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Inventors in the top management team: How position shapes corporate innovation 高层管理团队中的发明家:职位如何影响企业创新
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2026-01-19 DOI: 10.1016/j.chieco.2026.102663
Yafei Li , Shaoxiang Jiang , Jinping Sun
Inventor executives are important organizers and promoters of corporate innovation. This paper constructs a database of inventor executives in Chinese listed companies by utilizing data on corporate patent inventors and executives' personal resumes. Using data from 2008 to 2022, we investigate the association between inventor executives and corporate innovation. The results indicate: (1) Hiring inventor executives leads to higher innovation growth for firms; (2) The underlying four key mechanisms are signaling effects, R&D investment, executive incentives, and social capital. (3) Inventor CEOs, chairmen, CFOs, and junior executives all boost firm innovation, though the mechanisms through which they operate vary; (4) Inventor executives demonstrate greater innovation-stimulating effects in SOEs than in non-SOEs. This paper introduces a new method to identify internal inventors within companies and further explore their impacts on corporate innovation.
创新高管是企业创新的重要组织者和推动者。本文利用我国上市公司专利发明人数据和专利发明人高管个人简历,构建了我国上市公司专利发明人高管数据库。利用2008年至2022年的数据,我们考察了发明家高管与企业创新之间的关系。研究结果表明:(1)聘用创新型高管能够提高企业的创新增长率;(2)信号效应、研发投入、高管激励和社会资本是企业创新的四个关键机制。(3)发明家型ceo、董事长、cfo和初级高管都能推动企业创新,尽管他们的运作机制各不相同;(4)国有企业的发明人高管比非国有企业表现出更大的创新激励效应。本文提出了一种识别企业内部发明者的新方法,并进一步探讨了其对企业创新的影响。
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引用次数: 0
Beauty and the business: Facial attractiveness and entrepreneurship 美貌与商业:外貌吸引力与创业精神
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2026-01-19 DOI: 10.1016/j.chieco.2026.102666
Jia Guo , Yijie Min , Ben Zhe Wang , Zhiming Cheng
We examine the relationship between facial attractiveness and entrepreneurship in China using survey data from the China Family Panel Studies (CFPS). To address the endogeneity of attractiveness, we employ an instrumental variable (IV) strategy. The estimates show that a one-standard-deviation increase in interviewer-assessed attractiveness raises the probability of becoming an entrepreneur by 4.6 percentage points. The findings are robust to a battery of robustness checks. Mechanism analyses indicate that attractiveness facilitates entrepreneurship by enhancing entrepreneurial skills, easing access to finance, and increasing risk preference. The effect is stronger among individuals with lower human capital or those facing tighter institutional constraints. Furthermore, we find that attractiveness leads to better business outcomes, including being an employer entrepreneur and earning higher business profits.
我们使用来自中国家庭小组研究(CFPS)的调查数据来检验中国面孔吸引力与创业之间的关系。为了解决吸引力的内生性,我们采用了工具变量(IV)策略。估计表明,面试官评估的吸引力每增加一个标准差,成为企业家的可能性就会提高4.6个百分点。通过一系列稳健性检查,这些发现是稳健性的。机制分析表明,吸引力通过提高创业技能、放宽融资渠道和增加风险偏好来促进创业。这种效应在人力资本较低或面临更严格制度约束的个人中更为明显。此外,我们发现吸引力导致更好的商业成果,包括成为雇主企业家和获得更高的商业利润。
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引用次数: 0
Information, pollution, and cognition: The impact of air pollution disclosure on aging minds 信息、污染与认知:空气污染信息披露对老龄化心理的影响
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2026-01-14 DOI: 10.1016/j.chieco.2026.102664
Shaohui Wu , Ge Yin , Xin Zhang
This study is among the first to examine the impact of a pollution information disclosure (PID) program on the cognitive abilities of middle-aged and elderly individuals in a developing country. Leveraging China's rollout of PID as a quasi-natural experiment and using nationally representative survey data, we find that the adoption of PID mitigates the adverse effect of PM2.5 exposure on cognitive performance by 53.01%. This effect is enhanced by increased awareness of pollution risks and changes in health-related behaviors. Moreover, the impact is more pronounced among men, younger individuals, those with higher levels of education and income, internet users, and individuals living with their children.
