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How air pollution affects innovation value in China urban area? 大气污染如何影响中国城市创新价值？
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2025-07-05 DOI: 10.1016/j.chieco.2025.102482
Zhuo Chen , Kunlun Wang
{"title":"How air pollution affects innovation value in China urban area?","authors":"Zhuo Chen ,&nbsp;Kunlun Wang","doi":"10.1016/j.chieco.2025.102482","DOIUrl":"10.1016/j.chieco.2025.102482","url":null,"abstract":"<div><div>Most studies focus on the short-term economic consequences of air pollution, rather than its long-term impacts on urban development, such like innovation. Although a few studies have analyzed its impact on one way of inventive output–patent counts, ignoring differences in patent quality would make the findings lack economic interpretation. Therefore, this study utilizes a patent renewal model with micro-foundation to estimate the patent value by city (industry) in China. With the help of thermal inversion as an exogenous source of air pollution, our IV estimation finds that a 1% increase in air pollution leads to 1.19% decrease in patent value. Pollution damage is greater at low-to-medium level and is salient in the manufacturing sector. We also explore some mechanisms at the intensive and extensive margins, including the decline in innovation capacity, the shift to low-quality inventions, and the reduction in innovative bodies. Furthermore, we also discuss in detail why the estimated elasticity is larger than other studies, which contributes to re-evaluate the huge cost of air pollution on the economy, especially in the developing countries.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102482"},"PeriodicalIF":5.2,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144656034","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
Top-up design and health care expenditure: Evidence from cardiac stents 充值设计和卫生保健支出：来自心脏支架的证据
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2025-07-04 DOI: 10.1016/j.chieco.2025.102489
Ginger Zhe Jin , Hsienming Lien , Xuezhen Tao
{"title":"Top-up design and health care expenditure: Evidence from cardiac stents","authors":"Ginger Zhe Jin ,&nbsp;Hsienming Lien ,&nbsp;Xuezhen Tao","doi":"10.1016/j.chieco.2025.102489","DOIUrl":"10.1016/j.chieco.2025.102489","url":null,"abstract":"<div><div>Since 2006, Taiwan’s National Health Insurance (NHI) has covered the full cost of baseline treatment in cardiac stents (bare-metal stents, BMS). Still, it requires patients to pay the price difference for more expensive treatment (drug-eluting stents, DES). Within this “top-up” design, we study how hospitals responded to a 26% cut of the NHI reimbursement rate in 2009. In contrast with hospitals with no previous revenue from stent treatment, hospitals that were more revenue-dependent on cardiac patients reduced the likelihood of stent implantation by 21.2%, increased BMS usage per stent patient by 0.10 or 11.9% but not DES usage. Furthermore, while the average DES price remains insensitive to the rate cut across the whole sample, minor teaching hospitals previously more dependent on stent patients increased the DES price and therefore could recoup at least half of the revenue loss from the NHI rate cut in 2009-2010. In general, the rate cut was effective in reducing NHI expenditure without substantial changes in patient outcomes, although some minor teaching hospitals made moral hazard adjustments in response.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"93 ","pages":"Article 102489"},"PeriodicalIF":5.2,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596408","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
Greater vulnerability but stronger recovery: The double-edged role of industrial clustering in climate risk scenarios 脆弱性更大，复苏更强：气候风险情景下产业集群的双刃剑作用
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2025-07-02 DOI: 10.1016/j.chieco.2025.102457
Ying Li
{"title":"Greater vulnerability but stronger recovery: The double-edged role of industrial clustering in climate risk scenarios","authors":"Ying Li","doi":"10.1016/j.chieco.2025.102457","DOIUrl":"10.1016/j.chieco.2025.102457","url":null,"abstract":"<div><div>This paper explores the role of industrial clustering in shaping the economic impacts of extreme climate events. Using panel data from 366 cities in China, I find that cities with higher levels of industrial clustering are more vulnerable to immediate economic losses arising from extreme climate events due to their more specialized firms and complex economic structures. However, they exhibit stronger economic recovery capacity in the long term through knowledge spillovers and factor market integration. My findings underscore the dual role of industrial clustering, which serves as both a source of vulnerability and recovery capacity, providing important implications for climate adaptation strategies.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"93 ","pages":"Article 102457"},"PeriodicalIF":5.2,"publicationDate":"2025-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144557421","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
From social networks to sustainable solutions: Unpacking the influence of social capital on green innovation 从社会网络到可持续解决方案：揭示社会资本对绿色创新的影响
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2025-06-30 DOI: 10.1016/j.chieco.2025.102496
Yuanshun Li , Liang Liu , Xinyuan Li , Aoran Zhang
