Pub Date : 2026-01-27DOI: 10.1016/j.eap.2026.01.058
Wenhao Liu , Yingdong Guo , Shuhui Li
China's low-carbon city pilot policy has yielded significant environmental benefits, yet may also exacerbate corporate financing burdens. Using data from A-share listed firms from 2007 to 2022, this paper conducts an empirical analysis of the impact of China's low-carbon city pilot policy on corporate financing constraints. The findings reveal that low-carbon city pilot policy initially exacerbates financing constraints due to compliance costs, but in the long term, it helps alleviate constraints through the effects of green technological innovation. The analysis of heterogeneity demonstrates that the alleviation effect on financing constraints is particularly evident among large enterprises, firms in western regions, and companies in heavily polluting industries. This study offers new theoretical perspectives and policy implications for alleviating corporate financing constraints and advancing green low-carbon transformation.
{"title":"The short-term pain and long-term gain of low-carbon policy for corporate financing","authors":"Wenhao Liu , Yingdong Guo , Shuhui Li","doi":"10.1016/j.eap.2026.01.058","DOIUrl":"10.1016/j.eap.2026.01.058","url":null,"abstract":"<div><div>China's low-carbon city pilot policy has yielded significant environmental benefits, yet may also exacerbate corporate financing burdens. Using data from A-share listed firms from 2007 to 2022, this paper conducts an empirical analysis of the impact of China's low-carbon city pilot policy on corporate financing constraints. The findings reveal that low-carbon city pilot policy initially exacerbates financing constraints due to compliance costs, but in the long term, it helps alleviate constraints through the effects of green technological innovation. The analysis of heterogeneity demonstrates that the alleviation effect on financing constraints is particularly evident among large enterprises, firms in western regions, and companies in heavily polluting industries. This study offers new theoretical perspectives and policy implications for alleviating corporate financing constraints and advancing green low-carbon transformation.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"90 ","pages":"Pages 834-850"},"PeriodicalIF":8.7,"publicationDate":"2026-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146173971","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-25DOI: 10.1016/j.eap.2026.01.053
Xiaolin Dong, Shengming Zhu, Hao Qi
This study investigates the evolving relevance of geographic banking advantages in corporate innovation and examines how financial technology (FinTech) disrupts traditional spatial dependencies in innovation financing. Using a panel of Chinese listed firms from 2011 to 2021, we find that bank proximity remains positively associated with innovation performance, yet the development of FinTech significantly weakens this relationship. This attenuation effect is more pronounced for underlying FinTech technologies and for proximity to small banks. The plausible mechanism is that FinTech mitigates financing constraints by reducing information asymmetries associated with lending distance, which in turn fosters innovation through increased investment in human capital, innovation-supporting infrastructure, and R&D expenditure. Heterogeneity tests further suggest that FinTech’s innovation-enhancing effect is stronger for small firms, startups, and firms in regions with underdeveloped transportation or rugged terrain. Our findings underscore the transformative potential of FinTech in overcoming geographic barriers and fostering a more efficient and inclusive allocation of innovation capital.
{"title":"FinTech, bank proximity, and corporate innovation: Evidence from China","authors":"Xiaolin Dong, Shengming Zhu, Hao Qi","doi":"10.1016/j.eap.2026.01.053","DOIUrl":"10.1016/j.eap.2026.01.053","url":null,"abstract":"<div><div>This study investigates the evolving relevance of geographic banking advantages in corporate innovation and examines how financial technology (FinTech) disrupts traditional spatial dependencies in innovation financing. Using a panel of Chinese listed firms from 2011 to 2021, we find that bank proximity remains positively associated with innovation performance, yet the development of FinTech significantly weakens this relationship. This attenuation effect is more pronounced for underlying FinTech technologies and for proximity to small banks. The plausible mechanism is that FinTech mitigates financing constraints by reducing information asymmetries associated with lending distance, which in turn fosters innovation through increased investment in human capital, innovation-supporting infrastructure, and R&D expenditure. Heterogeneity tests further suggest that FinTech’s innovation-enhancing effect is stronger for small firms, startups, and firms in regions with underdeveloped transportation or rugged terrain. Our findings underscore the transformative potential of FinTech in overcoming geographic barriers and fostering a more efficient and inclusive allocation of innovation capital.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"90 ","pages":"Pages 632-649"},"PeriodicalIF":8.7,"publicationDate":"2026-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-25DOI: 10.1016/j.eap.2026.01.051
Zengdong Cao
This paper develops a theoretical model to examine the environmental effects of cloud computing adoption and decomposes its impact into three channels: scale effect, structural effect, and technological effect. Using data on Chinese A-share listed manufacturing firms, we empirically test the model’s predictions. The results show that cloud adoption increases pollution emissions by 8% through the scale effect, while it reduces emissions by 6.5% and 2.9% through the structural and technological effects, respectively, by facilitating cleaner energy use and green technological innovation. Overall, these offsetting forces imply a net 1.4% reduction in pollution emissions following cloud adoption. This paper provides the first systematic decomposition of the environmental effects of cloud computing as a concrete manifestation of data elements in production. By explicitly quantifying both emission-increasing and emission-reducing mechanisms, this paper helps reconcile mixed findings in the digitalization–environment literature and offers new micro-level evidence on the role of data as a production factor in green development.
