Journal of Asian Economics最新文献

英文中文

Electricity price cross-subsidies and enterprises’ green total factor productivity: Empirical evidence from Chinese industrial listed enterprises

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-29 DOI: 10.1016/j.asieco.2024.101848

Li Xie , Zhisheng Huang

As a kind of electricity price distortion, the effect of electricity price cross-subsidies has always been controversial. From the perspective of the green development effect generated by electricity price cross-subsidies, we estimate the electricity price cross-subsidies in different regions of China using Ramsey’s optimal pricing as a yardstick, and measure the green total factor productivity(GTFP) of enterprises using the SBM-DDF model with the samples of industrial listed enterprises from 2006 to 2020, and then empirically analyze the mechanism of the electricity price cross-subsidies affecting enterprises’ GTFP. The results show that electricity price cross-subsidies affect enterprises’ GTFP through two channels, improving resource allocation efficiency and inhibiting technological progress. However, the effect of electricity price cross-subsidies on improving resource allocation efficiency is more significant than its inhibitory effect on technological advancement, which ultimately enhances the enterprises’ GTFP. At the same time, the impact of electricity price cross-subsidies on enterprises’ GTFP varies significantly across enterprises with different ownership structures, different scales, different energy consumption, and located in different regions, as well as before and after the second round of China’s electricity system reform in 2015. This study provides empirical inspiration for developing countries to steadily advance the reform of electricity price cross-subsidies policies and accelerate the green transformation of economic development mode.

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引用次数: 0

The information externality of public firms’ employment in the municipal corporate bond market in China 中国市政公司债券市场中上市公司就业的信息外部性

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-20 DOI: 10.1016/j.asieco.2024.101846

Hongling Han , Yidan Mao , Qiang Liu

This study focuses on the informativeness of the labour force in the municipal corporate bond (MCB) market in China. We aggregate the annual employment of public firms to the prefecture-city level and find that aggregate employment is positively associated with the scale of the MCB, while it is negatively associated with the issuing rate of the MCB. Further, we find that such information externality is conditional on the attributes of the employment characteristics, including the education, functional departments, and ownership nature. Mechanism analyses indicate that information accessibility, processing, dissemination, and efficacy are important channels through which aggregate employment exerts informativeness. The information externality is reinforced after an administration enhances the authenticity of employment information. This paper echoes previous studies of the macro value of aggregate firm-level information and enriches the literature in labour and finance by revealing that the labour dividend still exists and triggers the MCB issuance in China.

本研究主要关注中国市政公司债券（MCB）市场劳动力的信息化程度。我们将上市公司的年就业人数汇总到地市一级，发现总就业人数与市政公司债券的规模正相关，而与市政公司债券的发行率负相关。此外，我们还发现这种信息外部性取决于就业特征的属性，包括教育程度、职能部门和所有制性质。机制分析表明，信息的获取、处理、传播和有效性是综合就业发挥信息效应的重要渠道。在行政部门提高了就业信息的真实性之后，信息外部性得到了加强。本文与以往关于企业总体信息宏观价值的研究相呼应，揭示了劳动红利在中国依然存在并引发了MCB的发行，从而丰富了劳动与金融领域的文献。

引用次数: 0

Cross-border personnel mobility and bilateral value chain linkages: Evidence from visa liberalization in China 跨境人员流动与双边价值链联系：中国签证自由化的证据

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-17 DOI: 10.1016/j.asieco.2024.101844

Shuqin Ma , Fuyao Ren , Fan Feng , Kuo Feng

The cross-border personnel mobility has emerged as a crucial feature and trend in the process of globalization. This paper examines the impact of unilateral visa-free-entry policies in China on bilateral value chain linkages using a DID model. The research reveals that the implementation of visa-free-entry policies significantly promotes bilateral value chain linkages, with this effect lasting for approximately four years. Mechanism tests suggest that visa-free-entry policies facilitate the acquisition of soft information and strengthen the linkage between domestic and foreign value chains through three pathways: promoting information dissemination, enhancing the trust environment, and extending production steps. Heterogeneous analysis demonstrates that the positive impact of cross-border personnel mobility is more pronounced in low asset-specific industries, manufacturing, and the service sector. It has a greater effect on forward value chain linkages and high-value chain linkage industries. This paper provides valuable insights for the rational simplification of cross-border personnel mobility restrictions and procedures.

