中国经济评论最新文献

英文中文

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

中国经济评论

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。

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

中国经济评论

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。

{"title":"Government linked companies (GLCs) and public private partnership (PPP) in the water sector in China: Political connection, utility performance and service quality","authors":"Xiaoting Zheng , Jiayu Wen , Xun Wu","doi":"10.1016/j.chieco.2025.102650","DOIUrl":"10.1016/j.chieco.2025.102650","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"96 ","pages":"Article 102650"},"PeriodicalIF":5.5,"publicationDate":"2026-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145941250","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}

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

中国经济评论

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。

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

中国经济评论

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。

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

中国经济评论

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。

{"title":"Can board ESG oversight promote corporate international expansion? Evidence from Chinese manufacturing firms","authors":"Qilin Cao , Muxing Li , Wenke Wang , Xiaoke Wu","doi":"10.1016/j.chieco.2025.102639","DOIUrl":"10.1016/j.chieco.2025.102639","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"95 ","pages":"Article 102639"},"PeriodicalIF":5.5,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884456","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}

引用次数: 0

Air pollution, technology seeking and firms' cross-border M&A 空气污染、技术寻求与企业跨国并购

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 DOI: 10.1016/j.chieco.2025.102646

Shiyi Chen , Wenjie Liu , Huanhuan Wang

Motivated by China's broad air pollution and increasing outward investment during the 2010s, we establish that air pollution exposure with its labor erosion drives capital reallocation through outward M&A. We develop a theoretical framework proving that exposure increases outward M&A probability, with a higher technology seeking motive for advanced economies. Leveraging granular PM2.5 data and listed company records, we identify robust exposure effects at both broad and hyperlocal metrics validated by IV and spatial gradients. Crucially, pollution-exposed firms target developed economies for IP and green technologies, generate post-M&A foreign patents, and show amplified responses in labor-intensive sectors and asset-targeted transactions. Our findings reposition environmental constraints as catalysts for globalization through adaptive knowledge acquisition.

在2010年代中国广泛的空气污染和不断增加的对外投资的激励下，我们建立了空气污染暴露及其劳动力侵蚀通过对外并购驱动资本再配置。我们建立了一个理论框架，证明敞口增加了向外的M&； a概率，发达经济体具有更高的技术寻求动机。利用颗粒PM2.5数据和上市公司记录，我们确定了通过IV和空间梯度验证的广泛和超局部度量的稳健暴露效应。至关重要的是，污染企业以发达经济体为目标获取知识产权和绿色技术，产生并购后的外国专利，并在劳动密集型行业和资产导向型交易中表现出放大的反应。我们的研究结果通过适应性知识获取将环境约束重新定位为全球化的催化剂。

引用次数: 0

Patent quality and patentability requirements: Evidence from the third amendment to the Chinese Patent Law 专利质量与可专利性要求：来自中国专利法第三次修改的证据

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 DOI: 10.1016/j.chieco.2025.102643

Teng Huang , Cheryl Xiaoning Long

This paper provides novel empirical evidence that stricter patentability requirements improve patent quality based on a quasi-natural experiment-the third amendment to the Chinese Patent Law. The results from difference-in-differences estimation show invention patents meeting absolute novelty are more likely to be cited internationally, renewed, and invalidated less frequently than those with relative novelty. We identify three specific mechanisms through which the stricter patentability requirement exerts its impact on patent quality, including the screening-out effect, where stricter patent approval standards weed out low-quality applications during substantive examination, the self-selection effect, where stricter patentability requirements motivate applicants to select higher-quality inventions in response to the lower probability of patent approval, and the foreign-inflow effect, where the higher standards create more effective patent protection, which attracts more overseas applicants and higher-quality overseas technologies. These findings support the relationship between patentability standards and quality and have implications for patent law reforms in developing countries.

