Purpose The main purpose of this paper is to explore the impact of digital transformation on enterprises' performance considering financing constraints in the capital market to explore whether digital transformation improves enterprises' performance through the financing constraints channel. Design/methodology/approach This study, using a panel data set of 14,669 observations of 2,858 non-financial enterprises that issued A shares on the Shanghai and Shenzhen stock exchanges from 2013 to 2019, theoretically and empirically tests the impact and mechanism of digital transformation on enterprise performance. Findings Digital transformation has a significant positive effect on enterprise performance; this conclusion remains the same after the robustness test and endogeneity problems are dealt with. Financing constraints play a mediation role between digital transformation and enterprise innovation. The effect of digital transformation on enterprise performance varies significantly by size, ownership and industry. Originality/value The theoretical contributions of this study not only enrich the literature on the economic benefits and mechanism of digital transformation but also expand the literature on the factors that influence enterprise performance. The practical contribution of this study is the reference that it provides for implementing decisions about enterprise digital transformation and formulating differentiated policies for government digital transformation.
Based on the two key words"prosperity"and"common"in common prosperity,the article analyzes the measurement logic of the evaluation index system of common prosperity by combining it with the main social contradictions of"people's ever-growing expectation for a bet-ter life"and"unbalanced and insufficient development".Entropy method is used to calculate the realization degree of common prosperity in 30 provinces in China from 2010 to 2020,and a com-parative analysis is made on the changing trend and difference characteristics of the measurement results.The results show as follows:First,the process of common prosperity in all provinces has made great progress,and the average degree of realization has increased from 39.08%in 2010 to 51.36%in 2020.Second,from the dimension of subdivision,the realization degrees of material prosperity and spiritual prosperity are lower than that of achievement sharing,mainly due to the large inter-provincial differences in high-quality economic development and spiritual-cultural prosperity.Third,from the perspective of regional differences,Beijing,Shanghai,Zhejiang,Jiangsu,Guangdong and Fujian are the star provinces which become rich first in the common pros-perity process,while the rest of the provinces are distributed in mediocre or backward areas,and the realization degree of common prosperity among regions presents a differentiated pattern of"high in the eastern,flat in the central,low in the western regions".Each province can set up a targe-ted grasp to promote common prosperity according to its own advantages and shortcomings.Fourth,the difference decomposition results show that the sources of provincial differences in the realiza-tion of common prosperity are achievement sharing,material prosperity and spiritual prosperity successively.High-quality economic development,spiritual-cultural prosperity and equal pub-lic services are the keys to narrow the regional differences of common prosperity.
From the perspective of industrial chain,by taking the convergence and endogene-ity among data into consideration and selecting empirical samples for modeling and calculation,the article attempts to analyze the trend of tail dependence of stock price returns based on the degree of connotative association among samples.In terms of specific methods,considering the trend impact of sample time selection and the significance of the correlation measurement,the article introduces a tail measurement model with more obvious correlation based on the trend measurement and clas-sification of the samples,so as to analyze and calculate the tail dependence of the connotative-re-lated samples.In the empirical study,the article takes listed companies in the automobile produc-tion and sales chain as research objects,and through the refinement of the stock price data,trend analysis and correlation calculation of the tail dependence of stock price returns under the perspec-tive of the industrial chain are made.The results show that there is a tail correlation in the stock price returns of enterprises of the industrial chain during the trend bubble and anti-bubble peri-ods.The conclusion provides data reference and theoretical support for stock investment and risk management in the automobile industry under extreme environment.
"Common prosperity"extends beyond just material and economic wealth;it also encompasses spiritual and ecological wealth.By expanding economic fairness to environmental e-quality,the article classifies rural common prosperity into economic and ecological common pros-perity.Based on the provincial panel data from 2000 to 2020,methods such as the spatial SARAR model,the Generalized Spatial Two-Stage Least Squares(GS2SLS),and the panel threshold model have been employed to investigate the effects of rural digitalization on the urban-rural in-come gap and the rural ecological environment.The results indicate that rural digitalization can not only significantly reduce the urban-rural income disparity but also improves the rural ecological environment,leading to the win-win situation of economic growth and ecological development in rural areas.The effect is more significant in the central and western regions.Further research re-veals that the impact of rural digitalization on rural digitalization on income disparity and ecological environment has a single human capital threshold effect.The higher the human capital level of the rural workforce,the greater its positive impact.Therefore,we should accelerate the digital rural strategy and continuously enhance rural human capital so as to fully promote the realization of eco-nomic and ecological common prosperity in rural areas.
