中国经济评论最新文献

{"title":"Analysing decision behavior styles in contingent valuation: The latent class and the factor analysis","authors":"Hongyan Su ,&nbsp;Jie He ,&nbsp;Hua Wang","doi":"10.1016/j.chieco.2025.102363","DOIUrl":"10.1016/j.chieco.2025.102363","url":null,"abstract":"<div><div>A better understanding of respondents' decision behaviors in contingent valuation (CV) is essential to reveal the true preferences of the public for environmental goods or services. Although the theoretical foundation of CV is based on the assumption of the full rationality of respondents, the literature provides various evidence of limited or partial rationality. In a CV survey of air quality improvement in China, we identified non-rational decision behavior style by adopting the latent class analysis and factor analysis methods, both of which are based on a series of questions related to decision behaviors initially proposed by Frör (2008). The application of the latent class model proposes the identification of two or three classes, with at least one more analytical reasoning group significantly differing from the other group(s). The factor analysis approach allowed us to identify two decision behavior factors, i.e., the analytical reasoning factor and the non-analytical reasoning factor. Our estimation results show that the analytical reasoning style is positively correlated with willingness-to-pay (WTP). Furthermore, the mediation tests conducted in the WTP determination models reveal that simply including respondents' socioeconomic, knowledge and perception characteristic questions in the survey to collect the information does not ensure that all the information conveyed by people's decision behavior style is captured.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"90 ","pages":"Article 102363"},"PeriodicalIF":5.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143437741","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How geopolitical tensions affect China’s systemic financial risk contagion","authors":"YingXue Zhou ,&nbsp;Da Wang ,&nbsp;Zhengyi Nie","doi":"10.1016/j.chieco.2025.102366","DOIUrl":"10.1016/j.chieco.2025.102366","url":null,"abstract":"<div><div>This study calculates China’s net risk from the perspective of the global systemic financial risk spillover network, and constructs TVP-VAR-SV models for China to examine the time-varying effects of geopolitical exposure on aggregate systemic financial risk contagion and investigate the heterogeneous impacts across different financial submarkets. Furthermore, an innovative combination of machine learning techniques for contribution decomposition and time-varying effect analysis is introduced to identify time-varying channel effects, providing a reference for channel analysis in other studies.</div><div>The conclusions of this paper are: Firstly, geopolitical exposure has a significant and time-varying impact on systemic risk, with reaching its maximum nine months after the shock occurs. From the time dimension of the sample, the impact is the greatest during the 2012–2013 Sino-Japanese Diaoyu Islands incident. Moreover, the impact during the U.S.-China trade friction lasted for longer time. Secondly, geopolitical volatility has a heterogeneous effect on risk in different financial submarkets. In the short run, it mostly raises the risk in the equity market; in the medium run, it is the treasury market; and in the long run, it is the foreign exchange market. Thirdly, geopolitical exposures increase systemic risk spillovers through the international trade channel, the international capital flows channel, and the market sentiment channel. The capital channel has the greatest response to shocks. However, the effect of these three channels on raising risk spillovers is diminishing over time, while the effect of economic policy uncertainty is gradually increasing.</div><div>It is recommended in this paper that the department of systemic risk monitoring should add the assessment of the geopolitical situation to the risk management. In particular, foreign exchange market regulation should be strengthened during periods of geopolitical volatility to be vigilant against the possibility of long-term risks in the foreign exchange market. In terms of channels, China should develop diversified strategies. Given that the capital channel is the most dominant in terms of response strength, special efforts should be made to optimize the regulation of the capital market to enhance the resilience of China’s financial market. China should also be vigilant about the level of economic policy uncertainty and its growing impact. Finally, China should actively strengthen international cooperation.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"90 ","pages":"Article 102366"},"PeriodicalIF":5.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143430288","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}

{"title":"The effect of corporate energy management on carbon productivity: Regression discontinuity evidence from China","authors":"Hongwei Yu ,&nbsp;Debin Fang ,&nbsp;Yuling Pan ,&nbsp;Bolin Yu","doi":"10.1016/j.chieco.2025.102364","DOIUrl":"10.1016/j.chieco.2025.102364","url":null,"abstract":"<div><div>Achieving ambitious carbon reduction targets will inevitably require corporate-level action to reduce carbon emissions. Little research, however, quantitatively explores how to promote coordinated carbon reduction and economic gains from a micro-enterprise perspective. Based on <em>China's key energy-consuming units energy conservation management policy</em>, this paper employs a regression discontinuity design with <em>China Employer-Employee Survey</em> data to investigate the impact of energy management on carbon productivity at the firm level. We find that the policy significantly improves corporate energy management and carbon productivity. Every one standard deviation increase in energy management level will lead to a 101 % increase in carbon productivity relative to its mean. The currently low levels of energy management necessitate proactive energy management practices to enhance carbon productivity. The results are robust to bandwidth choices, placebo test, donut approach, and model specifications. This paper provides important insights for policymakers, corporate managers, and other stakeholders to improve corporate energy management systems and reduce carbon emissions.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"90 ","pages":"Article 102364"},"PeriodicalIF":5.2,"publicationDate":"2025-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143464429","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}

