Journal of Asian Economics最新文献

英文中文

Digital gains and employment pains? Evidence from Indian manufacturing 数字收益与就业阵痛？来自印度制造业的证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2026-01-01 DOI: 10.1016/j.asieco.2025.102106

Dixit Poudel, Munisamy Gopinath

The growing adoption of digitalization, particularly in information and communication technology (ICT), has become a key driver of value creation for firms. However, concerns persist about potential job losses or stagnating employment growth, especially with rapid advancements in artificial intelligence. This study leverages micro-level data from both formal and informal sectors to assess the benefits of digitalization in Indian manufacturing—a critical hub for global supply chain diversification—and explores whether these gains come at the cost of employment growth. For this purpose, digital capital is considered to be an input in production since it provides firms with comparative advantages. Moreover, digital capital can substitute or complement other inputs, such as physical capital. By measuring digital capital as the accumulation of weighted ICT investments, this study estimates a value-added function for firms and plants using a nested CES model, uniquely capturing the substitutability between physical and digital capital. Semi-parametric estimation methods, accounting for simultaneity between inputs and productivity, reveal significant digital gains for Indian manufacturing firms and plants in both sectors from 2010 to 2021. The formal sector experienced relatively higher digital gains, accompanied by greater elasticity of substitution between physical and digital capital. Contrary to common assumptions, increased digital capital intensity correlates with higher labor and skilled-labor intensity in formal industries. Globally, when combined with industry formalization efforts, digitalization can drive both value addition and employment growth.

数字化，特别是信息和通信技术（ICT）的日益普及，已成为企业创造价值的关键驱动力。然而，人们仍然担心潜在的失业或就业增长停滞，尤其是在人工智能迅速发展的情况下。本研究利用来自正式和非正式部门的微观数据来评估数字化对印度制造业（全球供应链多元化的关键中心）的好处，并探讨这些好处是否以牺牲就业增长为代价。为此，数字资本被认为是一种生产投入，因为它为企业提供了比较优势。此外，数字资本可以替代或补充其他投入，如实物资本。通过将数字资本衡量为加权ICT投资的积累，本研究使用嵌套CES模型估算了企业和工厂的增值函数，独特地捕捉了物理资本和数字资本之间的可替代性。考虑到投入和生产率之间的同时性，半参数估计方法揭示了2010年至2021年印度制造企业和工厂在这两个部门的显著数字化收益。正规部门经历了相对较高的数字收益，伴随着实体资本和数字资本之间更大的替代弹性。与通常的假设相反，数字资本密集度的增加与正规产业中更高的劳动力和熟练劳动力密集度相关。在全球范围内，当与行业正规化努力相结合时，数字化可以推动附加值和就业增长。

{"title":"Digital gains and employment pains? Evidence from Indian manufacturing","authors":"Dixit Poudel, Munisamy Gopinath","doi":"10.1016/j.asieco.2025.102106","DOIUrl":"10.1016/j.asieco.2025.102106","url":null,"abstract":"<div><div>The growing adoption of digitalization, particularly in information and communication technology (ICT), has become a key driver of value creation for firms. However, concerns persist about potential job losses or stagnating employment growth, especially with rapid advancements in artificial intelligence. This study leverages micro-level data from both formal and informal sectors to assess the benefits of digitalization in Indian manufacturing—a critical hub for global supply chain diversification—and explores whether these gains come at the cost of employment growth. For this purpose, digital capital is considered to be an input in production since it provides firms with comparative advantages. Moreover, digital capital can substitute or complement other inputs, such as physical capital. By measuring digital capital as the accumulation of weighted ICT investments, this study estimates a value-added function for firms and plants using a nested CES model, uniquely capturing the substitutability between physical and digital capital. Semi-parametric estimation methods, accounting for simultaneity between inputs and productivity, reveal significant digital gains for Indian manufacturing firms and plants in both sectors from 2010 to 2021. The formal sector experienced relatively higher digital gains, accompanied by greater elasticity of substitution between physical and digital capital. Contrary to common assumptions, increased digital capital intensity correlates with higher labor and skilled-labor intensity in formal industries. Globally, when combined with industry formalization efforts, digitalization can drive both value addition and employment growth.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"102 ","pages":"Article 102106"},"PeriodicalIF":3.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145925164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of natural disasters on agriculture in the tropics: New empirical evidence 自然灾害对热带地区农业的影响：新的经验证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2026-01-01 DOI: 10.1016/j.asieco.2025.102097

