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Tax Incentives and Maturity Mismatch between Investment and Financing: Evidence from China 税收优惠与投融资期限错配：来自中国的证据
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-07-13 DOI: 10.1111/cwe.12492
Qianbin Feng, Lexin Zhao, Mingxue Xu
{"title":"Tax Incentives and Maturity Mismatch between Investment and Financing: Evidence from China","authors":"Qianbin Feng,&nbsp;Lexin Zhao,&nbsp;Mingxue Xu","doi":"10.1111/cwe.12492","DOIUrl":"https://doi.org/10.1111/cwe.12492","url":null,"abstract":"<p>This paper examines the effects of China's accelerated depreciation policy (ADP) on the maturity mismatch between investment and financing. Using panel data for China's A-share nonfinancial listed companies from 2010 to 2019 and a staggered difference-in-differences approach, we found the following. First, ADP significantly aggravated the degree of corporate maturity mismatch, and this result was robust across multiple checks. Second, due to an insufficient long-term loan supply, firms had to finance the fixed investments induced by ADP with short-term debts, leading to maturity mismatches. Third, the positive policy effects were mainly significant for firms with high policy exposure, high-risk preferences, a high degree of information asymmetry, and firms with weak long-term financing capacity. Finally, maturity mismatch exacerbated corporate financial risks. Our research findings indicate that passive maturity mismatch is prevalent among Chinese companies and emphasize the need to address financial repression in order to mitigate the potential financial risks that may arise from tax incentives.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 4","pages":"1-36"},"PeriodicalIF":3.1,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50131633","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: 1
Educational Investment for Future Marriage? Evidence of Missing Girls from China 未来婚姻的教育投资？中国女孩失踪的证据
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-07-13 DOI: 10.1111/cwe.12496
Yawen Cheng, Dongmin Kong
{"title":"Educational Investment for Future Marriage? Evidence of Missing Girls from China","authors":"Yawen Cheng,&nbsp;Dongmin Kong","doi":"10.1111/cwe.12496","DOIUrl":"https://doi.org/10.1111/cwe.12496","url":null,"abstract":"<p>Numerous studies have shown that a sex ratio imbalance (more boys than girls in a society) may result in a sequence of social problems. This study investigated the expected effect of a high sex ratio on educational investment. Using nationally representative data from the China Family Panel Studies and the 2010 Census, we determined the following: (i) a high sex ratio increased educational expenditure for boys relative to girls; (ii) parents who took education seriously and who cared about their children's education were more likely to invest in education to appear attractive in the future marriage market, and (iii) the profound impact of a high sex ratio on educational expenditure was more pronounced in less educated and poorer families. Our findings raised the possibility that the effect of the sex ratio may bring about more gender inequality in the future. The implicit cost of a high sex ratio may further lead to a vicious cycle of family fertility and childbearing.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 4","pages":"173-199"},"PeriodicalIF":3.1,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50131676","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
Have Industrial Robots Improved Pollution Reduction? A Theoretical Approach and Empirical Analysis 工业机器人改善了污染减少吗？理论方法与实证分析
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-07-13 DOI: 10.1111/cwe.12495
Huzhou Zhu, Bin Sang, Chunyuan Zhang, Lin Guo
{"title":"Have Industrial Robots Improved Pollution Reduction? A Theoretical Approach and Empirical Analysis","authors":"Huzhou Zhu,&nbsp;Bin Sang,&nbsp;Chunyuan Zhang,&nbsp;Lin Guo","doi":"10.1111/cwe.12495","DOIUrl":"https://doi.org/10.1111/cwe.12495","url":null,"abstract":"<p>To investigate whether industrial robots have improved the ecological environment, this study integrated the adoption of robot technology and pollution abatement into Melitz's heterogeneous firm model. This showed that using robots in production can lower firms' pollution intensity by increasing their abatement investments, and this reduction effect is greater for higher polluting firms and those subject to weaker local environmental regulations. These theoretical expectations were then confirmed through a series of empirical investigations based on Bartik instrument regressions, with multiple robustness checks as well as heterogeneity and mechanism analyses. This paper adds to the literature on the relationships between automation technologies and green transformation. It shows that in the pursuit of economic growth and environmental protection, it is necessary for policymakers to shift from pollution control to technical support for traditional manufacturing firms.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 4","pages":"153-172"},"PeriodicalIF":3.1,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50131675","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: 1
The Geographical Rotation of Local Officials and Enterprise Cross-city Mergers and Acquisitions in China 地方官员的地域轮换与中国企业跨城市并购
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-07-13 DOI: 10.1111/cwe.12493
Liangxiong Huang, Peilun Li, Xianbin Wang, Caiting Yang
