IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-05-08 DOI: 10.1016/j.chieco.2025.102427

Qingquan Liang, Weihong Zeng, Lan Yi

{"title":"Examining the wage gap between public and non-public sector in China: Insights from a robust quantile selection model","authors":"Qingquan Liang, Weihong Zeng, Lan Yi","doi":"10.1016/j.chieco.2025.102427","DOIUrl":"10.1016/j.chieco.2025.102427","url":null,"abstract":"<div><div>This study examines the wage gap between public and non-public sectors, which constitute a key component of overall wage inequality in China. While quantile models are traditionally employed to analyze such wage gaps, their conventional implementations face methodological challenges, particularly in addressing endogeneity issues stemming from restrictive assumptions. Our empirical analysis of China's sectoral wage gap reveals that these conventional models fail to satisfy model specification tests, primarily due to bias introduced by residual terms in regression coefficient predictions. To address these limitations, we employ a robust quantile selection model that mitigates the restrictive assumptions. The results demonstrate a significant public sector wage premium—approximately 25 % on average—with the disparity being most pronounced among low quantiles. The analysis also reveals that previous models' prediction systematically underestimated public sector wage spillovers, and in some cases, mistakenly concluded that public sector wages were lower than those in the non-public sector. A detailed decomposition indicates that observable characteristics can explain over 80 % of the total wage gap in 2018. In comparison, the more extensive implementation of market-oriented reforms in state-owned enterprises corresponds to a reduced wage premium and unexplained portion. Finally, factor analysis identifies returns to human capital, demographic composition changes, and risk preferences emerge as key drivers, while the impact of industrial restructuring appears negligible.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"92 ","pages":"Article 102427"},"PeriodicalIF":5.2,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937038","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 consequences of fertility on elderly labor supply 生育率对老年劳动力供给的长期影响

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-05-06 DOI: 10.1016/j.chieco.2025.102430

Sophie Xuefei Wang

引用次数: 0

Income inequality and shadow education in China: From the perspective of social stratification 中国的收入不平等与影子教育：基于社会分层的视角

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-05-06 DOI: 10.1016/j.chieco.2025.102426

Yuexuan Gong , Haiping Xue , Tao Chen

引用次数: 0

The ladder of prosperity: An analysis of housing wealth accumulation across income groups in urban China 繁荣阶梯：中国城市不同收入群体住房财富积累分析

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-05-06 DOI: 10.1016/j.chieco.2025.102428

Jinqiao Long , Can Cui , Sebastian Kohl , Yunjia Yang

{"title":"The ladder of prosperity: An analysis of housing wealth accumulation across income groups in urban China","authors":"Jinqiao Long , Can Cui , Sebastian Kohl , Yunjia Yang","doi":"10.1016/j.chieco.2025.102428","DOIUrl":"10.1016/j.chieco.2025.102428","url":null,"abstract":"<div><div>Housing has appreciated at a record pace in the 2010s in many countries, and increasingly accounts for a significant share of total household wealth. This paper investigates the disparities in the accumulation of housing wealth by exploring the relationship between income status and housing price appreciation. Drawing on data from the 2017 China Household Finance Survey, our findings reveal that lower-income households do not experience proportionate increases in housing wealth compared to their higher-income counterparts. This inequality has also been widened by multiple property ownership. Purchasing lower-valued homes does not explain the disparities in the housing price appreciation. Lower-income households are more likely to own low-quality homes, leading to smaller annual housing price appreciation. Lower-income homeowners are less likely to change their primary residence since they moved in. Trading-up strategies or frequent moving, which help to realise higher annualised price appreciation, are more likely to be deployed by high-income households. Meanwhile, lower-income households are less likely to use mortgage loans than higher-income households. However, this does not impede annual housing price appreciation. This paper also finds that the disparities in housing price appreciation among different income groups are particularly greater in higher-tier cities and in cities that implemented the housing purchase restriction policies, as housing prices are more spectacular in these types of cities. Moreover, the disparities can be greater among households that obtained their dwellings through the second-hand commercial housing market and the self-built housing market. These findings suggest that housing wealth may reinforce income inequalities.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"92 ","pages":"Article 102428"},"PeriodicalIF":5.2,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937036","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

Carbon regulatory risk exposure in the bond market: A quasi-natural experiment in China 债券市场的碳监管风险敞口：中国的准自然实验

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-05-02 DOI: 10.1016/j.chieco.2025.102423