本文基于准自然实验——中国专利法第三次修改，提供了更严格的可专利性要求提高专利质量的新经验证据。差中差估计的结果表明，满足绝对新颖性的发明专利比具有相对新颖性的发明专利更有可能在国际上被引用、更新和无效。我们确定了更严格的可专利性要求对专利质量产生影响的三种具体机制，包括筛选效应，即更严格的专利审批标准在实质审查过程中淘汰了低质量的申请；自我选择效应，即更严格的可专利性要求激励申请人选择更高质量的发明，以应对专利批准的低概率；以及外国流入效应。更高的标准创造了更有效的专利保护，从而吸引了更多的海外申请人和更高质量的海外技术。这些发现支持可专利性标准与质量之间的关系，并对发展中国家的专利法改革具有启示意义。

{"title":"Patent quality and patentability requirements: Evidence from the third amendment to the Chinese Patent Law","authors":"Teng Huang , Cheryl Xiaoning Long","doi":"10.1016/j.chieco.2025.102643","DOIUrl":"10.1016/j.chieco.2025.102643","url":null,"abstract":"<div><div>This paper provides novel empirical evidence that stricter patentability requirements improve patent quality based on a quasi-natural experiment-the third amendment to the Chinese Patent Law. The results from difference-in-differences estimation show invention patents meeting absolute novelty are more likely to be cited internationally, renewed, and invalidated less frequently than those with relative novelty. We identify three specific mechanisms through which the stricter patentability requirement exerts its impact on patent quality, including the screening-out effect, where stricter patent approval standards weed out low-quality applications during substantive examination, the self-selection effect, where stricter patentability requirements motivate applicants to select higher-quality inventions in response to the lower probability of patent approval, and the foreign-inflow effect, where the higher standards create more effective patent protection, which attracts more overseas applicants and higher-quality overseas technologies. These findings support the relationship between patentability standards and quality and have implications for patent law reforms in developing countries.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"95 ","pages":"Article 102643"},"PeriodicalIF":5.5,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884415","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}

引用次数: 0

Why do Chinese SMEs avoid formal employment? Political connections and unequal access to formalization benefits1 中国中小企业为何回避正式就业？政治关系和获得正规化利益的不平等机会

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 DOI: 10.1016/j.chieco.2025.102638

Ruochen Dai , Yue Feng , Chengfang Liu , Langrui Li , Lina Zhang , Ketong Zhu

Employment formalization among small and medium-sized enterprises (SMEs) remains low in developing countries, which weakens job security and social protection. Despite policy efforts, many SMEs evade social insurance obligations, raising concerns about labor rights and economic stability. Using data on 2664 SMEs in the 2018 Enterprise Survey for Innovation and Entrepreneurship in China (ESIEC), we document that 48.4 % of SMEs provide no social insurance, while 74.6 % cover only some employees. After controlling for firm characteristics as well as city and industry fixed effects, SMEs led by politically connected entrepreneurs have a 7.1-percentage-point higher probability of providing social insurance than those without such connections. This correlation likely stems from connected entrepreneurs' preferential access to formalization benefits—including formal credit and government procurement contracts—which collectively generate a political-connection premium that incentivizes compliance with labor regulations. These findings suggest that the uneven distribution of such benefits (concentrated among politically connected firms) contributes to the overall low formalization rates in China's SME sector, as most entrepreneurs lack access to these incentives. Moreover, the political-connection premium diminishes in regions with stronger financial inclusion and lower government intervention, suggesting that an improved business environment encourages broader formalization. These findings underscore the importance of policies that decouple formalization benefits from political connections to foster more inclusive labor protection and economic stability.