这项研究是第一个研究污染信息披露(PID)计划对发展中国家中老年人认知能力影响的研究之一。利用中国推出的PID作为准自然实验,并使用具有全国代表性的调查数据,我们发现采用PID可将PM2.5暴露对认知表现的不利影响减轻53.01%。对污染风险认识的提高和与健康有关的行为的改变加强了这种影响。此外,这种影响在男性、年轻人、受教育程度和收入水平较高的人、互联网用户以及与子女同住的人身上更为明显。
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引用次数: 0
FDI In, SOE Out: Understanding the reallocation effects of FDI liberalization in China 外商直接投资进入,国有企业退出:了解中国外商直接投资自由化的再配置效应
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2026-01-12 DOI: 10.1016/j.chieco.2026.102651
Wei Tang , Yuan Wang , Haiqi Wei
This paper investigates the impact of FDI liberalization on allocative efficiency in host countries. Using China’s 2002 FDI deregulation as a policy experiment, we show that growth impacts of FDI in a policy-distorted economy is primarily driven by between-firm resource reallocation rather than within-firm productivity improvements. Domestic firms with higher pre-reform marginal revenue products of capital (MRPK) receive greater capital inflows and exhibit subsequent declines in MRPK. We emphasize the role of FDI reform in reducing ownership-related distortions: it accelerated the exit of state capital. These results highlight that the pro-competitive effects of openness policies can act as external catalysts to mitigate domestic policy-induced distortions.
本文研究FDI自由化对东道国配置效率的影响。本文以2002年中国对外直接投资放松管制为政策实验,表明在政策扭曲的经济体中,对外直接投资的增长影响主要是由企业间资源再配置驱动的,而不是由企业内部生产率的提高驱动的。改革前资本边际收益产品(MRPK)较高的国内企业获得更多的资本流入,并表现出随后的MRPK下降。我们强调外国直接投资改革在减少与所有权相关的扭曲方面的作用:它加速了国有资本的退出。这些结果表明,开放政策的促进竞争效应可以作为缓解国内政策引起的扭曲的外部催化剂。
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引用次数: 0
Fintech adoption and skill demand of financial institutions 金融机构对金融科技的采用和技能需求
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2026-01-12 DOI: 10.1016/j.chieco.2026.102660
Shuang-Xuan Sun , Chun-Yu Ho , Xi Zhu
This study examines how financial institutions adjust their skill demand when their customers increasingly adopt financial technology (fintech). By utilizing approximately 1 million job vacancies from financial institutions, including banks, insurers, securities brokerages and investment companies, in China from 2014 to 2022, we find that financial institutions increase their demand and wage premiums for information and communication technology (ICT) skills when more of their customers adopt fintech. Specifically, we instrument customer adoption of fintech with a Bartik-style instrumental variable (IV) utilizing the variation in distance between customers and the fintech hub in China. Further, banks and state-owned financial institutions are the least responsive in their demand for ICT skills to customer adoption of fintech, which suggests that market competition may play a role in driving the skill demand of financial institutions. Finally, we do not find that artificial intelligence (AI) skill demand responds to customers' adoption of fintech.
本研究探讨了当客户越来越多地采用金融科技(fintech)时,金融机构如何调整其技能需求。通过对2014年至2022年中国金融机构(包括银行、保险公司、证券经纪公司和投资公司)约100万个职位空缺的分析,我们发现,随着越来越多的客户采用金融科技,金融机构对信息通信技术(ICT)技能的需求和工资溢价也会增加。具体而言,我们利用客户与中国金融科技中心之间距离的变化,使用bartik式工具变量(IV)来衡量客户对金融科技的接受程度。此外,银行和国有金融机构对ICT技能的需求对客户采用金融科技的反应最小,这表明市场竞争可能在推动金融机构的技能需求方面发挥作用。最后,我们没有发现人工智能(AI)技能需求与客户对金融科技的采用有关。
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引用次数: 0
The impact of bank internationalization on the efficiency of Chinese outward foreign direct investment 银行国际化对中国对外直接投资效率的影响
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2026-01-03 DOI: 10.1016/j.chieco.2025.102648
Xingjian Zhang , Yi Zhang , Yingjie Fu , Feichi Lu
This study examines the impact of bank internationalization on the efficiency of outward foreign direct investment (OFDI). Using a large dataset of OFDI for 1035 Chinese firms across 136 host economies from 2013 to 2023, we find that the presence of Chinese banks in a host economy significantly improves Chinese firms’ investment efficiency there. This finding is robust to addressing endogeneity with instrumental variables and a series of robustness checks. Mechanism analysis identifies two channels: the credit channel, which lowers borrowing costs and improves loan utilization efficiency, and the information channel, which reduces institutional unfamiliarity and mitigates discrimination. Moreover, its impact varies with host economy characteristics, banking service features, and firm-specific factors. These findings provide important policy insights for emerging economies, highlighting the need to promote greater banking internationalization to improve the global competitiveness of their multinational firms.