Snehaprava Sahoo , Devi Prasad Dash , Apra Sinha

Agricultural activities in tropical regions face growing vulnerability to natural disasters as their frequency and intensity are increasing over time. We construct a panel of 43 tropical economies and examine the impact of natural disasters on agricultural value added. Results suggest that the natural disaster reduces agricultural value added by causing death, displacing the population, and physical damages. Among these, the affected population has the strongest effect, as it reinforces both the land and labour channels of production. Furthermore, we estimate the heterogeneous effect of different natural disasters and find that droughts are the most damaging for agricultural activities followed by storm. Notably, a 1 % increase in drought-related deaths led to a 0.7 % decrease in agricultural value added. These results suggest that climate change is having adverse effects on livelihood in tropical regions that require policy attention.

随着自然灾害的频率和强度不断增加，热带地区的农业活动越来越容易受到自然灾害的影响。本文以43个热带经济体为样本，考察自然灾害对农业增加值的影响。结果表明，自然灾害通过造成死亡、人口流离失所和物理损害来降低农业增加值。其中，受影响人口的影响最大，因为它加强了生产的土地和劳动力渠道。此外，我们估计了不同自然灾害的异质性效应，发现干旱对农业活动的破坏性最大，其次是风暴。值得注意的是，与干旱有关的死亡人数增加1 %，导致农业增加值减少0.7 %。这些结果表明，气候变化正在对热带地区的生计产生不利影响，需要引起政策关注。

引用次数: 0

Central-local environmental policy consistency, streamlining and delegation reform, and urban entrepreneurial executive density 中央地方环境政策一致性、简政放权改革与城市企业家执行密度

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-31 DOI: 10.1016/j.asieco.2025.102104

Yuequn Cao, Chaoyang Tu, Chenlin Cui, Kexin Du

As ecological civilization advances in China, the impacts of governmental efforts to implement green development policies—and the mechanisms through which they operate—warrant closer scrutiny. This study constructs a dataset on policy consistency by measuring the cosine similarity between municipal and central government work reports, and employs a long-difference model to examine how central–local environmental policy consistency affects urban entrepreneurial executive density under the “streamlining, delegation, and regulation” reform framework. The findings show that locally tailored, context-specific adjustments in policy consistency significantly increase urban entrepreneurial executive density. The effects also differ markedly between large cities and small- to medium-sized cities, with adjustment strategies varying by city size. While such tailoring promotes regional economic growth, achieving a more rational industrial structure requires stronger alignment between central and local policies. Further analysis indicates that, when adjusting policy consistency, local governments face a trade-off between fiscal decentralization and policy implementation, implying a need to balance “spending,” “earning,” and “saving.” The reform framework creates enabling conditions for flexible policy adjustments. Moreover, these adjustments improve firms’ earnings per share and market performance, strengthening profitability and growth potential. This, in turn, attracts entrepreneurial executives to locate in particular regions, consistent with a “voting with their feet” mechanism. By introducing “urban entrepreneurial executive density” as an indicator of policy responsiveness, this paper highlights that policy consistency shapes both resource allocation efficiency and executives’ locational choices, thereby influencing regional competitiveness. The study contributes to the literature on central–local relations and offers policy-relevant implications for environmental policymaking and the development of entrepreneurial executive talent in China.

随着中国生态文明的不断推进，政府实施绿色发展政策的影响及其运行机制值得进一步审视。本研究通过测度城市与中央政府工作报告余弦相似度构建政策一致性数据集，并采用长差模型考察“简政放权”改革框架下中央与地方环境政策一致性对城市创业高管密度的影响。研究结果表明，因地制宜、因地制宜的政策一致性调整显著提高了城市创业高管密度。这种影响在大城市和中小城市之间也有显著差异，调整策略因城市规模而异。虽然这种调整促进了区域经济增长，但实现更合理的产业结构需要加强中央和地方政策的协调。进一步分析表明，在调整政策一致性时，地方政府面临财政分权与政策执行之间的权衡，这意味着需要平衡“支出”、“收入”和“储蓄”。改革框架为灵活调整政策创造了有利条件。此外，这些调整提高了公司的每股收益和市场表现，增强了盈利能力和增长潜力。这反过来又吸引了具有创业精神的高管到特定地区落户，这与“用脚投票”的机制是一致的。本文通过引入“城市创业高管密度”作为政策响应性指标，强调政策一致性既影响资源配置效率，又影响高管的区位选择，从而影响区域竞争力。本研究对中央与地方关系的研究文献有所贡献，并为中国环境政策制定和创业型行政人才的培养提供政策相关启示。

