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Recovering after natural disasters: A stabilizing role of the government 自然灾害后的恢复：政府的稳定作用
IF 5.5 1区 经济学
中国经济评论 Pub Date : 2025-10-08 DOI: 10.1016/j.chieco.2025.102569
Shu Liu, Yonghao Xu
{"title":"Recovering after natural disasters: A stabilizing role of the government","authors":"Shu Liu,&nbsp;Yonghao Xu","doi":"10.1016/j.chieco.2025.102569","DOIUrl":"10.1016/j.chieco.2025.102569","url":null,"abstract":"<div><div>This paper explores the patterns of corporate recovery following natural disasters, with a specific focus on the government’s role in facilitating this process. Our results reveal that firms recover fast following disasters in China, with the effect being more pronounced among state-owned enterprises (SOEs). Mechanism analysis identifies the government’s direct and indirect capital injections as the primary drivers of this swift recovery, which help mitigate disruptions in corporate investments. Furthermore, this government intervention exhibits a nuanced nature. Corporate post-disaster recovery tends to be weaker (stronger) for SOEs (Non-SOEs) when local fiscal expenditure is stronger. Different government intervention methods exhibit a substitution effect. Overall, this paper underscores the noteworthy and intricate role of the government in stabilizing the economy.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102569"},"PeriodicalIF":5.5,"publicationDate":"2025-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145264773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is government subsidy efficient? Evidence from SMEs' automation in China 政府补贴是否有效？来自中国中小企业自动化的证据
IF 5.5 1区 经济学
中国经济评论 Pub Date : 2025-10-07 DOI: 10.1016/j.chieco.2025.102566
Xueling Yan , Shule Yu , Xing Zheng
{"title":"Is government subsidy efficient? Evidence from SMEs' automation in China","authors":"Xueling Yan ,&nbsp;Shule Yu ,&nbsp;Xing Zheng","doi":"10.1016/j.chieco.2025.102566","DOIUrl":"10.1016/j.chieco.2025.102566","url":null,"abstract":"<div><div>This study examines the impact of government subsidies on the automation decisions of small and medium-sized enterprises (SMEs) in China. We introduce a theoretical model to analyze how financing constraints affect the net benefits of automation and how subsidies allocated to SMEs with heterogeneous financing conditions can produce varying economic outcomes. Using data from the Enterprise Survey for Innovation and Entrepreneurship in China (ESIEC), we find that: 1) government subsidies significantly enhance automation adoption among SMEs; 2) this effect is primarily driven by the alleviation of financing constraints; and 3) however, subsidies directed towards SMEs with lower endowments may lead to inefficiencies. Our findings highlight the importance of subsidies in promoting technological advancements for financially constrained SMEs, especially in developing economies like China.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102566"},"PeriodicalIF":5.5,"publicationDate":"2025-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145264775","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Maturity mismatch and disinvestment as transmission mechanisms: Linking economic policy uncertainty to firm performance 期限错配和撤资作为传导机制：将经济政策不确定性与企业绩效联系起来
IF 5.5 1区 经济学
中国经济评论 Pub Date : 2025-09-28 DOI: 10.1016/j.chieco.2025.102565
Lifang Hu
{"title":"Maturity mismatch and disinvestment as transmission mechanisms: Linking economic policy uncertainty to firm performance","authors":"Lifang Hu","doi":"10.1016/j.chieco.2025.102565","DOIUrl":"10.1016/j.chieco.2025.102565","url":null,"abstract":"<div><div>Since the beginning of the 21st century, the global economic and political landscape has become ever-changing, leading to rising economic policy uncertainty (EPU) in China. Utilizing indicators of macro EPU and firm perception of EPU, this study analyzes panel data from Chinese A-share listed firms (2007–2022) to investigate how EPU affects firm performance. The research findings demonstrate that EPU negatively affects firm performance primarily through maturity mismatch and disinvestment. Macro-level economic policy uncertainty shapes micro-level firm perceptions and strategic responses. Furthermore, the negative impact of EPU is more pronounced for firms operating in highly concentrated industries, as well as for risk-preferred firms, non-SOEs, cross-border firms during periods of Sino–US trade friction, and decline-stage firms. Lastly, this study recommends that government agencies prioritize continuity, predictability, and transparency in implementation of economic policies. To build resilience when EPU is rising, firms should leverage information-driven strategy, optimize debt–asset structure, and enhance competitiveness.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102565"},"PeriodicalIF":5.5,"publicationDate":"2025-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145264774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unintended negative impact of environmental regulation on public safety: Evidence from China 环境规制对公共安全的意外负面影响：来自中国的证据
IF 5.5 1区 经济学
中国经济评论 Pub Date : 2025-09-23 DOI: 10.1016/j.chieco.2025.102562
Yichuan Zhang , Jiezhong Shen , Tianyun Zhu
