Journal of Asian Economics最新文献

英文中文

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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引用次数: 0

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

Transport development performance with hazard-inducing variables: A frontier-based shadow pricing approach 具有危险诱发变量的运输发展绩效：基于前沿的影子定价方法

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-11-05 DOI: 10.1016/j.asieco.2024.101837

Ruoyu He , Ruxue Dong , Ruiqi Zhu , Z.Y. Shen , Tomas Baležentis , Lixin Cui

While economic growth in a country can be spurred by the expansion of the transportation sector, traffic accidents resulting from an increase in vehicle numbers negatively impact social wellbeing. To integrate both the beneftis and costs in evaluating the transportation sector, this study incorporates traffic accidents as a risk factor (undesirable output) in analyzing the performance of road transportation across Chinese provinces. We propose a shadow price model to estimate the revenue generated and the losses incurred from the addition of each vehicle. The potential improvements in desirable outputs (freight and passenger traffic) and the possible reduction in risks (traffic accident losses) are assessed using a nonparametric approach. Our findings indicate that the overall performance of the Chinese transportation sector improved between 2001 and 2018. During this period, the shadow revenue of vehicles increased, while the shadow loss from traffic accidents showed a declining trend, attributed to enhanced transportation infrastructure and effective government regulations. However, we observe regional disparities in performance and offer targeted policy recommendations.

交通运输业的发展可以促进国家的经济增长，但车辆数量的增加所导致的交通事故也会对社会福利产生负面影响。为了在评估交通部门时综合考虑收益和成本，本研究将交通事故作为风险因素（不良产出）纳入中国各省道路交通绩效分析中。我们提出了一个影子价格模型来估算每增加一辆车所带来的收益和损失。我们采用非参数方法评估了理想产出（货运量和客运量）的潜在改善和风险（交通事故损失）的可能降低。我们的研究结果表明，2001 年至 2018 年间，中国交通运输业的整体表现有所改善。在此期间，车辆的影子收入增加了，而交通事故的影子损失则呈下降趋势，这归因于交通基础设施的改善和有效的政府监管。然而，我们观察到了绩效的地区差异，并提出了有针对性的政策建议。

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引用次数: 0

From ancient philosophy to modern governance: Confucian culture shaping low-carbon corporate transformation in China’s listed companies 从古代哲学到现代治理：儒家文化塑造中国上市公司的低碳企业转型

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-10-29 DOI: 10.1016/j.asieco.2024.101835

Li Wang , Siyan Chen , Yanan Wang , Yuhan Wu

Considering the goal of green development, this study examines the role of Confucian culture in low-carbon corporate transformation. This study shows that Confucian culture can effectively promote the low-carbon transformation of companies. The greater the influence of Confucianism on a company, the higher its level of low-carbon transformation is. Confucian culture takes effect in three ways: by improving corporate environmental awareness, by promoting social responsibility, and by strengthening corporate governance. Heterogeneity research shows that state-owned and low-capital-intensity companies, low-competition and high-attention industries, non-low-carbon pilot programs, and low-marketization areas all increase the extent of influence. The findings shed light on the influence of Confucians on low-carbon transformation at the firm level and enrich the ideas surrounding Confucian culture and corporate development.

考虑到绿色发展的目标，本研究探讨了儒家文化在企业低碳转型中的作用。研究表明，儒家文化能够有效促进企业的低碳转型。儒家文化对企业的影响越大，企业的低碳转型水平就越高。儒家文化的作用主要体现在三个方面：提高企业环保意识、促进企业承担社会责任、加强企业治理。异质性研究表明，国有企业和低资本密集型企业、低竞争和高关注度行业、非低碳试点项目和低市场化地区都会增加儒家文化的影响程度。研究结果揭示了儒家文化在企业层面对低碳转型的影响，丰富了儒家文化与企业发展的思路。

引用次数: 0

Flattening of government hierarchies and growth of farmers’ income 政府层级扁平化和农民收入增长

