IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-02-01 Epub Date: 2026-02-05 DOI: 10.1016/j.chieco.2026.102672

Kaijie Li , Dandan Dong , Bing Liu

{"title":"How does import expansion affect migrant labor wages: Evidence from China","authors":"Kaijie Li , Dandan Dong , Bing Liu","doi":"10.1016/j.chieco.2026.102672","DOIUrl":"10.1016/j.chieco.2026.102672","url":null,"abstract":"<div><div>The impact of import expansion on local labor markets in developing countries remains controversial. Migrant labor is pervasive in the labor markets of developing economies and is particularly vulnerable to import expansion shocks. This paper employs a shift-share instrumental variable strategy to identify the causal effect of import expansion on the wage of migrant labor and the wage gap between migrant and local workers, using individual data from the China Migrants Dynamic Survey (CMDS) spanning from 2011 to 2018. The results indicate that import expansion has a significant negative impact on the wages of migrant labor. Specifically, considering the city with median import exposure per worker in 2017 as an example, a 100-yuan increase in import exposure per worker reduces the average hourly wage by 0.0712 to 0.291 yuan. Import expansion exerts a greater impact on the wages of low-skilled migrant labor and manufacturing labor, whereas positive wage effects for those employed in tradable sectors. Furthermore, import expansion widens the wage gap between migrant and local labor, while the skill premium is insignificant. Finally, mechanism analysis reveals that import expansion decreases total wage bills, total sales, the number of employees, and the number of firms, leading to lower wages for unstable migrant labor.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"96 ","pages":"Article 102672"},"PeriodicalIF":5.5,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146189569","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

Targeted environmental policy and public welfare: Evidence from fireworks deregulation in China 目标环境政策与公共福利：来自中国烟花管制的证据

IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-02-01 Epub Date: 2026-01-21 DOI: 10.1016/j.chieco.2026.102668

Jie Yang , Chu Wei , Renjun Shen , Tonghui Ji

{"title":"Targeted environmental policy and public welfare: Evidence from fireworks deregulation in China","authors":"Jie Yang , Chu Wei , Renjun Shen , Tonghui Ji","doi":"10.1016/j.chieco.2026.102668","DOIUrl":"10.1016/j.chieco.2026.102668","url":null,"abstract":"<div><div>Targeted environmental policies are vital for balancing ecological sustainability and socio-cultural practices. With rising public appeals for traditional customs, governments are reassessing the rationale for fireworks regulation as an anti-pollution measure. This study evaluates fireworks deregulation in specific districts and counties in China, analyzing its impacts on air pollution and public benefits. We find that fireworks deregulation significantly impairs air quality, although the decline remains within acceptable limits. Specifically, the average AQI meets government standards before and after deregulation, and pollution mainly occurs during holidays, in areas with high initial population density, high baseline pollution level, and in eastern regions. Further analysis shows that deregulation enhances subjective well-being and employment, and the quantified benefits at least offset the increased health expenditures. Overall, fireworks deregulation involves environmental costs but also generates meaningful social benefits. Our study offers insights to help targeted environmental governance balance ecological sustainability and traditional cultural preservation.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"96 ","pages":"Article 102668"},"PeriodicalIF":5.5,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146090566","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

Information, pollution, and cognition: The impact of air pollution disclosure on aging minds 信息、污染与认知：空气污染信息披露对老龄化心理的影响

IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-02-01 Epub Date: 2026-01-14 DOI: 10.1016/j.chieco.2026.102664

Shaohui Wu , Ge Yin , Xin Zhang

引用次数: 0

Beauty and the business: Facial attractiveness and entrepreneurship 美貌与商业：外貌吸引力与创业精神

IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-02-01 Epub Date: 2026-01-19 DOI: 10.1016/j.chieco.2026.102666

Jia Guo , Yijie Min , Ben Zhe Wang , Zhiming Cheng

引用次数: 0

Integration of medical care and elderly care: Chinese experience and outcomes of older adults 医疗与老年护理的整合：中国老年人的经验与结果

IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-02-01 Epub Date: 2025-12-22 DOI: 10.1016/j.chieco.2025.102641

Chunfeng Zhang , Xiaoyan Lei , Yutong Chen

引用次数: 0

Health, incentives, and retirement choice: A life-cycle analysis from China 健康、激励和退休选择：来自中国的生命周期分析

IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-02-01 Epub Date: 2026-01-20 DOI: 10.1016/j.chieco.2026.102667

Chao Li , Han Cang

{"title":"Health, incentives, and retirement choice: A life-cycle analysis from China","authors":"Chao Li , Han Cang","doi":"10.1016/j.chieco.2026.102667","DOIUrl":"10.1016/j.chieco.2026.102667","url":null,"abstract":"<div><div>China's rapid population aging and ongoing pension reforms have fundamentally reshaped retirement behavior, yet the interaction between health dynamics and retirement incentives remains insufficiently understood. This paper develops a lifecycle model with endogenous retirement and health accumulation under the Basic Old-Age Insurance (BOAI) system calibrated to Chinese data. The model replicates observed retirement patterns and reveals that better health postpones retirement, while higher pension replacement ratios, amplified by a contribution-floor adjustment, encourage earlier labor exit, particularly for low-income workers. Health effects operate primarily through two channels: the income channel, where income decline increases the likelihood of triggering the adjustment mechanism and incentivizes early retirement; and the risk channel, where deteriorating health increases morbidity and mortality uncertainty and accelerates retirement. Counterfactual simulations reveal asymmetry in health effects: Lower personal account rate and individual productivity disproportionately affect unhealthy households, while increasing contribution rate primarily accelerates retirement among healthier workers.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"96 ","pages":"Article 102667"},"PeriodicalIF":5.5,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146038271","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 policy uncertainty affect firms' exchange rate exposure? Evidence from China1 政策的不确定性会影响企业的汇率风险敞口吗？来自中国的证据

IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-01-01 Epub Date: 2025-11-16 DOI: 10.1016/j.chieco.2025.102599

Qing He , Bailin Liang , Ce Zhang

引用次数: 0

China's urban agglomerations: Surging from industrial-led to innovation-driven 中国城市群：从工业主导型向创新主导型发展

IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-01-01 Epub Date: 2025-05-26 DOI: 10.1016/j.chieco.2025.102449

Jie Tang , Huiwen Li

引用次数: 0

Valuation adjustment mechanisms in venture capital and entrepreneurial firms' performance 风险投资估值调整机制与创业公司绩效

IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-01-01 Epub Date: 2025-11-19 DOI: 10.1016/j.chieco.2025.102602

Yi Jiang , Zelong Tan , Ge Yang

{"title":"Valuation adjustment mechanisms in venture capital and entrepreneurial firms' performance","authors":"Yi Jiang , Zelong Tan , Ge Yang","doi":"10.1016/j.chieco.2025.102602","DOIUrl":"10.1016/j.chieco.2025.102602","url":null,"abstract":"<div><div>The study examines the impact of a widely adopted contractual mechanism between entrepreneurs and venture capitalists (VCs)—the valuation adjustment mechanism (VAM)—on firm performance. We find that VAM agreements lead to a significant decline in firms' profitability. This effect is concentrated in firms that are imposed by accounting targets, especially annual performance targets in VAMs. The adverse impact of VAMs diminishes when firms are backed by more experienced VCs or when VCs hold a larger equity stake. In addition, we also document that the detrimental effect of VAMs is attributable to firms without any independent director. Our finding reveals that the decline in profitability is driven by aggressive expansion strategies, which increase both revenue and cost of goods sold, while diminishing gross profit margins. Moreover, firms with VAMs also cut R&D expenditures and are more likely to delist from the NTB in the long-run. Overall, our results suggest that VAMs exert significant short-term pressure on entrepreneurs and they have to use short-term-oriented expansion strategies that harm profitability and long-term sales growth. Our findings hold up to a battery of endogeneity tests and robustness checks, including the use of parallel trend assumption test, instrumental variables, propensity score matching, stacked DiD, and different sample periods.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"95 ","pages":"Article 102602"},"PeriodicalIF":5.5,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145839893","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

Judicial fairness perception and corporate innovation: Evidence from entrepreneur survey in China 司法公正感知与企业创新：来自中国企业家调查的证据

IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-01-01 Epub Date: 2025-12-04 DOI: 10.1016/j.chieco.2025.102597

Jingyuan Qiao , Kai Wu , Donghui Li

引用次数: 0

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