{"title":"Central-local environmental policy consistency, streamlining and delegation reform, and urban entrepreneurial executive density","authors":"Yuequn Cao, Chaoyang Tu, Chenlin Cui, Kexin Du","doi":"10.1016/j.asieco.2025.102104","DOIUrl":"10.1016/j.asieco.2025.102104","url":null,"abstract":"<div><div>As ecological civilization advances in China, the impacts of governmental efforts to implement green development policies—and the mechanisms through which they operate—warrant closer scrutiny. This study constructs a dataset on policy consistency by measuring the cosine similarity between municipal and central government work reports, and employs a long-difference model to examine how central–local environmental policy consistency affects urban entrepreneurial executive density under the “streamlining, delegation, and regulation” reform framework. The findings show that locally tailored, context-specific adjustments in policy consistency significantly increase urban entrepreneurial executive density. The effects also differ markedly between large cities and small- to medium-sized cities, with adjustment strategies varying by city size. While such tailoring promotes regional economic growth, achieving a more rational industrial structure requires stronger alignment between central and local policies. Further analysis indicates that, when adjusting policy consistency, local governments face a trade-off between fiscal decentralization and policy implementation, implying a need to balance “spending,” “earning,” and “saving.” The reform framework creates enabling conditions for flexible policy adjustments. Moreover, these adjustments improve firms’ earnings per share and market performance, strengthening profitability and growth potential. This, in turn, attracts entrepreneurial executives to locate in particular regions, consistent with a “voting with their feet” mechanism. By introducing “urban entrepreneurial executive density” as an indicator of policy responsiveness, this paper highlights that policy consistency shapes both resource allocation efficiency and executives’ locational choices, thereby influencing regional competitiveness. The study contributes to the literature on central–local relations and offers policy-relevant implications for environmental policymaking and the development of entrepreneurial executive talent in China.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"103 ","pages":"Article 102104"},"PeriodicalIF":3.4,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Postponing retirement under age discrimination and grandparenting 因年龄歧视和祖父母而推迟退休

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-30 DOI: 10.1016/j.asieco.2025.102111

Leqing Huang

To tackle the population aging and improve the sustainability of the pension system, the Chinese government proposes to postpone the statutory retirement age gradually. However, when implementing this policy in China, age discrimination in the job market and grandchild care culture are two potential concerns. Therefore, this paper builds a multi-period OLG model with these two crucial factors to provide a quantitative evaluation of the potential policy impacts on population growth, labor supply, and pension funds. The framework allows for endogenous fertility and age-specific grandparenting. Taking an increase in childcare costs as an exogenous input, the model can well predict declining fertility both in level and trend. The results of the counterfactual analysis suggest that postponing retirement alleviates the pressure on the pension system over the next 50 years by reducing the number of retirees and increasing the size of the labor force. However, importantly, a five-year retirement delay could reduce fertility by more than twenty percent, which will affect the size of the labor force decades later and put additional long-run demographic pressure on the pension system. Regarding the intensive margin, postponing retirement will bring an extra flow of labor supply from old workers, while maintaining a comparatively high level of the participation among young generations due to the fertility adjustments.

为解决人口老龄化问题，提高养老金制度的可持续性，中国政府建议逐步推迟法定退休年龄。然而，在中国实施这一政策时，就业市场的年龄歧视和孙辈保育文化是两个潜在的问题。因此，本文结合这两个关键因素构建了一个多时期的OLG模型，定量评估政策对人口增长、劳动力供给和养老基金的潜在影响。该框架允许内生生育和特定年龄的祖父母。将育儿成本的增加作为外生输入，该模型可以较好地预测生育率下降的水平和趋势。反事实分析的结果表明，推迟退休可以通过减少退休人数和增加劳动力规模来缓解未来50年养老金制度的压力。然而，重要的是，推迟退休5年可能会使生育率降低20%以上，这将影响几十年后的劳动力规模，并给养老金制度带来额外的长期人口压力。在密集边际上，推迟退休将带来老年劳动力的额外劳动力供给流，同时由于生育率调整，年轻一代的参与率保持在较高水平。