{"title":"The Geographical Rotation of Local Officials and Enterprise Cross-city Mergers and Acquisitions in China","authors":"Liangxiong Huang,&nbsp;Peilun Li,&nbsp;Xianbin Wang,&nbsp;Caiting Yang","doi":"10.1111/cwe.12493","DOIUrl":"https://doi.org/10.1111/cwe.12493","url":null,"abstract":"<p>The economic impact of the geographical rotation of local officials is important in China's official management system. This study used a zero-inflated Poisson regression model and found that the geographical rotation of local officials significantly increased cross-city mergers and acquisitions (M&amp;As) of enterprises. The impact of local officials' geographical rotation on M&amp;As was more pronounced under certain conditions. These conditions included: (i) when officials were transferred from cities with a higher development level to cities with a lower development level; (ii) when the outflow cities were municipalities directly governed by the central government, provincial capitals, or separately listed cities; (iii) when the transfers of officials occurred within the same province; (iv) when the transfers took place before 2012; and (v) when the transfers happened in the years following significant central government conferences, which provided strong political incentives for M&amp;As.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 4","pages":"66-89"},"PeriodicalIF":3.1,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50131634","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
Fertility Effects of Labor Market Conditions at Graduation 毕业时劳动力市场条件的生育效应
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-07-13 DOI: 10.1111/cwe.12494
Yue Yin, Ye Jiang
{"title":"Fertility Effects of Labor Market Conditions at Graduation","authors":"Yue Yin,&nbsp;Ye Jiang","doi":"10.1111/cwe.12494","DOIUrl":"https://doi.org/10.1111/cwe.12494","url":null,"abstract":"<p>This study examines how individuals' fertility outcomes were affected by the labor market conditions they experienced at graduation. Using data from the Chinese General Social Survey, it finds that poor labor market conditions at graduation delayed individuals' entry into parenthood. Higher unemployment rates at graduation reduced the probability of having at least one child in the survey year for both men and women. The negative fertility effects generally followed a U-shape, reached the maximum around average childbearing ages, and faded out within 15 years after graduation. Low-skilled workers mainly contribute to the negative fertility effects observed in the whole sample. Employment and marital outcomes are also analyzed as potential mechanisms. Estimation results indicate that individuals who experienced poor labor market conditions at graduation delayed marriage and the birth of the first child due to a lower probability of being employed, reduced working hours, and adverse income shocks. The negative long-term fertility effects should be brought to policymakers' attention, especially when China's low fertility issue worsens. Policymakers are expected to create more favorable employment conditions for labor market entrants to encourage fertility and expand the future working-age population.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 4","pages":"120-152"},"PeriodicalIF":3.1,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50131674","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
Why Do Chinese Private Enterprises Seek Outward Foreign Direct Investment? 中国民营企业为什么寻求对外直接投资？
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-07-13 DOI: 10.1111/cwe.12497
Kui Wang, Shuang Tao
{"title":"Why Do Chinese Private Enterprises Seek Outward Foreign Direct Investment?","authors":"Kui Wang,&nbsp;Shuang Tao","doi":"10.1111/cwe.12497","DOIUrl":"https://doi.org/10.1111/cwe.12497","url":null,"abstract":"<p>China is currently in a period of economic transformation and the reform of the factor market still lags behind that of the product market. This study explores the reasons causing China's private enterprise to expand abroad from the perspective of domestic factor market imperfection. Using data for Chinese listed firms between 2002 and 2020, it examines whether outward foreign direct investment (OFDI) has been undertaken by private enterprises as a response to domestic factor market imperfection. It finds that private enterprises located in regions with greater factor market imperfection have had a greater tendency to engage in OFDI. This effect has been more pronounced among firms with high productivity or high innovation capability, and among medium and small private enterprises.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 4","pages":"200-218"},"PeriodicalIF":3.1,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50131677","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: 16
The Determinants of China's Minimum Wage Rates 中国最低工资标准的决定因素
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-06-12 DOI: 10.1111/cwe.12489
Achim Schmillen, Michael Stops, Dewen Wang
{"title":"The Determinants of China's Minimum Wage Rates","authors":"Achim Schmillen,&nbsp;Michael Stops,&nbsp;Dewen Wang","doi":"10.1111/cwe.12489","DOIUrl":"https://doi.org/10.1111/cwe.12489","url":null,"abstract":"<p>We use a highly disaggregated panel of macro data and minimum wages at the county level to investigate the processes behind minimum wage adjustments in China. Relying on random effects models, spatial econometrics techniques, and multilevel analyses, we document that a comparatively small number of economic variables – including the local price level and GDP per capita – are important determinants of minimum wage rates. Interactions between adjacent counties and counties of the same administrative type, and centralized mechanisms, particularly at the provincial level, also play an important role in explaining the variance in minimum wage rates across counties. Finally, we show that China's provinces are the key players for setting minimum wage rates and that, when they do so, they are not uniform in the way they weigh different economic variables.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 3","pages":"59-91"},"PeriodicalIF":3.1,"publicationDate":"2023-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50149967","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