{"title":"Unintended negative impact of environmental regulation on public safety: Evidence from China","authors":"Yichuan Zhang ,&nbsp;Jiezhong Shen ,&nbsp;Tianyun Zhu","doi":"10.1016/j.chieco.2025.102562","DOIUrl":"10.1016/j.chieco.2025.102562","url":null,"abstract":"<div><div>This paper investigates the unintended effect of air pollution regulations on public safety. Based on a city-level panel data set, we document first evidence of the causal relationship between environmental regulations and crime rate, using difference-in-differences approach. Specifically, we find that the well-known “2+26” work plan of air pollution control for Beijing–Tianjin–Hebei Atmospheric Pollution Transmission Corridor increased the incidence of intentional injury, provocation and troublemaking, dangerous driving, theft, and robbery in a statistical sense. Regarding the underlying mechanism, environmental regulations may cause substantial job displacement, which in turn triggers negative emotions and psychological distress, ultimately increasing both economically motivated and emotionally driven crimes. Our empirical results imply extra social cost of environmental regulations, which has been mostly overlooked in the literature.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102562"},"PeriodicalIF":5.5,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145157635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Long-term care insurance policy and the development of elderly care enterprises in China 长期护理保险政策与中国养老企业的发展
IF 5.5 1区 经济学
中国经济评论 Pub Date : 2025-09-22 DOI: 10.1016/j.chieco.2025.102564
Tianli Yang , Zhong Zhao
{"title":"Long-term care insurance policy and the development of elderly care enterprises in China","authors":"Tianli Yang ,&nbsp;Zhong Zhao","doi":"10.1016/j.chieco.2025.102564","DOIUrl":"10.1016/j.chieco.2025.102564","url":null,"abstract":"<div><div>This paper examines the effect of Long-Term Care Insurance (LTCI) policy on the development of elderly care enterprises in China. Exploiting a policy shock and employing a difference-in-differences design, we find that the implementation of LTCI policy significantly promotes the number of new entries and survival rate of elderly care enterprises, particularly for individual businesses, enterprises in health and social work industry, and those located in eastern region. Notably, service-only LTCI policy exhibits a stronger effect on the development of elderly care enterprises than the policy combining service and cash benefits. Mechanism analysis suggests that LTCI stimulates market demand for formal care services and increases government expenditures on social security and healthcare, both of which drive the development of elderly care enterprises. We also find that LTCI policy boosts labor demand in the elderly care industry. Overall, our empirical findings suggest that LTCI can help address the shortage of long-term care services and enhance family welfare.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102564"},"PeriodicalIF":5.5,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145219824","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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
中国经济评论 Pub Date : 2025-09-17 DOI: 10.1016/j.chieco.2025.102560
Sheng Hua , Zheng Ji
{"title":"Ownership structure, power separation and the supervisory effectiveness of independent director system","authors":"Sheng Hua ,&nbsp;Zheng Ji","doi":"10.1016/j.chieco.2025.102560","DOIUrl":"10.1016/j.chieco.2025.102560","url":null,"abstract":"<div><div>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 <em>de jure</em> 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.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102560"},"PeriodicalIF":5.5,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145117807","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
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
{"title":"The employment effects of VAT rebate efficiency: Evidence from SMEs in China∗","authors":"Bing Lu ,&nbsp;Hong Ma ,&nbsp;Jiashu Hu ,&nbsp;Yuan Xu","doi":"10.1016/j.chieco.2025.102561","DOIUrl":"10.1016/j.chieco.2025.102561","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102561"},"PeriodicalIF":5.5,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145219823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
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
{"title":"How does non-financial firms' systemic risk affect their credit constraints? Evidence from China","authors":"Xiao-Lin Li ,&nbsp;Wentian Qu ,&nbsp;Guojing Qiu","doi":"10.1016/j.chieco.2025.102557","DOIUrl":"10.1016/j.chieco.2025.102557","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102557"},"PeriodicalIF":5.5,"publicationDate":"2025-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145117806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
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
{"title":"The nexus between digital finance and household consumption-based carbon emissions: Evidence from China","authors":"Yong Yu ,&nbsp;Chenzhe Zhai ,&nbsp;Debao Hu ,&nbsp;Zicun Wang","doi":"10.1016/j.chieco.2025.102556","DOIUrl":"10.1016/j.chieco.2025.102556","url":null,"abstract":"<div><div>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</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102556"},"PeriodicalIF":5.5,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145095028","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
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
{"title":"Does party organization construction improve chinese banks' stability? Evidence from a new textual index","authors":"Lu Wei ,&nbsp;Mingye Wei ,&nbsp;Yifei Wu ,&nbsp;Zhongbo Jing","doi":"10.1016/j.chieco.2025.102541","DOIUrl":"10.1016/j.chieco.2025.102541","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102541"},"PeriodicalIF":5.5,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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