Pub Date : 2024-10-09DOI: 10.1016/j.chieco.2024.102290
Yefeng Chen , Yuli Ding , Lei Mao , Yiwen Pan , Xue Wang
Previous research has found the contagion effect in corruption, nevertheless the mechanisms underlying the contamination of corruption remain unexplored. In this paper, we varied different kinds of information relevant to corruption, which are the number(breadth) /the size(depth) /the maximum amount of corruption, exposed to participants in a laboratory experiment to testify how the salience of different information affects participants' corruption decisions. Our results show that participants are more likely to engage in corruption and provide a higher amount after they are informed of the information of peers' corrupt behaviors. We confirm that decreasing social norms cost related to corrupt behavior, belief of increased likelihood of finding a partner to reach corruption, and conforming to peers' behaviors are the main channels.
{"title":"How corruption prevails: A laboratory experiment","authors":"Yefeng Chen , Yuli Ding , Lei Mao , Yiwen Pan , Xue Wang","doi":"10.1016/j.chieco.2024.102290","DOIUrl":"10.1016/j.chieco.2024.102290","url":null,"abstract":"<div><div>Previous research has found the contagion effect in corruption, nevertheless the mechanisms underlying the contamination of corruption remain unexplored. In this paper, we varied different kinds of information relevant to corruption, which are the number(breadth) /the size(depth) /the maximum amount of corruption, exposed to participants in a laboratory experiment to testify how the salience of different information affects participants' corruption decisions. Our results show that participants are more likely to engage in corruption and provide a higher amount after they are informed of the information of peers' corrupt behaviors. We confirm that decreasing social norms cost related to corrupt behavior, belief of increased likelihood of finding a partner to reach corruption, and conforming to peers' behaviors are the main channels.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102290"},"PeriodicalIF":5.2,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142445201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-27DOI: 10.1016/j.chieco.2024.102288
Yafei Li , Xiaoqi Dong , Jinping Sun
This paper compares the effectiveness of R&D project subsidies and government innovation rewards. Using a dataset of China's listed companies from 2008 to 2019, we investigate the associations of these two innovation grants with corporate innovation. The results indicate that both R&D project subsidy and government innovation reward can increase corporate innovation output. However, only government innovation reward can encourage private R&D investment. In addition, R&D project subsidy serves as an incentive role through the governance and financing mechanisms, whereas the government innovation reward has only a governance mechanism. Furthermore, the R&D project subsidy has a relatively poor impact on large firms and state-owned enterprises (SOEs), whereas the government innovation reward can still motivate their innovation. This study contributes to the expanding body of literature by providing diverse evidence of innovation grants from the perspective of the government subsidizing stage.
{"title":"R&D project subsidy V.S. government innovation reward: The effectiveness on corporate innovation","authors":"Yafei Li , Xiaoqi Dong , Jinping Sun","doi":"10.1016/j.chieco.2024.102288","DOIUrl":"10.1016/j.chieco.2024.102288","url":null,"abstract":"<div><div>This paper compares the effectiveness of R&D project subsidies and government innovation rewards. Using a dataset of China's listed companies from 2008 to 2019, we investigate the associations of these two innovation grants with corporate innovation. The results indicate that both R&D project subsidy and government innovation reward can increase corporate innovation output. However, only government innovation reward can encourage private R&D investment. In addition, R&D project subsidy serves as an incentive role through the governance and financing mechanisms, whereas the government innovation reward has only a governance mechanism. Furthermore, the R&D project subsidy has a relatively poor impact on large firms and state-owned enterprises (SOEs), whereas the government innovation reward can still motivate their innovation. This study contributes to the expanding body of literature by providing diverse evidence of innovation grants from the perspective of the government subsidizing stage.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102288"},"PeriodicalIF":5.2,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-27DOI: 10.1016/j.chieco.2024.102289
Xuan Li , Yanchen Wang
Political connections have the potential to redistribute rents toward connected firms, and away from non-connected ones. In this paper, we show that this is indeed the case for Chinese listed firms during 2008–2015. Connected firms (as proxied by college ties between senior management and local leaders) have higher Return on Assets (ROA) and more government subsidies, while non-connected firms experience a significant decline in both ROA and subsidy when executive turnover or political rotation leads to the creation of connected firms in the city. The differential effects on non-connected firms within the same industry versus those in different industries suggest that non-connected firms outside the industry are more adversely affected due to leaders' attempts to mask favoritism with broad industrial policy.