{"title":"Postponing retirement under age discrimination and grandparenting","authors":"Leqing Huang","doi":"10.1016/j.asieco.2025.102111","DOIUrl":"10.1016/j.asieco.2025.102111","url":null,"abstract":"<div><div>To tackle the population aging and improve the sustainability of the pension system, the Chinese government proposes to postpone the statutory retirement age gradually. However, when implementing this policy in China, age discrimination in the job market and grandchild care culture are two potential concerns. Therefore, this paper builds a multi-period OLG model with these two crucial factors to provide a quantitative evaluation of the potential policy impacts on population growth, labor supply, and pension funds. The framework allows for endogenous fertility and age-specific grandparenting. Taking an increase in childcare costs as an exogenous input, the model can well predict declining fertility both in level and trend. The results of the counterfactual analysis suggest that postponing retirement alleviates the pressure on the pension system over the next 50 years by reducing the number of retirees and increasing the size of the labor force. However, importantly, a five-year retirement delay could reduce fertility by more than twenty percent, which will affect the size of the labor force decades later and put additional long-run demographic pressure on the pension system. Regarding the intensive margin, postponing retirement will bring an extra flow of labor supply from old workers, while maintaining a comparatively high level of the participation among young generations due to the fertility adjustments.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"103 ","pages":"Article 102111"},"PeriodicalIF":3.4,"publicationDate":"2025-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145904027","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Changes in poverty of the rural elderly in China, 2002–2018 2002-2018年中国农村老年人贫困状况变化

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-30 DOI: 10.1016/j.asieco.2025.102110

Shi Li , Mengbing Zhu

Using data from the China Household Income Project (CHIP) for the years 2002, 2013 and 2018, we analyze changes in both absolute and relative poverty among the elderly population in rural China since the beginning of the century. Our analysis indicates that absolute poverty rates-measured based on the official poverty line-declined markedly from 31.19 % in 2002–2.69 % in 2018. In contrast, the incidence of relative poverty within this demographic demonstrated a pronounced upward trend over the same period. Notably, we provide evidence showing that poverty rates among the rural elderly, especially relative poverty rates, are much higher when healthcare expenditures are deducted from their income. Further investigation into the determinants of relative poverty reveals that social security programs, such as the New Rural Cooperative Medicare (NRCM) and the New Rural Pension Scheme (NRPS), have played a important role in alleviating relative poverty among the rural elderly, and remittances from out-migrants are important in lifting rural elderly people out of poverty.

利用中国家庭收入项目（CHIP） 2002年、2013年和2018年的数据，我们分析了本世纪初以来中国农村老年人口绝对贫困和相对贫困的变化。我们的分析表明，绝对贫困率（以官方贫困线衡量）从2002年的31.19 %显著下降至2018年的2.69 %。相比之下，这一人口中相对贫穷的发生率在同一时期显示出明显的上升趋势。值得注意的是，我们提供的证据表明，当从收入中扣除医疗支出时，农村老年人的贫困率，特别是相对贫困率要高得多。对相对贫困决定因素的进一步研究表明，新型农村合作医疗（NRCM）和新型农村养老保险（NRPS）等社会保障计划在减轻农村老年人相对贫困方面发挥了重要作用，外来移民汇款在帮助农村老年人摆脱贫困方面发挥了重要作用。

引用次数: 0

Oil price pass-through to inflation in emerging Asia 油价对亚洲新兴市场通胀的传导作用

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-29 DOI: 10.1016/j.asieco.2025.102103

John Beirne , Nuobu Renzhi

This paper provides estimates of oil price pass-through (OPPT) to both producer and consumer prices for nine emerging Asian economies using a time-varying parameter SVAR model over the period 1991–2023. We further examine how global factors affect the transmission of oil prices to producer and consumer prices, specifically via shocks in global output, US monetary policy, and global financial market uncertainty. Overall, we find that OPPT is less than proportionate and mostly higher for OPPT to producer than consumer prices, while pass-through estimates also tend to be higher in the long term. In addition, we find that OPPT has been declining for most Asian EMEs in the period after the global financial crisis of 2008. Finally, while the responsiveness of OPPT to global shocks varies depending on the type of shock, contractionary US monetary policy shocks overall most significantly amplify OPPT for both producer and consumer prices.

