主管:中华人民共和国教育部
主办:中国人民大学
ISSN 1000-596X CN 11-1517/F
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Improved Government Environmental Information Disclosure Favors the Effectiveness of Environmental Governance
SHI Peihao1, WU Chuanqing1, HUANG Qinghua2
Economic Theory and Business Management 2024, 44 (
2
): 17-30.
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This study leverages the implementation of the “Environmental Air Quality Standards”, designed to augment environmental information transparency,as a quasinatural experiment The research draws upon the pool of publicly listed companies on the Shanghai and Shenzhen stock exchanges spanning from 2010 to 2020 as the focal sample and employs a multiple difference model to empirically scrutinize the impact of macrolevel regional environmental information disclosure on microlevel corporate environmental governanceThe findings of this study are as follows:
First,the study reveals that an increase in governmental pressure for firms to disclose environmental information serves as an incentive for companies to adopt environmental governance measures,consequently leading to a reduction in corporate pollutant emissions The empirical model employed in this study satisfies the parallel trend assumption,justifying the use of a differenceindifferences model for empirical testing Furthermore,the placebo test method is applied to confirm the nonrandomness of the research findings Additionally,instrumental variable methods,Heckman models,and PSMDID techniques are utilized to address potential endogeneity concerns,while robustness tests support the reliability of the primary regression results Second,mechanism analysis illustrates that governmentmandated environmental information disclosure enhances corporate environmental governance through two channels:strengthening regional environmental law enforcement constraints and reinforcing public environmental supervision Third,the effectiveness of government environmental information disclosure in promoting governance is shown to be weakened in regions facing significant fiscal pressure but strengthened when firms receive government environmental subsidies Lastly,further investigation indicates that firms response to government environmental information disclosure constraints significantly enhances their innovation capacity,quality,operational efficiency,and financial performance,ultimately achieving a “winwin” outcome In conclusion,this study enriches and expands the theoretical research in the field of institutional economics,particularly concerning macropolicies and microlevel firm behavior It provides valuable insights that support the institutional foundations hypothesis proposed by Acemoglu et al (2005) and offers beneficial references for stimulating firms enthusiasm towards environmental governance and facilitating the transition to a green,lowcarbon,and efficient development model
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THE CONSTRUCTION OF MODERN FINANCIAL SYSTEM IN THE CONSTRUCTION OF CHINESE PATH TO MODERNIZATION
WANG Guogang, ZHAO Weilin
Economic Theory and Business Management 2023, 43 (
5
): 4-21.
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Constructing Chinese path to modernization is the main line to realize the great rejuvenation of the Chinese nation The modernization of the financial system is an indispensable part of Chinese path to modernization The “trinity” structure proposed by General Secretary Xi Jinping,“closely focusing on serving the real economy,preventing and controlling financial risks,and deepening financial reforms”,is the fundamental principle for constructing a modern Chinese financial system Since the 18th National Congress of the Communist Party of China,the work of constructing a modern financial system has actually followed the general principle of “trinity” It adhered to the unswerving purpose of serving the real economy,Chinas monetary policy has become more stable,the combination of measures to support the development of the real economy has become more precise,the development of new formats such as digital finance and green finance has been vigorously promoted,and financial institutions have developed steadily It resolutely kept the bottom line of zero systemic risk,resolved many risk points,steadily promoted the process of deleveraging,and further improved the financial supervision system The structural reform of the financial supply side was deepened,new achievements were made in the reform of the financial system and mechanism,new progress was made in the degree of openness,and the pace of financial “going global” was significantly accelerated To build a modern financial system that is compatible with the new development paradigm,we should give overall consideration on the domestic and international situations,and focus on improving the adaptability,competitiveness and inclusiveness of the financial system
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CHINA'S MACROECONOMY RECOVERS MODERATELY UNDER MAJOR ADJUSTMENTS——China's Macroeconomic Report 2022—2023
RUC Research Group of Macroeconomic Analysis and Forecast
Economic Theory and Business Management 2023, 43 (
4
): 13-35.