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-10-28 DOI: 10.1016/j.asieco.2024.101836

Caiquan Bai , Yan Zhang , Chao Wang , Qihang Xue , Chen Feng

Continuously raising farmers’ income is important for poverty reduction. In a multilevel government system, institutional arrangements can influence the role of grassroots governments in economic and social development. Based on the rural statistical data of 743 townships in Province A in central China from 2001 to 2012, we use the difference-in-differences (DID) approach to investigate the effect of the reform of flattening governmental hierarchy at the township level on increasing farmers’ income. We find that the reform of grassroots flattening hierarchies significantly promotes the growth of farmers’ income. Specifically, in the face of economic-assessment pressure from the higher-level government and the incentives of fiscal excess revenue in the reform, the township government will make full use of the greater administrative power and resources endowed by the reform to vigorously attract investment to increase the number of enterprises and provide farmers with more non-agricultural employment opportunities, thus raising their wage income. Moreover, this reform’s income-increasing effect is more obvious in townships that are closer to the county seat and have more convenient transportation, a higher level of human capital, and a stronger ability to exercise administrative power.

不断提高农民收入对减贫十分重要。在多层次政府体系中，制度安排会影响基层政府在经济社会发展中的作用。基于 2001-2012 年中国中部 A 省 743 个乡镇的农村统计数据，我们采用差分法（DID）研究了乡镇一级政府层级扁平化改革对农民增收的影响。我们发现，基层扁平化改革显著促进了农民收入的增长。具体而言，面对上级政府的经济考核压力和改革中财政超收的激励，乡镇政府会充分利用改革赋予的更大行政权力和资源，大力招商引资增加企业数量，为农民提供更多的非农就业机会，从而提高农民的工资性收入。而且，在距离县城较近、交通便利、人力资本水平较高、行政权力行使能力较强的乡镇，这项改革的增收效果更为明显。

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How to guide venture capital to startups? Evidence from China's Science and Technology Innovation Board 如何引导风险资本进入初创企业？来自中国科技创新局的证据

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2024-10-24 DOI: 10.1016/j.asieco.2024.101834

Ruigang Bi , Zonglai Kou , Min Zhou

Venture capital (VC) plays a vital role in supporting startups. However, in many developing economies, venture capitalists' tendency to prioritize later-stage over early-stage investments constrains their capacity to fund startups. China's recent Science and Technology Innovation Board (STAR) market establishment, with its focus on innovation ability over profitability, enables high-tech startups to list at early stages. This improves exit prospects for VCs investing to the early-stage startups. Employing a regression discontinuity design, our empirical analysis demonstrates that the STAR market establishment attracts additional capital to the VC market and guides VCs toward earlier-stage startups. Mechanism analysis indicates these effects stem from improved VC exit returns rather than heightened exit activities. Our findings underscore the efficacy of specialized stock markets for startups in channeling venture capital towards small and early-stage enterprises. These findings provide valuable insights for developing countries seeking to leverage VC for startup growth.

风险资本（VC）在支持初创企业方面发挥着至关重要的作用。然而，在许多发展中经济体，风险资本家倾向于优先考虑后期投资而非早期投资，这限制了他们为初创企业提供资金的能力。中国最近设立的科技创新板（STAR）市场注重创新能力而非盈利能力，使高科技初创企业能够在早期阶段上市。这改善了投资早期初创企业的风险投资机构的退出前景。通过采用回归不连续设计，我们的实证分析表明，STAR 市场的建立为风险投资市场吸引了更多资本，并引导风险投资转向早期初创企业。机制分析表明，这些效应源于风险投资退出回报的提高，而非退出活动的增加。我们的研究结果强调了初创企业专业股票市场在引导风险资本流向小型和早期企业方面的功效。这些发现为发展中国家寻求利用风险投资促进初创企业发展提供了宝贵的见解。

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