本文使用时变参数SVAR模型，对1991-2023年期间九个新兴亚洲经济体的石油价格传递（OPPT）对生产者和消费者价格的影响进行了估计。我们进一步研究了全球因素如何影响油价对生产者和消费者价格的传导，特别是通过全球产出的冲击、美国货币政策和全球金融市场的不确定性。总体而言，我们发现OPPT低于比例，而且生产者的OPPT大多高于消费者价格，而长期的传递估计也往往更高。此外，我们发现，在2008年全球金融危机之后的一段时间里，大多数亚洲新兴市场的OPPT一直在下降。最后，尽管OPPT对全球冲击的反应因冲击类型而异，但总体而言，紧缩的美国货币政策冲击最显著地放大了生产者价格和消费者价格的OPPT。

引用次数: 0

The long-run effect of light manufacturing expansion on human capital: Evidence from South Korea 轻工制造业扩张对人力资本的长期影响：来自韩国的证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-22 DOI: 10.1016/j.asieco.2025.102102

Jisu Yu

This paper estimates the effect of the Korean expansion of light manufacturing jobs in the 1960s on educational attainment using variation in exposure among 14-year-old cohorts. Findings indicate that higher exposure to the expansion of light manufacturing jobs in adolescence decreased schooling. Specifically, this reduction in schooling is attributed to a decline in middle school completion among girls and a decrease in both middle and high school completion among boys. These results provide evidence of the relationship between labor-intensive job expansion and human capital accumulation.

本文估计了韩国在20世纪60年代轻工制造业工作岗位的扩张对14岁年龄组受教育程度的影响。研究结果表明，在青少年时期接触更多的轻工制造业工作减少了上学时间。具体来说，受教育减少的原因是女孩中学毕业率的下降，以及男孩初中和高中毕业率的下降。这些结果为劳动密集型就业扩张与人力资本积累之间的关系提供了证据。

引用次数: 0

Impact of pension contribution rate reduction policies on labor productivity: Evidence from China 养老金缴费率下调政策对劳动生产率的影响：来自中国的证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-15 DOI: 10.1016/j.asieco.2025.102098

Jianqiang Li , Zhiyi Ge , Jingyi Yu , Jiatong Yao , Yan Xu

Our study investigates how provincial pension contribution rate reduction policies affect labor productivity of listed Chinese firms. Using a staggered difference-in-differences (DiD) framework, we find that these policies exert a significant negative impact on firms’ labor productivity. The results remain robust to multiple checks, including tests for parallel trends, dynamic average treatment effect (ATT) estimation, instrumental variable (IV) estimation, and the PSM-DiD approach. Mechanism analyses indicate that lower pension contributions reduce employees’ total compensation, which in turn affects firm productivity through three channels: declining workforce quality, a lower capital–labor ratio, and weakened innovation capacity. Heterogeneity analyses show that the adverse effects are more pronounced among firms operating in regions with higher unemployment, greater capital intensity, more educated employees, and lower profitability. Overall, our findings provide empirical support for both Efficiency Wage Theory and Capital-Labor Substitution Theory, highlighting the unintended incentive distortions that may arise from cost-reduction-oriented social security policies.

本文研究了省级养老金缴费率下调政策对我国上市公司劳动生产率的影响。利用交错差中差（DiD）框架，我们发现这些政策对企业劳动生产率产生了显著的负向影响。结果对多重检验保持稳健，包括平行趋势测试、动态平均处理效果（ATT）估计、工具变量（IV）估计和PSM-DiD方法。机制分析表明，较低的养老金缴费率降低了员工的总薪酬，进而通过劳动力素质下降、资本劳动比率降低和创新能力减弱三个渠道影响企业生产率。异质性分析表明，在失业率较高、资本密集度较高、员工受教育程度较高、盈利能力较低的地区，企业的不利影响更为明显。总体而言，我们的研究结果为效率工资理论和资本-劳动替代理论提供了实证支持，突出了以降低成本为导向的社会保障政策可能产生的意外激励扭曲。