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2022 is a year when the Chinese economy faced “triple pressures” and resisted unexpected shocksOn the one hand,the domestic ultralargescale market,complete industrial chain,new energyrelated industries continued to improve,and the trade surplus remained high,providing continuous impetus for the stabilization of the macro economyOn the other hand,the COVID19 repeatedly breaking out on a large scale,the RussiaUkraine conflict disturbing the world energy market,high temperature and drought,deep adjustment of the real estate market,insufficient consumption,and weakened confidence have made the economy only weakly stabilizedThe negative output gap continued,and the economic recovery process was relatively slow2023 is the dividend window period after the “20th National Congress”,the period that the “14th Fiveyear Plan” inherits the past and ushers in the later period,and is also a period of accelerated structural adjustment of international and domestic development drivers,and the new development pattern enters a period of accelerated implementationOn the one hand,the “triple pressures”,especially the problem of shrinking demand,will continue in 2023On the other hand,with the weakening of the epidemic factors,the gradual recovery of consumption vitality,and the promotion of highquality development by the systematic policy layout,the macroeconomy will be fully restored and the overall improvement will be achievedHowever,it should be noted that there are still many challenges in how to further stabilize consumption and build a macroeconomic governance system that is compatible with the incentives of the new development pattern
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NEW STRUCTURAL ENVIRONMENTAL ECONOMICS:NEW FRAMEWORK AND NEW INSIGHTS
LIN Yifu, FU Caihui, ZHENG Jie
Economic Theory and Business Management 2023, 43 (
9
): 4-17.
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The paper,based on the new perspective of “one center and three basic points” of the new structural economics,constructs the framework of the new structural environmental economics,and proposes new insights in thirteen main research fields In terms of the new framework,this paper constructs a new theoretical framework of “endowment structureproduction structureenvironmental structuresuperstructure” and a new policy framework of “carbon peak carbon neutrality” strategy In terms of new insights,from the perspective of development,in different stages of economic development,the optimal production structure determined by the factor endowment structure is different,the corresponding optimal environmental structure is different,and the relationship between the optimal environmental structure and the optimal superstructure is also different From the perspective of transition,under the optimal production structure determined by the endogenous factor endowment structure,the distortion of environmental structure or superstructure caused by exogenous factors such as market (government) failure will further distort the relationship between the two Under the distorted production structure that violates the factor endowment structure,especially under the distorted production structure caused by the catchup strategy of heavy industry,the environmental structure and its relationship with the superstructure will be distorted,resulting in efficiency loss
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THE GOAL,FOCUS AND APPROACH OF CHINESE PATH TO MODERNIZATION FOR COMMON PROSPERITY
HUANG Taiyan, HAN Mengru
Economic Theory and Business Management 2023, 43 (
4
): 4-12.
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This paper compares the development goal of Chinese path to modernization of common prosperity and finds that the weakness of Chinese path to modernization of common prosperity in China is that the lowincome group is too large,and the difficulty is to increase the income of lowincome peopleTherefore,to effectively promote Chinese path to modernization of common prosperity,we must focus on increasing the income of lowincome peopleAccording to data from the National Bureau of Statistics,lowincome groups in China are mainly distributed in rural areas,central and western regions,and key employment groupsAccording to the characteristics of lowincome people's income sources,from the four main income sources of wage income,net operating income,net property income,and net transfer income,this paper proposes basic ways to broaden the income sources of rural,central and western regions,and key employment groups,so that more residents can enter middleincome groups,and achieve the development goal of common prosperity as scheduled
Key words:common prosperity;Chinese path to modernization;lowincome group;middleincome group;income source of residents
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THE IMPACT OF GREEN MANUFACTURING TECHNOLOGY INNOVATION ON THE GREEN DEVELOPMENT OF MANUFACTURING INDUSTRIES
TIAN Xiaoxiao, GUO Kesha
Economic Theory and Business Management 2023, 43 (
8
): 4-17.
