发布求助
文献互助 智能选刊 最新文献

China & World Economy最新文献

筛选
英文 中文
Cross-border E-commerce and China's Exports during the COVID-19 Pandemic COVID-19 大流行期间的跨境电子商务与中国出口
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-05-17 DOI: 10.1111/cwe.12537
Yi Che, Meng Yuan, Yan Zhang, Lin Zhao
{"title":"Cross-border E-commerce and China's Exports during the COVID-19 Pandemic","authors":"Yi Che,&nbsp;Meng Yuan,&nbsp;Yan Zhang,&nbsp;Lin Zhao","doi":"10.1111/cwe.12537","DOIUrl":"10.1111/cwe.12537","url":null,"abstract":"<p>China's exports experienced a rapid recovery after the outbreak of the 2019 COVID-19 pandemic. A primary engine was cross-border e-commerce (CBEC) trade, which bucked the downward export trend during the pandemic. By exploring the variation in the number of CBEC comprehensive pilot zones across provinces, we identified the causal impact of CBEC on exports using monthly province–product–destination data for 2019 and 2020. We found strong and robust evidence that CBEC contributed to exports during the pandemic by promoting the expansion of incumbent exports (intensive margin) rather than through the expansion of product categories and exporting partners (extensive margin). Specifically, higher pandemic risk suppressed the role of CBEC at the intensive margin while enhancing it at the extensive margin. Exports to developed countries benefited more from CBEC, both intensively and extensively. Compared with final products, a larger number of intermediate products were exported through CBEC after the outbreak of the pandemic.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 3","pages":"215-242"},"PeriodicalIF":3.1,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141026917","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
Bureaucratic Culture and Innovation 官僚文化与创新
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-05-17 DOI: 10.1111/cwe.12531
Shigang Li, Kexin She, Li Zhang
{"title":"Bureaucratic Culture and Innovation","authors":"Shigang Li,&nbsp;Kexin She,&nbsp;Li Zhang","doi":"10.1111/cwe.12531","DOIUrl":"10.1111/cwe.12531","url":null,"abstract":"<p>This study explores the effects of bureaucratic culture on innovation. We define bureaucratic culture as a culture in which power and officials are held in the highest regard. Using panel data of publicly listed Chinese manufacturing firms from 2007 to 2015, we found that bureaucratic culture negatively correlated with firms' patent output. A mechanism analysis shows that bureaucratic culture hindered corporate innovation by reducing firms' research and development inputs and decreasing innovation efficiency. Furthermore, we provided evidence that anti-corruption campaigns and the development of formal institutions could neutralize the negative impact of bureaucratic culture on corporate innovation. This study is the first to investigate quantitatively the causal effect of bureaucratic culture on corporate innovation and it can deepen the understanding of the relationship between culture and innovation in China. We speculate that promoting a creative culture, particularly one that fosters entrepreneurial spirit, is of utmost importance.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 3","pages":"31-66"},"PeriodicalIF":3.1,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141032624","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
Local State Capacity and Uneven Taxation across Industrial Firms 地方国家能力与工业企业税收不均
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-05-17 DOI: 10.1111/cwe.12536
Linke Hou, Zhikuo Liu, Qi Zhang, Xiaolu Zhao
{"title":"Local State Capacity and Uneven Taxation across Industrial Firms","authors":"Linke Hou,&nbsp;Zhikuo Liu,&nbsp;Qi Zhang,&nbsp;Xiaolu Zhao","doi":"10.1111/cwe.12536","DOIUrl":"10.1111/cwe.12536","url":null,"abstract":"<p>In this research we investigate the association between local state capacity (LSC) and effective tax burdens (ETBs) on industrial firms within counties between 1998 and 2013. The LSC measures a state's capacity for policy implementation and specifically its ability to acquire low-cost agricultural land for nonagricultural (industrial or commercial) purposes. Based on China's government-led development experience since the 1990s, we draw on two unique household survey datasets to capture LSC at county level. We find robust evidence that greater LSC was associated with much lower ETBs on large industrial firms. This taxation pattern implies local government's primary reliance on larger manufacturing firms, while the ETBs for small-and-medium enterprises are not as prominently addressed. This research highlights that LSC can affect both the amount of revenue a local government can generate and the methods it uses to collect these revenues.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 3","pages":"191-214"},"PeriodicalIF":3.1,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141028100","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
Spatial Structure of Peer Networks and Academic Achievement Based on a Random Control Trial Experiment 基于随机对照试验的同伴网络空间结构与学业成就
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-05-17 DOI: 10.1111/cwe.12532
Shilan Feng, Ya Tan, Zhi Wang, Qinghua Zhang