在发展中国家，中小企业的就业正规化程度仍然很低，这削弱了就业保障和社会保护。尽管政策做出了努力，但许多中小企业逃避社会保险义务，引发了对劳工权利和经济稳定的担忧。根据2018年中国创新创业企业调查（ESIEC）中2664家中小企业的数据，我们发现48.4%的中小企业没有提供社会保险，而74.6%的中小企业仅为部分员工提供社会保险。在控制了企业特征以及城市和行业的固定效应后，由有政治关系的企业家领导的中小企业提供社会保险的概率比没有政治关系的企业家领导的中小企业高7.1个百分点。这种关联可能源于有关系的企业家优先获得正规化利益——包括正式信贷和政府采购合同——这共同产生了一种政治关系溢价，激励他们遵守劳动法规。这些发现表明，这些利益分配不均（集中在有政治关系的公司之间）导致了中国中小企业部门整体正规化率较低，因为大多数企业家缺乏获得这些激励的机会。此外，在金融包容性更强、政府干预更少的地区，政治关系溢价会降低，这表明改善的商业环境会鼓励更广泛的正规化。这些发现强调了将形式化利益与政治关系脱钩的政策对于促进更具包容性的劳动保护和经济稳定的重要性。

{"title":"Why do Chinese SMEs avoid formal employment? Political connections and unequal access to formalization benefits1","authors":"Ruochen Dai , Yue Feng , Chengfang Liu , Langrui Li , Lina Zhang , Ketong Zhu","doi":"10.1016/j.chieco.2025.102638","DOIUrl":"10.1016/j.chieco.2025.102638","url":null,"abstract":"<div><div>Employment formalization among small and medium-sized enterprises (SMEs) remains low in developing countries, which weakens job security and social protection. Despite policy efforts, many SMEs evade social insurance obligations, raising concerns about labor rights and economic stability. Using data on 2664 SMEs in the 2018 Enterprise Survey for Innovation and Entrepreneurship in China (ESIEC), we document that 48.4 % of SMEs provide no social insurance, while 74.6 % cover only some employees. After controlling for firm characteristics as well as city and industry fixed effects, SMEs led by politically connected entrepreneurs have a 7.1-percentage-point higher probability of providing social insurance than those without such connections. This correlation likely stems from connected entrepreneurs' preferential access to formalization benefits—including formal credit and government procurement contracts—which collectively generate a political-connection premium that incentivizes compliance with labor regulations. These findings suggest that the uneven distribution of such benefits (concentrated among politically connected firms) contributes to the overall low formalization rates in China's SME sector, as most entrepreneurs lack access to these incentives. Moreover, the political-connection premium diminishes in regions with stronger financial inclusion and lower government intervention, suggesting that an improved business environment encourages broader formalization. These findings underscore the importance of policies that decouple formalization benefits from political connections to foster more inclusive labor protection and economic stability.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"95 ","pages":"Article 102638"},"PeriodicalIF":5.5,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884412","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}

引用次数: 0

The impact of environmental concern on cross-regional investment: Evidence from Chinese new energy enterprises 环境关注对跨区域投资的影响：来自中国新能源企业的证据

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 DOI: 10.1016/j.chieco.2025.102647

Qilin Mao , Chongyang Guo

To achieve carbon peaking and carbon neutrality goals, local governments in China are actively exploring sustainable economic growth models. Utilizing data from China's A-share listed companies in the new energy vehicle industry chain and local government work reports, we demonstrate that the difference in government environmental concern (GEC) between the parent firm city and the destination city significantly drives new energy enterprises (NEEs) to establish off-site subsidiaries. This effect operates through transcending administrative barriers, transmitting policy signals, and stimulating firms' strategic expansion. Further analysis reveals that the investment location choices of midstream and downstream NEEs are significantly influenced by the difference in GEC, whereas the investment decisions of upstream NEEs are not. Unlike previous studies that focus on the relationship between the location of highly polluting firms and pollution transfer, this paper specializes in NEEs and explores how environmental concern facilitates the high-quality development of emerging industries.