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This paper studies the impact of green manufacturing technology innovation on the green development of manufacturing industries Based on the data of 27 manufacturing industries in China from 2003 to 2019 and from the perspective of the heterogeneity of polluting industries,this paper empirically examines the relationship between green manufacturing technology innovation and the green development of manufacturing industries Moreover,this paper analyzes the influencing mechanism and path of green manufacturing technology innovation on the green development of manufacturing industries under the “carbon peak and neutrality” goals The main conclusions are:(1)Green manufacturing technology innovation can significantly improve the green development of manufacturing industries (2)The green manufacturing technology innovation has a more obvious effect on the green development of the heavily polluting manufacturing industries (3)Green manufacturing technology innovation can promote the green development of manufacturing industries through the effect of energy saving and emission reduction,the effect of energy structure optimization,the effect of knowledge spillover and the effect of green and advanced industrial structure From the conclusions,the following policy recommendations are drawn:we should encourage the manufacturing industries to carry out green manufacturing technology innovation and adopt appropriate incentive and restraint mechanisms;we should advance energy structure optimization,and promote the construction of an efficient and lowcarbon energy manufacturing system;we should improve the intellectual property protection system of green manufacturing technology innovation to enhance the ability to transform green manufacturing technology innovation achievements;we should promote the green and advanced development of the industrial structure,and form an industrial structure dominated by green knowledge and green manufacturing technologyintensive industries
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MINING BOOM,INDUSTRIAL AGGLOMERATION AND MANUFACTURING DEVELOPMENT
WANG Liyan, MA Guangrong, YE Maoliang
Economic Theory and Business Management 2023, 43 (
5
): 22-37.
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Developing manufacturing industry is an important way for resourcebased regions to realize economic transformation and sustainable development during the “14th Fiveyear Plan” period Theoretically,the mining industry will produce both crowdingout and crowdingin effects on the development of the manufacturing industry Based on the micro data of abovescale industrial enterprises from 1998 to 2013 and countylevel data,this paper empirically analyzes the impact of the mining boom on local manufacturing The results show that although the mining boom boosted local wages,it still promoted local manufacturing output and productivity,implying that the crowdingin effect is stronger than the crowdingout effect From the perspective of the mechanism:firstly,mining boom drove the development of the upstream manufacturing industry through industry linkage effect;secondly,through the expansion of the market scale and agglomeration effect,it improved the productivity of nonrelated manufacturing enterprises,thereby offsetting the increase of labor costs;finally,the expansion of local fiscal expenditure was also conducive to the development of local manufacturing industry developing resourcerelated manufacturing industries and cultivating manufacturing industry clusters will help the manufacturing industry to become the economic engine of resourcebased regions and promote highquality regional development
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THE CUSTOMER PRODUCTIVITY SPILLOVER EFFECTS FROM AN EMBEDDED SUPPLY CHAIN PERSPECTIVE
BAO Qun, SHI Shaobin, SHENG Mingquan
Economic Theory and Business Management 2023, 43 (
4
): 102-112.
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Using the data of Chinese listed companies from 2009 to 2020 as the research sample,this paper explores the spillover effect of customers' total factor productivity on supplier companies from the perspective of embedded supply chainIt is found that customers have productivity spillover effects on firms through the supply chain pathThis effect mainly works by optimizing the resource allocation efficiency of enterprises rather than promoting technological innovationFurther analysis finds that the spillover effect of customer productivity is more pronounced in enterprises with low customer concentration and high level of regional marketization and nonstateowned enterprisesThe research helps enrich and promote the connotation of supply chain theory and industrial organization theory,and provides microevidence for highquality and sustainable economic development
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HAS COMMERCIAL BANK SUPERVISION RESTRAINED THE REAL ECONOMY FROM “REMOVING FROM REALITY”——Evidence from the Perspective of Financialization of Entity Enterprises
MENG Qingbin, LIU Jianhan, XIE Peilin
Economic Theory and Business Management 2023, 43 (
4
): 36-52.
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In recent years,the problem of “removal from reality” in Chinas real economy has become increasingly serious,and the risks in financial system are accumulatingIn this context,this paper takes Ashare nonfinancial listed companies from the first quarter of 2009 to the third quarter of 2019 as samples,from the perspective of microentities,examines the impact of commercial bank supervision on the financialization of entities and explores whether the commercial bank supervision policy can play an important role in making the real economy “removing back to reality”This paper finds that strengthening commercial bank supervision has significantly reduced the level of financialization of entitiesThis result is still valid after considering the endogenousness and testing the sensitivity of the regression modelThe mechanism test shows that the supervision of commercial banks can narrow the gap between financial income and entity income,improve the transparency of corporate information,and thereby inhibits its financializationFurther research has shown that microprudential supervision of commercial banks has a more significant inhibitory effect on corporate financialization,but the coordination of macroprudential supervision and microprudential supervision can enhance their respective effectsThis paper clarifies the role of financial regulation on micro enterprises,constructs a prudential supervision indicator system for Chinese commercial banks,and further explores its micro impact,providing a decisionmaking basis for the authorities to guide the real economy through macro regulation to “move back to reality”
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THE TEMPORAL-SPATIAL EVOLUTION CHARACTERISTICS AND CAUSES OF REGIONAL ECONOMIC GAP IN CHINA
XU Shengxia, LIU Qiang, FENG Liang
Economic Theory and Business Management 2023, 43 (
4
): 69-84.