本研究探讨银行国际化对对外直接投资效率的影响。利用2013 - 2023年136个东道国经济体1035家中国企业对外直接投资的大型数据集,我们发现中资银行在东道国的存在显著提高了中国企业在当地的投资效率。这一发现是稳健的解决内生性与工具变量和一系列稳健性检查。机制分析确定了两个渠道:信贷渠道,它降低了借贷成本,提高了贷款利用效率;信息渠道,它减少了制度不熟悉度,减轻了歧视。此外,其影响因东道国经济特征、银行服务特征和企业特定因素而异。这些发现为新兴经济体提供了重要的政策见解,强调了促进银行业国际化以提高跨国公司全球竞争力的必要性。
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引用次数: 0
Government linked companies (GLCs) and public private partnership (PPP) in the water sector in China: Political connection, utility performance and service quality 中国水务部门的政府关联公司(GLCs)和公私合作伙伴关系(PPP):政治关系、公用事业绩效和服务质量
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2026-01-02 DOI: 10.1016/j.chieco.2025.102650
Xiaoting Zheng , Jiayu Wen , Xun Wu
Public–Private Partnerships (PPPs) in essential infrastructure face persistent tensions between commercial viability and public service obligations, leading to widespread challenges in implementation and sustainability. In contrast, Government-Linked Companies (GLCs)—corporations with significant state ownership operating under market principles—have emerged as alternative social capital participants within China's PPP framework, offering a hybrid approach that combines state backing with market-based operations. This study applies principal–agent theory and analyzes a panel dataset of Chinese water utilities for 2000–2016 to assess how a GLC-involved hybrid governance structure influences financial and operational performance. The findings indicate that GLC involvement significantly enhances financial outcomes, increasing revenue by 9.2 % and profit by 98.6 %, while improving operational efficiency through strategic workforce management. These effects are particularly pronounced in regions with annual precipitation below 800 mm and in provinces with higher marketization indices, suggesting that GLCs are most effective where market institutions are stronger. By demonstrating how GLCs mitigate the governance challenges that have hindered traditional PPPs, this study highlights their potential as a sustainable infrastructure model that balances financial sustainability with public service commitments.
关键基础设施领域的公私伙伴关系(ppp)面临着商业可行性与公共服务义务之间的长期紧张关系,导致在实施和可持续性方面面临广泛挑战。相比之下,政府关联公司(glc)——在市场原则下运营的国有企业——已经成为中国PPP框架内的另一种社会资本参与者,提供了一种将国家支持与市场运作相结合的混合方式。本研究运用委托代理理论,分析了2000-2016年中国水务公司的面板数据集,以评估涉及glc的混合治理结构如何影响财务和运营绩效。研究结果表明,GLC的参与显著提高了财务结果,收入增加了9.2%,利润增加了98.6%,同时通过战略性劳动力管理提高了运营效率。这些影响在年降水量低于800毫米的地区和市场化指数较高的省份尤为明显,这表明在市场制度较强的地方,全球碳契约最有效。通过展示glc如何缓解阻碍传统公私合作的治理挑战,本研究强调了它们作为平衡财务可持续性与公共服务承诺的可持续基础设施模式的潜力。
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引用次数: 0
China's urban agglomerations: Surging from industrial-led to innovation-driven 中国城市群:从工业主导型向创新主导型发展
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2026-01-01 DOI: 10.1016/j.chieco.2025.102449
Jie Tang , Huiwen Li
This special issue adopts a multidisciplinary lens to examine the rapid transition of China's urban development from traditional industrial agglomeration to innovation convergence. Integrating New Economic Geography theory, spatial economics insights, and policy case studies, it offers a comprehensive overview of China's innovation-driven urbanization. The collection highlights how market-based price mechanisms, targeted government interventions, and cross-regional knowledge spillovers jointly shape emerging innovation clusters. It also surveys theoretical frontiers in the “age of innovation,” including the enduring role of geographic distance, the impacts of heterogeneity and complexity, the integration of endogenous growth frameworks, and the micro-mechanisms of knowledge creation and diffusion. Finally, the issue previews empirical contributions that analyze urban innovation patterns, cross-boundary collaboration, infrastructure-enabled division of labor, and the pressing challenges of equity, sustainability, and methodological development in the study of industrial clusters and urbanization.