{"title":"Delegation and strategic collusion under antitrust policies: An experiment","authors":"Jeong Yeol Kim","doi":"10.1016/j.chieco.2025.102361","DOIUrl":"10.1016/j.chieco.2025.102361","url":null,"abstract":"<div><div>When firm owners delegate decision-making to managers, such as corporate executives who operate firms directly, a firm's behavior can vary depending on how the owner determines the incentives of the managers. This study employs a lab experiment to investigate the impact of delegation on collusive behavior of firms in a situation where antitrust policies exist. The experiment highlights the following two key findings: (i) Firms form cartels strategically, alternating their collusive and competitive output to evade antitrust regulations, rather than consistently producing collusive output to maximize joint profits; and (ii) Delegation does not necessarily increase the overall number of cartels, but it may change how cartels are formed.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"90 ","pages":"Article 102361"},"PeriodicalIF":5.2,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143379380","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}

{"title":"The effect living arrangements and intergenerational support have on the incidence of catastrophic health expenditure: A microeconomic analysis for China","authors":"Sarah Bridges ,&nbsp;Lefan Liu","doi":"10.1016/j.chieco.2025.102360","DOIUrl":"10.1016/j.chieco.2025.102360","url":null,"abstract":"<div><div>This paper uses data from the China Health and Retirement Longitudinal Study (CHARLS) conducted in 2011, 2013, 2015 and 2018 to examine the effect recent health and societal changes have had on the ability of households to manage the financial burden of disease. Although health insurance in China has undergone significant reforms over the past decade, out-of-pocket health spending is still widespread. In light of these gaps in the provision of health insurance, households are forced to rely on their adult children for support. We find that the type of support matters, with the incidence of catastrophic health expenditure being the lowest for parents who live in multigenerational households, where it is easier for children to provide directly accessible instrumental and emotional support. For households where there is no co-residence, local support (of the type provided by children who live in the same village/neighbourhood as their parents) is no substitute for the type of assistance (usually financial) that households receive when all their children live beyond the village/neighbourhood.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"90 ","pages":"Article 102360"},"PeriodicalIF":5.2,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143379379","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}

{"title":"The productivity and political radicalism of the Chinese cooperative movement1","authors":"Pei Lu ,&nbsp;Yuan Liu","doi":"10.1016/j.chieco.2025.102357","DOIUrl":"10.1016/j.chieco.2025.102357","url":null,"abstract":"<div><div>The productivity and political incentive of the Chinese cooperative movement are still in controversy. Theoretically, the cooperative brings both scale effect and monitoring cost, and the free exit rights reduce the monitoring cost and raise the net revenue, but the radicalism lowers the effort input and the net benefit for insufficient labor incentives. Meanwhile, the provincial leaders with lower Party ranks will behave more radically in cooperative movement for promotion incentives. Using the provincial participation rate of all kinds of cooperatives from 1950 to 1956, we find that the temporary mutual aid groups perform the same as household farming; the regular mutual aid groups, elementary cooperatives, and advanced cooperatives experience increasing output loss. The Party secretaries of alternate members and non-members behave more radically in cooperative movement and thus are more likely to be promoted than the Party secretaries of full members. We confirm that the cooperatives had already triggered a productivity decline before Great Lead Forward that was controversial between Lin(1990) and Kung (1993), and we also clarify the disputes on the political radicalism in authoritarian China between Kung and Chen(2011) and Yang et al.(2014).</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"90 ","pages":"Article 102357"},"PeriodicalIF":5.2,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143378392","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}

