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The dark side of capital flexibility: Subscribed capital system reform and creditor interests in China 资本弹性的阴暗面:中国认缴资本制度改革与债权人利益
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2025-12-08 DOI: 10.1016/j.chieco.2025.102635
Weidi Chai , Chunyu Zhang , Yongmei Cui , Xiaohong Ma
In 2024, China's Company Law reinstated stricter paid-in capital rules, reversing the 2013 shift to a subscribed capital system. This study investigates the real economic consequences of the 2013 subscribed capital system on corporate creditors in China. Using a comprehensive panel dataset of A-share-listed firms from 2010 to 2023 and a difference-in-differences (DID) empirical strategy, we find robust evidence that the subscribed capital system significantly weakens creditors' interests. We identify three key channels: weakened creditor protection, deteriorated corporate governance, and distorted capital allocation. The adverse effects are more pronounced in non-state-owned firms, short-term-oriented management, firms with weak banking relationships, and enterprises located in regions with higher government intervention and lower levels of informatization. Furthermore, we provide novel empirical evidence that the subscribed capital system exacerbates over-indebtedness and impairs innovation output, suggesting broader implications for economic dynamism and financial stability.
2024年,中国的《公司法》恢复了更严格的实收资本规定,扭转了2013年向认缴资本制度的转变。本研究考察了2013年认缴资本制度对中国企业债权人的实际经济后果。利用2010 - 2023年a股上市公司的综合面板数据集和差异中的差异(DID)实证策略,我们发现了强有力的证据,证明认缴资本制度显著削弱了债权人的利益。我们发现了三个关键渠道:债权人保护减弱、公司治理恶化和资本配置扭曲。这种不利影响在非国有企业、短期导向管理、银行关系薄弱的企业以及政府干预程度较高、信息化程度较低的地区的企业中更为明显。此外,我们还提供了新的经验证据,表明认缴资本制度加剧了过度负债并损害了创新产出,这表明对经济活力和金融稳定有更广泛的影响。
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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 Pub 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。
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引用次数: 0
Targeting mental wellness: Does China's multifaceted poverty alleviation policy bear fruit? 关注心理健康:中国多方面的扶贫政策有成效吗?
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2025-12-07 DOI: 10.1016/j.chieco.2025.102633
Dezhuang Hu , Tang Li
This study examines the determinants of mental health among impoverished individuals through the lens of China's Targeted Poverty Alleviation (TPA) policy, a government-led, nationwide, precisely targeted, multifaceted anti-poverty initiative. By employing a methodology of difference-in-differences and utilizing nationally representative data from the China Family Panel Studies, we find that the TPA policy significantly improves mental health among targeted populations. The results remain robust across various robustness checks, underscoring the reliability of our estimates. Heterogeneous analysis indicates that the effects of the TPA policy are particularly substantial for more vulnerable groups, including women, younger individuals, those with lower education levels, and those living in rural regions. Increased labor force participation, augmented household income and expenditure, improved access to healthcare and education, narrowed income disparities, promoted social mobility, and enhanced confidence and trust are found to be the underlying mechanisms. A back-of-the-envelope cost–benefit analysis indicates that the TPA's return on investment from mental health improvements alone is about 5.76 RMB gained per 1 RMB.
本研究通过中国的精准扶贫(TPA)政策(一项政府主导的、全国性的、精准的、多方面的反贫困举措)来考察贫困人群心理健康的决定因素。通过采用差异中的差异方法并利用来自中国家庭小组研究的具有全国代表性的数据,我们发现TPA政策显著改善了目标人群的心理健康状况。结果在各种稳健性检查中保持稳健性,强调了我们估计的可靠性。异质性分析表明,贸易促进权政策对弱势群体的影响尤其显著,包括妇女、年轻人、受教育程度较低的人以及生活在农村地区的人。增加劳动力参与率、增加家庭收入和支出、改善获得医疗保健和教育的机会、缩小收入差距、促进社会流动性以及增强信心和信任是基本机制。一项简单的成本效益分析表明,TPA在改善心理健康方面的投资回报率约为5.76元/ 1元。
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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 Pub 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。
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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 Pub 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。
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引用次数: 0
Introduction to the special issue in honor of Martin Ravallion: Inequality, vulnerability and the middle-income trap 马丁·拉瓦里昂纪念特刊导言:不平等、脆弱性和中等收入陷阱
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2025-12-01 DOI: 10.1016/j.chieco.2025.102563
Shaohua Chen , Dominique van de Walle
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引用次数: 0
The impact of a large-scale chronic disease prevention and control program on the health benefits of older adults: Evidence from a natural experiment in China 大规模慢性病预防和控制项目对老年人健康益处的影响:来自中国自然实验的证据
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2025-12-01 DOI: 10.1016/j.chieco.2025.102632
Qingshan Ma , Yuqing Han , Mingcong Chen , Feng Hu , Haiyan Zhou
Chronic diseases impose significant burdens on families and society because of high disability rates and costly treatments. Based on data from the 2014–2020 China Longitudinal Aging Social Survey (CLASS), this paper considers the establishment of National Demonstration Zones for Comprehensive Chronic Disease Prevention and Control (NDZCCDPCs) as a natural experiment, and explores the impact of this policy on the health of older adults by constructing a staggered difference-in-differences (DID) model. The findings indicate that NDZCCDPCs reduces the number of chronic diseases prevalent in older adults by 10.6 %, decreases the probability of ADL difficulty by 2.9 %, and reduces the probability of self-assessed poor health by 3.9 %. NDZCCDPCs achieves these health benefits through mechanisms such as preventive care and behaviors, and healthcare service provision and cost reduction. However, the positive health impact is smaller in areas facing higher fiscal stress, due to crowding-out effects. Heterogeneity analysis indicates that the positive impact is more pronounced among older adults with lower levels of education and rural Hukou, and is more evident in areas with scarce medical resources. Finally, the benefits of establishing NDZCCDPCs outweigh the costs.