{"title":"The effect of political connections on the distribution of firm performance","authors":"Xuan Li , Yanchen Wang","doi":"10.1016/j.chieco.2024.102289","DOIUrl":"10.1016/j.chieco.2024.102289","url":null,"abstract":"<div><div>Political connections have the potential to redistribute rents toward connected firms, and away from non-connected ones. In this paper, we show that this is indeed the case for Chinese listed firms during 2008–2015. Connected firms (as proxied by college ties between senior management and local leaders) have higher Return on Assets (ROA) and more government subsidies, while non-connected firms experience a significant decline in both ROA and subsidy when executive turnover or political rotation leads to the creation of connected firms in the city. The differential effects on non-connected firms within the same industry versus those in different industries suggest that non-connected firms outside the industry are more adversely affected due to leaders' attempts to mask favoritism with broad industrial policy.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102289"},"PeriodicalIF":5.2,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-27DOI: 10.1016/j.chieco.2024.102287
Xinjian Ye , Mingyong Lai , Hao Xiao , Dinggen Zhou
This paper examines the impact of risk shocks in Africa on the stability of Chinese firms' export relationships by analyzing risk fluctuations and using survival analysis to measure their effect. The findings reveal that risk shocks significantly increase the survival risk of Chinese firms' export relationships, leading to a notable reduction in stability. Private and non-foreign firms are more vulnerable to these risks, but certain market strategies such as learning-by-doing, learning from neighboring firms, and waiting strategies can effectively mitigate their adverse effects on export stability. Our findings indicate that certain market strategies, such as learning-by-doing, learning from neighboring firms, and waiting strategies, can effectively mitigate the adverse effects of risk shocks on export stability. Interestingly, a nonlinear marginal effect is observed in the case of the waiting-timing strategy. However, adopting a multi-destination strategy tends to worsen the negative impact of risk shocks on export stability, especially for private firms. Furthermore, non-market strategies employed by firms that promote government diplomatic behavior help reduce this negative impact.
{"title":"Waves or ripples: African countries risk shocks and the survival of Chinese exports to Africa","authors":"Xinjian Ye , Mingyong Lai , Hao Xiao , Dinggen Zhou","doi":"10.1016/j.chieco.2024.102287","DOIUrl":"10.1016/j.chieco.2024.102287","url":null,"abstract":"<div><div>This paper examines the impact of risk shocks in Africa on the stability of Chinese firms' export relationships by analyzing risk fluctuations and using survival analysis to measure their effect. The findings reveal that risk shocks significantly increase the survival risk of Chinese firms' export relationships, leading to a notable reduction in stability. Private and non-foreign firms are more vulnerable to these risks, but certain market strategies such as learning-by-doing, learning from neighboring firms, and waiting strategies can effectively mitigate their adverse effects on export stability. Our findings indicate that certain market strategies, such as learning-by-doing, learning from neighboring firms, and waiting strategies, can effectively mitigate the adverse effects of risk shocks on export stability. Interestingly, a nonlinear marginal effect is observed in the case of the waiting-timing strategy. However, adopting a multi-destination strategy tends to worsen the negative impact of risk shocks on export stability, especially for private firms. Furthermore, non-market strategies employed by firms that promote government diplomatic behavior help reduce this negative impact.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102287"},"PeriodicalIF":5.2,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-23DOI: 10.1016/j.chieco.2024.102286
Geran Tian , Changlun Jin , Weixing Wu
The aging of the population is a major phenomenon around the world, and it is of paramount importance to understand the economic behaviors of the elderly. By analyzing a proprietary account-level dataset from a major tech company in China, we attempt to clarify the consumption patterns of the elderly and establish several stylized facts. First, we observe a smooth decrease in consumption since the age of 40, instead of a structural reduction at any age. Second, the composition of consumption varies significantly among cohorts. The elderly spend significantly less on appearance-related categories and entertainment but not on dining, which contradicts the popular argument that food expenditure is substituted by home production (i.e. cooking at home). Third, the elderly is less likely to use consumer credit than the younger generations but the elderly that already become consumer credit users exhibit usage patterns not significantly different from the young. Lastly, with the COVID-19 pandemic, the elderly increase their medical and health expenditures but reduce total consumption. We discuss the plausible reasons why some of our findings are in contrast with the existing literature.
