Economic Analysis and Policy最新文献

英文中文

Impact of short-term credit allocation on the rent-seeking tension between banks and enterprises 短期信贷配置对银企寻租紧张的影响

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2026-01-02 DOI: 10.1016/j.eap.2026.01.001

Lin Xiaojing , Wang Qin , Fan Xianhui

This paper explores the influence of short-term credit allocation on the rent-seeking tension between banks and enterprises within the context of China’s financial supply-side reform. Drawing on panel data from non-financial listed firms between 2007 and 2022, the study reveals that a higher proportion of short-term credit significantly intensifies the rent-seeking tension in bank-enterprise interactions. Further analysis shows that this effect is conditioned by firm-level characteristics: reliance on bank financing strengthens the marginal effect, while higher levels of information transparency mitigate it. In addition, firms with greater asset specificity or facing severe financing constraints are more vulnerable to intensified rent-seeking tension in the short-term credit market. By highlighting the interaction between credit term structures and institutional rent behaviors, this paper enriches the literature on bank-enterprise agency conflicts and offers policy implications for improving credit governance and optimizing financial resource allocation under supply-side structural reform.

本文在中国金融供给侧改革的背景下，探讨短期信贷配置对银企寻租紧张的影响。利用2007年至2022年非金融类上市公司的面板数据，研究表明，短期信贷比例的提高显著加剧了银企互动中的寻租紧张。进一步分析表明，这种效应受到企业层面特征的制约：依赖银行融资增强了边际效应，而更高水平的信息透明度则缓解了边际效应。此外，资产专用性较高或面临严重融资约束的企业更容易受到短期信贷市场寻租紧张加剧的影响。本文通过突出信贷期限结构与制度租金行为之间的相互作用，丰富了银企代理冲突的研究文献，为供给侧结构性改革下完善信贷治理、优化金融资源配置提供了政策启示。

引用次数: 0

Global estimates of informal economies and new insights for 152 countries (1997-2022): Using an enhanced modelling approach 对152个国家非正式经济的全球估计和新见解（1997-2022年）：使用改进的建模方法

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2026-01-01 DOI: 10.1016/j.eap.2025.11.027

Alban Asllani , Roberto Dell'Anno , Friedrich Schneider

Using an enhanced modelling method, this paper presents new estimates of the Informal Economy (IE) for 152 countries from 1997 to 2022. We address several limitations from previous estimates of the IE, notably missing data issues, time-invariant country characteristics, and scaling issues with exogenous estimates of informality. By incorporating country-specific fixed effects, the model offers more reliable results. Our findings reveal significant variation in the drivers of IE between high-income and non-high-income countries. In terms of normative implications, our results underscore the need for tailored policies in addressing the formalisation of informal activities in countries with varying income levels.

本文采用一种改进的建模方法，对1997年至2022年152个国家的非正规经济（IE）进行了新的估计。我们解决了以前对IE估计的几个限制，特别是缺少数据问题、时不变的国家特征以及外生非正式性估计的比例问题。通过纳入特定国家的固定效应，该模型提供了更可靠的结果。我们的研究结果揭示了高收入和非高收入国家之间IE驱动因素的显著差异。就规范影响而言，我们的研究结果强调，在不同收入水平的国家，需要制定量身定制的政策来解决非正式活动的正规化问题。

引用次数: 0

Green supply chain management project and firms’ cost of equity capital: Evidence from China 绿色供应链管理项目与企业股权资本成本：来自中国的证据

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2026-01-01 DOI: 10.1016/j.eap.2025.08.048

Zhujia Yin , Xingting Wang , Jiejin Xia , Chun-Ping Chang

Based on a quasi-natural experiment of establishing the green supply chain management project in China, we find that the green supply chain management project robustly lowers companies’ cost of equity capital. This impact is achieved through increased environmental information disclosure and investor attention. Heterogeneity analysis indicates that the impact is stronger in companies with higher government environmental concerns, better supply chain efficiency, or cleaner industries. Additional examination indicates that the green supply chain management project raises the cost of equity capital for upstream companies, while simultaneously lowers it for downstream companies two years afterward. Overall, our findings highlight the significance of green supply chain management in influencing financial outcomes and investor choices.