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Revealing the temporal-spatial evolution characteristics of China's regional economic disparities,identifying key factors affecting regional economic development,and providing path choices for promoting coordinated regional economic development are important elements in achieving the goal of common prosperityThis article tentatively combines the policy shift,historical evolution,and quantitative measurement of China's regional economic development,and explores the evolution characteristics and sources of regional economic disparitiesMoreover,this paper explores the nonlinear and spatial radiation effects of economic development,industrial structure upgrading,and urbanization on regional economic disparities within the same research framework for causal analysisThere is a trend of fluctuation and narrowing in terms of the difference of regional economy since the founding of the People's Republic of China in 1949,and it has a cyclical featureIn space,the difference of regional economy is characterized by a decreasing distribution in the east,the middle,and the west,and the gap between the east region and the middle and west region is the key to affecting the relative equilibrium of the regional economyFurther research shows that when the economic development reaches a certain level,the regional economic gap can be effectively narrowed by promoting the upgrading of industrial structure and the construction of new urbanizationThe effect of new urbanization is mainly reflected by the spatial radiation between regions,and the effect of industrial structure upgrading is mainly reflected through internal regional economic development
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HOW CHINA‘S NEW ENERGY VEHICLE INDUSTRY ACHIEVED SUCCESSFUL DEVELOPMENT—— An Analysis Based on New Structural Economics
WANG Yong, XU Wan, ZHAO Qiuyun, LIU Changzheng
Economic Theory and Business Management 2023, 43 (
9
): 39-54.
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China's new energy vehicle industry has developed rapidly in the past two decades,and its core technology and market scale are close to the international leading level This paper applies the New Structural Economics (NSE) theoretical framework to analyze the case of China’s new energy vehicle industry This paper analyzes the potential comparative advantages and the main bottleneck constraints at different stages of its development of this industry Meanwhile,this paper summarizes the dynamic changes and corresponding benefits and costs of relevant industrial policies in the development process with a focus on the decisive factors behind the significant development of the new energy vehicle industry This paper argues that the great progress of China‘s new energy vehicle industry is not only due to the domestic “effective market”,which facilitates the realization of the potential comparative advantage determined by the endowment structure through optimal resource allocation and market competition,but also due to the “facilitating state”,which helps formulate,adjust and implement industrial policies with different priorities at different stages of industrial development Finally,this paper summarizes common principles of this type of leapfrogging industries and further elaborates on the connotation of the “facilitating state” in the New Structural Economics
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CONSTRUCTING THE MICRO FOUNDATION FOR THE COORDINATED DEVELOPMENT OF STATE-OWNED ECONOMY AND PRIVATE ECONOMY
YANG Ruilong
Economic Theory and Business Management 2023, 43 (
6
): 4-12.
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To build a highlevel socialist market economy system,we must adhere to the two “unwavering” principles Because China is developing its market economy under the basic socialist economic system,developing and strengthening stateowned economy helps to leverage the advantages of the socialist system and better leverage the role of the government To play the decisive role of the market in resource allocation,it is necessary to vigorously develop the private economy The key to building a socialist market economy system with coordinated development between stateowned economy and private economy is to optimize the layout of the stateowned economy and allow them to leverage their respective advantages in different fields,promoting each other and developing together The key to substantively promoting the optimization of the layout of the stateowned economy is to establish the standard of “optimization”,so as to establish an implementation plan based on this standard that includes where the stateowned economy should go and where it shouldnt go This article advocates to handle the relationship between the stateowned economy and the private economy based on the principle of classified reform,and achieve the optimization of the layout of the stateowned economy
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CONSTRUCTING THE NEW DEVELOPMENT PARADIGM IS THE PATH WE MUST TAKE TO ACHIEVE CHINESE-STYLE MODERNIZATION
ZHAO Feng, ZHOU Huizhen
Economic Theory and Business Management 2023, 43 (
7
): 4-15.