{"title":"Cloud computing adoption and pollution emissions: Evidence from Chinese manufacturing firms","authors":"Zengdong Cao","doi":"10.1016/j.eap.2026.01.051","DOIUrl":"10.1016/j.eap.2026.01.051","url":null,"abstract":"<div><div>This paper develops a theoretical model to examine the environmental effects of cloud computing adoption and decomposes its impact into three channels: scale effect, structural effect, and technological effect. Using data on Chinese A-share listed manufacturing firms, we empirically test the model’s predictions. The results show that cloud adoption increases pollution emissions by 8% through the scale effect, while it reduces emissions by 6.5% and 2.9% through the structural and technological effects, respectively, by facilitating cleaner energy use and green technological innovation. Overall, these offsetting forces imply a net 1.4% reduction in pollution emissions following cloud adoption. This paper provides the first systematic decomposition of the environmental effects of cloud computing as a concrete manifestation of data elements in production. By explicitly quantifying both emission-increasing and emission-reducing mechanisms, this paper helps reconcile mixed findings in the digitalization–environment literature and offers new micro-level evidence on the role of data as a production factor in green development.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"90 ","pages":"Pages 576-599"},"PeriodicalIF":8.7,"publicationDate":"2026-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079405","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-24DOI: 10.1016/j.eap.2026.01.039
Yiqun Liu, Xin Miao
With the development trend of the digital economy, data elements (DE) have become a key engine for production, with great power to improve corporate sustainable development performance (CSDP). This paper adopts data from Chinese A-share listed companies from 2010 to 2023. A DE measurement for a firm is approached through text analysis, and a comprehensive CSDP index is constructed based on the entropy weight method. The findings show that DE have a significantly positive effect on CSDP, and the effect is robust after endogeneity correction and a variety of robustness tests. The pathway effect analysis reveals that DE shape CSDP mainly through easing financing constraints, facilitating green investments, and optimizing both the extent and quality of green innovations, apart from the structural effect on agency costs. The heterogeneity analysis based on the Technology-Organization-Environment (TOE) framework also reveals that the DE-induced positive effect is more prominent with increased technological assets, enhanced organizational capacity, and a more favorable external setting. The results have important practical implications for companies that want to adopt a digital route towards sustainability and regulators that want to design better data governance and a digital-green transition.