Using urban panel data,and taking the implementation of the National Minimum Price Standard for Industrial Land Transfer in 2007 as an opportunity,this paper uses double difference method to study the impact of local competition on regional innovation and its impact path from the perspective of land factor allocation.The study finds that the implementation of the minimum price standard policy will improve land competition,promote the market allocation of land elements,and improve regional innovation capability.After a series of robustness tests,the results remain robust.At the micro level,the minimum price policy enhances regional innovation by using the mechanism of enhancing enterprise R&D and suppressing rent-seeking.At the mac-ro level,the minimum price policy not only promotes regional innovation by reducing investment in real estate development and relaxing budget constraints to increase government science and tech-nology expenditure,but also by enhancing the mechanism of dealing with land violations to im-prove the institutional environment and thus promote regional innovation.Cities with good geo-graphical endowments,low urban level,and national level development zones are more positively affected by the minimum price policy.In addition,the 2008 stimulus plan had a magnifying effect on the effects of the policy.
International investment rules and FDI flow are important issues that promote high-quality economic development in various countries.Based on the signing data of IIAs clause in the database of United Nations Conference on Trade and Development(UNCTAD)from 2010 to 2020,this paper empirically analyzes the impact of international investment rules on FDI flow.The results show that signing international investment rules is beneficial for promoting FDI flows,and the promotion effect brought by high standard international investment rules is more significant.The promotion effect of international investment rules on FDI flow is mainly achieved through three channels:reducing investment risks,promoting the development of value chain trade,and optimi-zing business environment.The wider the horizontal breadth and deeper the vertical depth of inter-national investment rules,the more conducive it is for FDI to flow into the host country(or re-gion),and this impact is particularly significant in countries(or regions)with higher levels of e-conomic development.Further analysis shows that economic freedom plays a positive regulatory role between international investment rules and FDI flow.Accordingly,this paper puts forward pol-icy suggestions on rational selection of international investment partners,improvement of economic freedom,and expansion of the strength and scope of FDI introduction,with a view to providing im-portant policy enlightenment for other countries(or regions)including China to sign international investment rules and promote the benign flow of FDI.
Based on LASSO-VAR model,model analysis of complex network and the method of quadratic assignment program,the article investigates the time-varying spillover dynamics,spatial network structure and regional correlation mechanism of China's financial cycle volatility.It is found that in the time dimension,the risk contagion of China's inter-provincial financial volatility is procyclical,and the financial correlation level between the eastern and western regions and the northern and southern regions shows dynamic differentiation and large gap.During the time of important external adverse impact such as financial risk and trade friction,the inter-pro-vincial common risk is expanded,resulting in the improvement of spillover level of inter-provin-cial financial volatility spillover.In the spatial dimension,the highly related economic fundamen-tals and financial operation conditions with higher similarity between adjacent provinces make the correlation network of inter-provincial financial volatility shows obvious characteristics of spatial autocorrelation and regional agglomeration.An obvious"club"effect can be found inside the cor-relation network module of inter-provincial financial volatility,and the transmission path among the four modules has significant"gradient"spillover feature.In terms of correlation interpretation,inter-provincial geological distance is negatively correlated with correlation degree of financial volatility.Adjacent provinces have stronger spatial spillover effect of financial volatility than prov-inces that are far away from each other.Inter-provincial economy and financial coordination have positive correlations with the correlation degree of financial volatility.The improvement of coordi-nation degree will strengthen the spatial spillover of financial volatility.In the process of inter-provincial spatial and geological distance affecting the spillover effect of financial cycle volatility,there is a transmission path of"increase of spatial and geographical distance—decrease of econom-ic and financial coordination—decrease of correlation degree of financial cycle".
In the context of China's commitment to achieve the goals of sustainable develop-ment,whether enterprises can curb corporate tax avoidance by enhancing their ESG performance is of great significance in promoting high-quality corporate development and sustainable economic and social development.Taking A-share listed companies from 2008 to 2021 as samples,the pa-per empirically investigates the effect of ESG performance on corporate tax avoidance and the mechanism of its effect.The research results show that corporate ESG performance is negatively correlated to tax avoidance.The results of the path mechanism analysis indicate that good ESG performance will reduce the degree of corporate financing constraints and thus inhibit tax avoid-ance.Heterogeneity analysis reveals that the inhibitory effect of ESG performance on tax avoidance is more significant in the samples of non-heavy polluters and low-marketed firms,and external regulation weakens the inhibitory effect of the main regression.