为了实现碳峰值和碳中和目标，中国地方政府正在积极探索可持续的经济增长模式。利用中国a股上市公司新能源汽车产业链数据和地方政府工作报告数据，我们发现母公司城市和目的地城市的政府环境关注（GEC）差异显著地推动了新能源企业（NEEs）建立异地子公司。这种效应通过超越行政壁垒、传递政策信号、刺激企业战略扩张等途径发挥作用。进一步分析发现，中下游新能源企业的投资区位选择受到环境承载力差异的显著影响，而上游新能源企业的投资区位选择不受环境承载力差异的影响。与以往研究关注高污染企业选址与污染转移之间的关系不同，本文专门研究新能源产业，探讨环境关注如何促进新兴产业的高质量发展。

引用次数: 0

The distributive effects of online judicial auctions on corporate credit 网络司法拍卖对企业信用的分配效应

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2025-12-31 DOI: 10.1016/j.chieco.2025.102649

Zijun Cheng , Michael Beichen Huang , Chaoqun Li , Yongwei Ye

This paper investigates the distributional effects of judicial FinTech on corporate financing, leveraging China’s staggered adoption of Online Judicial Auctions (OJAs). While the reform successfully enhances creditor protection–boosting auction volumes, prices, and reducing defaults–its benefits accrue unequally. Using a difference-in-differences design with multiple firm-level datasets, we find that listed firms and large firms in the National Tax Survey dataset significantly increase their leverage, whereas small and medium enterprises (SMEs) experience negligible changes in debt, investment, or employment. This heterogeneity is systematically graded by firm size. The credit expansion for large firms is not met by an increase in aggregate bank lending, revealing a short-run inelasticity of credit supply. Consequently, the surge in demand triggers a reallocation of the existing credit pool, crowding out smaller firms, which subsequently face higher borrowing costs. Our findings demonstrate that even efficiency-enhancing judicial reforms can have redistributive consequences, underscoring the critical role of general equilibrium forces and the need for complementary policies to support SMEs.

本文利用中国交错采用的在线司法拍卖（OJAs），研究司法金融科技对企业融资的分配效应。虽然改革成功地加强了债权人保护——提高了拍卖量、价格，减少了违约——但其收益却不平等。通过对多个企业层面数据集的差异设计，我们发现国家税务调查数据集中的上市公司和大公司的杠杆率显著提高，而中小企业在债务、投资或就业方面的变化可以忽略不计。这种异质性是按企业规模系统分级的。大企业的信贷扩张并没有得到银行贷款总量增加的满足，这表明短期内信贷供应缺乏弹性。因此，需求的激增引发了现有信贷池的重新配置，将小企业挤出市场，后者随后面临更高的借贷成本。我们的研究结果表明，即使是提高效率的司法改革也可能产生再分配后果，强调了一般均衡力量的关键作用以及支持中小企业的补充政策的必要性。

{"title":"The distributive effects of online judicial auctions on corporate credit","authors":"Zijun Cheng , Michael Beichen Huang , Chaoqun Li , Yongwei Ye","doi":"10.1016/j.chieco.2025.102649","DOIUrl":"10.1016/j.chieco.2025.102649","url":null,"abstract":"<div><div>This paper investigates the distributional effects of judicial FinTech on corporate financing, leveraging China’s staggered adoption of Online Judicial Auctions (OJAs). While the reform successfully enhances creditor protection–boosting auction volumes, prices, and reducing defaults–its benefits accrue unequally. Using a difference-in-differences design with multiple firm-level datasets, we find that listed firms and large firms in the National Tax Survey dataset significantly increase their leverage, whereas small and medium enterprises (SMEs) experience negligible changes in debt, investment, or employment. This heterogeneity is systematically graded by firm size. The credit expansion for large firms is not met by an increase in aggregate bank lending, revealing a short-run inelasticity of credit supply. Consequently, the surge in demand triggers a reallocation of the existing credit pool, crowding out smaller firms, which subsequently face higher borrowing costs. Our findings demonstrate that even efficiency-enhancing judicial reforms can have redistributive consequences, underscoring the critical role of general equilibrium forces and the need for complementary policies to support SMEs.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"96 ","pages":"Article 102649"},"PeriodicalIF":5.5,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145904031","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}

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

中国经济评论

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.

﹀