{"title":"Data-driven green future: How can data elements reshape corporate sustainability?","authors":"Yiqun Liu, Xin Miao","doi":"10.1016/j.eap.2026.01.039","DOIUrl":"10.1016/j.eap.2026.01.039","url":null,"abstract":"<div><div>With the development trend of the digital economy, data elements (DE) have become a key engine for production, with great power to improve corporate sustainable development performance (CSDP). This paper adopts data from Chinese A-share listed companies from 2010 to 2023. A DE measurement for a firm is approached through text analysis, and a comprehensive CSDP index is constructed based on the entropy weight method. The findings show that DE have a significantly positive effect on CSDP, and the effect is robust after endogeneity correction and a variety of robustness tests. The pathway effect analysis reveals that DE shape CSDP mainly through easing financing constraints, facilitating green investments, and optimizing both the extent and quality of green innovations, apart from the structural effect on agency costs. The heterogeneity analysis based on the Technology-Organization-Environment (TOE) framework also reveals that the DE-induced positive effect is more prominent with increased technological assets, enhanced organizational capacity, and a more favorable external setting. The results have important practical implications for companies that want to adopt a digital route towards sustainability and regulators that want to design better data governance and a digital-green transition.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"90 ","pages":"Pages 869-887"},"PeriodicalIF":8.7,"publicationDate":"2026-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146174031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Improvements in transportation infrastructure are a key factor in promoting educational equity. This paper is the first to use nationally representative survey data from China to analyze the effect of exposure to road infrastructure expansion during early life stages on educational attainment. Our findings reveal that such expansions raise the years of schooling by 0.539 years. Women, rural residents, and individuals with less parental education or limited geographical accessibility benefit more from the positive effects of road infrastructure expansion on educational attainment. Additionally, our analysis explores the mechanisms underlying these relationships, such as improvements in parental time and monetary investments. We discuss the practical implications of our findings, emphasizing how expanding road transportation infrastructure can significantly enhance educational outcomes, especially in developing countries.
{"title":"Impact of early-life exposure of children to expanded road infrastructure on long-term educational attainment: New evidence from China","authors":"Xin Meng , Yanni Yu , Phuong T.M. Tran , Rajasekhar Balasubramanian","doi":"10.1016/j.eap.2026.01.050","DOIUrl":"10.1016/j.eap.2026.01.050","url":null,"abstract":"<div><div>Improvements in transportation infrastructure are a key factor in promoting educational equity. This paper is the first to use nationally representative survey data from China to analyze the effect of exposure to road infrastructure expansion during early life stages on educational attainment. Our findings reveal that such expansions raise the years of schooling by 0.539 years. Women, rural residents, and individuals with less parental education or limited geographical accessibility benefit more from the positive effects of road infrastructure expansion on educational attainment. Additionally, our analysis explores the mechanisms underlying these relationships, such as improvements in parental time and monetary investments. We discuss the practical implications of our findings, emphasizing how expanding road transportation infrastructure can significantly enhance educational outcomes, especially in developing countries.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"90 ","pages":"Pages 698-712"},"PeriodicalIF":8.7,"publicationDate":"2026-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-22DOI: 10.1016/j.eap.2026.01.048
Zhinan Li , Siqi Li , Peilong Shen
To reduce the procyclicality of the incurred loss (IL) model revealed during the global financial crisis, the International Accounting Standards Board introduced the new impairment standard centered on expected loss (EL) model. This paper develops an economic model with an interbank market to assess how forward-looking provisioning under EL affects systemic risk relative to IL. Simulations show that for small shocks, EL reduces systemic risk when banks underestimate or correctly estimate losses, but can increase risk when losses are overestimated, due to excessive capital depletion. As shocks intensify, EL strengthens resilience by inducing banks to build larger capital buffers ahead of crises. Analytical findings further indicate that banks provision more aggressively under larger shocks or weaker capital positions. Overall, the risk-mitigating benefits of EL depend on both shock magnitude and banks’ discretionary bias, implying the need for stronger regulatory oversight alongside risk forecasting.
{"title":"Bank discretionary provisioning and systemic risk under impairment accounting standard reforms","authors":"Zhinan Li , Siqi Li , Peilong Shen","doi":"10.1016/j.eap.2026.01.048","DOIUrl":"10.1016/j.eap.2026.01.048","url":null,"abstract":"<div><div>To reduce the procyclicality of the incurred loss (IL) model revealed during the global financial crisis, the International Accounting Standards Board introduced the new impairment standard centered on expected loss (EL) model. This paper develops an economic model with an interbank market to assess how forward-looking provisioning under EL affects systemic risk relative to IL. Simulations show that for small shocks, EL reduces systemic risk when banks underestimate or correctly estimate losses, but can increase risk when losses are overestimated, due to excessive capital depletion. As shocks intensify, EL strengthens resilience by inducing banks to build larger capital buffers ahead of crises. Analytical findings further indicate that banks provision more aggressively under larger shocks or weaker capital positions. Overall, the risk-mitigating benefits of EL depend on both shock magnitude and banks’ discretionary bias, implying the need for stronger regulatory oversight alongside risk forecasting.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"90 ","pages":"Pages 888-912"},"PeriodicalIF":8.7,"publicationDate":"2026-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146174032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-21DOI: 10.1016/j.eap.2026.01.038
Yucheng Wu, Dejun Wu, Xuechao Li
This study empirically investigates the influence of female rookie CEOs’ career concerns on corporate green innovation. Using a sample of 39,387 firm-year observations from Chinese A-share listed firms from 2007 to 2023, we find that career concerns lead female rookie CEOs to diminish green innovation, an effect concentrated solely in substantive innovation (i.e., green invention patents). Our findings remain robust to a series of checks. The motivation tests suggest that female rookie CEOs reduce substantive green innovation, which is characterized by higher risks and costs, to maintain short-term performance stability and thereby enhance their job security. Further analysis shows that this negative effect is more pronounced in firms with younger CEOs and those facing higher financing constraints. By integrating gender differences into research on CEO career concerns and focusing on targeted green innovation initiatives, our study contributes to the literature on both CEO career concerns and the determinants of corporate sustainability. Moreover, our findings offer practical insights for promoting green innovation and provide valuable implications for environmental regulation policy.
