Table of Content

16 October 2023, Volume 43 Issue 10

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SOCIAL SECURITY PREMIUMS COLLECTION AND LABOR SHARE

LIU Changgeng1, 2, GU Yang1, 3, WANG Yuhang1

2023, 43(10):  29-42. 

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Increasing the proportion of labor remuneration in the primary distribution is the foundation for common prosperity，and it is also inevitable measures to optimize Chinas income distribution pattern and highlight the advantages of the socialist system In this paper，we take the enactment of the Social Insurance Law in 2011 as a quasinatural experiment，using the data of nonfinancial listed companies from 2007 to 2020，and conducts empirical analysis based on the differenceindifferences model to examine the impact of social security premiums collection on labor share We find that: The enactment of the Social Insurance Law has strengthened the intensity of social security，so that labor income has increased significantly by 401% Furthermore，the mechanism tests find that the compliance effect of enterprise actual social security contribution is increasingly complying with the social security policy requirements，rather than the substitution effect dominates the positive effects between social security premiums collection and labor share Heterogeneity analysis shows that the promoting effect of social security premiums collection on labor share is more profound for enterprises located in a large pressure of social security spending，nonstateowned enterprises and firms with lower financing constraints Our findings provide new idea to how to improve our social insurance system to promote labor share and promote common prosperity in the new era


THE BILATERAL CURRENCY SWAP AGREEMENT BENEFITS RMB CROSSBORDER TRADE SETTLEMENT

YANG Cuo1, TAN Xiaofen2

2023, 43(10):  43-56. 

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Based on the RMB settlement data of goods trade at the provincial level from 2012 to 2019，this paper studies the influence and mechanism of bilateral currency swap agreements on the RMB crossborder trade settlement Empirical analysis based on DID method shows that，bilateral currency swap agreement helps to improve RMB crossborder trade settlement，and the promoting effect is asymmetrical，which means that bilateral currency swap has significant effect on export，but has no significant effect on import RMB swap network helps to alleviate the “lameness” of RMB crossborder trade settlement Mechanism analysis shows that “foreign currency financing availability” is an important channel Heterogeneity analysis shows that for provinces with higher trade openness and partner countries with closer trade links with China and higher capital account openness than China，RMB swap networks have much stronger promoting effect on the RMB internationalization in the trade settlement field This study provides important empirical evidence and policy enlightenment for the People's Bank of China to carry out monetary and financial cooperation，strengthen the function of RMB as trade medium and orderly promote RMB internationalization


PRIVACY REGULATION UNDER DATADRIVEN INNOVATION

ZHANG Jianhu1, FU Hongyan2

2023, 43(10):  57-70. 

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To effectively release the digital dividend in digital economy，it is important to reasonably balance the contradiction between datadriven innovation and privacy infringement This paper proposes a framework to analyze the equilibrium results when firms engage in datadriven innovation and consumers are concerned about privacy，and further analyzes the welfare effects of two types of privacy regulation The result shows that neither the level of data nor data processing capacity that firms choose is adequate from a welfare perspective If consumers choose the level of data，they will choose even less data，thereby reducing firms’ data processing capacity and lowering consumer surplus and social welfare However，if the government regulates the level of data，it can effectively encourage firms to improve data processing capacity，thereby increasing consumer surplus and social welfare Such findings provide theoretical guidance and policy basis for the government to scientifically regulate firms’ data collecting behavior


DOES CITY SHAPE COMPACTNESS AFFECT ECONOMIC DEVELOPMENT

ZOU Wei, YANG Fei

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 prefecturelevel 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


THE GREEN INNOVATION DEVELOPMENT OF CITIES IN THE YANGTZE RIVER ECONOMIC BELT

TU Yonghong, REN Yiying, GUO Biao

2023, 43(10):  85-98. 

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This paper quantitatively analyzes the current situation，achievements，and impact mechanisms of green innovation development in the Yangtze River Economic Belt from 2017 to 2020 Using the economic“inputoutput”analysis framework，the study takes cities as the object and evaluates the level of green innovation development in the Yangtze River Economic Belt from eight dimensions，and empirically tests the promoting effect of green innovation inputs on outputs The research finds that the level of green innovation development in the 110 cities along the Yangtze River Economic Belt shows an overall upward trend Green innovation inputs in different dimensions have significantly different effects on green innovation outputs，and the promotion of innovation systems has the greatest effect Increasing local financial support for innovation system promotion and research and development expenditure can effectively enhance the promoting effect of innovation system and R&D investment on green innovation outputs，and maintaining the stability of innovation systems and R&D investment is the key to achieving output promotion effects This study deepens and enriches the application research of green innovation development and provides new ideas and helpful insights for promoting green innovation development in the Yangtze River Economic Belt


THE GREEN CREDIT POLICY AND THE TOTAL FACTOR PRODUCTIVITY OF “DOUBLE HIGH” ENTERPRISES

ZHANG Hongfeng1 , WEI Shuying2, HE Xu2

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 Ashare listed industrial companies from 2003 to 2020，this paper uses the differenceindifference 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  “doublehigh” 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 highquality economic development


PRODUCTIVITY EFFECT OF MARKET SEGMENTATION AND ITS EMPIRICAL IDENTIFICATION

FU Qiang1, BAO Jianhua1, WANG Hui2

2023, 43(10):  112-124. 

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This article systematically analyzes the productivity effect of market segmentation and its realization mechanism as well as specific change path from both theoretical and empirical perspectives，which not only overcomes the shortcomings of the inverted Ushaped hypothesis in theoretical logic and empirical analysis，but also finally solves the policy paradox it brings It is found that market segmentation will directly improve local productivity on the one hand，and indirectly hinder the improvement of local productivity by increasing the number of enterprises in the region on the other hand Under the joint effect of these two mechanisms，the impact of market segmentation on local productivity shows significant time heterogeneity，and will reduce the level of longterm productivity On this basis，the above theoretical hypothesis is verified by using the panel data variable coefficient regression model and dynamic spatial lag model，and it is found that the above conclusions are still robust even considering the spatial spillover effect of regional productivity Therefore，rather than bear the longterm efficiency loss caused by market segmentation，it is better to gradually eliminate market segmentation，and realize the smooth flow of domestic circulation