The entropy method is used to measure the high-quality economic development levels of 30 provinces (autonomous regions, municipalities) in China from 2011 to 2020, and the impacts of factor price distortion, technological innovation, and their interaction terms on high-quality economic development are analyzed based on Tobit regression. The results show that high-quality economic development of 30 provinces (autonomous regions, municipalities) in China is on the rise; factor price distortion has an inhibitory effect on high-quality economic development, while technological innovation has a promoting effect on high-quality economic development, and both of them have a lag effect; technological innovation level can help alleviate the negative impact of factor price distortion on high-quality economic development; and sub-regional research shows that the inhibitory effect of factor price distortion on high-quality economic development in the east is significantly higher than that in the central and western regions, but the positive effect of technological innovation and the interaction terms between the two on high-quality economic development is significantly lower than that in the central and western regions. Accordingly, it is proposed to optimize top-level design for the two-wheel drive for high-quality economic development, strengthen the primary role of enterprises in innovation to promote high-quality economic development, and optimize the market-oriented allocation of factors to improve the efficiency of resource allocation.
Under the strategic background of “double carbon” and “double control”,green finance policy has also become an important measure to promote the technological innovation of enterprises and the green transformation and development of social economy. Based on the perspective of institutional innovation, taking the regional policy of “Green Finance Reform and Innovation Pilot Zone” as the starting point, this paper uses PSM-DID methed to study the impact of green finance policy implementation on enterprise technological innovation. The results show that the pilot zone policy can significantly increase the relative scale of R＆D investment and the number of patent applications. It has a strong “gain” effect of financing, and has a stronger incentive effect on innovation investment of enterprises with larger assets, state-owned enterprises and low-pollution enterprises. As far as the impact mechanism is concerned, the green finance pilot zone policy mainly promotes technological innovation by easing corporate financing constraints and improving the external financing environment. Therefore, we should perfect top-level design, strengthen information disclosure and innovate green financial instruments to promote technological innovation.
Based on China’s provincial panel data from 2015 to 2020, this paper adopts the panel threshold model and the panel threshold quantile model to empirically test the impact of financial resource allocation on the revitalization of rural industries. It is found that there is a threshold effect between the allocation of financial resources and the revitalization of rural industries. Among them, the allocation of bank credit financial resources has a double threshold effect on the optimization of rural industrial structure and a single threshold effect on the integration of rural industry. The allocation of securities financing financial resources has a single threshold effect on the integration of rural industries and the optimization of rural industrial structure. Further through the panel threshold quantile model test, it can be seen that bank credit financial resource allocation and securities financing financial resource allocation have significant heterogeneity in the role of rural industrial integration and rural industrial structure optimization under different quantiles and thresholds. Based on this, it is necessary to strengthen the inclination of financial resources in rural industries, expand the supply channels of financial resources in rural industries, and promote the process of agricultural credit asset securitization, so as to effectively improve the efficiency of financial resource allocation, help the revitalization and development of rural industries.
Based on the effect of urban “production-living-ecological” spatial function governance, this paper uses entropy weight method and coupling coordination model to measure the governance performance of 284 cities at prefecture-level and above in different periods, and analyzes its spatial-temporal evolution characteristics. The research finds that the performance of the city and its “production-living-ecological” spatial governance shows a trend of continuous improvement, and the regional differences narrows. The positive spatial correlation of urban governance performance is significant, and the high-high agglomeration areas are mainly distributed in the southeast. There is a positive relationship between urban production and living space governance performance and urban scale, while ecological space governance performance is vice versa, which to some extent indicates the “big city disease” brought by urban scale expansion and population agglomeration pressure. In view of this, urban administrators should take overall sideration, complement the weak points, promote the coordinated development of production, living and ecological space, adopt diversified development mode according to local conditions and time conditions, pay attention to the adaptation of city scale and urban space.
Since the 18th National Congress of the Communist Party of China, China has attached great importance to employment development, thoroughly implemented the employment priority strategy, insisted on taking the people as the center, built a solid foundation for people’s livelihood, improved employment security capabilities in an all-round way by promoting muti-policy linkage and cohesion. It not only uses bottom-line thinking to understand people’s livelihood and grasps the “bull nose” of high-quality employment development, but also further focuses on “digital plus employment”, cultivates continuous and powerful new momentum of employment, actively guides and encourages entrepreneurship to drive employment, accelerates the release of the multiplier effect of employment, and build a more complete employment security system, effectively meeting the growing diversified employment needs of the people. Facing the future, China should strive to create a high-quality employment environment, innovate the talent training model, strengthen digital empowerment, comprehensively optimize the entrepreneurship policy support system, and efficiently improve the public employment service capacity, so as to promote the early realization of high-quality and full employment.
