China & World Economy最新文献

De-financialization and the Increase in Corporate Research and Development Intensity: The Effects of China's 2018 New Asset Management Rules 去金融化与企业研发强度提升：中国2018年资管新规的影响

IF 2.9 2区经济学

China & World Economy Pub Date : 2025-05-15 DOI: 10.1111/cwe.12593

Jiaxin Wang, Daxin Dong

{"title":"De-financialization and the Increase in Corporate Research and Development Intensity: The Effects of China's 2018 New Asset Management Rules","authors":"Jiaxin Wang, Daxin Dong","doi":"10.1111/cwe.12593","DOIUrl":"https://doi.org/10.1111/cwe.12593","url":null,"abstract":"<p>In 2018, China implemented the Guidelines on Regulating the Asset Management of Financial Institutions, a financial regulation aimed at restricting enterprises' financial investments through asset management products. This policy sought to curb corporate financialization and potentially impact other corporate activities. Treating this policy as a quasi-experiment, the present study employed a generalized difference-in-differences regression model to examine its effect on corporate research and development (R&D) from the perspective of de-financialization. Using data from Chinese listed companies spanning 2013 to 2022, the key findings are as follows: (i) The policy significantly boosted corporate R&D intensity. Enterprises with higher levels of financialization before the policy experienced a more substantial increase in R&D intensity after its implementation. (ii) Heterogeneity tests reveal that the positive effect of the policy on R&D was more pronounced for firms in high-tech industries, those with greater corporate transparency, and those receiving more government subsidies. (iii) The policy's impact on R&D was driven by the reallocation of resources from financial to real assets, as well as the alleviation of firms' financing constraints.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 3","pages":"197-233"},"PeriodicalIF":2.9,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144074542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Impact of National Technology Transfer Markets on Entrepreneurship in China 国家技术转移市场对中国企业家精神的影响

IF 2.9 2区经济学

China & World Economy Pub Date : 2025-05-15 DOI: 10.1111/cwe.12590

Jinlei Li, Yuanbiao Huang, Lei Wang

引用次数: 0

Equity–Efficiency Trade-offs in Healthcare System Reform: The Perspective of Tiered Diagnosis and Treatment in China 医疗体制改革中的公平-效率权衡：中国分级诊疗的视角

IF 2.9 2区经济学

China & World Economy Pub Date : 2025-05-15 DOI: 10.1111/cwe.12592

Daisheng Tang, Zhen Zhang, Xinyuan Wang, Tao Bu, Qiushi Feng

{"title":"Equity–Efficiency Trade-offs in Healthcare System Reform: The Perspective of Tiered Diagnosis and Treatment in China","authors":"Daisheng Tang, Zhen Zhang, Xinyuan Wang, Tao Bu, Qiushi Feng","doi":"10.1111/cwe.12592","DOIUrl":"https://doi.org/10.1111/cwe.12592","url":null,"abstract":"<div>\u0000 \u0000 <p>Efforts to reform healthcare systems globally have long been driven by the inherent tradeoffs between equity and efficiency. Using a patient referral model, we constructed a cost– benefit matrix for both hospitals and patients. We analyzed the effects of nominal tiered diagnosis and treatment (TDT) using medical institutions' monthly report data from Sichuan province spanning 2012 to 2018. Additionally, we assessed the effects of actual TDT based on inpatient medical records data from Sichuan province spanning 2015 to 2018. We further discussed the potential for the TDT model to achieve Pareto improvements in addressing equity–efficiency trade-offs in healthcare. Our findings suggest that nominal TDT failed to improve patients' medical behaviors. In contrast, actual TDT improved medical efficiency by enhancing patient outcomes and reducing the relative length of hospital stay, while also promoting medical equity by narrowing disparities in out-of-pocket expenses and health insurance reimbursements. Moreover, the effects of actual TDT on efficiency and equity varied across hospital types, disease categories, and inpatient populations. Actual TDT has the potential to generate Pareto improvements in managing the equity–efficiency trade-offs within the healthcare system. Strengthening actual referral behaviors proved crucial for fully realizing the benefits of the TDT model.</p>\u0000 </div>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 3","pages":"150-196"},"PeriodicalIF":2.9,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/cwe.12592","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144074617","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Digital Inputs, Information Transparency, and Global Supply-Chain Security 数字输入、信息透明和全球供应链安全

IF 2.9 2区经济学

China & World Economy Pub Date : 2025-05-15 DOI: 10.1111/cwe.12588

Jijun Yang, Qi Guo, Feng Dai, Jinlan Ni

引用次数: 0

Can Environmental, Social, and Governance Performance Promote the Participation of Emerging Economies in Multinational Supply Chains? 环境、社会和治理绩效能否促进新兴经济体参与跨国供应链？

