中国经济评论最新文献

英文中文

Ownership structure, power separation and the supervisory effectiveness of independent director system 股权结构、权力分离与独立董事制度的监督效力

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2025-09-17 DOI: 10.1016/j.chieco.2025.102560

Sheng Hua , Zheng Ji

We develop a theory to explain that the paradoxical ineffectiveness of China's independent directors stems from a failure to achieve separation of powers. Using a game-theoretic model, we show that in dispersed ownership economies, this separation arises naturally, creating an incentive-compatible equilibrium where monitoring is effective. In contrast, China's concentrated ownership structure leads to a consolidation of powers, where the controlling shareholder acts as both principal and agent, simultaneously controlling operations, supervision, and sanctions. This power consolidation structurally neutralizes independent directors, rendering them captured monitors. This power-based framework explains two key puzzles: why governance mechanisms fail when transplanted from Type I to Type II agency environments, and why enhancing de jure board powers is futile when de facto power is not reallocated. We show that meaningful reform must reinstate power separation by externalizing the sanctioning mechanism and realigning nomination rights away from controlling shareholders.

我们发展了一种理论来解释中国独立董事的悖论性无效源于未能实现权力分立。利用博弈论模型，我们表明，在分散所有权经济中，这种分离是自然产生的，创造了一种激励相容的平衡，在这种平衡中，监督是有效的。相比之下，中国集中的股权结构导致了权力的整合，控股股东既是委托人又是代理人，同时控制着经营、监督和制裁。这种权力整合从结构上削弱了独立董事的地位，使他们成为被俘的监督者。这种基于权力的框架解释了两个关键难题：为什么治理机制在从第一类机构环境移植到第二类机构环境时会失败，以及为什么当事实上的权力没有重新分配时，加强法律上的董事会权力是徒劳的。我们表明，有意义的改革必须通过将制裁机制外部化和重新调整提名权，使其远离控股股东，从而恢复权力分立。

引用次数: 0

The employment effects of VAT rebate efficiency: Evidence from SMEs in China∗ 增值税退税率对就业的影响：来自中国中小企业的证据*

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2025-09-16 DOI: 10.1016/j.chieco.2025.102561

Bing Lu , Hong Ma , Jiashu Hu , Yuan Xu

Small and medium-sized enterprises (SMEs) are pivotal for job creation in China. This study investigates whether improving the efficiency of Value-Added Tax (VAT) rebates can promote employment in SMEs. Using firm-level data from the National Tax Survey and Chinese Customs, we find that reducing VAT rebate delays significantly increases SME employment, both on the intensive margin—by expanding employment within existing firms—and on the extensive margin—by reducing the probability of exit from export markets. Furthermore, SMEs that face greater financial constraints exhibit heightened sensitivity to VAT rebate delays. Our findings highlight the importance of streamlining VAT rebate processes, particularly for financially constrained firms, to boost employment.

中小企业是中国创造就业的关键。本研究探讨提高增值税退税效率是否能促进中小企业就业。利用来自全国税务调查和中国海关的企业层面数据，我们发现，减少增值税退税延迟显著增加了中小企业的就业，无论是在集约型边际上——通过扩大现有企业内的就业，还是在粗放边际上——通过减少退出出口市场的可能性。此外，面临更大财务约束的中小企业对增值税退税延迟表现出更高的敏感性。我们的研究结果强调了简化增值税退税流程对促进就业的重要性，特别是对财务受限的公司而言。

引用次数: 0

How does non-financial firms' systemic risk affect their credit constraints? Evidence from China 非金融企业的系统性风险如何影响它们的信贷约束？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 : 2025-09-13 DOI: 10.1016/j.chieco.2025.102557