The coordination of industrial development among cities in different regions is an inevitable requirement to realize “the coordinated linkage and characteristic development of large, medium, and small cities”. Using the dynamic stochastic kernel distribution method to measure the industrial comparative advantage of 189 cities within 14 major city clusters in China, it is found that the rise of industrial comparative advantage is an important reason for the economic growth of cities and city clusters, and there is a causal relationship between the two, and the path of action relies on increasing investment in cities and city clusters. Based on these findings, each city should prudently choose the key industries with comparative advantages based on the development of the city cluster in which it is located and its unique resource endowment, and realize the coordinated development between the key industries and other industries of the city, and realize the coordinated development between the key industries of the city and the advantageous industries of other cities within the city cluster.
Using the time-variable autorgressive model and dynamic panel model, the impact of monetary policy on the divergence of leverage of non-financial firms is examined empirically. It is found that monetary policy has an industrial structure effect at the macro level and a divergent leverage ratio at the micro level, and that different monetary policy instruments have different effects on the leverage ratios of firms in the long and short term. It is further found that monetary policy leads to a divergence in the leverage of non-financial firms across industries due to the existence of financial accelerator effects and different degrees of financial frictions across industries. At the same time, monetary policy adjustments also lead to a divergence in leverage between state-owned and non-state-owned enterprises due to different degrees of credit discrimination. Therefore, in the new development stage, when implementing aggregate monetary policy for macroeconomic control, it is necessary to focus on the relationship between deleveraging, stabilising growth and adjusting the structure, and to coordinate between policies to ensure that the leverage ratio is within a reasonable range.
Industrial relocation is an important way to optimize the spatial distribution of innovation factors and promote the high-quality development of regional innovation. This paper evaluates the effect of industrial relocation policy and its mechanism using multistage difference-in-difference method with the panel data of 200 cities in China from 2006 to 2019. The study finds that the construction of industrial relocation demonstration zones has effectively improved the regional innovation level of corresponding regions, and has significant timeliness and heterogeneity. To undertake the construction of industrial transfer demonstration zones, the regional innovation level will be improved mainly through three channels, namely, promoting and stimulating talent gathering, triggering enterprise gathering and increasing government financial investment in science and technology. Based on this, while strengthening the overall planning of the central government and orderly expanding the scope of pilot projects, we should encourage local governments to implement the policies of demonstration areas in line with local conditions, continue to create a good regional innovation environment, so as to establish a multi-dimensional mechanism to improve the level of regional innovation.
The DSGE model of open economy including legal digital currency is constructed, and the transmission mechanism of monetary policy in the case of legal digital currency in open economy is dynamically simulated and analyzed based on China’s actual situation and reasonable introduction of interest rate corridor and other factors. The research finds that the change of legal figure currency has a direct effect on domestic households and can strengthen the dynamic regulation of the central bank on currency. The technological progress of legal digital currency is conducive to promoting economic growth, leading to higher prices of foreign products compared with domestic products and higher real exchange rates. With the improvement of the conversion of deposits to digital currency, the effect of legal digital monetary policy regulation has been significantly enhanced. After the issuance of legal digital currency, the flexibility and predictability of exchange rate can be enhanced. In view of this, we should expand the promotion and application of legal digital currency, improve financial supervision under the background of legal digital currency, speed up the research and development and innovation of digital currency technology, and strengthen international cooperation to enhance China’s voice in international rule making in the field of legal digital currency.
This paper constructs an evaluation index system of urban financial centrality from five dimensions: service level, anti risk ability, openness, collection scale and development environment, and uses Entropy TOPSIS method and obstacle model to measure the level of urban financial centrality in Guangdong-Hong Kong-Macao Greater Bay Area in 2020 and explore its obstacle factors. The study finds that from the comprehensive level, the level of urban financial centrality in Guangdong-Hong Kong-Macao Greater Bay Area is generally low and the difference is obvious, and the spatial distribution shows the characteristics of strong in the east and weak in the west, strong inside and weak outside. From the sub dimension, except Hong Kong and Shenzhen, which perform well and are relatively balanced in the five dimensions, other cities have development weaknesses. From the perspective of obstacle factors, the level of financial services and the degree of financial openness are the main obstacle factors for the improvement of financial centrality in most cities in the Guangdong-Hong Kong-Macao Greater Bay Area. In view of this, it is necessary to continue to improve the urban financial network, strengthen the quality and efficiency of financial services, and innovate the financial opening system, so as to improve the level of urban financial centrality in the region.
