党的二十大明确提出,维护国家安全要以经济安全为基础.但近年来日益凸显的企业庞氏融资风险对经济安全构成严峻挑战,因此探寻有效的治理工具成为重要议题.投资者实地调研在揭示庞氏融资方面具备市场化、利益相关性强的优势,但其治理效果尚不明确.文章从信息效应和监督效应两个维度检验了投资者实地调研对企业庞氏融资的影响,结果表明投资者实地调研能有效抑制企业庞氏融资,发挥"眼见为实"的治理效应.其作用机制主要在于通过改善企业信息质量和效率、增强监督完备程度发挥作用,并且治理效果因投资者调研偏好、机构投资者合谋可能性的不同而存在差异.这不仅为防范企业庞氏融资风险提供了有效工具,也有助于更全面地认识投资者实地调研的治理效应.

超低生育率已成为中国社会面临的重大挑战,单纯依靠放松生育政策来刺激生育率的作用相对有限,还需要从育龄家庭资源代际分配的真实约束出发来探寻提升生育意愿的配套措施.文章基于中国家庭追踪调查(CFPS)微观数据,从育龄家庭孝亲和抚幼叠加压力的视角考察了父辈养老投资情况对青年子女生育决策的代际影响.结果表明,父辈参与正规养老投资和不参与相比,子代生育概率将显著提高5-7个百分点,说明子代会根据对父辈的赡养压力来决定是否生育,从而缓解孝亲和抚幼的叠加压力.同时,文章并未发现父辈参与非正规养老投资有此作用.在作用机制上,父辈参与正规养老投资可能获得的养老保障和激发出的自我养老规划能力能够减少子代对其的经济支持,削弱子代孝亲对抚幼的挤出效应,从而提高子代的生育概率.父辈参与正规养老投资来自我养老对子代生育的代际效应在丈夫不参与育儿、女性在非国有部门工作、工作单位不提供生育保险和生育机会成本较高的子代中体现得更为明显,具有更大的促进作用.文章研究表明,在当前育儿压力加大和生育机会成本较高的情况下,父辈参与正规金融投资进行自我养老具有明显的"溢出效应",依靠金融手段的养老既能保障老年人的福利水平,又能在客观上提高生育率.

企业数字化转型是数字经济赋能生产方式变革的具体方式,但在转型过程中面临"产业链受制于人"导致的数字化转型激励不足问题.政府能否通过"数字新基建"的力量帮助企业塑造产业链竞争优势地位从而促进企业数字化转型尚未得到回答.本文基于2009-2020年沪深A股上市公司数据,从产业链视角采用多期双重差分法检验了"宽带中国"试点政策对企业数字化转型的影响及机制.研究发现,政府能够通过网络基础设施建设显著推动企业数字化转型,并且对交易成本较高、处于经济欠发达区域和属于高技术密集型的企业效果更显著;网络基础设施建设通过扩大供需、增强纵向与横向市场竞争等机制提升了产业链竞争力,从而驱动了企业数字化转型;企业数字化转型产生了促进内部融资、提升外部关注和提质增效的经济效应.本文为建设数字中国背景下政府如何驱动企业数字化转型提供了可参考的经验证据.

污染源跨区域转移是深入打好污染防治攻坚战的重大障碍,对其治理需要政策间的协同配合.地方政府间土地招商竞争引发的土地错配后果得到广泛关注,但是否导致了污染源跨区域转移尚缺乏实证支持.本文采用重污染上市公司异地建立子公司的微观数据检验了土地招商竞争对重污染企业迁移策略的影响.研究发现:地方政府土地出让价格越低,越能吸引重污染企业异地迁入;土地管制越宽松,重污染企业越不会向异地迁出.这表明土地招商竞争导致了污染源"存量不减、增量增加".当母公司位于东部、市场势力强、盈利或融资能力好时,该效应更显著;地方政府土地招商竞争会通过降低重污染企业融资难度和营业成本、增加社会资本投入等机制,吸引重污染企业异地迁移.最后利用土地储备制度和土地保障政策两种不同趋向的政策验证了土地招商竞争对治污效果的负面效应.本文为避免政策碎片化对治污效果的负面影响、强化环境规制与土地招商政策之间的协同配合提供了实证参考.

上市公司依法合规发展是资本市场稳健运行的前提,治理防范企业违规对于维护市场秩序、营造良好的市场生态至关重要.现有治理企业违规手段大多以事后被动处罚为主,而政府通过采购方式与企业建立经济关联,能否起到事先防范作用尚未得到充分重视和挖掘.文章探讨了政府大客户对上市公司违规治理效应的存在性及其机理,结果表明政府大客户能够降低企业违规频率,抑制企业违规发生,其治理作用主要是通过降低经营压力、改善内部控制和加强外部监督来发挥的.拓展分析表明,政府大客户的治理效应在实体投资比重高和管理层权力分散的企业中更显著,既可为第一类代理问题治理"锦上添花",也为第二类代理问题治理"雪中送炭".文章丰富了企业违规行为治理工具箱,为促进资本市场的规范运行和拓宽政府采购政策职能提供了思路,是实现有效市场与有为政府更好结合的有益探索.