跨境人员流动已成为全球化进程中的一个重要特征和趋势。本文利用 DID 模型研究了中国单边免签政策对双边价值链联系的影响。研究发现，免签政策的实施显著促进了双边价值链的联系，这种影响持续了约四年。机制检验表明，免签政策有利于获取软信息，并通过促进信息传播、改善信任环境和延长生产步骤三个途径加强国内外价值链之间的联系。异质性分析表明，跨境人员流动对低资产特定行业、制造业和服务业的积极影响更为明显。它对前向价值链关联和高价值链关联产业的影响更大。本文为合理简化跨境人员流动限制和程序提供了有价值的启示。

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引用次数: 0

Labor union effects on wage dispersion: Evidence from panel data of Japanese listed companies 工会对工资分散的影响：来自日本上市公司面板数据的证据

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-17 DOI: 10.1016/j.asieco.2024.101841

Takashi Saito , Tsukasa Matsuura , Hisashi Okamoto

We examined whether (1) unions can reduce wage dispersion, (2) their influence has changed over time, and (3) their influence differs depending on firms’ ownership structure. Combining three data sources, we created a panel dataset that included data from 2004 to 2015. Partly since our dataset covers a relatively short period, we found very small changes in union status. Thus, a hybrid model was used to address the data challenges. We found that first, the between-effects results show that labor unions play a role in decreasing wage dispersion. Second, the union effect gradually decreased during the sample period. Third, foreign investors (financial institution shareholders) and labor unions are substitutes (complements) in reducing wage dispersion. We confirmed that (1) and (3) were valid after employing an endogenous treatment effects model to address the endogeneity problem of the union dummy. Thus, unions’ bargaining power depends on differences in the corporate governance structure.

我们研究了：（1）工会是否能减少工资离散；（2）工会的影响力是否随时间而变化；（3）工会的影响力是否因企业所有权结构的不同而不同。结合三种数据来源，我们创建了一个面板数据集，其中包括 2004 年至 2015 年的数据。部分原因是我们的数据集涵盖的时间相对较短，我们发现工会地位的变化非常小。因此，我们采用了混合模型来解决数据难题。我们发现，首先，间效应结果表明，工会在降低工资分散度方面发挥了作用。其次，工会效应在样本期内逐渐减弱。第三，外国投资者（金融机构股东）和工会是降低工资离散度的替代品（互补品）。在采用内生处理效应模型解决工会虚拟变量的内生性问题后，我们证实（1）和（3）成立。因此，工会的议价能力取决于公司治理结构的差异。

引用次数: 0

Does parental migration matter in access to academic high schools for left-behind children in China? 中国留守儿童进入高中学习的机会与父母的迁移有关吗？

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-17 DOI: 10.1016/j.asieco.2024.101842

Qundi Feng , Ling Yang

Enrolling in academic high schools always predicts one can have higher educational achievements, such as access to university later. Using data from China Family Panel Studies, this paper examines whether and how parental migration affects the high school attainment of left-behind children. Results indicate that exposure to parental migration in childhood lowers the probability of attending vocational high school but increases the likelihood of enrolling in academic high school. The effect is more substantial for the left behind children who are from rural areas, with siblings, or second-born or later. The findings also suggest a potential psychological mechanism that inhibits the educational achievement of left-behind children. Specifically, left-behind children exhibit lower expectations for educational attainment and hold beliefs that individual success is attributed to external factors, which may discourage them from pursuing higher education achievements. Further, migrant parents also show lower expectations for their children's educational attainment. Our findings highlight the crucial role of psychological manifestations induced by parental migration in determining high school attendance and offer insights for developing policies aimed at promoting educational equity.

就读学术型高中总是预示着一个人可以获得更高的教育成就，比如日后进入大学。本文利用中国家庭面板研究的数据，研究了父母移民是否以及如何影响留守儿童的高中学业。结果表明，父母在儿童时期的迁移会降低留守儿童就读职业高中的概率，但会增加他们就读学术高中的概率。对于来自农村地区、有兄弟姐妹、第二胎或更晚出生的留守儿童来说，这种影响更为显著。研究结果还表明，一种潜在的心理机制抑制了留守儿童的教育成就。具体来说，留守儿童对教育成就的期望较低，认为个人的成功归因于外部因素，这可能会阻碍他们追求更高的教育成就。此外，外来务工父母对子女受教育程度的期望也较低。我们的研究结果凸显了父母移民所引发的心理表现在决定高中入学率方面的关键作用，并为制定旨在促进教育公平的政策提供了启示。

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引用次数: 0

Can development zones reduce energy consumption and carbon emissions of enterprises? Evidence from China 开发区能否降低企业能耗和碳排放？来自中国的证据

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-17 DOI: 10.1016/j.asieco.2024.101845

Lihua Zhang , Xinyu Chen , Zheng Xu

Under the target of “carbon neutrality”, it is critical to test whether the establishment of development zones, as a widely presenting industrial policy, can promote carbon emissions reduction. Utilizing China Industrial Enterprise Database and China Industrial Enterprise Pollution Emission and Governance Database from 2000 to 2013, this paper employs a set of empirical methods including multiple-period difference-in-difference and propensity score matching tests to investigate the impact of development zone policy on carbon dioxide emissions and energy consumption of firms in the zones. The empirical findings demonstrate that the establishment of development zones can effectively promote energy saving, reduce carbon dioxide emissions and optimize energy structure by increasing firms’ use of clean energy sources. Furthermore, mechanism analysis shows that the establishment of development zones promotes technological innovation and exports of firms in the zones, leading to their energy saving and carbon emissions reductions.