{"title":"Impact of pension contribution rate reduction policies on labor productivity: Evidence from China","authors":"Jianqiang Li , Zhiyi Ge , Jingyi Yu , Jiatong Yao , Yan Xu","doi":"10.1016/j.asieco.2025.102098","DOIUrl":"10.1016/j.asieco.2025.102098","url":null,"abstract":"<div><div>Our study investigates how provincial pension contribution rate reduction policies affect labor productivity of listed Chinese firms. Using a staggered difference-in-differences (DiD) framework, we find that these policies exert a significant negative impact on firms’ labor productivity. The results remain robust to multiple checks, including tests for parallel trends, dynamic average treatment effect (ATT) estimation, instrumental variable (IV) estimation, and the PSM-DiD approach. Mechanism analyses indicate that lower pension contributions reduce employees’ total compensation, which in turn affects firm productivity through three channels: declining workforce quality, a lower capital–labor ratio, and weakened innovation capacity. Heterogeneity analyses show that the adverse effects are more pronounced among firms operating in regions with higher unemployment, greater capital intensity, more educated employees, and lower profitability. Overall, our findings provide empirical support for both Efficiency Wage Theory and Capital-Labor Substitution Theory, highlighting the unintended incentive distortions that may arise from cost-reduction-oriented social security policies.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"102 ","pages":"Article 102098"},"PeriodicalIF":3.4,"publicationDate":"2025-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Tax incentives and corporate intelligent transformation: Evidence from China’s VAT Credit Refund Policy 税收优惠与企业智能化转型：来自中国增值税抵免政策的证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-09 DOI: 10.1016/j.asieco.2025.102100

Mei Li, Chengkui Liu, Shibiao Zhou

Artificial intelligence (AI) is a pivotal technology driving future innovation, yet empirical evidence on how tax incentives foster corporate intelligent transformation remains scarce. This study addresses this gap by examining the impact of China’s VAT Credit Refund Policy (VATCRP) on corporate intelligent transformation. Using panel data from Chinese A-share listed companies (2014–2022) and the difference-in-differences model, we find that the VATCRP significantly promotes intelligent transformation. Mechanism analysis reveals this effect operates through two channels: resource effects, by easing liquidity constraints and expanding investment capacity, and innovation effects, by stimulating R&D and AI-related technological innovation. This positive impact is more pronounced for state-owned firms, larger firms, manufacturing firms, and more competitive industries. Further analysis shows that intelligent transformation optimizes employee structure, enhances productivity and management efficiency. Our findings offer crucial insights into how fiscal policies can effectively promote technological upgrading, providing valuable lessons for other developing economies navigating similar transitions.

人工智能（AI）是推动未来创新的关键技术，但关于税收优惠如何促进企业智能转型的实证证据仍然很少。本研究通过考察中国增值税抵免政策（VATCRP）对企业智能化转型的影响来解决这一差距。利用2014-2022年中国a股上市公司面板数据和差异中的差异模型，我们发现VATCRP显著促进了企业的智能化转型。机制分析表明，这种效应通过两个渠道发挥作用：一是资源效应，通过缓解流动性约束和扩大投资能力；二是创新效应，通过刺激研发和人工智能相关技术创新。这种积极影响对国有企业、大型企业、制造业企业和更具竞争力的行业更为明显。进一步分析表明，智能转型优化了员工结构，提高了生产力和管理效率。我们的研究结果为财政政策如何有效促进技术升级提供了重要见解，为其他正在经历类似转型的发展中经济体提供了宝贵的经验。

