank liquidity restrains systemic risk. Moreover, it is found that the negative correlation between liquidity creation and systemic risk in China is also driven by tail risk, and in the heterogeneity test it is found that the impact of bank liquidity creation on national banks, low shareholders’ equity banks, and low deposit banks is more pronounced. The conclusions of this study has certain reference value for the selection and coordination of prudential supervision in China, and has certain enlightenment for preventing bank vulnerability agglomeration, high-quality financial operation and maintaining financial stability.
Urban digital autonomy refers to the autonomous innovation capability of cities in the field of digital technology, which plays a key role in promoting the digital transformation of cities and which directly determines whether cities can achieve high-quality development in the urban digital economy. Using the panel data of 268 prefecture-level cities in China from 2006 to 2018, this paper empirically analyzes the impact of national intellectual property model city construction as a quasi-natural experiment of urban intellectual property strategy and its mechanism of action on urban digital autonomy. The study finds that the construction of national intellectual property model cities significantly improves the level of digital autonomy of cities. The mechanism analysis shows that the innovation environment optimization effect, digital talent clustering effect, and financing constraint alleviation effect are important mechanisms through which national intellectual property model city construction promotes the continuous development of digital autonomy in cities. Furthermore, there is significant spatial-time heterogeneity in the promotion effect of the national intellectual property model city on urban digital autonomy. If the construction time for the model city is longer, the scale of the city is smaller, meaning that for the cities with a relatively low level of intellectual property protection or digital economy development level, the promotion effect for the implementation of the intellectual property strategy on urban digital autonomy is more obvious.
How to optimize the rational allocation of resource elements has become the focus of the central and local governments. This paper begins by systematically explaining the internal mechanism of the opening of high-speed rail in the Yangtze River Economic Belt and the effects it has on resource misallocation. Based on the panel data of 108 prefecture-level cities in the Yangtze River Economic Belt from 2004 to 2018, the double difference method（DID） is used to empirically investigate the impact of the opening of high-speed rail. In regards to the effect of resource mismatch between regions and its transmission mechanism, the following key conclusions are drawn.（1） Overall, the labor mismatch level of cities that have opened high-speed rail in the Yangtze River Economic Belt has improved to a certain extent, while having a negative impact on the Yangtze River Economic Belt. The misallocation of capital factors in cities that have opened high-speed rail has slightly improved.（2） There is heterogeneity in the impact of the opening of high-speed rail on the allocation of resources in different regions of the Yangtze River Economic Belt. The “trickle-down effect” of the opening of the high-speed rail on labor factors is concentrated in the middle reaches of the Yangtze River Economic Belt, while the “siphon effect” is concentrated in the lower reaches of the Yangtze River Economic Belt.（3） The analysis of the mechanism of action demonstrates that the opening of the high-speed rail promotes the accelerated flow of production factors such as capital and labor, alters the regional factor allocation pattern, and affects the efficiency of resource allocation. This suggests that the flow of labor and capital explain why the opening of the high-speed rail improves the resource mismatch between cities in the Yangtze River Economic Belt. Based on these findings, the following suggestions are made regarding the high-speed rail network: differentiated investment policies should be implemented, the construction of supporting infrastructure systems should be accelerated, and inter-regional industrial systems should be rationally distributed.
作为一种新的资源配置方式,数字技术正在重塑中国的经济地理空间格局.通过将产业的异质性与数字产业政策纳入分析框架,研究数字技术对产业空间布局的重塑机制和内在机理.基于2011-2019年中国280个地级市的面板数据,采用SDM空间计量模型进行实证分析.结果表明:数字技术显著影响了产业的空间分布,但影响效应在不同行业表现出明显的异质性,即在促进制造业分散的同时强化了农业和生产性服务业的集聚.此外,数字产业政策在促进当地生产性服务业集聚的同时,通过影响地区间生产要素的流动,弱化了数字技术对邻近地区的空间溢出效应.研究结论为数字经济下产业的空间布局提供经验支持,也为数字产业政策的制定提供了新的思路.
企业对环境、社会和治理的责任日益受到投资者重视,其ESG表现不仅反映企业对社会和环境的影响,也影响着资本市场对企业发展战略和竞争能力的判断,进而影响企业对各类创新资源的集聚和利用能力.基于此,以2017-2019年中证ESG评级企业为研究样本,探究ESG表现对绿色创新的影响机制.研究发现:(1)ESG表现会带来更多的绿色创新驱动力,能够显著提升企业绿色创新成果;(2)机制检验发现税收优惠在其中发挥部分中介作用.此外,面临较高融资约束的企业更有动力提高ESG表现,最终促进绿色创新水平的提升,而对于融资约束较弱的企业,这种促进作用并不明显.进一步研究发现,通过提高ESG表现带来的创新产出最终会提高企业市场价值.研究结果为进一步推广ESG理论的应用价值、丰富绿色创新的作用路径以及完善相关政策支持等方面提供了一定的借鉴意义.