在 "碳中和 "的目标下，开发区作为一种广为流传的产业政策，其设立是否能够促进碳减排是检验其有效性的关键。本文利用 2000-2013 年中国工业企业数据库和中国工业企业污染排放与治理数据库，采用多期差分和倾向得分匹配检验等实证方法，考察开发区政策对开发区内企业二氧化碳排放和能源消耗的影响。实证研究结果表明，开发区的设立可以通过增加企业对清洁能源的使用，有效促进节能减排，减少二氧化碳排放，优化能源结构。此外，机理分析表明，开发区的建立促进了开发区内企业的技术创新和出口，从而带动其节能减排。

引用次数: 0

The low carbon transformation of cities and corporate investment efficiency: Evidence from a quasi-natural experiment 城市的低碳转型与企业投资效率：来自准自然实验的证据

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-16 DOI: 10.1016/j.asieco.2024.101843

Zixuan Zhang , Zhenyu Ge , Shuhan Liu

This paper studies the impact of low-carbon city pilot (LCCP) policy on corporate investment efficiency based on data from Chinese A-share companies from 2007 to 2019. Our results indicate that LCCP policy significantly reduces corporate investment efficiency by increasing the environmental uncertainty faced by corporations, our fundamental conclusion remains robust after a series of robustness tests. Through heterogeneous analysis, we find that LCCP policy has a more obvious negative impact on corporations with lower diversification levels, non-state-owned corporations within high-carbon emitting industries and those located in high-carbon emitting cities. Further analysis suggests that local governments can alleviate the policy's negative impact on local corporations by increasing their response to the LCCP policy. Overall, this study provides theoretical evidence for a comprehensive examination of the LCCP policy, contributing to China's early achievement of carbon peaking and carbon neutrality as well as providing theoretical guidance for other countries.

本文基于 2007 年至 2019 年中国 A 股公司的数据，研究了低碳城市试点（LCCP）政策对企业投资效率的影响。结果表明，低碳城市试点政策通过增加企业面临的环境不确定性，显著降低了企业的投资效率，经过一系列稳健性检验，我们的基本结论仍然是稳健的。通过异质性分析，我们发现 LCCP 政策对多元化水平较低的企业、高碳排放行业的非国有企业以及位于高碳排放城市的企业的负面影响更为明显。进一步分析表明，地方政府可以通过提高本地企业对 LCCP 政策的响应程度来减轻该政策对本地企业的负面影响。总之，本研究为全面考察 LCCP 政策提供了理论依据，为中国早日实现碳封顶和碳中和做出了贡献，也为其他国家提供了理论指导。

引用次数: 0

Mechanism and simulation of intensive use of urban inefficient land based on evolutionary game theory 基于进化博弈论的城市低效土地集约利用机制与模拟

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-15 DOI: 10.1016/j.asieco.2024.101840

Ze Han , Xiangzheng Deng , Zhihui Li , Xiankai Huang

Intensive utilization of urban inefficient land is crucial for achieving sustainable urban development. This study constructs an evolutionary game model of urban inefficient land redevelopment involving three main actors: the government, developers, and the public. The model reveals the staged characteristics of the redevelopment process and the dynamic evolution of decision-making behaviors among the actors. The study finds that the redevelopment process can be divided into three stages: initial, development, and mature, with significant differences in the decision-making behaviors of developers, the government, and the public at each stage. Developers' decisions are influenced by redevelopment benefits and costs, the government's decisions are affected by regulatory benefits, and the public's decisions are impacted by participation benefits and costs. The initial strategy configuration has a significant influence on the system's evolutionary trend. Economic incentives, cost constraints, and public participation are the three pillars driving redevelopment. The study recommends adopting differentiated and dynamic policy combinations, improving the redevelopment benefit distribution mechanism, and strengthening public participation capacity building to promote positive interactions among the actors and achieve efficient land resource utilization. This research systematically analyzes the mechanism of inefficient land redevelopment from a dynamic game perspective, providing a scientific basis for policy formulation and holding great significance for promoting sustainable urban development.

