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.