Xiao-Lin Li , Wentian Qu , Guojing Qiu

While non-financial firms (NFFs) face growing vulnerabilities and enhanced interconnectedness, their systemic risk implications remain understudied compared to those of financial institutions like banks and insurers. Going beyond the existing literature, this study focuses on the systemic risk of NFFs and further reveals its effects on these firms' credit constraints. Using firm-level systemic risk data and financial data from Chinese non-financial listed firms from 2007 to 2021, we find that higher systemic risk in NFFs reduces access to bank credit, increases borrowing costs, and shortens credit maturities, thereby leading to tighter credit constraints. Systemic risk in NFFs exacerbates credit constraints through increased information asymmetry, higher probabilities of financial distress, and risk spillovers. These findings highlight the importance of systemic risk in predicting corporate financial distress and real economic weakness and its significance in banks' assessments of corporate solvency and credit risk.

尽管非金融公司（nff）面临着日益增长的脆弱性和增强的互联性，但与银行和保险公司等金融机构相比，它们的系统性风险影响仍未得到充分研究。在现有文献的基础上，本研究将重点放在NFFs的系统性风险上，并进一步揭示其对这些企业信贷约束的影响。利用2007年至2021年中国非金融类上市公司的企业层面系统风险数据和财务数据，我们发现，NFFs系统风险的增加减少了获得银行信贷的机会，增加了借贷成本，缩短了信贷期限，从而导致信贷约束收紧。NFFs的系统性风险通过增加信息不对称、更高的金融困境概率和风险溢出加剧了信贷约束。这些发现突出了系统风险在预测企业财务困境和实体经济疲软方面的重要性，以及它在银行评估企业偿付能力和信用风险方面的重要性。

引用次数: 0

The nexus between digital finance and household consumption-based carbon emissions: Evidence from China 数字金融与家庭消费碳排放之间的关系：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 : 2025-09-11 DOI: 10.1016/j.chieco.2025.102556

Yong Yu , Chenzhe Zhai , Debao Hu , Zicun Wang

While identifying the sources of carbon emissions has long been a critical focus for researchers and policymakers, there remains a notable gap in understanding micro-level drivers, particularly the relationship between digital finance and household consumption-based carbon emissions. Existing literature has paid limited attention to how digital finance influences this issue. To address this gap, this study investigates the effect of digital finance on household consumption-based carbon emissions and its underlying mechanisms, using Chinese household data. Our analysis reveals that the development of digital finance significantly increases household consumption-based carbon emissions, and this positive effect remains robust even after addressing potential endogeneity concerns. Furthermore, the impact of digital finance on household consumption-based carbon emissions is more prominent in China’s eastern region and rural areas. These findings provide valuable insights for formulating targeted carbon emission reduction policies in the context of digital financial development

虽然确定碳排放的来源一直是研究人员和政策制定者关注的重点，但在理解微观层面的驱动因素，特别是数字金融与基于家庭消费的碳排放之间的关系方面，仍然存在显著差距。现有文献对数字金融如何影响这一问题的关注有限。为了解决这一差距，本研究利用中国家庭数据调查了数字金融对家庭消费碳排放的影响及其潜在机制。我们的分析表明，数字金融的发展显著增加了基于家庭消费的碳排放，即使在解决潜在的内生性问题后，这种积极影响仍然强劲。此外，数字金融对家庭消费碳排放的影响在中国东部地区和农村地区更为突出。这些发现为在数字金融发展背景下制定有针对性的碳减排政策提供了有价值的见解

引用次数: 0

Does party organization construction improve chinese banks' stability? Evidence from a new textual index 党组织建设对银行稳定性有促进作用吗？来自新文本索引的证据

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2025-09-09 DOI: 10.1016/j.chieco.2025.102541