Peng Zhou , Lingyu Mo , Changchun Tan , Huaqing Wu

{"title":"Carbon regulatory risk exposure in the bond market: A quasi-natural experiment in China","authors":"Peng Zhou , Lingyu Mo , Changchun Tan , Huaqing Wu","doi":"10.1016/j.chieco.2025.102423","DOIUrl":"10.1016/j.chieco.2025.102423","url":null,"abstract":"<div><div>This study aims to examine the causal effect of carbon regulatory risk on corporate bond yield spreads in emerging markets through empirical analysis. Exploiting China's commitment to <em>peak CO</em><sub><em>2</em></sub> <em>emissions before 2030 and achieve carbon neutrality before 2060</em> as an exogenous shock to an unexpected increase in carbon regulatory risk, we perform a difference-in-difference-in-differences (DDD) strategy. We find that exposure to carbon regulatory risk leads to an increase in bond yield spreads for carbon-intensive firms located in regions with stricter regulatory enforcement. This positive relationship is more pronounced for firms with financing constraints, belonging to more competitive industries, and located in regions with a high marketization process. We further identify that higher earnings uncertainty and increased investor attention serve as two mechanisms by which carbon regulatory risk influences the yield spreads of corporate bonds. Moreover, the spread decomposition reveals that the rise in bond yield spreads after an increase in carbon regulatory risk is primarily driven by the rise in default risk rather than the rise in liquidity risk. Overall, our findings highlight the importance of considering carbon regulatory risk exposure in financial markets, especially in developing economies like China.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"92 ","pages":"Article 102423"},"PeriodicalIF":5.2,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143906950","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

Large language models at work in China’s labor market 大型语言模型在中国劳动力市场发挥作用

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-04-30 DOI: 10.1016/j.chieco.2025.102413

Qin Chen , Jinfeng Ge , Huaqing Xie , Xingcheng Xu , Yanqing Yang

{"title":"Large language models at work in China’s labor market","authors":"Qin Chen , Jinfeng Ge , Huaqing Xie , Xingcheng Xu , Yanqing Yang","doi":"10.1016/j.chieco.2025.102413","DOIUrl":"10.1016/j.chieco.2025.102413","url":null,"abstract":"<div><div>This paper explores the potential impacts of large language models (LLMs) on the Chinese labor market. We analyze occupational exposure to LLM capabilities by incorporating human expertise and LLM classifications, following the methodology of Eloundou et al. (2023). The results indicate a positive correlation between occupational exposure and both wage levels and experience premiums at the occupation level. This suggests that higher-paying and experience-intensive jobs may face greater exposure risks from LLM-powered software. We then aggregate occupational exposure at the industry level to obtain industrial exposure scores. Both occupational and industrial exposure scores align with expert assessments. Our empirical analysis also demonstrates a distinct impact of LLMs, which deviates from the routinization hypothesis. We present a stylized theoretical framework to better understand this deviation from previous digital technologies. By incorporating entropy-based information theory into the task-based framework, we propose an AI learning theory that reveals a different pattern of LLM impacts compared to the routinization hypothesis.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"92 ","pages":"Article 102413"},"PeriodicalIF":5.2,"publicationDate":"2025-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143894309","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

Board structure and corporate strategic aggressiveness - an examination based on the double machine learning method 董事会结构与企业战略进取性——基于双机器学习方法的检验

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-04-28 DOI: 10.1016/j.chieco.2025.102422

Yang Yaowu , Cheng Qidong , Liu Yang

{"title":"Board structure and corporate strategic aggressiveness - an examination based on the double machine learning method","authors":"Yang Yaowu , Cheng Qidong , Liu Yang","doi":"10.1016/j.chieco.2025.102422","DOIUrl":"10.1016/j.chieco.2025.102422","url":null,"abstract":"<div><div>China's newly revised “Company Law” makes clear provisions regarding the composition and powers of the board of directors, which impact the formulation and implementation of corporate strategies. Taking the data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2022 as the research sample, we employ double machine learning (DML) to verify the impact of board structure on corporate strategy aggressiveness, its mechanism of action and heterogeneous effects from the perspective of corporate boards. The study reveals that board structure has a significant effect on corporate strategic aggressiveness. Specifically, CEO duality enhances corporate strategic aggressiveness, a large size of the board of directors reduces corporate strategic aggressiveness, and the percentage of independent directors has a significant positive effect on corporate strategic aggressiveness. These effects can be realized through both internal control and compensation incentives. Further research shows that the effect of board structure on corporate strategic aggressiveness is more pronounced in firms whose executives have overseas backgrounds and in firms in highly competitive environments. Moreover, there is significant heterogeneity in the effect of board structure on corporate strategic aggressiveness in the presence of major exogenous shocks.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"92 ","pages":"Article 102422"},"PeriodicalIF":5.2,"publicationDate":"2025-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143894310","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

Wealth-based common prosperity and household CO2: Evidence from China 以财富为基础的共同繁荣与家庭二氧化碳：来自中国的证据

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-04-28 DOI: 10.1016/j.chieco.2025.102421

Xiaodi Qin, Huichun Sun, Haitao Wu

引用次数: 0

Efficiency and equity of electricity pricing: Evidence from family-size-based IBP in Shanghai, China 电价的效率和公平性：来自中国上海基于家庭规模的IBP的证据

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-04-25 DOI: 10.1016/j.chieco.2025.102407

Bei Luo , Xueying Lyu , Ze Song

引用次数: 0

China's new agricultural subsidy and land rental market development: The dual perspective of efficiency and equity 中国新型农业补贴与土地租赁市场发展：效率与公平的双重视角