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Vertical integration and corporate value under uncertainty shock: Evidence from the COVID-19 pandemic 不确定性冲击下的垂直整合与企业价值：来自新冠肺炎大流行的证据
China Economic Quarterly International Pub Date : 2022-12-01 DOI: 10.1016/j.ceqi.2022.11.002
Chun Yuan , Chunxiao Geng , Jian Sun , Huaigu Cui
{"title":"Vertical integration and corporate value under uncertainty shock: Evidence from the COVID-19 pandemic","authors":"Chun Yuan ,&nbsp;Chunxiao Geng ,&nbsp;Jian Sun ,&nbsp;Huaigu Cui","doi":"10.1016/j.ceqi.2022.11.002","DOIUrl":"https://doi.org/10.1016/j.ceqi.2022.11.002","url":null,"abstract":"<div><p>Using the exogenous shock of the COVID-19 pandemic, we examine whether vertical integration creates value for firms when facing increasing uncertainty. Using cross-sectional data during the outbreak of the COVID-19 pandemic, we find that there is a significant and positive correlation between vertical integration and cumulative abnormal return in the event window of the COVID-19. Furthermore, when external transaction costs are higher or internal organization costs are lower during the COVID-19 pandemic, the above results are more pronounced. Our results indicate that vertical integration could avoid uncertainty, reduce transaction costs, hence improving corporate value, providing empirical evidence for theories about the uncertainty and vertical integration in transaction-cost economics.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 4","pages":"Pages 239-251"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000491/pdfft?md5=7a4cea8ee530633b153478a7d17347ef&pid=1-s2.0-S2666933122000491-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72288645","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Digital financial inclusion and household risk sharing: Evidence from China's digital finance revolution 数字金融普惠与家庭风险分担——来自中国数字金融革命的证据
China Economic Quarterly International Pub Date : 2022-12-01 DOI: 10.1016/j.ceqi.2022.11.006
Xun Wang, Xue Wang
{"title":"Digital financial inclusion and household risk sharing: Evidence from China's digital finance revolution","authors":"Xun Wang,&nbsp;Xue Wang","doi":"10.1016/j.ceqi.2022.11.006","DOIUrl":"https://doi.org/10.1016/j.ceqi.2022.11.006","url":null,"abstract":"<div><p>This paper examines how digital finance development affects household risk sharing in China. We provide convincing evidence that households that experience idiosyncratic negative shocks on income growth exhibit a disproportionally lower level of reduction in idiosyncratic consumption growth in regions with better digital financial inclusion. Improved risk sharing through reduction in transaction costs of remittance that digital finance generates, and the liquidity and saving effects that digital financial products provide are two possible mechanisms through which digital financial inclusion affects household risk sharing. However, the development of traditional banking credit market does not appear to promote risk sharing.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 4","pages":"Pages 334-348"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000533/pdfft?md5=81c4053da8bd8b6cee4e482cb880d9de&pid=1-s2.0-S2666933122000533-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72288646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Vertical integration and corporate value under uncertainty shock: Evidence from the COVID-19 pandemic 不确定性冲击下的垂直整合与企业价值:来自COVID-19大流行的证据
China Economic Quarterly International Pub Date : 2022-11-09 DOI: 10.1016/j.ceqi.2022.11.002
Chun Yuan, Chunxiao Geng, Jian Sun, Huaigu Cui
{"title":"Vertical integration and corporate value under uncertainty shock: Evidence from the COVID-19 pandemic","authors":"Chun Yuan, Chunxiao Geng, Jian Sun, Huaigu Cui","doi":"10.1016/j.ceqi.2022.11.002","DOIUrl":"https://doi.org/10.1016/j.ceqi.2022.11.002","url":null,"abstract":"","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"30 1","pages":"239 - 251"},"PeriodicalIF":0.0,"publicationDate":"2022-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79798678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
How housing rent affect migrants’ consumption and social integration? ——Evidence from China Migrants Dynamic Survey 住房租金如何影响流动人口消费和社会融合?——来自中国流动人口动态调查的证据
China Economic Quarterly International Pub Date : 2022-09-01 DOI: 10.1016/j.ceqi.2022.08.002
Yushi Yang , Weizeng Sun , Sisi Zhang
{"title":"How housing rent affect migrants’ consumption and social integration? ——Evidence from China Migrants Dynamic Survey","authors":"Yushi Yang ,&nbsp;Weizeng Sun ,&nbsp;Sisi Zhang","doi":"10.1016/j.ceqi.2022.08.002","DOIUrl":"10.1016/j.ceqi.2022.08.002","url":null,"abstract":"<div><p>In this paper, we examine the impact of housing rent increase on migrants' household consumption and social integration. Using the China Migrants Dynamic Survey 2011–2014, we find that rent increase significantly reduces migrants’ non-housing consumption and leads to deteriorating social integration. Heterogeneous analyses find that rent increase has a larger impact on male migrants, older people with high school degrees or above, and those who work in the service industry. Additionally, rent increase exacerbates residential segregation between migrants and local residents. Our study provides implications for how policies can help migrants adapt to urban life.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 3","pages":"Pages 165-177"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266693312200034X/pdfft?md5=ee3727858918e59b45a448644bc0fc55&pid=1-s2.0-S266693312200034X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90856233","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Lightening up Africa: The effects of Chinese aid on the economic development in Africa 点亮非洲:中国援助对非洲经济发展的影响