Officials' Foreign Experience and Firms' Exports: Evidence from China 官员的国外经验与企业的出口——来自中国的证据
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-06-12 DOI: 10.1111/cwe.12487
Yekun Xu, Guangyuan Ma, Lijuan Cui
{"title":"Officials' Foreign Experience and Firms' Exports: Evidence from China","authors":"Yekun Xu,&nbsp;Guangyuan Ma,&nbsp;Lijuan Cui","doi":"10.1111/cwe.12487","DOIUrl":"https://doi.org/10.1111/cwe.12487","url":null,"abstract":"<p>This study examines how the foreign experience of local officials affects firms' exports in China. Using a matched sample from 2000 to 2012, we found that the foreign experience of municipal Party secretaries had a significant impact on the promotion of firms' exports, especially for private firms. This positive impact was more pronounced when officials went abroad at a younger age, stayed abroad for a longer period, returned to China for a longer time, and had greater promotion incentives. We found that officials' foreign experience helped to mitigate the negative impact of institutional distance and provided firms with better access to export subsidies, both of which could promote exporting. There was also a complementary effect when officials and executives both had foreign experience. Overall, our study provides some insights into the economic outcomes of officials' foreign experience and sheds light on the export performance of Chinese firms.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 3","pages":"173-204"},"PeriodicalIF":3.1,"publicationDate":"2023-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50149966","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
How Does the Regional Comprehensive Economic Partnership Affect the Restructuring of Global Value Chains? 区域全面经济伙伴关系如何影响全球价值链重组？
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-06-12 DOI: 10.1111/cwe.12488
Zijie Fan, Siyi Peng, Wenjie Hu
{"title":"How Does the Regional Comprehensive Economic Partnership Affect the Restructuring of Global Value Chains?","authors":"Zijie Fan,&nbsp;Siyi Peng,&nbsp;Wenjie Hu","doi":"10.1111/cwe.12488","DOIUrl":"https://doi.org/10.1111/cwe.12488","url":null,"abstract":"<p>This paper quantifies the way in which the Regional Comprehensive Economic Partnership (RCEP) affects the restructuring of global value chains (GVCs). It incorporates an input– output structure into a general equilibrium model, highlighting important differences between intermediates and final goods. Using tariff reduction schedules for the RCEP agreement and Asian Development Bank Multi-Region Input–Output database, it evaluates the impact of the RCEP's tariff cuts on vertical specialization and the GVC position index of members. It shows that the RCEP significantly increased vertical specialization and the weighted average number of stages for members for primary factors of production and final consumption, which led to more complex and longer production chains. This was mainly due to the trade creation in intermediates imported from member countries and those outside it. This is an important finding, distinct from traditional trade models without an input–output structure.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 3","pages":"140-172"},"PeriodicalIF":3.1,"publicationDate":"2023-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50149965","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: 1
Responsible Behavior of Irresponsible Companies: Air Pollution and Charitable Donations of Polluting Companies 不负责任企业的责任行为：空气污染与污染企业的慈善捐赠
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-06-07 DOI: 10.1111/cwe.12490
Weibing Li, Siyuan Chen, Kaixia Zhang
{"title":"Responsible Behavior of Irresponsible Companies: Air Pollution and Charitable Donations of Polluting Companies","authors":"Weibing Li,&nbsp;Siyuan Chen,&nbsp;Kaixia Zhang","doi":"10.1111/cwe.12490","DOIUrl":"https://doi.org/10.1111/cwe.12490","url":null,"abstract":"<p>The relationship between air pollution and charitable donations of companies has received little attention from academia. To make up for this defect, we use a regression discontinuity design based on the spatial discontinuity in air pollution created by China's winter heating policy in the north of Qinling Mountains–Huai River line to examine whether severe air pollution may cause polluting companies to make charitable donations. Our results consistently show that air pollution has a positive impact on the donations of polluting companies, regardless of whether the absolute donations, the relative donations, or the willingness to donate are used to measure donations. A series of robustness tests confirm that this relationship is causal. Furthermore, we find that under severe air pollution, the motivations of polluting companies to implement donation behaviors are to decrease the probability of environmental penalties, reduce environmental pollution costs, and decrease the extent to which air pollution affects company reputations.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 4","pages":"90-119"},"PeriodicalIF":3.1,"publicationDate":"2023-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50123920","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
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