{"title":"Too old to spend? Understanding the consumption of the elderly in China","authors":"Geran Tian , Changlun Jin , Weixing Wu","doi":"10.1016/j.chieco.2024.102286","DOIUrl":"10.1016/j.chieco.2024.102286","url":null,"abstract":"<div><div>The aging of the population is a major phenomenon around the world, and it is of paramount importance to understand the economic behaviors of the elderly. By analyzing a proprietary account-level dataset from a major tech company in China, we attempt to clarify the consumption patterns of the elderly and establish several stylized facts. First, we observe a smooth decrease in consumption since the age of 40, instead of a structural reduction at any age. Second, the composition of consumption varies significantly among cohorts. The elderly spend significantly less on appearance-related categories and entertainment but not on dining, which contradicts the popular argument that food expenditure is substituted by home production (i.e. cooking at home). Third, the elderly is less likely to use consumer credit than the younger generations but the elderly that already become consumer credit users exhibit usage patterns not significantly different from the young. Lastly, with the COVID-19 pandemic, the elderly increase their medical and health expenditures but reduce total consumption. We discuss the plausible reasons why some of our findings are in contrast with the existing literature.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102286"},"PeriodicalIF":5.2,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142324009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-22DOI: 10.1016/j.chieco.2024.102245
Changyuan Luo , Zhitao Chen
This paper investigates why China has invested heavily in countries with weak market environments. We provide a theoretical hypothesis that experiences and abilities acquired by Chinese enterprises in dealing with incomplete market environments at home help them conduct investment abroad. We match many databases and use government work experience of executives to capture the enterprise's experiences and abilities. The results show that the government work experience of executives helps enterprises overcome the constraints of unfavorable market environments in the destination country, and this effect is strongly reflected in host countries where resources are scarce, wages are low, and patent stocks are limited. These research findings have important implications for economic cooperation between China and Africa. Chinese enterprises have grown in an incomplete market environment. The experience they have accumulated is helpful for expanding investment opportunities in the African market, which has a positive impact on bilateral economic cooperation.
{"title":"Why has China invested heavily in countries with weak market environments? A new explanation and implications for China-Africa economic cooperation","authors":"Changyuan Luo , Zhitao Chen","doi":"10.1016/j.chieco.2024.102245","DOIUrl":"10.1016/j.chieco.2024.102245","url":null,"abstract":"<div><div>This paper investigates why China has invested heavily in countries with weak market environments. We provide a theoretical hypothesis that experiences and abilities acquired by Chinese enterprises in dealing with incomplete market environments at home help them conduct investment abroad. We match many databases and use government work experience of executives to capture the enterprise's experiences and abilities. The results show that the government work experience of executives helps enterprises overcome the constraints of unfavorable market environments in the destination country, and this effect is strongly reflected in host countries where resources are scarce, wages are low, and patent stocks are limited. These research findings have important implications for economic cooperation between China and Africa. Chinese enterprises have grown in an incomplete market environment. The experience they have accumulated is helpful for expanding investment opportunities in the African market, which has a positive impact on bilateral economic cooperation.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102245"},"PeriodicalIF":5.2,"publicationDate":"2024-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142324010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Belt and Road Initiative (BRI), a global development strategy proposed by China, has received extensive attention from researchers in the field of international trade and development economics. However, little is known about the BRI's effect on bilateral agricultural trade. This paper quantifies the effect of BRI on global agricultural trade, especially between China and BRI participating countries, based on structural gravity models and the General Equilibrium Poisson Pseudo Maximum Likelihood (GEPPML) method. Our results show that BRI has a significant and positive impact on global agricultural trade. BRI not only improves the agricultural trade between China and its BRI partners but also stimulates agricultural trade between BRI participating and non-participating countries, indicating a pure trade creation effect. We find the heterogeneous effect of BRI in participating countries regarding per capita income, showing an increase in agricultural exports from China to non-high-income BRI countries but a reduction in exports from China to high-income BRI countries. It highlights the importance of considering specific economic status when formulating trade agreements with trade partners. We find the significant positive impact of BRI on welfare gains, particularly for consumers in China and producers in BRI participating countries. Meanwhile, BRI leads to a reallocation of China's agricultural imports away from the United States and Brazil towards neighboring BRI participating countries.