An evaluation index system for the coupled and coordinated development of China’s digital economy and rural revitalization, including a total of 46 indicators for the digital economy and rural revitalization subsystems, was constructed and combined with the entropy weight method, the coupling coordination degree model, Zhou’s constraint identification index, the Dagum Gini coefficient decomposition method, and the panel spatial econometric model to analyze the level of coupled and coordinated development of China’s digital economy and rural revitalization. The results found that: (1) the coupling and coordination between the two have gradually improved. The constraints of the digital economy on rural revitalization were gradually alleviated from 2011 to 2015, but after the 19th Party Congress, the development trend of rural revitalization has significantly outstripped the digital economy. (2) the spatial differences in the degree of coupling and coordination between the two are dominated by inter-regional differences and show significant spatial convergence and spatial correlation. Differentiated digital economy development strategies and more radiation in polarized areas are important for reducing regional differences in the level of coupling and coordination between the digital economy and rural revitalization. This will help China’s digital countryside grow more efficiently.

The digital economy is a pivotal force driving economic development that has profoundly changed the public's way of life. However, less privileged elderly groups may be unable to enjoy the digital dividend, which is an issue to be answered in the digital era. This study examines the China Internet Plus Index and explores the China Health and Retirement Longitudinal Study micro database. Furthermore, the study measures the degree of improvement in the lives of the elderly more intuitively using the consumption upgrade metric and examines the impact of the digital economy on the lives of the elderly. The findings indicate that digital economic development has made a remarkable contribution to the scaling up the elderly population's economic structure and material affluence. The results of propensity score matching and the instrumental variables approach remain robust. The digital dividend for senior individuals is mainly delivered through more convenient payment, lower search costs, and more social interaction. Moreover, elderly individuals living in bigger cities with high human and physical capital or digital and media literacy enjoy more digital dividends. Therefore, while supporting the digital economy's development, the government should prioritize and spend resources on elderly individuals who enjoy fewer digital dividends to realize the equality of digital rewards. The study's findings can provide a new perspective on the overall balanced development of the digital economy and help stimulate the development of the elderly market by releasing digital dividends.

振兴实体经济防范经济"脱实向虚"是新时期构建双循环新发展格局的战略任务.作为财政的重要制度安排,政府采购能否承载治理"脱实向虚"的政策功能尚未得到充分研究.本文基于2008-2018年上市公司数据,检验了政府采购对企业金融化的影响及机制.研究发现:政府采购显著抑制了企业金融化程度,促进了企业心无旁鹜做实业;政府采购主要通过增加实业相对盈利、缓解融资约束和稳定预期抑制了企业金融化程度,但并未通过激励创新施加影响,政府采购嵌入的创新促进功能有待加强;当政府采购持续性强、企业内部控制完善以及市场关注弱时,政府采购对企业金融化抑制效应越显著.未来可有效利用政府采购的微观治理政策功能,促进实体经济与虚拟经济协调发展.

Expanding domestic demand should be the strategic basis of the “dual circulation” development pattern. Consumption upgrading is an important starting point of expanding the domestic demand policy. Among them, the elderly has the potential to form a super-large-scale market with their huge population and accumulated wealth over the years, and they are a force that cannot be ignored in consumption upgrading. To promote the consumption upgrading of the elderly is the key to turn the inherent potential into real advantages. It is advisable to study how to promote the consumption upgrading from the most significant characteristics in the life of the elderly. The rise of various forms of social interaction for the elderly represented by the square dance is the most concerned feature of the elderly nowadays. Therefore, from the perspective of social interaction, it is of great practical significance to study its impact on the consumption upgrading of the elderly.Based on the micro data of the China Health and Retirement Longitudinal Study (CHARLS), this paper examines the relationship between social interaction such as square dance and consumption upgrading of the elderly. For the first time, this paper takes the difference of information content transmitted by social interaction as the distinguishing standard of social interaction effect mechanism, analyzes the internal mechanism of social interaction influencing consumer behavior, and discusses the regulatory role of different situations such as filial support and skip-generation raising. The result shows that, social interaction has a significant positive impact on the consumption upgrading of the elderly, and the conclusion is still valid under the control of endogeneity. The mechanism test shows that although the social breadth will partly increase the conspicuous consumption of the elderly through the demonstration effect, the cognitive effect in social interaction actually improves the life quality of the elderly. Further research shows that filial support will enhance the promotion effect of social interaction on the consumption upgrading of the elderly, while skip-generation raising will weaken the promotion effect.The conclusion is that paying attention to the spatial and temporal agglomeration effect of the elderly consumption market, increasing the public infrastructure of the elderly social activities, and reducing the pressure of the elderly intergenerational care will promote the consumption upgrading of the elderly. This paper discusses the driving force behind the consumption upgrading of the elderly from the perspective of social interaction, which is helpful to understand the consumption characteristics of the elderly, and provides some line of thinking about promoting the development of silver-hair market and constructing the “dual circulation” development pattern.