{"title":"External trade policy uncertainty, corporate risk exposure, and stock market volatility","authors":"Hongkui Liu ,&nbsp;Jiasheng Yu ,&nbsp;Guohao Tang ,&nbsp;Jian Chen","doi":"10.1016/j.chieco.2024.102331","DOIUrl":"10.1016/j.chieco.2024.102331","url":null,"abstract":"<div><div>The increasing uncertainty surrounding China's external trade policies significantly escalates the adverse effects on firms' exports and operational management. This uncertainty amplifies corporate stock price volatility, thus challenging stock market stability. This study examines the influence of external trade policy uncertainty on the risk exposure of Chinese firms and stock market stability. We find that in the short term, shocks from external trade policy uncertainty increase Chinese firms' risk exposure and intensify stock market volatility; however, these adverse effects do not persist long term. The results also indicate that although short-term market sentiment fluctuations lead to temporary declines in stock market stability, the absence of significant long-term declines in corporate performance underpins the market's fundamental stability. Chinese firms intensify their research and development investments and enhance their product quality to diminish the negative effects of external trade policy uncertainty.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"89 ","pages":"Article 102331"},"PeriodicalIF":5.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166633","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}

{"title":"Safety regulations and firm productivity","authors":"Xiaowei Chen ,&nbsp;Zhilin Hu ,&nbsp;Liguo Lin","doi":"10.1016/j.chieco.2024.102335","DOIUrl":"10.1016/j.chieco.2024.102335","url":null,"abstract":"<div><div>We investigate the effects of safety regulations on the Total Factor Productivity (TFP) and overall performance of firms. We focus on the industrial safety regulation—the Decision on Further Strengthening Work Safety—implemented in 2004 to address the frequent occurrence of industrial accidents. Industrial safety accidents, due to their potential for causing significant casualties, substantial social impact, and clear accountability in a short timeframe, often receive heightened attention from local government officials, in contrast with environmental pollution incidents. We discovered that safety regulations notably decrease the TFP of firms. Their overall output, profits, export volumes, and other aspects of business performance, including financing costs, are adversely affected. Additionally, innovation initiatives and the number of new entrants also significantly declined. Firms respond to increased costs by reducing labor input, but there is no change in capital input. Furthermore, the study contrasts the differing impacts of industrial safety accidents and environmental pollution incidents. Despite the negative effects of the safety regulations on TFP as well as other economic outcomes, there are social welfare gains caused by the safety regulations. This research provides insights into the interplay between social governance and corporate development. It suggests that when the government engages in necessary social governance, it should provide targeted policy support to offset the negative effects on business operations and create a more favorable business environment.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"89 ","pages":"Article 102335"},"PeriodicalIF":5.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143168028","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}

{"title":"The bad neighborhood effect: Supply chain disruptions arising from neighboring wars","authors":"Haoyuan Ding ,&nbsp;Junjie Tang ,&nbsp;Mo Zhang","doi":"10.1016/j.chieco.2024.102329","DOIUrl":"10.1016/j.chieco.2024.102329","url":null,"abstract":"<div><div>In the 21st century, African nations continue to grapple with recurring civil conflicts and persistent economic challenges. This study demonstrates a novel and critical channel through which wars hinder Africa's long-term growth: isolating African firms from global supply chains. Leveraging a unique dataset containing conflict data and information on supplier-customer relationships, we provide empirical evidence of the disruptive effects of neighboring conflicts on the overseas customer relationships of African firms. These conflicts impose multiple shadow costs on nearby peaceful nations. Furthermore, our findings show that wars cause more substantial harm to non-natural-resource industries in Africa, making it harder for them to maintain international customer relationships.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"89 ","pages":"Article 102329"},"PeriodicalIF":5.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166631","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}

{"title":"The effects of African civil conflicts on FDI: The moderating role of bilateral political relations","authors":"Hao Xiao ,&nbsp;Bin Tang ,&nbsp;Li Dai","doi":"10.1016/j.chieco.2024.102326","DOIUrl":"10.1016/j.chieco.2024.102326","url":null,"abstract":"<div><div>Civil conflicts have replaced international conflicts as the primary political risk to the stability and prosperity of Africa, bringing uncertainty to foreign direct investment (FDI). Meanwhile, closer bilateral political relations provide institutional guarantee to safeguard the interests of stakeholders. This paper investigates the influence of civil conflicts on foreign direct investment in Africa, and the modulating role of bilateral political relations between home and host countries. We relax the assumption that all forms of civil conflicts are homogenous in the effects on FDI and construct a unique data set for FDI to Africa from China, the United States, and Europe between 2013 and 2019. The study results show significant FDI-deterring effects of civil conflict and one-sided violence, with the former more pronounced in low-income and sub-Saharan African countries and to Chinese and British investors. And closer bilateral political relations can alleviate the detrimental effects of civil conflicts, especially one-sided violence, on FDI. Our findings confirm the strategic role of bilateral relationship in ensuring the interest of Chinese multinational corporations and the stability and prosperity of African countries.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"89 ","pages":"Article 102326"},"PeriodicalIF":5.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143168031","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}