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The report of the 20th National Congress of the Communist Party of China systematically elaborates the characteristics and connotation of the Chinesestyle modernization,and takes accelerating the construction of the new development paradigm as an important strategic path to promote Chinesestyle modernization and realize the great rejuvenation of the Chinese nation Based on Marxs theory of reproduction of aggregate social capital,we believe that accelerating the construction of the new development paradigm should reflect the systematic requirements for efficient and smooth movement of aggregate social capital on the whole,which needs to start from highquality development,modern market and industrial systems,common prosperity and bilateral management of supply and demand,and finally be unified to adhere to the centralized and unified leadership of the Party over economic work This has jointly supported the construction of the new development paradigm in terms of productivity,economic system,direction of struggle,practice path,and core strength,and is the only path to achieve Chinesestyle modernization
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URBAN LAND TAX BURDEN AND LOCAL ECONOMIC DEVELOPMENT——Based on Comparisons across Cities
SHAO Lei, OUYANG Yuqi, REN Qiang
Economic Theory and Business Management 2023, 43 (
5
): 54-67.
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Urban land tax takes land as the tax object and can be controlled by local governments to a large extent However,because it is a “small tax”,few researches focus on it This paper focuses on the impact of the local autonomy and collection methods of urban land tax on tax burden Based on the “regional” data of prefecturelevel cities in several provinces from 2007 to 2019 obtained through application and other channels,this study finds that the more economically developed the prefecturelevel city,the lower the actual tax rate of urban land tax That is,the phenomenon of “inversion” appeared The faster the economic growth over time,the more obvious the phenomenon of “inversion” This study finds that the nature of specific fixed tax and the hysteresis of adjusting the tax standard make it difficult for the tax burden to keep pace with economic growth,and the actual tax rate gradually deviates from the land market value Within the scope of tax autonomy,local governments may choose to “release water for fish farming” or collect all receivables from different perspectives of economic development or revenue collection,depending on the actual situation The research conclusion has certain significance for the improvement of local tax system and the understanding of tax competition phenomenon in China
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CHINA'S MACROECONOMY CONSOLIDATES THE FOUNDATION OF RECOVERY
RUC Research Group of Macroeconomic Analysis and Forecast
Economic Theory and Business Management 2023, 43 (
9
): 18-38.
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2023 is a year when the impact of the epidemic subsides and the economic order returns to normal The core task of Chinas economy is to achieve macroeconomic recovery growth and deep restoration of micro foundations,and then return to the track of expansionary growth Unlike previous economic cycles,after three years of epidemic control,this round of Chinas economic recovery needs to go through three different stages:social order and transaction repair stage,balance sheet repair stage,and normalization expansion stage Moreover,there may be obstacles in the transition of stages At present,Chinas economic recovery is in a critical period of transition from the first stage to the second stage This is not only a period of restorative growth in Chinas economic recovery,but also a period of concentrated outbreaks of various potential risks and contradictions This report analyzes and predicts the macroeconomic trend of China in 2023,evaluates the outstanding difficulties and risk challenges faced during the recovery process,and proposes relevant policy recommendations based on this
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DOES CITY SHAPE COMPACTNESS AFFECT ECONOMIC DEVELOPMENT
ZOU Wei, YANG Fei
Economic Theory and Business Management 2023, 43 (
10
): 71-84.
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Based on the spatial equilibrium urban economic model,this paper examines the effect of city shape compactness on economic development in 279 primary Chinese prefecturelevel cities The findings suggest that compact urban development not only promotes economic growth and increases wage levels but also might lead to rising housing prices This indicates that a more compact urban form fosters economic development and enhances the return rate of factors To delve deeper into this relationship,this paper also conducts heterogeneity and robustness analyses,taking into account factors such as the initial conditions of cities,administrative levels,population migration trends,and geographical location This paper further underscores that enhancing city compactness is an effective measure to improve factor allocation efficiency,optimize the urbanization process and foster economic growth
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THE GREEN CREDIT POLICY AND THE TOTAL FACTOR PRODUCTIVITY OF “DOUBLE HIGH” ENTERPRISES
ZHANG Hongfeng1 , WEI Shuying2, HE Xu2
Economic Theory and Business Management 2023, 43 (
10
): 99-111.