作为受环境规制约束最大的企业,重污染企业有动机通过调整空间分布来规避环境规制的影响.本文基于重污染企业子公司的数据,考察了环境规制对企业空间迁移行为的影响.研究发现,属地环境规制加强使得重污染企业异地子公司数量显著增加、分布更分散、母子公司距离更远,证实了重污染企业的跨省污染转移行为.此现象在国有和民营重污染企业都存在,且后者迁移尺度更大.重污染企业异地设立子公司能够减少环境规制对利润的负向影响.对比重点控制和环保约谈两项协同治理政策,本文发现静态差异化环境规制会诱发重污染企业迁移,建议强化政策协同动态机制.

文章基于CHARLS数据利用生存分析方法,探析了隔代抚育与子女养老对微观个体退休时机决策的影响.结果发现:(1)与传统认识不同,子女对主体进行净转移会延迟主体的退休时间,在主体经济条件不好时延迟效应增强;(2)与其他主体相比,需要照顾孙辈的主体倾向于提早退休;(3)综合考虑经济效应和时间效应,经济效应是造成主体延迟退休的最主要因素.因此,隔代抚育会提前主体退休年龄,而子女养老不会减弱主体的工作意愿,主体会在衣食无忧的前提下,帮助子女分担抚育孙辈的压力.未来政府应加大对学前儿童教育的投入力度,同时创造条件鼓励子女养老,可有效改善老年人福利水平,并缓解老龄化带来的社会养老保障压力.

This paper establishes a model about how an enterprise makes the decision between its social capital and RD investment,and systematically analyses the internal mechanism how an enterprise's investment decision is influenced by not only the external environment,such as the capability of government intervention,the distribution of consumers,and the degree of intellectual property protection,but also the internal incentives for obtaining subsidies through social capital investment.Then,according to the data of strategic emerging enterprises from 254 listed companies,we find that double failure of market and government may be the source of the problem.Under the same condition,the enterprises with social capital investment achieved nearly half more government subsidies than other enterprises.This is reflected that enterprise's social capital investments may be hidden for the exchange of government subsidies under the current system background.Enterprise's social capital investment depends on the capability of government intervention,rather than the ability of competing with others in market.The government subsidies distort the enterprises' investment behavior.Enterprise's social capital investment weakens the effect of government subsidies on encouraging innovation.We should re-examine the policy of government subsidies,perfect the system quickly,shift the focus to the real key point practically and explore the exit mechanism gradually.

政府补贴是战略性新兴产业扶持政策的重要手段,旨在促进创新.然而,政府补贴的动机却一直倍受质疑.本文首先通过构建一个政府与企业共同参与的理论模型,以寻租效应和信息效应为基础,从官员激励视角辨别政府补贴动机是否存在扭曲,探讨政府在促进企业创新和协助企业粉饰业绩之间的权衡.随后利用战略性新兴产业254家上市公司2007 ～ 2012年的数据实证检验了政府补贴动机.结果显示,企业的创新能力和盈余管理的需求情况共同影响了企业获得政府补贴的数额;对有盈余管理需求的企业,创新支出与政府补贴有更强的相关性并且粉饰业绩需要的资金越多,政府补贴越高;企业的盈余管理需求会显著改善企业获取补贴的程度.这表明,政府在选择补贴对象和补贴程度时,兼有促进企业创新和协助企业粉饰业绩两种动机,并不是单纯偏取其一.同时,佐证了在战略性新兴产业中,促进企业创新是政府补贴政策考虑的重要因素,但也存在协助上市公司粉饰业绩问题,并未完全用在“刀刃”上.

对于战略性新兴产业而言,虽然从绝对值上看,国有企业获得了更多的补贴,但是从补贴占总资产的比值上看,对民营企业补贴的相对程度更高.本文利用中国战略性新兴产业260家上市公司2007-2011年的面板数据,对政府激励偏好、企业的产权性质与企业创新之间的相关性进行了实证检验.结果表明,国有企业较民营企业,对政府激励的反应更为灵敏;地方国有企业较中央国有企业,对政府激励的反应更为灵敏;民营企业决策较为谨慎.目前战略性新兴产业的创新活动主要由市场需求驱动,而竞争驱动不显著.

自1929年Hotelling提出经典区位模型后,空间竞争理论开始登上舞台,理论研究成果逐步涌现,成为了厂商竞争理论中的重要内容。空间竞争理论的文献丰富且繁多,国内学界大多关注于模型扩展和应用研究,而缺乏对文献的系统论述。本文试图从Hotelling模型扩展的视角对空间竞争理论的文献进行系统梳理,勾勒出空间竞争理论的轮廓,便于学术界把握空间竞争理论的未来发展脉络,为相关问题的研究提供基础。