China & World Economy最新文献_第7页

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

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

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, Chuanmin Zhao","doi":"10.1111/cwe.12534","DOIUrl":"10.1111/cwe.12534","url":null,"abstract":"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.","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, Xin Huang, Xiaojun Liu, Yunhao Dai","doi":"10.1111/cwe.12535","DOIUrl":"10.1111/cwe.12535","url":null,"abstract":"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.","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

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, Dongzhou Mei, Mi Zhang","doi":"10.1111/cwe.12530","DOIUrl":"10.1111/cwe.12530","url":null,"abstract":"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.","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

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, Qing Liu, Lihe Xu","doi":"10.1111/cwe.12526","DOIUrl":"https://doi.org/10.1111/cwe.12526","url":null,"abstract":"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.","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

Measures of Relative and Absolute Convergence and Pro-poor Growth with an Illustration based on China (2010–2018) 以中国为例说明相对和绝对趋同与扶贫增长的衡量标准（2010-2018 年）

IF 3.1 2区经济学

China & World Economy Pub Date : 2024-03-13 DOI: 10.1111/cwe.12524

Elena Bárcena-Martin, Jacques Silber, Yuan Zhang

{"title":"Measures of Relative and Absolute Convergence and Pro-poor Growth with an Illustration based on China (2010–2018)","authors":"Elena Bárcena-Martin, Jacques Silber, Yuan Zhang","doi":"10.1111/cwe.12524","DOIUrl":"https://doi.org/10.1111/cwe.12524","url":null,"abstract":"Income mobility is a key issue for understanding the process of economic growth and distributional change. Some economists have used the concept of “pro-poor growth” to examine, with individual-level panel data, whether the poor benefit more than the rich from economic growth by tracking the extent of income mobility among different population subgroups. There is also literature in macroeconomics on the measurement of convergence. This paper introduces population-weighted relative and absolute indices of mobility, convergence, and pro-poor growth; it also distinguishes between anonymous and nonanonymous approaches to these issues. The empirical analysis is based on Chinese panel data for the period 2010–2018. In both absolute and relative terms, income growth in China was greater for individuals with an initially lower income but only for lower income deciles in relative terms. There was also an overall increase in individual welfare from anonymous and nonanonymous perspectives, which was higher among younger individuals. The welfare of the poor did not increase more than that of the nonpoor. These results shed light on the evolution of income distribution in China during the past decade's rapid economic growth.","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 2","pages":"1-41"},"PeriodicalIF":3.1,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140123777","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

Climbing the Export Quality Ladder: Role of Human Capital 攀登出口质量阶梯：人力资本的作用

IF 3.1 2区经济学

China & World Economy Pub Date : 2024-03-13 DOI: 10.1111/cwe.12528

Xiaogang He, Ruifeng Teng, Dawei Feng

引用次数: 0