Innovation drives development.The most commonly used indicator to measure innovation is patents.Whether patents can enhance enterprise value is related to the value and sustainability of patent activities.Based on the data of 355 enterprises in the GEM from 2009 to 2017,the study finds that the invention patents applications has no significant impact on the enterprise value,while the authorizations significantly increased the enterprise value and the effect is lagging behind.The utility model patents applications and authorizations have significantly increased the enterprise value.The industrial design patents applications and authorizations has no significant or negative impact on the enterprise value.Therefore,it’s important to use patents as the driver of innovation,continue to encourage the application of invention patents,further attach importance to and give play to the role of utility model patents,optimize the industrial design patent system,strengthen patents examination,and improve the overall quality of patents.
On a basis of building a theoretical model of corporate decision-making on weighted voting rights from the dimension of internal condition and external constraint, this paper explores the weights of key factors and index by Analytic Network Process and questionnaires. The results reveal that the internal conditions and the external constraints influence corporate’ decision on weighted voting rights, and the impact of the latter is slightly greater than the former. From the aspect of internal conditions, entrepreneur has a greater impact on companies’ decision on weighted voting rights, while from the aspect of external constraints, institutional environments’ impact is greater. The critical indexes are the type of actual controller, innovation output, investor protection and competition of corporate control market because they have the greatest weight in its dimension respectively. Therefore, we should perfect the company law to strengthen investor protection, deepen market reform to maintain reasonable competition, and foster entrepreneurship to increase the output of innovation activities.
On the basis of revealing the mechanism of rural credit input and service outsourcing level to narrow the income gap between urban and rural areas, this paper uses dynamic panel model and spatial lag model to quantitatively analyze the effect relationship between rural credit input, service outsourcing level and urban-rural income gap.The research shows that both rural credit investment and service outsourcing are conducive to narrowing the urban-rural income gap and showing obvious regional differences. Rural credit investment can indirectly narrow the urban-rural income gap through the intermediary variable of service outsourcing. The spatial effect of rural credit investment on narrowing the urban-rural income gap is not obvious, while the level of service outsourcing has a significant negative spatial effect on the urban-rural income gap.Therefore, it is necessary to increase the supply of rural credit, innovate the rural financial service model, perfect the function of service outsourcing market based on the demand of rural households for outsourcing services, implement regional differentiation strategies, strengthen cooperation and exchanges of the regional social service organizations, and give full play to the spillover effects of spatial interaction.
Under the new development pattern, improving urban factor allocation efficiency is an important way to build a unified national market. Based on the panel data of 276 prefecture-level cities in China from 2011 to 2020, the impacts of digital finance on urban factor allocation efficiency are explored in this paper. The research finds that digital finance can significantly improve the factor allocation efficiency of Chinese cities. Compared with capital allocation efficiency, digital finance plays a greater role in promoting labor allocation efficiency. Heterogeneity test results show that digital finance has a greater impact on the allocative efficiency of factors in eastern China and big cities. The mediation effect test shows that innovation ability and marketization degree are the main transmission paths in the process of digital finance affecting the allocation efficiency of urban factors. The spatial effect test shows that digital finance has a positive spillover effect on urban factor allocation efficiency. Therefore, it is necessary to optimize the spatial layout of digital finance, expand the application scope of digital finance, and steadily promote market-oriented reform, so as to improve the urban factor allocation efficiency.
Green technological innovation is an important starting point for China to reverse the “high-end blockade” and “low-end lock-in” of the global value chain of manufacturing industry. Based on OECD input-output data and World Bank STRD data, this paper empirically discusses the impact of green technology innovation on the rise of manufacturing global value chain by using global multi regional input-output model and panel model. It is found that the quantity and quality of green technological innovation can significantly promote the rise of manufacturing global value chain, the promotion effect of green technology innovation quality is more obvious, and this conclusion is still valid after considering endogeneity and multiple robustness. Heterogeneity analysis shows that green technology innovation has a strong impact on the rise of the global value chain of manufacturing in the eastern regions, and it has a strong impact on the rise of the global value chain of technology-intensive manufacturing and state-owned enterprises. Therefore, we should consolidate the foundation and improve the value chain green innovation system, take into account the overall situation and implement differentiated innovation incentive measures, focus on key points and lead the rise of green core industries.