Innovation leads the development of enterprises and promotes economic transformation. Based on Chinese A-share listed companies from 2007 to 2020, this paper studies the impact of corporate strategic positioning on companies’ innovation investment. It is found that radical strategic positioning helps to promote the innovation investment of companies, with there being a particularly strong promotion effect on exploratory innovation. Organizational slack and government subsidies, meanwhile, positively regulate the role of the strategic positioning of enterprises in promoting the innovation investment of companies. Furthermore, this paper discusses the influence of property rights nature differences and industry differences on the relationship between enterprise strategic positioning and innovation investment, finding that the promotion effect of enterprise strategic positioning on innovation investment is more significant in high-tech industries, while the influence of property rights nature differences on the promotion effect is not significantly different. This study provides a theoretical basis for the innovation supervision of government enterprises and has a guiding significance and function for the allocation of resources and the selection of executives.
基于IncoPat全球专利数据库,以2008-2019年间发生在中国273个地级及以上城市的185 752件城际发明专利转让事件为研究样本,借助"宽带中国"战略试点政策和多期DID模型,评估信息基础设施建设对城际技术转移的影响.研究发现:(1)信息基础设施建设显著促进了城际技术转移,且可通过市场化效应、知识产权保护效应、城市联通效应进行正向调节.(2)在市场规模效应、政府创新驱动效应和技术差距效应的影响下,信息基础设施建设对东部地区城市、南方地区城市和中心城市城际技术转移的促进作用更强.(3)信息基础设施建设的技术转移效应存在空间地理距离衰减特征,有效空间半径为900千米,最优空间半径为400千米.因此,中国应完善全国信息技术交易平台,解决科技成果定价的难题,健全人工智能技术下的知识产权保护机制,培育区域发展新动能.
The efficient and rational allocation of production factors is a necessary condition for the high-quality development of China’s manufacturing industry. With the rapid development of the Internet as a new type of production factor, data plays a key role in the development of the digital economy and has a major influence on the allocation of traditional capital and labor factors. Based on the panel data of 282 prefecture-level cities in China from 2003 to 2018, this paper calculates the mismatch index of capital and labor factors, analyzes the relationship between Internet development level and resource mismatch, and verifies the cost mechanism of the Internet to correct the allocation distortion of capital and labor factors as well as the effect of heterogeneity. This study finds the following:（1） Internet development has significantly adjusted the phenomenon of the excessive allocation of urban labor and capital, but it has no significant adjustment effect on the insufficient allocation of factors;（2） the Internet can reduce the opportunity cost of capital and increase the use cost of labor in such a way as to improve the mismatch of urban factors;（3） Internet correction factor mismatch has the characteristics of network scale, and cities with higher Internet development level have a more remarkable correction effect on factor mismatch;（4） the correction effect of the Internet on eastern cities and cities with high overcapacity is more pronounced, while the effect of the central cities and high-income cities is more comprehensive.
全球性气候变化背景下,研究小麦生产布局演变规律和驱动因素,有利于资源的合理配置,从而保障国家粮食安全.基于1978-2019年中国29个小麦生产省份的面板数据,分析小麦种植面积、产量的区域分布特征及其重心移动轨迹;运用空间杜宾模型,分析气候变化对中国小麦生产重心变迁的影响;结合IPCC第六次气候报告,进一步利用反事实分析方法,预测气候变化对小麦生产的影响.研究得出:小麦生产重心总体上向东南方向演进;日照时数正向促进了小麦生产重心向东南方向演进,气温和降雨量对小麦生产重心布局变迁具有显著负向作用;研究期内气候变化对小麦的综合减产效应为2.68％,未来气候变化将导致中国小麦减产最大达18.14％.应处理好小麦生产重心南移与种植带北移的矛盾,加强培育小麦耐热品种,并尽早采取应对气候变化的措施,减轻气候变化对小麦生产的负面影响.
The existence of the income gap between urban and rural areas is a prominent manifestation of income structure imbalance in the process of urbanization. But there may be differences in effects between different urbanization models. It is of great practical significance to explore the differences between urbanization models in terms of the extent to which they narrow the income gap between urban and rural areas. To test this, this paper analyzes the panel data of prefecture-level cities from 2006 to 2019. It is found that new urbanization effectively reduces the income gap between urban and rural areas, while land urbanization widens the income gap. Moreover, through mechanism analysis, it is found that talent flow has enhanced new urbanization in such a way as to narrow the urban-rural income gap, while intelligent manufacturing has weakened population urbanization, economic urbanization, and ecological urbanization. Furthermore, the upgrading of provincial special economic zones has helped to promote ecological urbanization and social urbanization, thus narrowing the urban-rural income gap, but has weakened the narrowing effect of economic urbanization on the urban-rural income gap. Based on these findings, this research recommends that governments implement the following policies: accelerate the transformation of urban farmers into citizens, improve the utilization rate of suburban land, expand the coverage of social security, strengthen the industrial links between rural and urban areas, and improve the level of rural human capital.
