中国经济评论最新文献

英文中文

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 Epub Date: 2025-05-26 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

Judicial fairness perception and corporate innovation: Evidence from entrepreneur survey in China 司法公正感知与企业创新：来自中国企业家调查的证据

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 Epub Date: 2025-12-04 DOI: 10.1016/j.chieco.2025.102597

Jingyuan Qiao , Kai Wu , Donghui Li

This study examines the impact of judicial fairness perception on corporate innovation among small and medium-sized enterprises (SMEs) in China, utilizing data from the 2018 Enterprise Survey for Innovation and Entrepreneurship (ESIEC). Our findings reveal a robust positive relationship between higher levels of judicial fairness perception and increased innovation activities within SMEs. Notably, this effect is more pronounced in enterprises led by less-educated entrepreneurs, located in regions with weaker intellectual property protection, or with lower reliance on government support. We identify improved contract enforcement, enhanced policy effectiveness, and increased innovation investment as key mechanisms driving this relationship. These results suggest that judicial reforms to increase fairness can significantly foster innovation, particularly in resource-constrained SMEs in emerging economies.

本研究利用2018年企业创新与创业调查（ESIEC）的数据，考察了中国中小企业对司法公平认知对企业创新的影响。我们的研究结果表明，在中小企业中，更高水平的司法公平感知与增加的创新活动之间存在着强有力的正相关关系。值得注意的是，这种影响在受教育程度较低的企业家领导的企业中更为明显，这些企业位于知识产权保护较弱的地区，或者对政府支持的依赖程度较低。我们认为，改善合同执行、提高政策有效性和增加创新投资是推动这种关系的关键机制。这些结果表明，提高公平的司法改革可以显著促进创新，特别是在新兴经济体中资源受限的中小企业。

引用次数: 0

Who benefits from compulsory education? Evidence from the average and heterogeneous effects on migrant welfare in China 义务教育的受益者是谁？来自中国流动人口福利的平均效应和异质性效应的证据

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 Epub Date: 2025-09-17 DOI: 10.1016/j.chieco.2025.102559

Yucheng Sun , Meizhen Li , Zhewen Pan , Xianbo Zhou

This paper examines the heterogeneous treatment effects of the 1986 compulsory education law on migrant welfare in China. We develop a novel instrument by exploiting variation in exposure intensity across cohorts and local enforcement strength across counties of birth. Based on the marginal treatment effect (MTE) framework, we find that migrants with higher gains on wage are more likely to receive compulsory education than migrants with lower gains. In contrast, other welfare outcomes have their own heterogeneous patterns. Counterfactual analysis shows that as an equalizer, compulsory education almost removes the intergroup difference in welfare outcomes. The findings above are robust to various checks. Policy simulation reveals that targeted education policies could be more cost-benefit efficient than universal education programs.

本文考察了1986年《义务教育法》对农民工福利的异质性处理效果。我们开发了一种新的工具，通过利用不同队列的暴露强度和不同出生县的当地执法力量的变化。基于边际待遇效应（MTE）框架，我们发现工资收入较高的农民工比工资收入较低的农民工更有可能接受义务教育。相比之下，其他福利结果有自己的异质模式。反事实分析表明，义务教育作为一种均衡器，几乎消除了群体间福利结果的差异。上述发现对各种检查都是可靠的。政策模拟表明，有针对性的教育政策可能比普及教育计划更具成本效益效益。

引用次数: 0

Does policy uncertainty affect firms' exchange rate exposure? Evidence from China1 政策的不确定性会影响企业的汇率风险敞口吗？来自中国的证据

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 Epub Date: 2025-11-16 DOI: 10.1016/j.chieco.2025.102599

Qing He , Bailin Liang , Ce Zhang

Analyzing data from 3616 Chinese listed firms, we find a strong positive relationship between policy uncertainty and firms' exchange rate exposure. This result remains robust after controlling for macroeconomic conditions and addressing endogeneity issues. Notably, policy uncertainty's impact is significantly stronger for firms with a higher degree of international involvement and for poorly-governed firms. Interestingly, firms use financial hedging more intensively and reduce their operational hedging in high-uncertainty periods. Our results suggest that policy uncertainty exacerbates the impact of currency movements on firms' financial performance, as firms become increasingly involved in international operations. Consequently, firms should strengthen their corporate governance and make effective use of hedging tools.