城市低效土地的集约利用是实现城市可持续发展的关键。本研究构建了一个城市低效土地再开发的演化博弈模型，涉及三个主要行为体：政府、开发商和公众。该模型揭示了再开发过程的阶段性特征以及参与者决策行为的动态演化。研究发现，重建过程可分为三个阶段：初始阶段、发展阶段和成熟阶段，在每个阶段，开发商、政府和公众的决策行为都存在显著差异。开发商的决策受到重建收益和成本的影响，政府的决策受到监管收益的影响，而公众的决策则受到参与收益和成本的影响。初始战略配置对系统的演化趋势有重大影响。经济激励、成本约束和公众参与是推动重建的三大支柱。研究建议采取差异化的动态政策组合，完善再开发利益分配机制，加强公众参与能力建设，促进各行为主体之间的良性互动，实现土地资源的高效利用。本研究从动态博弈的视角系统分析了低效土地再开发的机理，为政策制定提供了科学依据，对促进城市可持续发展具有重要意义。

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引用次数: 0

Off-farm employment, farmland transfer and agricultural investment behavior: A study of joint decision-making among North China Plain farmers 非农就业、农地流转与农业投资行为：华北平原农民共同决策研究

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-14 DOI: 10.1016/j.asieco.2024.101839

Mingjun Xu , Changling Chen , Jinhua Xie

Improving farmers’ ability to make joint decisions on multi-factors is crucial for efficient resource allocation in agriculture, promoting sustainable land use, and fostering rural revitalization. Using survey data from 1780 households in the North China Plain, this study used the Conditional Mixed Process (CMP) joint estimation to address potential endogeneity issues and investigate the interaction of off-farm employment, farmland transfer, and agricultural capital investment. First, the results reveal a significant relationship between the three factors in farmers’ decision-making. Particular, there is a positive relationship between off-farm employment and farmland outflow (ρ = 0.163, P < 0.05), while a negative correlation is observed between farmland outflow and capital investment (ρ = − 0.476, P < 0.01). Secondly, there is heterogeneity in the correlation of joint decision-making regarding off-farm employment types and agricultural capital input types. For risk-averse farmers and farmers with low capital liquidity, off-farm employment is not significantly correlated with farmland outflow, while farmers with land-poor farmers have the strongest positive correlation between farmland inflow and capital input. Third, even if increasing farmland outflow can facilitate the expansion of large-scale land operations, the investment effect of off-farm employment remains unrealized. Finally, the lag of the farmland transfer market relative to the labor transfer market and the rural capital market hinders the growth of optimal-scale agricultural management.

提高农民对多因素共同决策的能力对于农业资源的有效配置、促进土地的可持续利用以及推动乡村振兴至关重要。本研究利用华北平原 1780 户农户的调查数据，采用条件混合过程（CMP）联合估计法解决潜在的内生性问题，并研究了非农就业、农地流转和农业资本投资的交互作用。首先，研究结果显示这三个因素在农民决策中存在显著关系。特别是，非农就业与农地流出之间存在正相关关系（ρ = 0.163，P < 0.05），而农地流出与资本投资之间存在负相关关系（ρ = - 0.476，P < 0.01）。其次，非农就业类型与农业资本投入类型的共同决策相关性存在异质性。对于风险规避型农户和资本流动性低的农户，非农就业与耕地流出的相关性不显著，而土地贫瘠型农户的耕地流入与资本投入的正相关性最强。第三，即使农地流出的增加能够促进土地规模经营的扩大，但非农就业的投资效应仍未实现。最后，农地流转市场相对于劳动力转移市场和农村资本市场的滞后性阻碍了农业优化规模经营的发展。

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A tale of two markets—would housing appreciation prompt insurance participation? Evidence from China’s urban elderly 两个市场的故事--住房升值能否促进保险参与？来自中国城市老年人的证据

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-06 DOI: 10.1016/j.asieco.2024.101838

Jiajun Han

This paper investigates how housing wealth affects urban elderly’s commercial health insurance participation by using the discontinuity along housing size formed by China’s housing policies. The empirical results reveal a positive effect of housing wealth on urbanites’ enrolment in commercial health insurance, with elderly previously or currently working in non-public sectors, only having one child, and not having a son exhibiting higher responsiveness to unexpected gains in housing wealth. Moreover, the bumper housing wealth-induced insurance purchasing only takes effect for urban elderly having full homeownership, whereas those with partial ownership and tenants hardly react to housing policies.

本文利用中国住房政策形成的住房面积非连续性，研究了住房财富如何影响城镇老年人参加商业医疗保险。实证结果表明，住房财富对城镇居民参加商业医疗保险具有正向影响，曾经或目前在非公有制经济部门工作、只有一个子女和没有儿子的老年人对住房财富的意外增长具有更高的反应性。此外，住房财富诱发的保险购买丰收只对拥有全部住房所有权的城市老年人有效，而拥有部分住房所有权和租房的老年人对住房政策几乎没有反应。

引用次数: 0

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