Lu Wei , Mingye Wei , Yifei Wu , Zhongbo Jing

According to China's newly revised Company Law (2024), companies are required to establish Communist Party of China (CPC; also, Party) organizations because Party-related activities are crucial for banks' stability. This study innovatively constructs a textual indicator to measure the development, governance, and education of the CPC organization based on annual reports. Then, we investigate the impact of Party organization construction on bankruptcy risk in 16 publicly listed banks from 2017 to 2022. Statistical analysis reveals that banks are gradually making efforts to enhance and improve internal Party organization construction. Moreover, overall Party organization construction reduces bank failure risk by inhibiting banks from engaging in high-risk business, such as interbank and shadow banking business. Compared with the Party organization construction dimensions of development and governance, the education of Party organization can better reduce bankruptcy risk. Furthermore, this reduction effect is more pronounced for state-owned banks, bigger banks, banks with profitability pressures and under financial distress, and during the pandemic period. This study expands the study of bank failure risk from the corporate governance perspective, showing that the Party organization construction contributes to safeguarding financial stability.

根据中国新修订的《公司法》（2024年），公司必须建立中国共产党（CPC）组织，因为与党的有关的活动对银行的稳定至关重要。本文创新性地构建了基于年度报告的中国共产党组织发展、治理和教育的文本指标。然后，我们研究了2017 - 2022年16家上市银行党组织建设对破产风险的影响。统计分析表明，银行正在逐步加强和改进内部党组织建设。此外，全面的党组织建设通过抑制银行从事同业和影子银行等高风险业务来降低银行倒闭风险。与党组织建设的发展和治理维度相比，党组织教育可以更好地降低破产风险。此外，对于国有银行、规模较大的银行、面临盈利压力和财务困境的银行以及疫情期间，这种减产效应更为明显。本研究从公司治理视角拓展了对银行倒闭风险的研究，表明党组织建设有助于维护金融稳定。

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引用次数: 0

Centralized procurement authority and corporate innovation 集中采购权与企业创新

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2025-09-09 DOI: 10.1016/j.chieco.2025.102544

Xiao Jia , Xiaoxi Li , Boluo Liu , Nan Shao

Leveraging the establishment of the National Healthcare Security Administration (NHSA) in China as an external policy change, we demonstrate that the government's centralized control over drug procurement platform and insurance coverage catalog significantly enhances the innovation activities of pharmaceutical companies. By manually adjusting for expenditures of passing consistency evaluation, we accurately measure effective research and development inputs. Further tests reveal two key mechanisms driving our result: first, NHSA policies negatively impact firms' financial performance and stock returns, leading affected firms to invest more in innovation; second, increased competition further incentivizes innovation, especially among firms that lose more market shares. Importantly, companies with stronger internal resources are more successful in translating these pressures into effective innovation. Our results show that the NHSA not only redefines competitive dynamics but also acts as a powerful catalyst for pharmaceutical innovation, contributing to the understanding of the policy implications of centralized public procurement.

我们利用中国国家医疗保障局的成立作为外部政策变化，证明政府对药品采购平台和保险覆盖目录的集中控制显著增强了制药公司的创新活动。通过手动调整通过一致性评估的支出，我们准确地衡量有效的研发投入。进一步的检验揭示了驱动我们的结果的两个关键机制：第一，国家保障金政策对企业的财务绩效和股票收益产生负向影响，导致受影响的企业更多地投资于创新；其次，竞争的加剧进一步激励了创新，尤其是那些失去更多市场份额的公司。重要的是，拥有更强大内部资源的公司更能成功地将这些压力转化为有效的创新。我们的研究结果表明，NHSA不仅重新定义了竞争动态，而且还作为制药创新的强大催化剂，有助于理解集中公共采购的政策含义。

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引用次数: 0

Pathway to prosperity or disparity?: The impact of regional IT penetration on common wealth 繁荣之路还是贫富差距之路？：地区资讯科技普及对共同财富的影响

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2025-09-08 DOI: 10.1016/j.chieco.2025.102558