基于在中国建立绿色供应链管理项目的准自然实验，我们发现绿色供应链管理项目显著降低了企业的股权资本成本。这种影响是通过增加环境信息披露和投资者关注来实现的。异质性分析表明，在政府环境关注程度较高、供应链效率较高或行业清洁的公司中，这种影响更强。进一步的研究表明，绿色供应链管理项目提高了上游企业的股权资本成本，同时在两年后降低了下游企业的股权资本成本。总体而言，我们的研究结果强调了绿色供应链管理在影响财务结果和投资者选择方面的重要性。

引用次数: 0

Public data openness as an economic policy lever for sustainable tourism: Evidence on mechanisms, spillovers and heterogeneity from Chinese cities 公共数据开放作为可持续旅游的经济政策杠杆：来自中国城市的机制、溢出效应和异质性证据

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2026-01-01 DOI: 10.1016/j.eap.2025.12.029

Yiling Jiang , Yiling Lu , Xizhou Tian , Daiping Wei

With the rapid rise of the digital economy, public data openness has become a key driver of sustainable tourism development. However, research has paid limited attention to its mechanisms and regional heterogeneity. This study employs panel data from 291 Chinese cities spanning 2007 to 2023, analyzed through a Difference-in-Differences (DID) model and a Spatial Durbin Model (SDM). The analysis examines how public data openness shapes the green and sustainable development of the tourism economy. The empirical findings reveal that public data openness significantly promotes green and sustainable tourism growth, with service innovation and market efficiency functioning as key mediating pathways. In addition, economic development, resource integration, and data governance show positive and significant moderating effects. These regional conditions shape how public data openness influences sustainable tourism development. Furthermore, public data openness generates spatial spillover effects that contribute to the green and sustainable development of the tourism economy. These spillovers are most pronounced in regions with similar economic structures, and their intensity rises as the degree of data openness increases. Overall, this study contributes to strengthening the theoretical nexus between public data openness and sustainable tourism development. It further provides empirical evidence and policy insights to facilitate broader green economic transformation.

随着数字经济的快速崛起，公共数据开放已成为旅游可持续发展的关键驱动力。但对其机制和区域异质性的研究较少。本研究采用2007年至2023年291个中国城市的面板数据，通过差异中的差异（DID）模型和空间德宾模型（SDM）进行分析。该分析考察了公共数据开放如何塑造旅游经济的绿色和可持续发展。实证结果表明，公共数据开放显著促进旅游绿色可持续增长，其中服务创新和市场效率是关键中介路径。此外，经济发展、资源整合和数据治理具有显著的正向调节作用。这些区域条件决定了公共数据开放如何影响可持续旅游发展。此外，公共数据开放产生空间溢出效应，有利于旅游经济的绿色可持续发展。这些溢出效应在经济结构相似的地区最为明显，且随着数据开放程度的提高，溢出效应的强度也随之增大。总体而言，本研究有助于加强公共数据开放与旅游可持续发展之间的理论联系。它还为促进更广泛的绿色经济转型提供了经验证据和政策见解。

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引用次数: 0

Extreme weather events and enterprise cross-regional expansion strategy 极端天气事件与企业跨区域扩张战略

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2026-01-01 DOI: 10.1016/j.eap.2026.01.007

Qian Wang , Chenghua Zhang , Yuan Zhang , Duowen Wu

The frequent occurrence of extreme weather events has created disparities in regional endowments, posing significant challenges to the development strategies of enterprises across different regions. In this study, we construct a theoretical model and conduct an empirical analysis using location data from subsidiaries of listed companies in China. Our findings reveal that extreme weather events have a negative impact on companies’ motivation to establish new subsidiaries in affected areas. These events hinder the cross-regional expansion of enterprises by disrupting key regional endowments, including transportation infrastructure, labor supply, credit availability, and innovation capacity. The effects are particularly pronounced for state-owned enterprises, labor-intensive industries, and firms with existing subsidiaries located in relatively flat regions. Additionally, we examine the impact of various types of extreme weather events and find that floods, storms, and extreme temperatures significantly impede enterprise expansion across regions. Overall, our research highlights the unintended climate risk factor in the corporate location strategy.

极端天气事件的频繁发生造成了地区禀赋的差异，对不同地区企业的发展战略提出了重大挑战。本文以中国上市公司子公司的区位数据为研究对象，构建理论模型并进行实证分析。我们的研究结果表明，极端天气事件对公司在受影响地区建立新子公司的动机有负面影响。这些事件通过破坏关键的区域禀赋，包括交通基础设施、劳动力供应、信贷可用性和创新能力，阻碍了企业的跨区域扩张。这种影响对国有企业、劳动密集型产业和现有子公司位于相对平坦地区的企业尤为明显。此外，我们研究了各种类型的极端天气事件的影响，发现洪水、风暴和极端温度显著阻碍了企业跨区域扩张。总体而言，我们的研究突出了企业区位战略中意想不到的气候风险因素。

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引用次数: 0

ESG disclosure and financing constraints: Evidence from Chinese listed firms ESG披露与融资约束：来自中国上市公司的证据