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Under the guidance of the “double carbon” goal,exploring the impact of green credit policies on the total factor productivity of enterprises will provide useful reference for promoting higher quality economic development Based on the data of Ashare listed industrial companies from 2003 to 2020,this paper uses the differenceindifference model to investigate the impact of green credit policy on the production efficiency and production mode of industrial companies with high pollution and high energy consumption It is found that,the green credit policy restrains the disposable capital factors and resource allocation efficiency of “doublehigh” companies by imposing credit financing constraints on them,resulting in a decrease in their total factor productivity in the short term But in the long term,it can significantly improve the level of green technology innovation and promote the green transformation of their production mode Heterogeneity analysis shows that the policy has an asymmetric impact on the “double high” companies with different ownerships and different scales This conclusion provides policy implications for China to further use financial means to promote the realization of “double carbon” goals and achieve highquality economic development
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HE POLICY PINPOINTING “HOUSES ARE FOR LIVING IN,NOT FOR SPECULATION” AND CORPORATE INNOVATION
ZHOU Jianjun1, SUN Qianqian2, JU Fang1
Economic Theory and Business Management 2023, 43 (
12
): 4-18.
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Based on the data of China's Ashare listed companies,this paper analyzes the effect,mechanism and heterogeneity of the policy pinpointing “houses are for living in,not for speculation” on corporate innovation with differenceindifference method The results show that:the implementation of the policy significantly promotes corporate innovation,but this effect is only significant in supplyside regulatory policies Mechanism analysis shows that the innovative effect of the policy is mainly achieved through reducing real estate investment,improving R&D capital investment,enhancing slack resource pool and promoting output efficiency,which further promotes companies TFP Heterogeneity analysis finds that the effect of the policy on corporate innovation is different in different corporate characteristics,in different industry characteristics,and in different external environments
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THE DECISION OF ONECHILDS HOUSEHOLD COMMERCIAL INSURANCE CONSUMPTION——Evidence from the China Family Panel Studies
Economic Theory and Business Management 2023, 43 (
8
): 46-57.
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The onechild (OC)policy is undoubtedly one of the most farreaching policies that has significantly impacted Chinese families and population structure in the past thirty years The unique “onechild” property of these individuals may influence families decisions regarding commercial insurance purchases through various channels Based on data from the China Family Panel Studies (CFPS),this paper shows that OCs are less likely to purchase family insurance compared to nonOCs To explain it,this paper delves into four primary channels:financial knowledge,risk attitude,social interaction,and trust The first two channels are closely related to the concept of risk diversification,while the latter two are connected to the inherent trust property of insurance due to information asymmetry However,the research finds no significant differences between OC and nonOC individuals concerning financial knowledge and risk attitude,even when considering their economic status Instead,the actual reasons are that OCs have fewer social interactions and lower degrees of trust than nonOCs Both aspects suggest that OCs are less socially active than nonOCs
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ARTIFICIAL INTELLIGENCE AND THE INTRAENTERPRISEWAGE GAP:TASK BIAS OR SKILL BIAS
YAO Di, CHEN Dong, ZHENG Yulu
Economic Theory and Business Management 2023, 43 (
9
): 99-112.
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Since the application of AI in production is mainly realized by industrial robots,and will lead to changes in the intraenterprise wage gap among different workers,this paper uses the data of 20102019 Chinese listed companies to investigate the biased impact of robot application on the intraenterprise wage gap and its mechanism It is found that robot application significantly widens the intraenterprise task wage gap and skill wage gap,but the task bias is more pronounced than the skill bias This phenomenon is particularly prominent in industries with slower development and higher labor intensity The productivity effect of robot application is the main reason for the expansion of intraenterprise task wage gap Although the mismatch of labor factors cut down part of the productivity effect,it will alleviate the expansion of intraenterprise task wage gap to a certain extent This paper emphasizes that increasing the regulation of income distribution policies for different types of workers is an important way to achieve intraenterprise “common prosperity”
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