{"title":"Spatial Structure of Peer Networks and Academic Achievement Based on a Random Control Trial Experiment","authors":"Shilan Feng,&nbsp;Ya Tan,&nbsp;Zhi Wang,&nbsp;Qinghua Zhang","doi":"10.1111/cwe.12532","DOIUrl":"10.1111/cwe.12532","url":null,"abstract":"<p>This paper investigates whether changing the seating arrangement in a classroom can facilitate positive spillovers from top-performing students to others, using a field experiment conducted in a Chinese high school. Among study groups with balanced abilities, the treatment altered the spatial distribution by assigning the two top students to seats in the spatial center of each group. In the reference groups where students were allowed to choose their own seating arrangements, the lowest performing were significantly less likely to sit next to a top student than they would be under a random assignment. The results suggest that, in the treated groups, there could be enhanced academic spillovers from the top students. The treatment especially benefited the two lowest performing students in science subjects. In contrast, the treatment exerted negative effects on the test scores of the two middle-performing students, due to a disruption mechanism. The results suggest that the spatial layout of a peer network can have a significant impact on learning outcomes.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 3","pages":"67-97"},"PeriodicalIF":3.1,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141030480","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
Does Chinese Environmental Policy Affect Income Inequality? Evidence from the Central Environmental Protection Inspection 中国的环境政策会影响收入不平等吗？来自中央环保督察的证据
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-05-17 DOI: 10.1111/cwe.12534
Xiaoyun Wei, Chuanmin Zhao
{"title":"Does Chinese Environmental Policy Affect Income Inequality? Evidence from the Central Environmental Protection Inspection","authors":"Xiaoyun Wei,&nbsp;Chuanmin Zhao","doi":"10.1111/cwe.12534","DOIUrl":"10.1111/cwe.12534","url":null,"abstract":"<p>This paper investigates the effect of environmental policy on income inequality. It focuses on the central environmental protection inspection led by the central government in China. Using a difference-in-differences approach, it finds evidence that environmental regulation decreased the per capita income and enlarged the gap between urban and rural income while showing an insignificant effect on employment. Although the policy can reduce pollution levels and bring environmental benefits in aggregate, the findings of this study suggest that the regulations appear to have reduced the proportion of manufacturing industry and hindered general innovation and investment from entrepreneurs, which resulted in greater inequality. Rural residents suffered more from environmental regulation due to relatively high migration costs and their disadvantaged human resources on the aspects of health, education level, and skills. The local government's execution incentive can also play a key role in the effectiveness of environmental policy. Regions with lower GDP growth targets and younger government leaders were affected significantly with regard to the income growth of local residents and the urban–rural income gap.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 3","pages":"130-161"},"PeriodicalIF":3.1,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141041848","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
Employee Stock Ownership Plans and Stock-price Informativeness 员工持股计划与股价信息性
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-05-17 DOI: 10.1111/cwe.12535
Yuehua Zuo, Xin Huang, Xiaojun Liu, Yunhao Dai
{"title":"Employee Stock Ownership Plans and Stock-price Informativeness","authors":"Yuehua Zuo,&nbsp;Xin Huang,&nbsp;Xiaojun Liu,&nbsp;Yunhao Dai","doi":"10.1111/cwe.12535","DOIUrl":"10.1111/cwe.12535","url":null,"abstract":"<p>This study examines the impact of employee stock ownership plans (ESOPs) on stock-price informativeness in Chinese stock markets. Its findings indicate that firms implementing ESOPs experienced an average 11.89 percent increase in stock-price informativeness. The plans improved stock-price informativeness through increased external attention and supervision. An event study shows that ESOPs gave rise to an announcement effect, driven by anticipated performance improvements and the novelty associated with ESOPs. A mechanism analysis demonstrates that the implementation of ESOPs attracted market attention, and the increased market supervision resulting from this mitigated the moral hazards of management associated with ESOPs. Plans with more positive signals exerted a greater influence. Notably, ESOPs that prioritized management incentives gained more recognition in the market. As the incentive effects of ESOPs were weaker than those of equity incentive plans and the ESOPs lost novelty over time, the annual announcement effect diminished gradually. These findings underscore the necessity of strengthening ESOP incentives for continued optimization of price efficiency.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 3","pages":"162-190"},"PeriodicalIF":3.1,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141037312","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
Will the State-owned Capital Transfer Policy Enhance the Sustainability of the Urban Employee Basic Pension Insurance Fund in China? 国有资本划转政策能否增强中国城镇职工基本养老保险基金的可持续性？
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-05-17 DOI: 10.1111/cwe.12533
Jia Wang, Huan Liu, Mei Li, Han Li
{"title":"Will the State-owned Capital Transfer Policy Enhance the Sustainability of the Urban Employee Basic Pension Insurance Fund in China?","authors":"Jia Wang,&nbsp;Huan Liu,&nbsp;Mei Li,&nbsp;Han Li","doi":"10.1111/cwe.12533","DOIUrl":"10.1111/cwe.12533","url":null,"abstract":"<p>To analyze the effect of the state-owned capital transfer policy on the sustainability of China's urban employee basic pension insurance fund (CUEBPIF), this study develops an actuarial model for pension insurance. The results reveal the following: (i) Without policy intervention, the CUEBPIF would face a deficit in 2027 and a cumulative shortfall of RMB207.44 trillion by 2050, and the proportion of fiscal subsidies for the CUEBPIF in the total fiscal expenditure would increase to 12.86 percent in 2050. (ii) Based on a delayed retirement policy, the transfer of 10 percent of state-owned capital can delay the onset of the fund deficit by 6 years, and the accumulated shortfall in 2050 would fall to RMB39.42 trillion, and the proportion of fiscal subsidies would decrease by 11.77 percentage points. (iii) The state-owned capital transfer policy can improve the sustainability of the CUEBPIF and reduce the burden of enterprise social security contributions when the transfer ratio increases to 20 percent.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 3","pages":"98-129"},"PeriodicalIF":3.1,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141023609","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