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2026-01-01 DOI: 10.1016/j.eap.2025.12.040

Liufang Xie , Zhengbo Peng , Xiaoge Tong , Wenjun Zhou

Environmental, Social, and Governance (ESG) disclosure, as a vital complement to traditional financial reporting, has attracted increasing attention from investors and regulators. While prior studies largely focus on the relationship between ESG performance and firm value, the specific role of ESG disclosure in alleviating financing constraints remains underexplored. Using panel data of Chinese A-share listed firms from 2010 to 2023, this study investigates the impact of ESG disclosure on financing constraints. The findings reveal that ESG disclosure significantly alleviates financing constraints, with the effect being more pronounced among non-state-owned enterprises (non-SOEs) and firms with high financial reporting credibility. Mechanism tests indicate that this alleviating effect is driven by the synergistic enhancement of green innovation capability and green information transparency. Further analysis shows that the impact of ESG disclosure is amplified by the implementation of green credit policies and greater local government attention to environmental issues. This study provides novel evidence on how proactive ESG disclosure optimizes capital access and fosters corporate sustainability.

环境、社会和治理（ESG）信息披露作为传统财务报告的重要补充，越来越受到投资者和监管机构的关注。虽然之前的研究主要集中在ESG绩效与公司价值之间的关系上，但ESG披露在缓解融资约束方面的具体作用仍未得到充分探讨。本文利用2010 - 2023年中国a股上市公司的面板数据，考察了ESG披露对融资约束的影响。研究发现，ESG披露显著缓解了融资约束，且在非国有企业和财务报告可信度高的企业中效果更为明显。机制检验表明，这种缓解效应是由绿色创新能力和绿色信息透明度的协同增强驱动的。进一步分析表明，绿色信贷政策的实施和地方政府对环境问题的更大关注，放大了ESG信息披露的影响。本研究为积极主动的ESG披露如何优化资本获取和促进企业可持续发展提供了新的证据。

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引用次数: 0

Does entry deregulation foster entrepreneurship? Evidence from China’s unified market access reform 放宽准入能促进创业吗？中国统一市场准入改革的证据

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2026-01-01 DOI: 10.1016/j.eap.2025.12.034

Lu Qiu , Peng Yuan , Shuni Wei , Kefan Xu

China's implementation of the negative list system for market access, which for the first time establishes nationally unified rules for market access, is an innovative approach to entry deregulation. Drawing on a difference-in-differences approach, this paper finds that the unified market access rules significantly increase city entrepreneurship. The effects are stronger in cities with better institutional environments and higher digital financial inclusion. The reform is particularly effective in promoting the establishment of service-sector firms rather than manufacturing ones. Mechanism analysis suggests that the unified market access rules promote entrepreneurship by fostering innovation, attracting capital inflows, and reducing transaction costs. These results highlight the role of unified market access rules in promoting entrepreneurship and offer valuable insights for advancing market-oriented reforms.

中国实行市场准入负面清单制度，首次建立了全国统一的市场准入规则，是放开准入的创新举措。运用差异中的差异方法，本文发现统一的市场准入规则显著提高了城市企业家精神。在制度环境较好、数字普惠金融水平较高的城市，这种效应更强。这项改革在促进服务业企业而不是制造业企业的建立方面尤其有效。机制分析表明，统一的市场准入规则通过培育创新、吸引资本流入和降低交易成本来促进企业家精神。这些结果突出了统一的市场准入规则在促进创业中的作用，为推进市场化改革提供了宝贵的启示。

引用次数: 0

Unified market regulation and corporate regulatory capture: Evidence from China’s law enforcement reform 统一市场监管与企业监管俘获：来自中国执法改革的证据

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2026-01-01 DOI: 10.1016/j.eap.2026.01.008

Yizao Chen , Shengyuan Wang , Xinru Yue , Hongjian Yu

How governments regulate the market to ensure fair competition remains a challenge. A key factor is the allocation of enforcement authority within market regulation. In 2018, China established the Administration for Market Regulation, unifying its regulatory enforcement authority and ending a long-standing decentralized system. Using this regulatory enforcement reform, this study examines the impact of unified market regulation on corporate regulatory capture. It finds that unified market regulation significantly reduces corporate regulatory capture expenditure. Mechanism analysis shows that the reform increases the cost and difficulty of regulatory collusion by strengthening mechanisms of administrative accountability and authority constraints, thereby suppressing corporate regulatory capture. Heterogeneity analysis reveals that the suppressive effect of unified market regulation on corporate regulatory capture is greater among firms with stronger motives for regulatory capture (poorer product quality, weaker social capital, and lower market performance), lower policy uncertainty, and in regions with a stronger integrity culture. Finally, this study finds that unified market regulation generates significant information and innovation spillover effects.