通过对3616家中国上市公司的数据分析，我们发现政策不确定性与企业汇率风险之间存在很强的正相关关系。在控制宏观经济条件和解决内生性问题后，这一结果仍然稳健。值得注意的是，政策不确定性对国际参与程度较高的公司和治理不善的公司的影响要大得多。有趣的是，企业更频繁地使用金融套期保值，并在高不确定性时期减少其运营套期保值。我们的研究结果表明，随着企业越来越多地参与国际业务，政策不确定性加剧了货币变动对企业财务绩效的影响。因此，企业应加强公司治理，有效利用对冲工具。

引用次数: 0

Valuation adjustment mechanisms in venture capital and entrepreneurial firms' performance 风险投资估值调整机制与创业公司绩效

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 Epub Date: 2025-11-19 DOI: 10.1016/j.chieco.2025.102602

Yi Jiang , Zelong Tan , Ge Yang

The study examines the impact of a widely adopted contractual mechanism between entrepreneurs and venture capitalists (VCs)—the valuation adjustment mechanism (VAM)—on firm performance. We find that VAM agreements lead to a significant decline in firms' profitability. This effect is concentrated in firms that are imposed by accounting targets, especially annual performance targets in VAMs. The adverse impact of VAMs diminishes when firms are backed by more experienced VCs or when VCs hold a larger equity stake. In addition, we also document that the detrimental effect of VAMs is attributable to firms without any independent director. Our finding reveals that the decline in profitability is driven by aggressive expansion strategies, which increase both revenue and cost of goods sold, while diminishing gross profit margins. Moreover, firms with VAMs also cut R&D expenditures and are more likely to delist from the NTB in the long-run. Overall, our results suggest that VAMs exert significant short-term pressure on entrepreneurs and they have to use short-term-oriented expansion strategies that harm profitability and long-term sales growth. Our findings hold up to a battery of endogeneity tests and robustness checks, including the use of parallel trend assumption test, instrumental variables, propensity score matching, stacked DiD, and different sample periods.

本研究考察了企业家和风险资本家（vc）之间广泛采用的契约机制——估值调整机制（VAM）对公司绩效的影响。我们发现VAM协议导致企业盈利能力显著下降。这种影响主要集中在那些被会计目标，特别是VAMs的年度业绩目标所强加的公司。当公司得到更有经验的风投的支持或风投持有更大的股权时，VAMs的不利影响就会减弱。此外，我们还证明了VAMs的不利影响可归因于没有独立董事的公司。我们的发现表明，盈利能力的下降是由激进的扩张战略驱动的，这些战略增加了收入和销售成本，同时减少了毛利率。此外，拥有VAMs的公司也会削减研发支出，从长远来看，更有可能从NTB中退市。总体而言，我们的研究结果表明，VAMs对企业家施加了显着的短期压力，他们不得不采用短期导向的扩张策略，这损害了盈利能力和长期销售增长。我们的研究结果经得起一系列内生性检验和稳健性检验，包括使用平行趋势假设检验、工具变量、倾向得分匹配、堆叠DiD和不同样本周期。

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引用次数: 0

Valuation adjustment mechanisms and acquirer’s innovation under the new company law reform: Evidence from China 新公司法改革下的估值调整机制与收购方创新：来自中国的证据

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 Epub Date: 2025-11-26 DOI: 10.1016/j.chieco.2025.102604

Peng Zhang , Die Hu , Linjue Du

The new Company Law has outlined the fundamental principles governing valuation adjustment mechanisms (VAMs), making conditions stricter and responsibilities more clearly defined. Using data on VAMs signed in mergers and acquisitions (M&As) of China's A-share market from 2010 to 2023, we find that VAMs negatively affect both the quantity and quality of acquirer innovation. These results remain robust across various tests, including double machine learning approaches. The negative effect stems from short-term profit targets imposed by VAMs, which encourage managers to cut R&D spending to boost accounting profits. At the same time, weak governance allows controlling shareholders to divert resources through equity pledges and tunnelling, further constraining innovation. Further analysis shows that the implementation of the new Company Law has significantly improved corporate governance by systematically clarifying the validity and enforcement conditions of VAMs.

新《公司法》概述了价值调整机制的基本原则，使条件更加严格，责任更加明确。利用2010 - 2023年中国a股市场并购并购中并购协议的数据，我们发现并购协议对并购方创新的数量和质量都有负向影响。这些结果在各种测试中仍然是稳健的，包括双机器学习方法。负面影响源于VAMs强加的短期利润目标，它鼓励管理者削减研发支出以提高会计利润。与此同时，治理薄弱使得控股股东可以通过股权质押和挖隧道的方式转移资源，进一步制约了创新。进一步分析表明，新《公司法》的实施通过系统地明确了VAMs的有效性和执行条件，显著改善了公司治理。

引用次数: 0

Booming costs, boozing habits: How soaring housing prices drive smoking and drinking in China 飞速增长的成本，酗酒的习惯：飞涨的房价如何推动中国的吸烟和饮酒

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 Epub Date: 2025-11-01 DOI: 10.1016/j.chieco.2025.102591

Jiao Wang , Dianzhang Zou , Yi Chen , Jingwen Xue

Despite the high prevalence of smoking and drinking in China, the drivers of these behaviors have received limited attention. This study examines the impact of rising housing prices on residents' smoking and drinking habits and investigates the underlying mechanisms. Our findings indicate that rising housing prices significantly increase smoking and alcohol consumption among adult Chinese men. Specifically, a 10 % increase in housing prices is associated with an average 3.85 % rise in the probability of smoking, an increase of 0.73 cigarettes smoked per day, and a 3.9 % increase in the likelihood of frequent drinking. The key mechanism driving this increase is the stress-relief effect. Specifically, men facing heightened mating market pressure as well as among those with lower levels of education and income exhibit higher tobacco and alcohol consumption in response to rising housing prices. Although smoking and drinking are employed as coping mechanisms for stress, these behaviors exacerbate physical health issues without improving mental health. This paper provides robust empirical evidence from China, illustrating that mental stress induced by escalating housing costs is a key driver of increased tobacco and alcohol use.