China Economic Quarterly International Pub Date : 2022-09-01 DOI: 10.1016/j.ceqi.2022.08.004
Zhicheng Xu , Yu Zhang
{"title":"Lightening up Africa: The effects of Chinese aid on the economic development in Africa","authors":"Zhicheng Xu ,&nbsp;Yu Zhang","doi":"10.1016/j.ceqi.2022.08.004","DOIUrl":"10.1016/j.ceqi.2022.08.004","url":null,"abstract":"<div><p>This article studies the effects of Chinese aid on economic development in Africa. We geographically match Chinese aid in Africa to the satellite nightlight and other variables. Using a grid-cell panel dataset, we find that Chinese aid, particularly infrastructure projects, has significant and robust positive impacts on the economic development in Africa. Mechanism analysis suggests that Chinese aid substantially reduces violent rebel activities and growth in population and industries. The heterogeneous analysis demonstrates that Chinese infrastructure projects foster development not via resource exploitation.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 3","pages":"Pages 178-189"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000363/pdfft?md5=3218bb15d1ae8fa7f040c346b9ae08e5&pid=1-s2.0-S2666933122000363-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83107212","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Can digitalized tools help stimulate the domestic economy? Evidence from the effects of digital coupons on merchant operation 数字化工具能帮助刺激国内经济吗?数字优惠券对商家运营影响的证据
China Economic Quarterly International Pub Date : 2022-09-01 DOI: 10.1016/j.ceqi.2022.08.005
Yong Wang , Zhentao Yin , Jianwei Xing
{"title":"Can digitalized tools help stimulate the domestic economy? Evidence from the effects of digital coupons on merchant operation","authors":"Yong Wang ,&nbsp;Zhentao Yin ,&nbsp;Jianwei Xing","doi":"10.1016/j.ceqi.2022.08.005","DOIUrl":"10.1016/j.ceqi.2022.08.005","url":null,"abstract":"<div><p>By analyzing high-frequency data of mobile platform transactions in a large Chinese city, this paper explores the effects of digital coupons on catering and retailing businesses. The results show that digital coupons could generate positive and sustainable effects on the turnover and total sales of local catering and retailing businesses. These positive effects are found for catering and retailing businesses of all sizes, especially large merchants. In addition, while digital coupons are effective in boosting the consumption of commodities such as food and cell phones, they do not crowd out spending on other categories.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 3","pages":"Pages 227-238"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000375/pdfft?md5=e673ef2c2353f27a59c6c448b20b1397&pid=1-s2.0-S2666933122000375-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73408471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can information and communication technologies boost rural households’ income and narrow the rural income disparity in China? 信息通信技术能否提高中国农村家庭收入，缩小农村收入差距?
China Economic Quarterly International Pub Date : 2022-09-01 DOI: 10.1016/j.ceqi.2022.08.003
Qiubo Zhu , Chen Zhu , Chao Peng , Junfei Bai
{"title":"Can information and communication technologies boost rural households’ income and narrow the rural income disparity in China?","authors":"Qiubo Zhu ,&nbsp;Chen Zhu ,&nbsp;Chao Peng ,&nbsp;Junfei Bai","doi":"10.1016/j.ceqi.2022.08.003","DOIUrl":"10.1016/j.ceqi.2022.08.003","url":null,"abstract":"<div><p>Using panel data from National Rural Fixed Point Survey and a supplementary survey about rural ICT projects, this paper empirically analyzes the impact of ICTs on rural households’ income and income disparity in China. The results show that ICTs promotes the growth of total income and wage income of rural households, and has an inhibitory effect on agricultural income, but this inhibitory effect gradually disappears in the process of rural ICT development. The positive effect of ICTs on rural households’ total income is enduring. The heterogeneous analysis further indicates that the income-increasing effect of ICTs is more pronounced for higher-income and higher-educated farmers, which exacerbates the income disparity in rural areas.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 3","pages":"Pages 202-214"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000351/pdfft?md5=9c49d2b123726b4790043b1f3b675052&pid=1-s2.0-S2666933122000351-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73724886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Does lowering housing provident fund contribution rate promote employment? 降低住房公积金缴费率是否促进就业?