Peinan Ji , Linke Guo , Lianchao Yu , Xiangbin Yan

In the context of the continuous integration and development of new-generation information technology (IT) and various industries, it is particularly important to pay attention to how the IT-affected income gap between urban and rural residents changes to affect the common wealth. This study conducts an empirical study based on 310 balanced panel data of inter-provincial China from 2012 to 2022 to investigate the specific impact mechanism of the increase in regional IT penetration on income disparity. The study finds that: 1) increased regional IT penetration widens the urban-rural and regional income gaps; 2) increased regional IT penetration widens the urban-rural and regional income gaps through the use of digital inclusive finance and deepening the digital divide, respectively. This study concludes that the government should improve the infrastructure of digital technology in rural areas as soon as possible, give full play to the inclusive and convenient role of digital inclusive finance, alleviate the digital divide between urban and rural areas, and reduce the ‘Matthew effect’, to facilitate sustainable development.

在新一代信息技术（IT）与各行业不断融合发展的背景下，关注IT如何影响城乡居民收入差距的变化，进而影响共同财富，显得尤为重要。本文基于2012 - 2022年中国省际间310个均衡面板数据进行实证研究，探讨区域信息技术普及率提高对收入差距的具体影响机制。研究发现：1)区域信息技术普及率的提高扩大了城乡和区域收入差距；2)区域信息技术普及率的提高分别通过数字普惠金融的使用扩大了城乡和区域收入差距，加深了数字鸿沟。本研究认为，政府应尽快完善农村数字技术基础设施，充分发挥数字普惠金融的包容性和便利性作用，缓解城乡数字鸿沟，减少“马太效应”，促进可持续发展。

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引用次数: 0

Learning from winning firms: Government innovation procurement and peer innovation efficiency

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2025-09-05 DOI: 10.1016/j.chieco.2025.102543

Hui Jiang , Yu Liu , Junqi Dong

Governments are major purchasers of goods and services globally. Although previous research highlights the role of government procurement in shaping business activities, the spillover effects on peer firms' innovation efficiency remain unexplored. Through a textual analysis that distinguishes innovation procurement from general government purchases, this study investigates the effects and underlying mechanisms of government innovation procurement on the innovation efficiency of peer firms. We find that government innovation procurement significantly enhances peer firms' innovation efficiency. Our mechanism analyses reveal that government innovation procurement sends positive signals, increasing peer firms' citations of procured firms' patents, thereby improving their innovation efficiency. The heterogeneity analyses indicate that this positive relationship is more pronounced when peer firms occupy comparable market positions, operate in regions with high-speed rail, have common analysts with the procured firms, and are classified as high-tech enterprises. We also find that central government procurement, cross-regional procurement, and evaluation methods involving “competitive consultation and negotiation” significantly enhance peer firms' innovation efficiency. Overall, our findings provide theoretical guidance and practical insights for governments to foster firm innovation and advance high-quality industrial development through innovation procurement.

各国政府是全球商品和服务的主要购买者。虽然以往的研究强调了政府采购在塑造企业活动中的作用，但其对同行企业创新效率的溢出效应仍未得到探讨。本文通过对创新采购与一般政府采购的实证分析，探讨了政府创新采购对同行企业创新效率的影响及其机制。研究发现，政府创新采购显著提高了同行企业的创新效率。我们的机制分析表明，政府创新采购发出了积极的信号，增加了同行企业对被采购企业专利的引用，从而提高了他们的创新效率。异质性分析表明，当同行企业占据可比的市场地位、在有高铁的地区运营、与被采购企业拥有共同的分析师、并被归类为高科技企业时，这种正相关关系更为明显。我们还发现，中央政府采购、跨区域采购和“竞争性协商谈判”评估方式显著提高了同行企业的创新效率。研究结果为政府通过创新采购促进企业创新、推动产业高质量发展提供了理论指导和实践启示。

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引用次数: 0

Political budget cycles, government size, and the allocation of public funds: Evidence from prefectures in China 政治预算周期、政府规模和公共资金分配：来自中国地级市的证据