Financial innovation is a key link in the reform of science and technology in the period of China’s transformation of new and old kinetic energy, and it is crucial to building a “channel” for capital to flow to science and technology enterprises and guiding capital “blood transfusion” to science and technology enterprises. Based on the pilot policy of combining technology and finance, this paper focuses on the impact of the “marriage” of technology and finance on corporate R＆D decisions from the perspective of R＆D binary margins. The study finds that the impact of the combination of science and technology and finance pilot policies on enterprise R＆D decision-making has rich heterogeneity at the level of binary margins, exhibiting asymmetric characteristics in the form of insignificant extensive margins and significant intensive margins, which can be used to increase the intensity of corporate R＆D investment. Moreover, the results of the mechanism test show that the impact of the combination of science and technology and finance pilot policies on enterprise R＆D investment has a financing constraint mechanism. Compared with low financing constraints, the combination of technology and finance pilot policies are more conducive to promoting the R＆D investment of high financing constraints. The extended research finds that the pilot policy of combining technology and finance not only helps to increase the quantity of enterprise innovation but also helps to improve the quality of enterprise innovation, while additionally stimulating the exploratory innovation behavior of enterprises. The research conclusions of this paper have important implications for better grasping the opportunities brought about by financial innovation during the transition period and giving full play to the policy dividends of the combination of technology and finance.
推进中国式现代化的重点任务之一是提升服务业的效率,但是提升服务业效率并非易事.当前,我国服务业发展还面临人口老龄化引起的劳动力供给不足的压力.因此,基于中国省级面板数据构建固定效应模型,研究数字经济发展如何提升服务业效率.研究结果表明:(1)数字技术的应用可以提高服务业生产效率并进而缓解劳动力供给不足带来的冲击,而产业结构的优化与老龄化程度的加深会强化这一作用;(2)随着老龄化程度逐渐加深,劳动力供给不足会"倒逼"数字技术的应用,促进数字经济发展;(3)东部地区互联网普及率高、人均受教育时间长、传统基础设施建设水平高,数字经济对服务业效率的提升作用更加明显.因此,需要加快数字经济发展与普及,并根据地区差异与行业差异有针对性地加快服务业的数字化转型.
This paper uses China’s A-share listed companies from 2007 to 2017 as a sample to study the impact of economic policy uncertainty and tax incentives policy on corporate innovation performance. The results indicate that tax incentives policy have a driving effect only on the innovation scale of enterprises, while economic policy uncertainty promotes the innovation performance of enterprises as a whole, and the incentive effect on innovation scale is greater than innovation quality. Additionally, economic policy uncertainty and tax incentives policy have a complementary relationship in regards to the promotion of innovation scale whereby tax incentives can enhance the positive impact of economic policy uncertainty on innovation quality. Further research finds that in companies with different ownership, scale, industry classification, and financing constraints, the impact of economic policy uncertainty and tax preferences on innovation performance is heterogeneous. The research conclusions of this paper can help to strengthen government policy, while guiding the innovation and development of enterprises.
基于2004-2016年中国海关和城市层面数据,采用双重差分模型,从"城市—国家"维度出发,检验了中欧班列开通对中国和"一带一路"沿线地区贸易的影响.研究发现,中欧班列开通通过贸易成本效应和政策补贴效应显著促进了中国对"一带一路"沿线地区的出口贸易,对进口贸易的影响不显著,且"一带一路"倡议对中欧班列开通的贸易促进作用起到了正向调节效应.从异质性分析来看,中欧班列开通对内陆城市和节点城市的出口贸易影响更显著,对沿海城市和途经城市的出口贸易影响不显著.应加强中欧班列开通与"一带一路"倡议的对接,优化班列的运行路线,打造中欧班列和国际内陆港组合,强化中欧班列枢纽节点建设,畅通中国与"一带一路"沿线地区新的贸易通道,提高进出口贸易的广度和深度.