{"title":"From social networks to sustainable solutions: Unpacking the influence of social capital on green innovation","authors":"Yuanshun Li ,&nbsp;Liang Liu ,&nbsp;Xinyuan Li ,&nbsp;Aoran Zhang","doi":"10.1016/j.chieco.2025.102496","DOIUrl":"10.1016/j.chieco.2025.102496","url":null,"abstract":"<div><div>This study examines how provincial-level social capital influences firm's green innovation effort. Utilizing panel data from 4695 companies listed on the Shanghai and Shenzhen stock exchanges between 2003 and 2022, the analysis reveals a strong and positive relationship between regional social capital and green innovation activities among local enterprises. Mechanism analyses suggest that government subsidies and executives' green backgrounds drive this positive relationship. Furthermore, we find that successfully granted green patents translate into superior financial and environmental performance for Chinese firms. Overall, these findings offer novel perspectives on the pivotal role of social capital in shaping businesses' green innovation output and yielding practical implications for leveraging social capital to promote sustainability initiatives.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"93 ","pages":"Article 102496"},"PeriodicalIF":5.2,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144570778","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
Digital finance development, financial mismatches, and corporate shadow banking activities 数字金融发展、金融错配与企业影子银行活动
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2025-06-30 DOI: 10.1016/j.chieco.2025.102495
Rui Yang , Rongrong Li , Xinyu Ge
{"title":"Digital finance development, financial mismatches, and corporate shadow banking activities","authors":"Rui Yang ,&nbsp;Rongrong Li ,&nbsp;Xinyu Ge","doi":"10.1016/j.chieco.2025.102495","DOIUrl":"10.1016/j.chieco.2025.102495","url":null,"abstract":"<div><div>The existing research suggests that a rapid growth of corporate shadow banking (CSB) activities in China is linked to financial repression. However, it is unclear whether digital finance development (DFD) featured with financial inclusion helps contain the growth. By using a sample of Chinese A-share listed non-financial enterprises (NFEs) from 2011 to 2021, we examine the effect of DFD on CSB activities. We offer empirical evidence that DFD can help decrease such activities. Our findings remain robust even after tackling endogeneity issues and undertaking a set of robustness checks. Furthermore, we identify financial mismatches, such as financial resource mismatch and maturity mismatch, as key pathways by which DFD influences CSB activities. Our results highlight the significant role of DFD in enhancing resource allocation and, crucially, in fostering a more transparent and stable financial system.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"93 ","pages":"Article 102495"},"PeriodicalIF":5.2,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144557420","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
Corporate charter autonomy and firms' investment efficiency 公司章程自治与企业投资效率
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2025-06-30 DOI: 10.1016/j.chieco.2025.102498
Feng Han , Qi Qin , Wentao Tian , Sen Zhang
{"title":"Corporate charter autonomy and firms' investment efficiency","authors":"Feng Han ,&nbsp;Qi Qin ,&nbsp;Wentao Tian ,&nbsp;Sen Zhang","doi":"10.1016/j.chieco.2025.102498","DOIUrl":"10.1016/j.chieco.2025.102498","url":null,"abstract":"<div><div>In light of the amendments to the new Company Law regarding corporate autonomy, we study the relationship between corporate charter autonomy and investment efficiency, using panel data of Chinese listed firms from 2010 to 2023. We find that corporate charter autonomy negatively impacts firms' investment efficiency, and this result remains robust to various tests. Mechanism tests indicate that managerial myopia, opportunistic related-party transactions, and managerial risk-taking are the channels through which corporate charter autonomy exerts the negative impact. Cross-sectional analyses show that the negative impact is more pronounced among non-state-owned firms, firms with weaker internal control quality, firms with greater managerial shareholdings, or firms operating in environments with weaker external constraints or limited cultural norms. Our research highlights the importance of constraining corporate autonomy and provides empirical support for the role of relevant restrictive clauses added to the new Company Law.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"93 ","pages":"Article 102498"},"PeriodicalIF":5.2,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144557427","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
Dual social identities, cross-cultural differences, and cooperation: Evidence from the One Country, Two Systems paradigm 双重社会身份、跨文化差异与合作：来自“一国两制”范式的证据
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2025-06-27 DOI: 10.1016/j.chieco.2025.102493
Shutao Sun , Chunchao Wang , Fanzheng Yang , Li Yu
{"title":"Dual social identities, cross-cultural differences, and cooperation: Evidence from the One Country, Two Systems paradigm","authors":"Shutao Sun ,&nbsp;Chunchao Wang ,&nbsp;Fanzheng Yang ,&nbsp;Li Yu","doi":"10.1016/j.chieco.2025.102493","DOIUrl":"10.1016/j.chieco.2025.102493","url":null,"abstract":"<div><div>This study examines how dual social identities and cross-cultural differences influence cooperation within the unique context of China's “One Country, Two Systems” paradigm. Employing public good games involving participants from mainland China and the Hong Kong Special Administrative Region (HK) and the Macao Special Administrative Region (MC), we investigate cooperative behavior when partners' shared identities (a common affiliation or a specific origin-linked identity) are revealed. Our findings demonstrate that HK-MC participants, influenced by a culture of universalism, exhibit consistent cooperation levels regardless of partner origin. Meanwhile, mainland Chinese participants, shaped by a particularistic culture, display ingroup favoritism. These results shed light on the complex interplay between dual social identities, cultural background, and cooperation, offering valuable insights for managing diverse teams within organizations.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"93 ","pages":"Article 102493"},"PeriodicalIF":5.2,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144534216","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
US monetary policy spillovers, maturity mismatch and Chinese corporate financing premium 美国货币政策溢出、期限错配与中国企业融资溢价