本期特刊以多学科视角审视中国城市发展从传统产业集聚到创新融合的快速转变。本书整合了新经济地理学理论、空间经济学见解和政策案例研究,对中国创新驱动型城市化进行了全面概述。该文集强调了基于市场的价格机制、有针对性的政府干预和跨区域知识溢出如何共同塑造新兴的创新集群。它还考察了“创新时代”的理论前沿,包括地理距离的持久作用、异质性和复杂性的影响、内生增长框架的整合以及知识创造和扩散的微观机制。最后,本文对城市创新模式、跨界合作、基础设施驱动的劳动分工以及产业集群与城市化研究中公平性、可持续性和方法发展等紧迫挑战的实证贡献进行了展望。
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引用次数: 0
Waterway infrastructure, shipping endowment and regional economic geography: Evidence from the operation of the three gorges dam 水路基础设施、航运禀赋与区域经济地理——来自三峡大坝运行的证据
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2026-01-01 DOI: 10.1016/j.chieco.2025.102642
Yuanbo Liang , Jingyang Fu , Xiao Teng , Xi Qu
This study contributes to the literature on infrastructure and economic geography by exploring how improved shipping conditions influence regional development. Using a unique township-level dataset and leveraging the operation of the Three Gorges Dam (TGD) as a natural experiment, we show that enhanced waterborne transportation significantly promotes economic growth in port areas along the riverbanks. Mechanism analysis reveals that the TGD increased total freight volume by shifting freight composition toward waterborne transport, which induced water-transport-oriented industrial growth and generated larger gains for ports that initially had worse shipping conditions. Extension analysis shows that the regional economic hierarchy has strengthened after the operation of the TGD, suggesting that the reorganization of regional economic geography is likely associated with improvements in shipping endowments.
本研究通过探索改善航运条件如何影响区域发展,为基础设施和经济地理学的文献做出了贡献。利用独特的乡镇级数据集,并利用三峡大坝(TGD)的运行作为自然实验,我们表明,加强水运显著促进了沿江港口地区的经济增长。机制分析表明,三峡工程通过将货运构成向水运转移而增加了总货运量,从而促进了以水运为导向的工业增长,并为最初航运条件较差的港口带来了更大的收益。可拓分析表明,三峡库区运行后,区域经济层级增强,表明区域经济地理的重组可能与航运禀赋的提高有关。
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引用次数: 0
Can board ESG oversight promote corporate international expansion? Evidence from Chinese manufacturing firms 董事会ESG监督能否促进企业的国际扩张?来自中国制造企业的证据
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2026-01-01 DOI: 10.1016/j.chieco.2025.102639
Qilin Cao , Muxing Li , Wenke Wang , Xiaoke Wu
China's Company Law amendment emphasizes boards' fiduciary responsibilities and mandates corporate social responsibility, thereby positioning boards as the primary entities responsible for corporate ESG governance and establishing their oversight obligations. Utilizing data from Chinese A-share listed manufacturing companies between 2012 and 2023, this paper employs the entropy weighting method to construct an indicator system for measuring board ESG oversight. Based on this system, the empirical analysis reveals that robust board ESG oversight significantly facilitates corporate international expansion. The mitigation of financing constraints and the enhancement of supply chain resilience are identified as key mediating channels. Furthermore, green technology innovation, media attention, and government subsidies are found to exert significant positive moderating effects on the relationship. Heterogeneity analysis indicates that the aforementioned facilitating effect is more pronounced in non-state-owned enterprises, firms in regions with better legal environments, and those in provinces designated under the Belt and Road Initiative. Additionally, significant changes in this promoting effect were observed around the amendment of the Company Law and the onset of the Sino-US trade friction. This study provides important evidence for understanding the theoretical implications of board ESG oversight and its role in promoting corporate international expansion, while also yielding key insights for the enhancement of board governance and ESG practices.
中国《公司法》修正案强调董事会的受托责任,并赋予企业社会责任,从而将董事会定位为公司ESG治理的首要责任主体,确立了董事会的监督义务。本文利用2012 - 2023年中国a股制造业上市公司的数据,运用熵权法构建了衡量董事会ESG监督的指标体系。基于这一体系的实证分析表明,稳健的董事会ESG监督对企业国际化扩张具有显著的促进作用。缓解融资约束和增强供应链弹性被确定为关键的中介渠道。此外,绿色技术创新、媒体关注度和政府补贴对二者之间的关系具有显著的正向调节作用。异质性分析表明,上述促进效应在非国有企业、法治环境较好的地区企业和“一带一路”省份企业中更为明显。此外,在公司法修订和中美贸易摩擦开始前后,这种促进作用发生了显著变化。本研究为理解董事会ESG监督的理论含义及其在促进公司国际扩张中的作用提供了重要证据,同时也为加强董事会治理和ESG实践提供了关键见解。
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引用次数: 0
期刊
中国经济评论
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