在"碳达峰、碳中和"战略目标的指引下,制造业的减排效应起到举足轻重的作用,数字化技术是驱动企业低碳转型、实现节能减排的重要引擎.以制造业上市公司为研究对象,对数字化转型的碳减排效应及其作用机制进行了考察.研究发现,企业数字化转型可以显著降低其碳排放水平,主要通过促进企业技术创新、推动企业服务化转型和抑制企业过度投资等三个维度来实现的.进一步研究发现,数字化转型对企业碳排放水平的影响,在不同产权性质和环境规制的样本中具有差异性,而且数字金融强化了数字化转型对企业碳排放水平的影响.研究结论为企业数字化转型和节能减排提供理论支持和经验数据.
Based on the data of listed companies from 2007 to 2020, this paper explores the influence of enterprise digitization level on stakeholders’ rights and interests, and draws the following conclusions:（1） enterprise digitization has a positive impact on stakeholders’ rights and interests, and the degree of protection of external stakeholders’ rights and interests is stronger than that of internal stakeholders;（2） there is a nonlinear relationship between the degree of digitization and the interests of stakeholders, when the degree of digitization is too high, it has an inverted U-shaped effect on the interests of stakeholders;（3） internal control plays an intermediary role in the protection of stakeholders’ rights and interests at the level of digitalization. At the same time, the digitalization level has a more significant protective effect on the high digital technology application industry. This paper provides impetus for enterprises to maintain digital input in digital transformation and provides a reference point for the degree of digital input in different industries.
为推动对外贸易高质量发展,中国提出了实施创新发展、促进投资便利化与提升开放水平等发展策略.为验证创新投入与外商投资对一国外贸出口是否具有影响,以及在不同时期、不同收入水平国家中的作用发挥是否存在差异,以152个国家1998-2020年的面板数据开展研究.结果发现:(1)创新投入对外贸出口具有显著正向影响,且其影响程度明显高于外商投资等其他要素,同时在不同收入水平国家中的效用发挥存在差异.(2)外商投资对外贸出口具有持续普遍的正向促进作用,但总体边际效应呈不断下降趋势,且对高收入国家的影响程度低于低收入国家.(3)创新投入较强的国家同时是对外投资较高的国家,由此创新投入与外商投资对外贸出口的合力呈现出负向效应.基于此,中国要关注不同区域经济发展水平具有一定差异的现实,实施各具特色的对外贸易发展战略,要坚持创新驱动,提升外商投资水平,改善营商环境,提升市场效能,加快推动产业优化升级.
企业高质量发展及其自生能力提升一直受到学者们的广泛关注.基于会计核算等式,研究企业全要素生产率对其自生能力的作用机制.运用2008-2021年中国240家汽车制造业上市企业的数据进行实证分析,发现上市企业全要素生产率与其自生能力存在显著正向相关关系.在机制分析中,发现上市企业全要素生产率主要通过降低企业生产成本、缓解企业融资约束来提高企业自生能力.异质性分析发现,国有企业全要素生产率对其自生能力的作用效果显著低于民营企业;中游和下游企业全要素生产率对其自生能力的作用效果显著低于上游企业和汽车芯片生产企业.为有效增强企业自生能力,需要加大研发投入,提高企业创新能力;构建全生命周期管理体系,提高资金的利用效率;提高金融中介机构对企业的贷款支持力度,缓解企业融资成本.
As a kind of flexible tax regulation, how do tax credits affect the investment efficiency of enterprises? This paper assesses the impact of tax credits on enterprise investment efficiency by analyzing the empirical data of A-share listed companies from 2015 to 2020. It is found that tax credits can improve the efficiency of enterprise investment, alleviate under-investment, and restrain over-investment. Further analysis shows that tax credits can improve the investment efficiency of non-state-owned enterprises compared with state-owned enterprises, as reflected in the increase in enterprise investment but not in the restraining of over-investment. Through the discussion of the mechanism, it is found that tax credits can help enterprises to increase their investment opportunities and obtain more institutional shareholdings to improve investment efficiency. It is also shown that tax credits can optimize the allocation of enterprise resources and improve the efficiency of enterprise investment. The research results extend the relevant research on the economic consequences of tax credits and provide empirical evidence for innovative governance and corporate tax credits rating to promote high-quality economic development.
作为数字时代政府治理变革的重要方向,政府治理的数字化转型对建设数字政府、推进国家治理现代化及助推实现高质量发展非常关键.以"互联网+政务服务"试点为准自然试验,运用双重差分法考察政府治理数字化转型对城市经济效率的影响.研究发现,试点政策显著促进了城市经济效率提升,该结论在多重稳健性检验后依然成立.机制分析表明,试点政策通过改善传统政商关系、提升公共服务质量和激发城市创新创业活力为经济效率提升拓展了新的动能空间.异质性分析表明,试点政策的经济效率改善效应在信息基础设施较为完善、市场整合程度和政府财政透明度较高的地区更为明显.上述结论为新时期加快推进政府治理数字化转型及探索实现高质量发展的"中国之治"提供了政策参考.