IF 5.5 1区经济学 Q1 ECONOMICS

中国经济评论

Pub Date : 2025-09-03 DOI: 10.1016/j.chieco.2025.102542

Jie Xiao , Qinghua Zhang , Brian Knight , Liutang Gong

We investigate political budget cycles in prefecture-level cities in China by leveraging cross-province variation in the timing of the Provincial Congress of the Communist Party, which is the most significant event for promoting and reappointing prefecture leaders. Our findings reveal strong evidence of a cyclical pattern, characterized by an increase in government spending leading up to the Congress, followed by a decrease afterward. This trend is particularly pronounced for infrastructure spending, which is a crucial driver of economic growth in China. Additionally, we examine China's multi-layer government hierarchy and explore heterogeneity across prefectures. Our analysis shows that these cycles are especially evident when promotion opportunities for prefecture leaders are most prominent. In terms of revenue sources, we do not observe significant cyclical patterns for in-budget revenues; however, we do find evidence of cycles in revenues from land sales, a vital source of off-budget revenues. Our study contributes to the literature by examining both the size of government and the allocation of public funds in order to uncover distinct political budget cycles at the prefecture level in China and highlighting the vertical incentives within the multi-layer government hierarchy.

我们的研究结果有力地证明了一种周期性模式，其特点是国会召开前政府支出增加，随后又减少。这一趋势在基础设施支出方面尤为明显，而基础设施支出是中国经济增长的关键驱动力。此外，我们考察了中国的多层政府层级，并探讨了地级市之间的异质性。我们的分析表明，当地方领导的晋升机会最突出时，这些周期尤为明显。就收入来源而言，我们没有观察到预算内收入的显著周期性模式；然而，我们确实发现了土地销售收入周期的证据，这是预算外收入的重要来源。我们的研究通过考察政府规模和公共资金分配来揭示中国地级不同的政治预算周期，并强调多层次政府层级中的垂直激励，从而为文献做出了贡献。

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引用次数: 0

The effect of broadband internet on children's weight: Evidence from China 宽带互联网对儿童体重的影响：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 : 2025-08-29 DOI: 10.1016/j.chieco.2025.102540

Weisong Cheng , Hao Xu

This study employs ten-wave data from the China Health and Nutrition Survey (CHNS), covering the period from 1989 to 2015. It leverages the nationwide internet speed upgrading project launched in the early 21st century as an exogenous shock. Using this variation, we construct a difference-in-differences model to identify the causal effect of broadband internet access on children’s weight outcomes. The results show that broadband internet significantly increases the probability of children being overweight. Robustness tests support these results. The heterogeneity analysis reveals that the weights of children who are older and in urban are more affected by broadband internet. Mechanism analysis reveals that broadband internet increases children’s sedentary game activities time, decreases their physical activities time, and increases their snack intake and total energy intake. This study underscores the significance of coordinated regulation of children's gaming activities by parents, schools, communities, and the government, in order to effectively reduce children's online game time, mitigate the risk of overweight, and alleviate the economic burden associated with childhood overweight.

本研究采用中国健康与营养调查（CHNS）的十波数据，时间跨度为1989 - 2015年。它利用了21世纪初启动的全国互联网速度升级工程作为外生冲击。利用这一变化，我们构建了一个差异中的差异模型，以确定宽带互联网接入对儿童体重结果的因果影响。结果表明，宽带互联网显著增加了儿童超重的可能性。稳健性测试支持这些结果。异质性分析表明，年龄较大和城市儿童的体重受宽带网络的影响更大。机制分析表明，宽带网络增加了儿童久坐游戏活动时间，减少了儿童身体活动时间，增加了儿童零食摄入量和总能量摄入量。本研究强调了家长、学校、社区和政府协调监管儿童游戏活动的重要性，以有效减少儿童网络游戏时间，减轻超重风险，减轻与儿童超重相关的经济负担。

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