数字经济作为一种新的支柱型经济形态,已成为推动经济社会高质量发展的核心引擎,并逐步向企业纵深拓展.在这一时代背景下,采用机器学习方法构建企业层面的数字化转型指标,并在此基础上实证考察企业数字化转型对创新效率的影响及其作用机制.研究结果显示,数字化转型能够显著提升企业的创新效率,并且这一效应在高管具有信息技术特长的企业中表现得更为明显.机制分析发现,企业数字化转型通过降低资源组织协调成本和优化内部控制执行环境等渠道实现创新效率的提升.进一步研究发现,数字化转型对企业创新效率的提升作用在同行业头部企业以及地区数字化水平较高时有更强体现.
基于"宽带中国"示范城市政策的准自然实验和 2010-2020 年中国A股制造业上市公司数据,采用多期双重差分法考察了网络基础设施建设对企业投资决策和金融资产配置的影响.研究发现,网络基础设施建设不仅提高了企业的投资支出,也显著提高了企业的金融资产占比.从影响机制来看,网络基础设施建设可以通过缓解企业融资约束和增加投资机会这两条途径促进企业进行投资支出,通过缓解企业融资约束和提高市场和行业竞争程度提高企业的金融资产占比.进一步分析发现,加强金融监管有助于缓解企业持有较多金融资产,遏制互联网金融的野蛮生长和资本的无序扩张.
基于2011-2019 年中国城市面板数据,以多期双重差分法分析自由贸易试验区对试点城市数字经济水平的政策效应与驱动机制.研究结果表明:第一,自由贸易试验区显著促进了试点城市数字经济水平的提升,且该结论在一系列稳健性检验中均成立.第二,在影响机制方面,自由贸易试验区通过区域创新提升效应、市场环境改善效应和数字产业集聚效应的调节作用,显著促进了试点城市数字经济水平的提升.第三,异质性分析表明,自由贸易试验区对试点城市数字经济水平的促进作用更能体现在沿海自由贸易试验区,且随着设立批次往后,自由贸易试验区对试点城市数字经济水平提升的政策效应逐渐减弱.
中国与"一带一路"国家的能源合作对保障沿线国家能源发展权益、塑造新型能源地缘政治格局、构建全球能源平衡机制产生了积极而深远的影响.系统分析中国与"一带一路"沿线国家能源合作经济效应的发生机理,运用全球贸易分析模型(GTAP)模拟中国与"一带一路"沿线国家能源合作可能产生的经济效应.研究结果表明:"一带一路"能源合作对提高中国与沿线国家的经济总量、优化经济结构和改善经济福利具有明显促进作用;由于"一带一路"能源合作驱动因素的差异,不同国家和地区的经济效应又体现出显著的非对称性特征;高质量推进中国与"一带一路"国家的能源合作,需以"一带一路"能源合作经济效应的时代性特征为依据,增强能源合作的广度和深度促进沿线国家经济持续增长,完善沿线地区能源供需互补机制推进产业结构优化升级,强化落实能源政策与协作交流增进沿线国家民生福祉.
创新型产业集群肩负着促进产业结构升级、促进创新能力提升的重任.当前学术界对创新型产业集群究竟是否促进绿色高质量发展的研究还比较少.因此,采用 2005-2020 年 280 个地级及以上城市面板数据,将创新型产业集群试点政策视为准自然实验,分析创新型产业集群能否推动绿色高质量发展.结果表明,创新型产业集群能够显著推动绿色高质量发展水平提升.机制检验发现,创新型产业集群促进绿色高质量发展水平提升主要通过促进技术创新、产业结构升级实现.异质性分析表明,创新型产业集群推动绿色高质量发展的政策效果在东部地区、市场化程度高的地区、资源型地区、中心地区显著.在此基础上对如何实现绿色高质量发展提出了相应的政策建议.
基于2011-2020 年中国A股高新技术企业的研究样本,实证检验了政府补贴、自主创新与企业生产率的影响机理.检验结果证实:政府补贴对企业生产率影响的总效应是负的;政府补贴能够激励企业自主创新,自主创新有利于企业生产率的提高,政府补贴对企业生产率的抑制作用因自主创新而被弱化.分样本的进一步检验结果证实:政府补贴对自主创新的激励作用在成长期、成熟期及衰退期企业均显著,对企业生产率的影响及自主创新在政府补贴与企业生产率中的间接效应只在成长期和成熟期企业显著.因此,应充分发挥政府补贴的激励效应、制定系统的补贴考核遴选办法、促进政府补贴资金的精准发放及营造健康有序的市场竞争环境.