{"title":"Who gains, who loses? – The impact of the belt and road initiative on bilateral agricultural trade","authors":"Yongzhi Zhao , Changjing Ji , Yangfen Chen , Xueqin Zhu","doi":"10.1016/j.chieco.2024.102284","DOIUrl":"10.1016/j.chieco.2024.102284","url":null,"abstract":"<div><div>The Belt and Road Initiative (BRI), a global development strategy proposed by China, has received extensive attention from researchers in the field of international trade and development economics. However, little is known about the BRI's effect on bilateral agricultural trade. This paper quantifies the effect of BRI on global agricultural trade, especially between China and BRI participating countries, based on structural gravity models and the General Equilibrium Poisson Pseudo Maximum Likelihood (GEPPML) method. Our results show that BRI has a significant and positive impact on global agricultural trade. BRI not only improves the agricultural trade between China and its BRI partners but also stimulates agricultural trade between BRI participating and non-participating countries, indicating a pure trade creation effect. We find the heterogeneous effect of BRI in participating countries regarding per capita income, showing an increase in agricultural exports from China to non-high-income BRI countries but a reduction in exports from China to high-income BRI countries. It highlights the importance of considering specific economic status when formulating trade agreements with trade partners. We find the significant positive impact of BRI on welfare gains, particularly for consumers in China and producers in BRI participating countries. Meanwhile, BRI leads to a reallocation of China's agricultural imports away from the United States and Brazil towards neighboring BRI participating countries.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102284"},"PeriodicalIF":5.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142318667","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-18DOI: 10.1016/j.chieco.2024.102285
Yang Yang , Pundarik Mukhopadhaya , Zhuangxiong Yu
This paper develops a theoretical framework to examine the influence of enterprise digitalization on corporate carbon emissions. Then it empirically measures the extent of digitalization in Chinese enterprises through their share of intermediate inputs to their value added from information and communication technologies. Data from the China Enterprise Tax Surveys and Inter-Country Input-Output Tables from 2007 to 2016 are used for the empirical analysis. It is noted that digitalization in enterprise manufacturing leads to an increase in corporate carbon emissions (CCE). The impact from the service sector, however, is not significant. The exacerbation of CCE is observed primarily among low-leverage enterprises, downstream industries, and firms located in relatively lower-income regions. In accordance with the theoretical model, it is observed that enterprise digitalization intensifies CCE by crowding out investment in environmentally friendly green production and by altering production patterns towards mass production. However, an efficient market mechanism effectively mitigates this exacerbation effect. The findings reveal the misalignment of enterprise digitalization transformation modes with long-term “low carbon” objectives, thereby exposing the need for appropriate policy interventions.
{"title":"How does enterprise digitalization affect corporate carbon emission in China: A firm-level study","authors":"Yang Yang , Pundarik Mukhopadhaya , Zhuangxiong Yu","doi":"10.1016/j.chieco.2024.102285","DOIUrl":"10.1016/j.chieco.2024.102285","url":null,"abstract":"<div><p>This paper develops a theoretical framework to examine the influence of enterprise digitalization on corporate carbon emissions. Then it empirically measures the extent of digitalization in Chinese enterprises through their share of intermediate inputs to their value added from information and communication technologies. Data from the China Enterprise Tax Surveys and Inter-Country Input-Output Tables from 2007 to 2016 are used for the empirical analysis. It is noted that digitalization in enterprise manufacturing leads to an increase in corporate carbon emissions (CCE). The impact from the service sector, however, is not significant. The exacerbation of CCE is observed primarily among low-leverage enterprises, downstream industries, and firms located in relatively lower-income regions. In accordance with the theoretical model, it is observed that enterprise digitalization intensifies CCE by crowding out investment in environmentally friendly green production and by altering production patterns towards mass production. However, an efficient market mechanism effectively mitigates this exacerbation effect. The findings reveal the misalignment of enterprise digitalization transformation modes with long-term “low carbon” objectives, thereby exposing the need for appropriate policy interventions.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102285"},"PeriodicalIF":5.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271956","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-18DOI: 10.1016/j.chieco.2024.102283
Lingguo Cheng, Yunfeng Lu
This study aims to estimate the age profile of risk attitudes in China while addressing the age-period-cohort (APC) identification problem. Using a nationally representative longitudinal household survey dataset from 2011 to 2019, we tackle the identification problem by proxying for the period effect with a variable that affects risk attitudes across periods while controlling for age and birth cohorts. We find that people’s willingness to take risks decreases almost linearly from early adulthood to old age in China. Heterogeneity analyses across demographic or socioeconomic groups reveal that the negative age pattern holds for all subgroups, though the rates of decline vary considerably across groups. In general, the age profile of risk attitudes in China aligns with the findings in Western countries while demonstrating a considerable discrepancy in the slope size.