{"title":"Female rookie CEO and green innovation","authors":"Yucheng Wu, Dejun Wu, Xuechao Li","doi":"10.1016/j.eap.2026.01.038","DOIUrl":"10.1016/j.eap.2026.01.038","url":null,"abstract":"<div><div>This study empirically investigates the influence of female rookie CEOs’ career concerns on corporate green innovation. Using a sample of 39,387 firm-year observations from Chinese A-share listed firms from 2007 to 2023, we find that career concerns lead female rookie CEOs to diminish green innovation, an effect concentrated solely in substantive innovation (i.e., green invention patents). Our findings remain robust to a series of checks. The motivation tests suggest that female rookie CEOs reduce substantive green innovation, which is characterized by higher risks and costs, to maintain short-term performance stability and thereby enhance their job security. Further analysis shows that this negative effect is more pronounced in firms with younger CEOs and those facing higher financing constraints. By integrating gender differences into research on CEO career concerns and focusing on targeted green innovation initiatives, our study contributes to the literature on both CEO career concerns and the determinants of corporate sustainability. Moreover, our findings offer practical insights for promoting green innovation and provide valuable implications for environmental regulation policy.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"90 ","pages":"Pages 405-416"},"PeriodicalIF":8.7,"publicationDate":"2026-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079407","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-21DOI: 10.1016/j.eap.2026.01.044
Zhilong Zhao , Shan Wang , Xun Wang , Siming Yu
As global warming intensifies, the economic consequences of climate risk have become a central concern for the international community. Using financial data from Chinese A-share listed firms during 2009–2022, this paper investigates the impact of climate risk on corporate ESG quality. We find that higher climate risk significantly improves firms’ ESG quality. Heterogeneity analyses show that this effect is more pronounced for non-state-owned firms, non-high-pollution firms, and firms operating under unstable policy environments. Moreover, the effect becomes stronger following the introduction of major climate policies. Further analyses suggest that climate risk enhances ESG quality through internal green technology innovation and external media supervision. This study enriches the literature on the economic consequences of climate risk and provides practical implications for firms in mitigating and adapting to climate-related challenges.
{"title":"Does climate risk affect corporate ESG quality?—Evidence from textual analysis","authors":"Zhilong Zhao , Shan Wang , Xun Wang , Siming Yu","doi":"10.1016/j.eap.2026.01.044","DOIUrl":"10.1016/j.eap.2026.01.044","url":null,"abstract":"<div><div>As global warming intensifies, the economic consequences of climate risk have become a central concern for the international community. Using financial data from Chinese A-share listed firms during 2009–2022, this paper investigates the impact of climate risk on corporate ESG quality. We find that higher climate risk significantly improves firms’ ESG quality. Heterogeneity analyses show that this effect is more pronounced for non-state-owned firms, non-high-pollution firms, and firms operating under unstable policy environments. Moreover, the effect becomes stronger following the introduction of major climate policies. Further analyses suggest that climate risk enhances ESG quality through internal green technology innovation and external media supervision. This study enriches the literature on the economic consequences of climate risk and provides practical implications for firms in mitigating and adapting to climate-related challenges.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"90 ","pages":"Pages 490-503"},"PeriodicalIF":8.7,"publicationDate":"2026-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-21DOI: 10.1016/j.eap.2026.01.042
Huijie Chen , Yixin Liu , Haiyang He
As globalization and market competition intensify, the role of nationalism in corporate marketing has gained increasing attention. This study examines whether and how corporate nationalism influences the economic value of firms in China’s new energy vehicle (NEV) sector. Using data from A-share listed companies in China’s new energy vehicle (NEV) sector between 2010 and 2023, we employ a two-way fixed-effects panel data model to assess the effects and mechanisms of nationalism, supported by robustness tests and heterogeneous analyses. The empirical findings demonstrate that nationalism significantly enhances corporate economic value. Specifically, nationalism increases media attention, strengthens investor confidence, and expands market share, leading to higher market value. The heterogeneous analysis further reveals that the impact of nationalism varies depending on firm characteristics, with moderating effects related to international market involvement, executive backgrounds, and geographical location. These findings provide practical guidance for policymakers and managers seeking to leverage nationalist communication strategies while maintaining stable market expectations.