Global Spillovers of China's Monetary Policy 中国货币政策的全球溢出效应
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-05-17 DOI: 10.1111/cwe.12530
Wenni Lei, Dongzhou Mei, Mi Zhang
{"title":"Global Spillovers of China's Monetary Policy","authors":"Wenni Lei,&nbsp;Dongzhou Mei,&nbsp;Mi Zhang","doi":"10.1111/cwe.12530","DOIUrl":"10.1111/cwe.12530","url":null,"abstract":"<p>Spillovers from China's monetary policy have become increasingly obvious with China's growing importance in the global economy and its close economic and trade ties with the world. This study establishes a proxy structure vector autoregression model to investigate the magnitude and transmission channel of spillovers from China to global and regional economies, taking advantage of high-frequency changes in asset prices in the financial markets to identify monetary policy shocks. The analysis reveals that China's monetary policy can affect the global economy by influencing international trade and commodity prices but there is no evidence of China's monetary policy affecting global financial variables. Tightness in China's monetary policy can cause a decline in world output whereas expansion in monetary policy can support global trade and output. This study also finds that the response of emerging Asian economies to China's monetary policy shock was nearly twice that of developed economies, while the transmission path did not change. The results of this study are consistent with the stylized fact that China's monetary policy plays an important role in the global trade and commodity cycle, although it does not drive the global financial cycle.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 3","pages":"1-30"},"PeriodicalIF":3.1,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141045720","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
Value-added Tax and Leverage: Evidence from China's Value-added Tax Rate Reform 增值税与杠杆作用：中国增值税税率改革的证据
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-03-13 DOI: 10.1111/cwe.12529
Hongsheng Fang, Lexin Zhao, Xiufen Liu
{"title":"Value-added Tax and Leverage: Evidence from China's Value-added Tax Rate Reform","authors":"Hongsheng Fang,&nbsp;Lexin Zhao,&nbsp;Xiufen Liu","doi":"10.1111/cwe.12529","DOIUrl":"https://doi.org/10.1111/cwe.12529","url":null,"abstract":"<p>This paper uses China's value-added tax (VAT) rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage. The results indicate that the reform reduced corporate total leverage significantly. There was a decrease in short-term leverage, but long-term leverage showed no significant change. These results remained robust across a series of robustness checks. Mechanism analysis shows that increasing profitability and improving cash flows acted as intermediary channels for the reform's impact on leverage. The reform also contributed to the mitigation of the asset–liability mismatch problem and the reduction of debt risk, while having no apparent impact on corporate investments. Finally, enterprises with more elastic demand and those with lower intermediate input ratios were affected most by the deleveraging effect of the VAT rate reform. This study suggests how the VAT rate cut shaped corporate capital structure. It thus helps to explain the economic consequences of VAT rate shocks.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 2","pages":"200-234"},"PeriodicalIF":3.1,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140123745","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
Whose Aid is Beneficial to Firms' Exports? Evidence from a Post-disaster Aid Experiment in China 谁的援助有利于企业出口？来自中国灾后援助实验的证据
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-03-13 DOI: 10.1111/cwe.12526
Tan Li, Qing Liu, Lihe Xu
{"title":"Whose Aid is Beneficial to Firms' Exports? Evidence from a Post-disaster Aid Experiment in China","authors":"Tan Li,&nbsp;Qing Liu,&nbsp;Lihe Xu","doi":"10.1111/cwe.12526","DOIUrl":"https://doi.org/10.1111/cwe.12526","url":null,"abstract":"<p>Post-disaster aid is widely regarded as important in helping local recovery and development. This paper examines the effectiveness of post-disaster aid on exports, which are a driving factor of economic development. It reports a natural experiment in China – the case of post-disaster aid following the Wenchuan earthquake in 2008 – to examine how donors' experiences affected the exports of manufacturing firms in disaster-stricken counties. The export experience of the donor was important. Aid coming from donors with more export experience was more beneficial to the exports of firms in recipient counties than aid from less experienced donors. “Learning from the donor” is a potential channel through which this effect occurred. That is, firms in recipient counties learned from donors' export experience by exporting more products similar to those of donors, exporting more to the destination countries of donors, and participating in the donors' supply-chain networks by exporting more of the donors' exports. Such “learning from the donor” effects show that knowledge spillover can occur between spatially distant parties, which complements the literature.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 2","pages":"73-96"},"PeriodicalIF":3.1,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140123742","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信