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2025-06-26 DOI: 10.1016/j.chieco.2025.102480
Dongzhou Mei , Jiaxin Wang , Mi Zhang
{"title":"US monetary policy spillovers, maturity mismatch and Chinese corporate financing premium","authors":"Dongzhou Mei ,&nbsp;Jiaxin Wang ,&nbsp;Mi Zhang","doi":"10.1016/j.chieco.2025.102480","DOIUrl":"10.1016/j.chieco.2025.102480","url":null,"abstract":"<div><div>The term premium of Chinese corporate bonds has become an important factor driving up the long-term financing rate, which is also highly synchronized with the US policy rate. We establish a Proxy SVAR model to investigate US monetary policy spillovers on the term premium, and we find that tightening US monetary policy leads to capital outflow from China, increasing the term premium, high long-term financing costs, and ultimately decreasing investment and output. We further construct a multi-sector open-economy DSGE model with financial friction to explain empirical findings. Results show that after a rise in the US policy rate, capital flows out from China and the balance sheet of financial intermediaries deteriorates, thereby causing a decline in long-term asset allocation and an increase in the term premium. Counterfactual analysis indicates that US monetary policy spillovers are amplified by maturity mismatch regarding the expansion of short-term foreign debt, holding of longer-duration bonds, and tightening of borrowing constraints. Finally, we compare the effects of short-term rate policy, asset purchase, and macro-prudential stabilization tax policy.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"93 ","pages":"Article 102480"},"PeriodicalIF":5.2,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144572359","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 impact of anti-corruption on migration and family welfare 反腐对移民和家庭福利的影响
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2025-06-26 DOI: 10.1016/j.chieco.2025.102492
Mengyue Zhang, Siyan Tang, Jinyang Ren
{"title":"The impact of anti-corruption on migration and family welfare","authors":"Mengyue Zhang,&nbsp;Siyan Tang,&nbsp;Jinyang Ren","doi":"10.1016/j.chieco.2025.102492","DOIUrl":"10.1016/j.chieco.2025.102492","url":null,"abstract":"<div><div>This study examines the impact of anti-corruption on migration patterns and family welfare. By leveraging the varying effects of China's anti-corruption campaign across counties with different pre-existing corruption levels, we apply an intensity Difference-in-Differences approach. Our findings reveal a significant decline in labor outflows attributed to the campaign, especially in rural households. The reduction in the number of migrants within a family in the most corrupt counties is about 0.4 units greater compared to the least corrupt counties post-campaign. Three mechanisms are identified through which the campaign may influence migration: increased government subsidies, enhanced satisfaction with income, and reinforced social identity. However, tangible improvements in infrastructure are minimal. Additionally, the reduction in migration correlates with fewer left-behind children, and improved health and academic outcomes. The elderly also receive increased care from their children and exhibit better health post-campaign.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"93 ","pages":"Article 102492"},"PeriodicalIF":5.2,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144517092","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
Reducing fertilizer overuse via mechanized fertilization in China: Is outsourcing more effective? 中国通过机械化施肥减少化肥过度使用：外包是否更有效？
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2025-06-26 DOI: 10.1016/j.chieco.2025.102491
Rong Cai , Hairan Zhao , Jie Ma
{"title":"Reducing fertilizer overuse via mechanized fertilization in China: Is outsourcing more effective?","authors":"Rong Cai ,&nbsp;Hairan Zhao ,&nbsp;Jie Ma","doi":"10.1016/j.chieco.2025.102491","DOIUrl":"10.1016/j.chieco.2025.102491","url":null,"abstract":"<div><div>This study examines the impact of different mechanized fertilization models- specifically, outsourcing fertilization services versus purchasing fertilization machinery- on fertilizer use intensity, using survey data from rice scale farms in East China. To address potential selection bias, we employ a treatment effect model to examine the average (homogeneous) impact of outsourcing and use an unconditional quantile regression model combined with a two-stage predictor substitution approach to explore the impact at different levels of fertilizer use intensity. Additionally, we construct a stochastic meta-frontier input distance function to evaluate fertilizer use efficiency and the fertilization technology gap ratio among farmers using different mechanized fertilization models. To further elucidate the mechanisms through which outsourcing influences fertilizer use intensity, we apply a fractional regression model. Empirical results reveal that outsourcing fertilization services significantly reduces fertilizer use intensity compared to the use of self-owned fertilization machinery, with an average decrease of 7.93 % per mu and 7.88 % per 100 kg of rice yield. Notably, the reduction is more pronounced among farmers with initially higher levels of fertilizer use intensity. While farmers using outsourcing achieve similar fertilizer use efficiency relative to their frontiers as those using self-owned fertilization machinery, they differ significantly in the fertilization technology gap ratio. Outsourcing significantly improves the technology gap ratio, suggesting that its advantage in reducing fertilizer use intensity primarily due to improved fertilization techniques.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"93 ","pages":"Article 102491"},"PeriodicalIF":5.2,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144523080","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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