城市群的兴起使其中心城市集聚了大量金融资源,而外围城市的相对金融风险不断攀升,形成了金融资源与金融风险在地理维度上的反向流动.基于银行微观数据和地级市数据,运用空间计量模型识别城市群金融集聚与金融风险的关系.研究发现:城市群金融集聚有利于降低金融风险,但是金融在非城市群的集聚反而会增加金融风险;中心城市金融集聚会降低中心城市金融风险,但欠发达城市群中心城市金融集聚会加剧外围城市金融风险,而发达城市群中心城市金融集聚会降低外围城市金融风险;城市群内部的产业分工、一体化等因素有助于强化金融集聚对金融风险的降低效应.研究有助于从地理维度理解金融资源分布与金融风险的关系,为通过发展城市群、调节金融地理集中度防范金融风险提供了较为重要的实证依据与决策参考.
通过理论和实证分析,探讨全球价值链嵌入通过无形资产收入影响劳动收入份额的机制及知识产权制度质量在其中的调节作用,进一步讨论该效应的国家发展水平和行业异质性效应.研究显示,无形资产收入是全球价值链嵌入降低劳动收入份额的重要机制路径,同时高水平知识产权制度质量对劳动收入份额也存在负面影响.本研究补充和完善了全球价值链对劳动收入份额的影响研究,就提高劳动收入份额、促进分配制度进一步改革、促进共同富裕和包容性全球价值链构建提供了一定的政策依据.
通过构建高质量发展评价指标体系,借助2008-2020 年中国省级面板数据,以"纵横向"拉开档次法测算各省份高质量发展水平,并采用Dagum基尼系数法与耦合协调度模型揭示地区发展差异与内部协调状态,在此基础上应用固定效应与中介效应模型检验人力资本结构高级化对高质量发展的直接影响以及通过产业结构优化的间接影响.研究发现,中国高质量发展呈现明显的空间聚集状态,地区间差异显著;子系统耦合协调性有所上升,但省份间差异有增大趋势,尚未收敛;人力资本结构高级化对高质量发展有显著促进作用,产业结构升级与供给效率提升能有效提高这一效果.鉴于此,政府应积极引导人力资本结构升级,充分挖掘产业结构蕴藏的经济效益,着力推动中国高质量发展.
美国硅谷银行和第一共和银行的破产为全球银行系统稳定带来新的警示,存款保险基金是维持银行系统稳定的重要承保实体.以2015-2020 年34 家样本银行 5 个赔付标准的多元实验组与对照组为基准,创建一个总体救助能力测算模型,模拟观察中国存款保险基金自设立以来在不同破产赔付标准下的救助效果与赔付安全性.结果表明:中国存款保险基金参与破产银行救助的效果在理论视角的经验标准和实践视角的同类标准中均可以满足安全赔付要求,并且2019 年包商银行的救助并未对存款保险基金的赔付安全构成严重威胁.建议存款保险监管机构及早推进信息公开进程、改进标准设计方法并实行基金储备目标制管理.
基于土地价值捕获理论与实践,探究"中国式"土地财政价值捕获机制,构建价值捕获指标,利用地级市面板数据,实证分析地方政府价值捕获能力对财政支出结构的影响.研究发现:以土地出让金为主导的地方政府土地价值捕获存在时间和空间上的"错位";土地出让金每增加一倍,基础设施建设支出比重增加1.1%,民生性支出减少0.4%;随着城市可建设用地面积的减少和财力状况改善,地方政府的民生性支出比重略有增加,但土地价值捕获对民生性支出依然呈现负向关系.该结论对决策者优化支出结构、改善基本公共服务以及实现城市的良性治理具有重要的启发意义.
通过构建农民工在务工地的城市生活质量感知因子,反映当前农民工对于生存、安全、享受等方面的价值追求,以回应当前农民工对美好生活的高质量诉求.并基于工作需求-资源模型,检验收入、工作整体满意度和社会保险对农民工城市生活质量感知的影响.结果表明:在其他条件不变时,对结构方程的系数进行标准化处理后,工作整体满意度对农民工的城市生活质量感知影响已经显著大于年收入对数对农民工城市生活质量感知的显著影响,表明进城农民工对美好生活的诉求发生根本性转变,从生存阶段过渡到了发展阶段;养老保险、住房公积金都对农民工城市生活质量感知产生了显著的正向影响,扩展回归模型处理了选择偏误和内生性处理后,结论依然稳健.据此提出,微观上企业要转变管理理念,提升农民工收入的同时,更要积极改进工作设计、进行工作轮换、优化工作环境、重视职业安全等人力资源实践,从整体上改善农民工的工作满意度;宏观上持续扩大农民工社会保险覆盖面、简化办理流程等措施满足和提升农民工城市生活质量感知.