{"title":"Risk attitudes across the life course: Evidence from China","authors":"Lingguo Cheng, Yunfeng Lu","doi":"10.1016/j.chieco.2024.102283","DOIUrl":"10.1016/j.chieco.2024.102283","url":null,"abstract":"<div><div>This study aims to estimate the age profile of risk attitudes in China while addressing the age-period-cohort (APC) identification problem. Using a nationally representative longitudinal household survey dataset from 2011 to 2019, we tackle the identification problem by proxying for the period effect with a variable that affects risk attitudes across periods while controlling for age and birth cohorts. We find that people’s willingness to take risks decreases almost linearly from early adulthood to old age in China. Heterogeneity analyses across demographic or socioeconomic groups reveal that the negative age pattern holds for all subgroups, though the rates of decline vary considerably across groups. In general, the age profile of risk attitudes in China aligns with the findings in Western countries while demonstrating a considerable discrepancy in the slope size.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102283"},"PeriodicalIF":5.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-11DOI: 10.1016/j.chieco.2024.102280
Jia Guo , Zhiming Cheng , Ben Zhe Wang
We examine the relationship between Internet development and entrepreneurship in China, using survey data from the China Family Panel Studies on individual entrepreneurship and administrative data on new firm registration. Employing instrumental variable (IV) and difference-in-differences (DID) approaches to address the endogeneity of Internet development, we find that Internet development increases the likelihood of individual entrepreneurship and the number of new firm registrations. Our IV model suggests that a one standard deviation increase in the Internet development index increases the likelihood of becoming an entrepreneur by 0.588 standard deviations. Our DID model finds that the Broadband China Program – the inaugural national broadband infrastructure initiative – increases annual new firm registrations by 14,358 in the selected prefectures. These results are robust to a battery of robustness checks. We find that improved access to information and finance are the key mechanisms through which Internet development affects entrepreneurship.
我们利用中国家庭面板研究（China Family Panel Studies）关于个人创业的调查数据和新公司注册的行政数据，研究了中国互联网发展与创业之间的关系。通过使用工具变量（IV）和差分法（DID）来解决互联网发展的内生性问题，我们发现互联网发展会增加个人创业的可能性和新公司注册的数量。我们的 IV 模型表明，互联网发展指数每增加一个标准差，创业的可能性就会增加 0.588 个标准差。我们的 DID 模型发现，"宽带中国计划"--首创的国家宽带基础设施倡议--使选定县市的新公司注册数量每年增加 14 358 家。这些结果在一系列稳健性检验中都是稳健的。我们发现，改善信息和融资渠道是互联网发展影响创业的关键机制。
{"title":"Internet development and entrepreneurship","authors":"Jia Guo , Zhiming Cheng , Ben Zhe Wang","doi":"10.1016/j.chieco.2024.102280","DOIUrl":"10.1016/j.chieco.2024.102280","url":null,"abstract":"<div><div>We examine the relationship between Internet development and entrepreneurship in China, using survey data from the China Family Panel Studies on individual entrepreneurship and administrative data on new firm registration. Employing instrumental variable (IV) and difference-in-differences (DID) approaches to address the endogeneity of Internet development, we find that Internet development increases the likelihood of individual entrepreneurship and the number of new firm registrations. Our IV model suggests that a one standard deviation increase in the Internet development index increases the likelihood of becoming an entrepreneur by 0.588 standard deviations. Our DID model finds that the Broadband China Program – the inaugural national broadband infrastructure initiative – increases annual new firm registrations by 14,358 in the selected prefectures. These results are robust to a battery of robustness checks. We find that improved access to information and finance are the key mechanisms through which Internet development affects entrepreneurship.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102280"},"PeriodicalIF":5.2,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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