慢性病由于致残率高和治疗费用昂贵,给家庭和社会造成了沉重负担。基于2014-2020年中国老龄人口纵向社会调查(CLASS)的数据,本文将国家慢性病综合防治示范区(NDZCCDPCs)的建立作为一项自然实验,通过构建交错差中差(DID)模型,探讨该政策对老年人健康的影响。研究结果表明,NDZCCDPCs将老年人中流行的慢性病数量减少了10.6%,将ADL困难的概率降低了2.9%,将自我评估的健康状况不佳的概率降低了3.9%。NDZCCDPCs通过预防保健和行为、提供保健服务和降低成本等机制实现这些健康效益。然而,由于挤出效应,在面临较大财政压力的地区,积极的健康影响较小。异质性分析表明,在教育程度较低和农村户口的老年人中,积极影响更为明显,在医疗资源稀缺的地区更为明显。最后,建立NDZCCDPCs的收益大于成本。
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引用次数: 0
Invoicing currency and settlement currency: An empirical study and implications for RMB internationalization 计价货币与结算货币:人民币国际化的实证研究及启示
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2025-12-01 DOI: 10.1016/j.chieco.2025.102595
Tao Liu , Xiaosong Wang , Wing Thye Woo
This paper studies the relationship between invoicing currency and settlement currency in international trade. First we build a three-country model to highlight the various drivers of currency choices. Then, with a country-level dataset from 2011 to 2017, we confirm a positive feedback between the dual functions of international currencies. For example, in a country’s export, a 1% increase of USD as settlement (invoicing) currency would raise the USD share in invoicing (settlement) currency by 0.47% (0.27%). Such pattern largely holds for USD and EUR in various empirical specifications, but it is not robust for other currencies. We further discuss the implications for RMB, which has considerable international influence as a settlement currency but still lags behind as an invoicing currency.
本文研究了国际贸易中计价货币与结算货币的关系。首先,我们建立了一个三国模型,以突出货币选择的各种驱动因素。然后,使用2011 - 2017年的国家级数据集,我们证实了国际货币双重功能之间的正反馈。例如,在一个国家的出口中,美元作为结算(开票)货币每增加1%,美元在开票(结算)货币中的份额就会增加0.47%(0.27%)。在各种经验规范中,这种模式主要适用于美元和欧元,但对其他货币并不稳健。我们进一步讨论了对人民币的影响,人民币作为结算货币具有相当大的国际影响力,但作为发票货币仍然落后。
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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 Pub 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。
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引用次数: 0
Transnational digital infrastructure and scientific collaboration: Evidence from the Asia Africa Europe-1 (AAE-1) submarine cable 跨国数字基础设施和科学合作:来自亚非欧-1 (AAE-1)海底电缆的证据
IF 5.5 1区 经济学 Q1 ECONOMICS Pub Date : 2025-11-20 DOI: 10.1016/j.chieco.2025.102603
Han Li , Yuan Gao
This paper examines the impact of transnational digital infrastructure on international scientific collaboration. Based on data of Chinese researchers' collaborative papers from 2010 to 2023, we analyzed the impact of the operation of Asia-Africa-Europe-1 (AAE-1) submarine cable on research partnerships between China and the connected countries. The findings show that the AAE-1 cable has significantly boosted collaborative research activities. It not only facilitated the establishment of novel scientific collaborations but also enhanced the productivity of existing partnerships. Additionally, the enhanced connectivity led to an expansion in the size of research teams and a measurable increase in the citation impact of collaborative publications. The effects on collaboration were most pronounced for universities, collaborations in technology-related fields, and countries with historically lower publication outputs and less international bandwidth. These results highlight the pivotal role of high-quality digital infrastructure in fostering global scientific collaboration, especially in integrating developing countries and peripheral research communities into the global scientific ecosystem.
本文探讨了跨国数字基础设施对国际科学合作的影响。基于2010 - 2023年中国科研人员合作论文数据,分析了AAE-1海缆运营对中国与相关国家科研伙伴关系的影响。研究结果表明,AAE-1电缆显著促进了合作研究活动。它不仅促进了新的科学合作的建立,而且还提高了现有伙伴关系的生产力。此外,互联互通的增强导致了研究团队规模的扩大,并显著提高了合作出版物的引用影响。对合作的影响对大学、技术相关领域的合作以及历史上出版产出较低和国际带宽较少的国家最为明显。这些结果突出了高质量数字基础设施在促进全球科学合作方面的关键作用,特别是在将发展中国家和外围研究社区纳入全球科学生态系统方面。
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引用次数: 0
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中国经济评论
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