{"title":"Tax incentives and corporate intelligent transformation: Evidence from China’s VAT Credit Refund Policy","authors":"Mei Li, Chengkui Liu, Shibiao Zhou","doi":"10.1016/j.asieco.2025.102100","DOIUrl":"10.1016/j.asieco.2025.102100","url":null,"abstract":"<div><div>Artificial intelligence (AI) is a pivotal technology driving future innovation, yet empirical evidence on how tax incentives foster corporate intelligent transformation remains scarce. This study addresses this gap by examining the impact of China’s VAT Credit Refund Policy (VATCRP) on corporate intelligent transformation. Using panel data from Chinese A-share listed companies (2014–2022) and the difference-in-differences model, we find that the VATCRP significantly promotes intelligent transformation. Mechanism analysis reveals this effect operates through two channels: resource effects, by easing liquidity constraints and expanding investment capacity, and innovation effects, by stimulating R&D and AI-related technological innovation. This positive impact is more pronounced for state-owned firms, larger firms, manufacturing firms, and more competitive industries. Further analysis shows that intelligent transformation optimizes employee structure, enhances productivity and management efficiency. Our findings offer crucial insights into how fiscal policies can effectively promote technological upgrading, providing valuable lessons for other developing economies navigating similar transitions.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"102 ","pages":"Article 102100"},"PeriodicalIF":3.4,"publicationDate":"2025-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145737295","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Higher education expansion and labor market distortions: Micro evidence and possible mechanisms 高等教育扩张与劳动力市场扭曲：微观证据与可能机制

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-09 DOI: 10.1016/j.asieco.2025.102101

Jiawu Dai , Juan Li , Qiong Zhang

China’s dramatic expansion of higher education since the late 1990s has significantly impacted its labor market. Utilizing firm-level microdata and a difference-in-differences model, this paper reveals that the expansion notably reduced labor market distortions. This finding remains consistent even after various robustness checks. Our heterogeneity analysis further indicates that the expansion's mitigating effect on labor market distortions was more evident in regions and industries with lower intensities of higher education expansion, as well as among large and medium-sized enterprises, those with a high market share, and state-owned enterprises. Additionally, our mechanism analysis demonstrates that the expansion primarily eased labor market distortions through wage convergence effect among different groups. Based on these findings, we recommend that China vigorously pursues the high-quality advancement of both higher and vocational education, facilitates the establishment of a nationally unified labor market through market-driven reforms of production factors, and elevates the overall level of human capital. Other developing economies facing institutional constraints can also draw lessons from this path to achieve synergistic improvements in human capital accumulation and market efficiency.

自20世纪90年代末以来，中国高等教育的急剧扩张对其劳动力市场产生了重大影响。利用企业层面的微观数据和差异中的差异模型，本文揭示了扩张显著减少了劳动力市场扭曲。即使经过各种稳健性检查，这一发现仍然是一致的。我们的异质性分析进一步表明，高等教育扩张对劳动力市场扭曲的缓解作用在高等教育扩张强度较低的地区和行业、大中型企业、高市场份额企业和国有企业中更为明显。此外，我们的机制分析表明，经济扩张主要通过不同群体之间的工资趋同效应缓解劳动力市场扭曲。基于这些发现，我们建议中国大力推进高等教育和职业教育的高质量发展，通过生产要素市场化改革，促进建立全国统一的劳动力市场，提升人力资本的整体水平。其他面临体制限制的发展中经济体也可以从这条道路中吸取教训，实现人力资本积累和市场效率的协同改善。

{"title":"Higher education expansion and labor market distortions: Micro evidence and possible mechanisms","authors":"Jiawu Dai , Juan Li , Qiong Zhang","doi":"10.1016/j.asieco.2025.102101","DOIUrl":"10.1016/j.asieco.2025.102101","url":null,"abstract":"<div><div>China’s dramatic expansion of higher education since the late 1990s has significantly impacted its labor market. Utilizing firm-level microdata and a difference-in-differences model, this paper reveals that the expansion notably reduced labor market distortions. This finding remains consistent even after various robustness checks. Our heterogeneity analysis further indicates that the expansion's mitigating effect on labor market distortions was more evident in regions and industries with lower intensities of higher education expansion, as well as among large and medium-sized enterprises, those with a high market share, and state-owned enterprises. Additionally, our mechanism analysis demonstrates that the expansion primarily eased labor market distortions through wage convergence effect among different groups. Based on these findings, we recommend that China vigorously pursues the high-quality advancement of both higher and vocational education, facilitates the establishment of a nationally unified labor market through market-driven reforms of production factors, and elevates the overall level of human capital. Other developing economies facing institutional constraints can also draw lessons from this path to achieve synergistic improvements in human capital accumulation and market efficiency.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"102 ","pages":"Article 102101"},"PeriodicalIF":3.4,"publicationDate":"2025-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145737302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

首页上一页

下一页尾页

类型

全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

数据库

全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

期刊

Journal of Asian Economics

全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.

﹀