IF 2.9 2区经济学

China & World Economy Pub Date : 2025-05-15 DOI: 10.1111/cwe.12587

Dianfan Yu, Xin Li, Chao Wang

{"title":"Can Environmental, Social, and Governance Performance Promote the Participation of Emerging Economies in Multinational Supply Chains?","authors":"Dianfan Yu, Xin Li, Chao Wang","doi":"10.1111/cwe.12587","DOIUrl":"https://doi.org/10.1111/cwe.12587","url":null,"abstract":"<p>Multinational companies are increasingly recognizing the importance of integrating social responsibility initiatives into their business models as a means of building a sustainable competitive advantage. This study uses data from Chinese A-share listed companies spanning from 2009 to 2020 to conduct an empirical analysis. The findings indicate that strong environmental, social, and governance (ESG) performance facilitated firms' integration into global supply chains. This effect was particularly pronounced among firms in heavily polluting and labor-intensive industries, and those located in provinces with weaker institutional environments and underdeveloped industrial structures – regions often associated with greater ESG-related identity challenges. The positive impact of ESG performance was also more evident in firms that supplied listed companies or operated closer to end consumers, due to increased public scrutiny. Mechanism analysis revealed that ESG performance served as a signaling tool by enhancing information transparency and building reputational capital. Further analysis showed that ESG performance not only supported firms' entry into host countries with stronger institutional environments but also contributed to longer lasting supply chain relationships. This article provides new insights into how emerging economies could integrate into the international supply chain system more effectively.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 3","pages":"33-75"},"PeriodicalIF":2.9,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144074539","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Creating Cities and Urban–Rural Income Dynamics: Evidence from County-to-District Transformation in China 创建城市与城乡收入动态：来自中国县区转型的证据

IF 2.9 2区经济学

China & World Economy Pub Date : 2025-05-15 DOI: 10.1111/cwe.12589

Wenhui Chen, Xinyan Hu

引用次数: 0

Historical Clans and Contemporary Human Capital 历史氏族与当代人力资本

IF 2.9 2区经济学

China & World Economy Pub Date : 2025-05-15 DOI: 10.1111/cwe.12591

Yao Wang, Zhecong Zheng, Dawei Feng

引用次数: 0

Rewards and Costs of Being a Mother: Motherhood and Women's Mental Health in China 做母亲的回报与代价：母性与中国妇女心理健康

IF 2.9 2区经济学

China & World Economy Pub Date : 2025-05-15 DOI: 10.1111/cwe.12586

Xiangpo Chen

引用次数: 0

Tax–Debt Substitution? Local Government Debt Management and Corporate Tax Burden 税收债务替代?地方政府债务管理与企业税负

IF 2.9 2区经济学

China & World Economy Pub Date : 2025-03-27 DOI: 10.1111/cwe.12576

Yixuan Tan, Jianjun Li, Fanghui Li

引用次数: 0

Industrial Robot Adoption, Human Capital, and Global Value Chain Upgrading: Insights from China 工业机器人采用、人力资本与全球价值链升级：来自中国的洞察

IF 2.9 2区经济学

China & World Economy Pub Date : 2025-03-27 DOI: 10.1111/cwe.12575

Tianding Zhang, Sumei Gan

{"title":"Industrial Robot Adoption, Human Capital, and Global Value Chain Upgrading: Insights from China","authors":"Tianding Zhang, Sumei Gan","doi":"10.1111/cwe.12575","DOIUrl":"https://doi.org/10.1111/cwe.12575","url":null,"abstract":"<p>Concerns have been raised that the adoption of industrial robots in developed economies may hinder industrialization and displace jobs in emerging economies. However, the growing use of robots in emerging economies may help mitigate these negative effects. This study, drawing on a theoretical model and empirical analysis, reveals that the adoption of robots in China, a developing country, significantly enhanced firms' positions in global value chains (GVCs). A detailed analysis reveals that markups and the structure of intermediate inputs were key mechanisms. The study also found that improvements in human capital enhanced the efficiency of robots, enabling firms to use them more effectively, which further strengthened the firms' position in GVCs. The positive impact of the adoption of robots on GVC upgrading was more pronounced in non-resource-based cities and cities with high labor costs. Furthermore, the study highlights that robot adoption in medium- and high-tech industries had a greater impact on GVC upgrading. In conclusion, this study suggests that robot adoption in emerging economies can enhance their position in GVCs, with human capital playing a crucial role.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 2","pages":"209-251"},"PeriodicalIF":2.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143707416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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