政府如何监管市场以确保公平竞争仍然是一个挑战。一个关键因素是在市场监管范围内分配执法权力。2018年，中国成立了市场监督管理总局，统一了监管执法权限，结束了长期分散的体制。利用这一监管执行改革，本研究考察了统一市场监管对企业监管俘获的影响。研究发现，统一的市场监管显著降低了企业的监管捕获支出。机制分析表明，改革通过强化行政问责机制和权力约束机制，提高监管合谋的成本和难度，从而抑制企业的监管俘获。异质性分析表明，在监管捕获动机较强（产品质量较差、社会资本较弱、市场绩效较低）、政策不确定性较低以及诚信文化较强的地区，统一市场监管对企业监管捕获的抑制作用更大。最后，研究发现统一的市场监管产生了显著的信息溢出效应和创新溢出效应。

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引用次数: 0

Performance-based research funding allocation for excellence: Evidence from central and western Chinese higher education institutions 基于绩效的卓越研究经费分配：来自中国中西部高等教育机构的证据

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2026-01-01 DOI: 10.1016/j.eap.2025.07.046

Yuzhen Tian , Kok Fong See , Bo Hsiao

Research funds from the government play an essential role in the scientific research of public higher educational institutions (HEIs). To promote the development of central and western HEIs, the government, as a central decision maker, has increased the financial budget for research through educational policy. To achieve better improvement under this funding limitation, it is necessary to develop a reasonable resource allocation plan. Thus, a novel two-stage network DEA method with shared input is proposed to address this issue. Considering the roles of other HEIs in the allocation process, this study further combines the concept of cross-efficiency to obtain an optimal allocation plan. Finally, the proposed method is applied to reallocate government funds among the evaluated central and western HEIs (“Revitalization plan” HEIs), share them in each stage without decreasing efficiency, and set the output target simultaneously. The results show that the output will achieve a significant increase in the whole evaluated HEI after the reallocation of government funds. Moreover, the in-depth analysis provides a direction for future fund allocation for the government.

政府的研究经费在公立高等学校的科学研究中起着至关重要的作用。为促进中西部高等学校的发展，政府作为中央决策者，通过教育政策增加了研究的财政预算。为了在这种资金限制下更好地改善，有必要制定合理的资源分配计划。为此，本文提出了一种具有共享输入的两阶段网络DEA方法。考虑到其他高校在分配过程中的作用，本研究进一步结合交叉效率的概念，得出最优分配方案。最后，将该方法应用于被评估的中西部高校（“振兴计划”高校）之间的政府资金再分配，在不降低效率的情况下，在各阶段共享，并同时设定产出目标。结果表明，政府资金重新配置后，评价的高企企业整体产出将实现显著增长。此外，深入的分析为政府未来的资金配置提供了方向。

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Intergenerational upward economic support, social participation, and elderly health: An empirical test based on the china health and retirement longitudinal study (CHARLS) 代际向上经济支持、社会参与与老年健康：基于中国健康与退休纵向研究的实证检验

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2026-01-01 DOI: 10.1016/j.eap.2025.12.036

Ziwei Fang , Ming Hu , Zeyan Jiao , Fengyi Zheng

The family serves as a crucial support for the health of the elderly. Utilizing the four-wave panel data from 2011 to 2018 of the China Health and Retirement Longitudinal Study and applying the two-way fixed effect model to empirically examine the relationship between intergenerational upward economic support and the health level of the elderly, the following findings are obtained: Firstly, intergenerational upward economic support significantly promotes the health level of the elderly. Secondly, even after using family size as an instrumental variable to alleviate endogeneity, this result remains significant. Thirdly, intergenerational upward economic support can enhance the health level of the elderly through facilitating their entertainment-oriented, development-oriented, and network-based social participation. Fourthly, the health effect of intergenerational upward economic support is more pronounced among female and rural elderly. These research findings offer a more comprehensive perspective for comprehending the protective function of the family.

家庭是老年人健康的重要保障。利用2011 - 2018年中国健康与退休纵向研究的四波面板数据，运用双向固定效应模型实证检验代际向上经济支持与老年人健康水平的关系，得到以下发现：第一，代际向上经济支持显著促进老年人健康水平；其次，即使使用家庭规模作为工具变量来缓解内生性，这一结果仍然显著。第三，代际向上的经济支持可以促进老年人的娱乐化、发展化和网络化的社会参与，从而提高老年人的健康水平。第四，代际向上的经济支持对女性和农村老年人的健康影响更为明显。这些研究结果为理解家庭的保护功能提供了一个更全面的视角。

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