尽管吸烟和饮酒在中国非常普遍，但这些行为的驱动因素却受到了有限的关注。本研究考察了房价上涨对居民吸烟和饮酒习惯的影响，并探讨了潜在的机制。我们的研究结果表明，房价上涨显著增加了中国成年男性的吸烟和饮酒消费。具体来说，房价每上涨10%，吸烟的可能性就会平均上升3.85%，每天吸烟的可能性会增加0.73支，频繁饮酒的可能性会增加3.9%。驱动这种增长的关键机制是应力释放效应。具体来说，面对更高的婚恋市场压力的男性，以及受教育程度和收入水平较低的男性，在房价上涨的情况下，会表现出更高的烟酒消费。虽然吸烟和饮酒被用来作为应对压力的机制，但这些行为会加剧身体健康问题，而不会改善精神健康。本文提供了来自中国的强有力的经验证据，说明住房成本上升引起的精神压力是烟草和酒精使用增加的关键驱动因素。

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引用次数: 0

Bankruptcy resolution and corporate debt maturity 破产决议和公司债务到期

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 Epub Date: 2025-12-06 DOI: 10.1016/j.chieco.2025.102636

Zijun Cheng , Jiayin Hu , Michael Beichen Huang , Shijie Zhao

We construct a comprehensive bankruptcy database of Chinese firms using a novel data source of judgment files. Concomitant with a new theoretical framework that explicitly differentiates between bankruptcy resolution and other debt enforcement proceedings, we show that improved bankruptcy efficiency benefits long-term creditors by mitigating dilution risks. Empirically, the long-term debt ratio of Chinese firms increases by 16% after the establishment of bankruptcy tribunals. Mechanism tests confirm an increase in bankruptcy filings, a reduction in other debt enforcement proceedings, a higher ratio of asset preservation, and an increased supply of long-term credit from local banks. These shifts in debt maturity structure are associated with enhanced firm investment and increased labor demand. We shed new light on bankruptcy resolution as a previously underappreciated institutional channel through which legal frameworks influence creditor coordination and debt maturity structure.

本文采用一种新颖的判决书数据来源，构建了一个综合性的中国企业破产数据库。结合一个明确区分破产决议和其他债务强制执行程序的新理论框架，我们表明，破产效率的提高通过减轻稀释风险使长期债权人受益。经验表明，破产法庭设立后，中国企业的长期负债率上升了16%。机制测试证实，破产申请增加，其他债务强制执行程序减少，资产保全比例提高，当地银行长期信贷供应增加。这些债务期限结构的变化与企业投资的增加和劳动力需求的增加有关。我们对破产决议这一此前未得到充分重视的制度渠道进行了新的阐释，法律框架通过这一渠道影响债权人协调和债务期限结构。

引用次数: 0

Action beyond the sky high: Capital structure adjustment speed of Chinese space firms 腾云驾雾：中国航天企业资本结构调整速度

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2026-01-01 Epub Date: 2025-12-07 DOI: 10.1016/j.chieco.2025.102634

Fei Guo , Lei Xu , Bin Li , Jiawei Sun , Zixuan Dai

Space competition has been escalating in recent decades. The 2015 commercialization of Chinese space sector provides a quasi-natural experiment. We establish a positive link between commercialization and capital structure adjustment speed of space firms, especially when their capital structures are below target levels. Such a link is more pronounced among non-state-owned enterprises (non-SOEs), firms in regions of stronger intellectual property protection or better financial inclusion. Improved access to financial resources at lower cost, public scrutiny, and internal motivation underlie the impact. Furthermore, space commercialization enhances firms' innovation performance and total factor productivity (TFP) by accelerating their capital structure adjustment, thereby promoting the development of the real economy. This study may enrich discussion over commercialization of the space sector and effectiveness of China's market economy.

近几十年来，太空竞争不断升级。2015年中国航天领域的商业化提供了一个准自然的实验。我们建立了商业化与航天企业资本结构调整速度之间的正相关关系，特别是当其资本结构低于目标水平时。这种联系在非国有企业（non-国企）中更为明显，这些企业位于知识产权保护力度更强或金融包容性更好的地区。改善以较低成本获得财政资源的途径、公众监督和内部动机是影响的基础。空间商业化通过加速企业资本结构调整，提高了企业的创新绩效和全要素生产率，从而促进实体经济的发展。这项研究可以丰富对航天部门商业化和中国市场经济有效性的讨论。

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 Epub Date: 2025-12-17 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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