It is of great significance to promote the deep coupling between digital economy industry and innovation ecosystem and realize the orderly development of digital economy industry innovation ecosystem. Based on the connotation of digital economy industry and digital economy industry innovation ecosystem, the formation process and evolution stage of digital economy industry innovation ecosystem are analyzed. It is concluded that the formation process of digital economy industry innovation ecosystem mainly includes four stages: industrial agglomeration of digital economy, industrial community of digital economy, industrial cluster of digital economy and digital economy industry innovation ecosystem. After the formation of digital economy industry innovation ecosystem, it follows the evolution path of “formation-growth-maturity-decline/renewal”. It continues to evolve from low-level to advanced, maintaining the stability of the system. Therefore, we should promote the orderly development of the system by strengthening the construction of system infrastructure, optimizing the main structure of the system and constructing the policy system of system development.
Promoting the coordinated development of Beijing-Tianjin-Hebei high-quality economic development and ecological environmental protection will help to achieve the “dual carbon” goal of the region. Based on the balanced panel data of the Beijing-Tianjin-Hebei region from 2010 to 2018, this paper uses the coupling coordination degree and the PVAR model to empirically analyze the coupling, synergy and interaction between high-quality economic development and ecological environmental protection. The study finds that Beijing-Tianjin-Hebei region have improved the level of high-quality economic development and ecological environmental protection, and the degree of coupling coordination is also on the rise. From the perspective of spatial aggregation, the global Moran index of coupling coordination degree shows a positive distribution of “M” type, and shows the spatial characteristics of “low-low” aggregation. From the perspective of interaction, there is a certain mutual promotion between high-quality economic development and ecological environmental protection, but this effect needs to be further improved. Based on this, we should take multiple measures to continuously promote the comprehensive and coordinated governance of ecological and environmental protection, improve the degree of coupling and coordination by taking local policies, strengthen intra-regional cooperation to improve the coordination of intra-regional development.
生态技术创新是绿色发展的重要引擎,能够为实现社会经济系统与生态系统相协调的高质量发展注入新动能.基于生态技术创新的理论阐释,揭示其作用机制,并结合典型案例进行检验.研究发现:生态技术创新是技术创新理论的重要拓展,按照作用机制可以划分为生态生产源技术与生态制度源技术等类型.它通过提升资源配置与利用效率,并拓展生态系统承载能力与生存基本需求间可决策空间,提高绿色发展相关措施的调节潜力,实现生态系统服务供给能力与社会经济系统总产出量间的帕累托改进或卡尔多改进.为充分发挥生态技术创新对绿色发展的驱动作用,应构建易于多方参与的生态技术创新制度环境,将生态效益纳入相关效果评价,依据不同类型生态技术作用机制特点制定针对性的推广措施.
Transferring part of the State-owned Capital（TSC） to enrich the Social Security Fund（SSF） is one of the important measures to promote the implementation of nationwide pooling of basic pension funds.This article takes Certain province as an example and uses actuarial model to study the long-term effect of TSC on SSF. All results are as follows: If no TSC is transferred to SSF, the revenue of pension insurance fund for employees of urban enterprises in Certain will not cover the expenditure. If 10% of TSC is transferred to SSF, it can effectively improve the future operation of SSF and delay the time when the fund is exhausted. The higher the rate of return on investment of TSC, the greater the long-term effect on SSF. Therefore, it is necessary to establish provincial state-owned companies and relevant supporting mechanisms to ensure the preservation and appreciation of TSC.
According to international experience, high-level government governance is an important guarantee to enhance the comprehensive competitiveness of free trade ports. The government has greatly improved its effectiveness through self-governance, thus creating a sound business environment. Through market governance, the government can effectively prevent various risks while ensuring free and convenient flow of economic factors. The government lays a strong social foundation for the construction and development of free trade ports through social governance. To accelerate the construction of a free trade port with Chinese characteristics with world influence, it is necessary to learn from international advanced experiences, and improve the government’s own governance ability by focusing on the reform of administrative division system, the construction of legal institutions, the integrity of civil servants and the construction of digital government. We should improve the government’s level of market governance with the establishment of a classified and precise regulatory system as the focus, and improve the government’s governance of society with a focus on providing high-quality public services that benefit all.