China Economic Quarterly International Pub Date : 2022-09-01 DOI: 10.1016/j.ceqi.2022.08.001
Jue Tang
{"title":"Does lowering housing provident fund contribution rate promote employment?","authors":"Jue Tang","doi":"10.1016/j.ceqi.2022.08.001","DOIUrl":"10.1016/j.ceqi.2022.08.001","url":null,"abstract":"<div><p>The housing provident fund is an important part of payroll taxes. This paper quantifies its impact on employment. Although the fund helps enterprises with R&amp;D to recruit more employees, it will also reduce the profitability of enterprises and cause enterprises to shrink their production scale, resulting in a negative overall effect on the number of employees. The negative impacts are significant in groups with strong financing constraints, and it mainly affects workers with a low education level and male workers. This paper also examines the impact of the increase and decrease of the contribution rate. The results show that reducing the contribution rate will promote employment.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 3","pages":"Pages 190-201"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000338/pdfft?md5=7cfaf18328d97156fe80cf57fde1e996&pid=1-s2.0-S2666933122000338-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74239445","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
On foreign-invested enterprises’ exit: Economic development or labor market price regulation? 论外商投资企业退出:经济发展还是劳动力市场价格调控?
China Economic Quarterly International Pub Date : 2022-09-01 DOI: 10.1016/j.ceqi.2022.08.006
Ruixiang Xiong , Qian Wan , Wenquan Liang
{"title":"On foreign-invested enterprises’ exit: Economic development or labor market price regulation?","authors":"Ruixiang Xiong ,&nbsp;Qian Wan ,&nbsp;Wenquan Liang","doi":"10.1016/j.ceqi.2022.08.006","DOIUrl":"10.1016/j.ceqi.2022.08.006","url":null,"abstract":"<div><p>We use the prefecture-level panel data and enterprise-level data of China's manufacturing enterprises from 2001 to 2009 to investigate the effects of economic development and minimum wage policy on foreign-invested enterprises' exit behavior. The increase of local minimum wage from the 25th percentile to the 75th percentile accounts for 20% of the average exit rate of foreign-invested manufacturing enterprises, while the local economic development does not affect the exit of foreign-invested manufacturing enterprises. Compared with “market-oriented” foreign-invested enterprises, “cost-saving-oriented” foreign-invested enterprises are more likely to exit from the market owing to the rise of minimum wage. Enterprises in industries with high labor intensity, large scales, low average wages, relatively high proportions of low-skilled labor, fierce competition, and poor industrial supporting facilities are more likely to be negatively affected by the rise of minimum wages.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 3","pages":"Pages 215-226"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000387/pdfft?md5=ea3a9e3fbc3ef6d750b7fdf312689ba5&pid=1-s2.0-S2666933122000387-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86455595","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Stabilizing economic growth: Growth target and government expenditure since World War II 稳定经济增长:二战以来的增长目标和政府支出
China Economic Quarterly International Pub Date : 2022-06-01 DOI: 10.1016/j.ceqi.2022.05.003
Qiuhui Chen, Xianxiang Xu
{"title":"Stabilizing economic growth: Growth target and government expenditure since World War II","authors":"Qiuhui Chen,&nbsp;Xianxiang Xu","doi":"10.1016/j.ceqi.2022.05.003","DOIUrl":"10.1016/j.ceqi.2022.05.003","url":null,"abstract":"<div><p>This paper investigates how the government stabilizes economic growth from the perspective of government expenditure. We contribute a method to identify the government expenditure aimed at stabilizing growth and empirically examine it using a dataset of economic growth targets. We find that when the economy encounters adverse shocks, government expenditure increases significantly by 1.1 percentage points on average for every one percentage point increase in the growth target. We document the following patterns of stabilizing growth: (1) government increases expenditure on economic affairs rather than on other functions; (2) government expenditure is financed by current revenue; and (3) it is a temporary behavior to stabilize growth. This paper also suggests that stabilizing growth by increasing government expenditure is a global phenomenon.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 2","pages":"Pages 98-110"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000193/pdfft?md5=f8de47a22a5f6fd7bb98c0551060cd65&pid=1-s2.0-S2666933122000193-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74144817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
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