{"title":"The economic value creation effect of corporate nationalism: Evidence from China's new energy vehicle industry","authors":"Huijie Chen , Yixin Liu , Haiyang He","doi":"10.1016/j.eap.2026.01.042","DOIUrl":"10.1016/j.eap.2026.01.042","url":null,"abstract":"<div><div>As globalization and market competition intensify, the role of nationalism in corporate marketing has gained increasing attention. This study examines whether and how corporate nationalism influences the economic value of firms in China’s new energy vehicle (NEV) sector. Using data from A-share listed companies in China’s new energy vehicle (NEV) sector between 2010 and 2023, we employ a two-way fixed-effects panel data model to assess the effects and mechanisms of nationalism, supported by robustness tests and heterogeneous analyses. The empirical findings demonstrate that nationalism significantly enhances corporate economic value. Specifically, nationalism increases media attention, strengthens investor confidence, and expands market share, leading to higher market value. The heterogeneous analysis further reveals that the impact of nationalism varies depending on firm characteristics, with moderating effects related to international market involvement, executive backgrounds, and geographical location. These findings provide practical guidance for policymakers and managers seeking to leverage nationalist communication strategies while maintaining stable market expectations.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"90 ","pages":"Pages 600-613"},"PeriodicalIF":8.7,"publicationDate":"2026-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-21DOI: 10.1016/j.eap.2026.01.045
Hongliang Li , Dingrong Yang , Ning Sun , Zeren Zhang
Enhancing the industrial chain resilience through digital technology is an important pathway to accelerate modern industrial construction in China. This study considers the “Broadband China” pilot (BCP) as an exogenous shock, and conducts time-varying DID model to evaluate the effect of digital infrastructure construction (DIC) on industrial chain resilience. The result indicates that BCP significantly enhances industrial chain resilience. Mechanism test shows that BCP can enhance industrial chain resilience via informatization-improved and innovation-driven effect. Moreover, BCP generates spatial spillover effects, boosting industrial chain resilience both locally and neighboring cities. This study reveals how the development of digital infrastructure shapes the way industrial chains respond to external disruptions, offering evidence for promoting industrial optimization and upgrading.
{"title":"Can digital infrastructure construction enhance industrial chain resilience? Evidence from China","authors":"Hongliang Li , Dingrong Yang , Ning Sun , Zeren Zhang","doi":"10.1016/j.eap.2026.01.045","DOIUrl":"10.1016/j.eap.2026.01.045","url":null,"abstract":"<div><div>Enhancing the industrial chain resilience through digital technology is an important pathway to accelerate modern industrial construction in China. This study considers the “Broadband China” pilot (BCP) as an exogenous shock, and conducts time-varying DID model to evaluate the effect of digital infrastructure construction (DIC) on industrial chain resilience. The result indicates that BCP significantly enhances industrial chain resilience. Mechanism test shows that BCP can enhance industrial chain resilience via informatization-improved and innovation-driven effect. Moreover, BCP generates spatial spillover effects, boosting industrial chain resilience both locally and neighboring cities. This study reveals how the development of digital infrastructure shapes the way industrial chains respond to external disruptions, offering evidence for promoting industrial optimization and upgrading.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"90 ","pages":"Pages 614-631"},"PeriodicalIF":8.7,"publicationDate":"2026-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079404","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
扫码关注我们
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号