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Published in last 1 year |  In last 2 years |  In last 3 years |  All Please wait a minute... For Selected: Download Citations EndNote Ris BibTeX Toggle Thumbnails Select County Economy and Its Development Limits in Central and Western China HE Xue-feng Contemporary Finance & Economics    2024, 0 (10): 3-17.   Abstract （63）            Knowledge map    Save China’s urbanization is rapidly advancing, and a key issue in the urbanization of the central and western regions is how to deal with the county economy and county urbanization. In the current situation of China’s densely populated coastal economic belt with huge production capacity, the county-level economy in the central and western regions lacks the scale conditions required for the development of manufacturing industries, and the lack of manufacturing industries in the county-level economy in the central and western regions makes it difficult to provide sufficient employment for migrant workers in cities. The result may be that the central and western regions develop the county economy by expanding their power and encouraging farmers to enter the county towns, however, the farmers who enter the city have to rely more on village agricultural income and income from migrant workers due to the lack of employment, which renders the development of the county economy in trouble. At present, the focus of the development of county-level economy in central and western China should be to provide equal basic public services for farmers in both urban and rural areas. The ultimate destination of farmers’ urbanization is inevitably a regional center city where employment and life are integrated. County towns are only a transitional zone for farmers to enter the city. In a long period of time in the future, farmers cannot leave the land when they go to the city. To retain the right of farmers to return home is not only important in terms of security, but also has important spiritual value in terms of future prospects. Reference | Related Articles | Metrics | Comments（0） Select Construction of Old Revolutionary Base Areas and High-Quality Economic Development ZHAO Man-ru, WU Zhen-lei Contemporary Finance & Economics    2024, 0 (10): 18-29.   Abstract （43）            Knowledge map    Save In the context of entering the new stage of development, promoting the achievement of high-quality economic development in the old revolutionary base areas has become a crucial task for the regional coordinated development in China. Since the 18th National Congress of the Communist Party of China, China has focused on the five major key old revolutionary base areas and successively introduced a series of supportive policies to provide comprehensive support in various aspects, including industry, ecology, and public services. Based on the panel data of prefecture-level cities spanning from 2009 to 2022, this paper conducts an empirical study using a double-difference model. The findings indicate that, firstly, the implementation of the supportive policies for the old revolutionary base areas has significantly promoted the high-quality economic development in these regions. Secondly, these supportive policies for the old revolutionary base areas has a positive impact on the high-quality economic development in those regions through enhancing their innovative capabilities, promoting the green transformation and development, addressing the shortcomings in public services, and optimizing land resource allocation. Notably, digital finance plays a positive regulatory role throughout this process. Thirdly, the high-quality economic development effects brought by the support policies for the old revolutionary base areas exhibit significant heterogeneity, with more favorable outcomes observed in the central and western regions, the areas with lower economic development levels, and the medium to small-sized cities. Consequently, it is necessary to increase policy support for the old revolutionary base areas, optimize the effectiveness of policy support, improve the economic development level of the old revolutionary base areas, thereby help these regions embark on a new journey of comprehensive socialist modernization construction. Reference | Related Articles | Metrics | Comments（0） Select Research on the Formation Logic and Leap Path of New Quality Productivity Based on Intelligent Manufacturing WU Qun, CHEN Qian Contemporary Finance & Economics    2024, 0 (9): 3-12.   Abstract （74）            Knowledge map    Save Intelligent manufacturing is the key lever of the manufacturing industry to realize high-quality development, and also an important form of new quality productivity in the upgrading and development of the manufacturing industry; through intelligent manufacturing the formation of new quality productivity in the manufacturing industry can be accelerated so as to further promote the implementation of the strategy of a strong manufacturing country. The formation logic of new quality productivity based on intelligent manufacturing mainly includes four logics, i.e. the technological innovation driven logic, the production model transformation logic, the production factors integration logic and the collaborative symbiotic development logic, which respectively show the qualitative state of high efficiency, flexibility, networking and self-optimization. With the continuous science and technology innovation and the continuous empowerment of digitalization, the new quality productivity in the future will leap to the tough, knowledge-based, ecological and wisdom-based new quality productivity. Intelligent manufacturing provides a strong driving force for China's manufacturing power strategy, but there are still difficulties in the development of new quality productivity based on intelligent manufacturing, such as the lack of key technologies, the shortage of high-end talents, the poor allocation of resources, and the lower degree of human-machine collaboration. Overcoming key technology difficulties is the basic guarantee for the leapfrogging of new quality productivity, cultivating high-end talents is the supporting condition, optimizing resource allocation is an important driving force, and deepening human-machine symbiosis is the advanced goal. Efforts in these areas will help to form a higher level of new quality productivity based on intelligent manufacturing, thus providing support for the high-quality development of China's manufacturing industry. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Industry Growth and Interindustry Linkages on China's Economic Growth WU Mao-hua, WANG Di-hai Contemporary Finance & Economics    2024, 0 (9): 13-27.   Abstract （46）            Knowledge map    Save Regarding the impact of changes in industrial structure on the growth rate of real GDP, previous studies have often overlooked the role of inter-industry linkages. Industrial growth not only directly affects economic growth, but may also indirectly affect economic growth by influencing other industries. Empirical studies have shown that the growth of industrial real output value can promote the growth of service industry output value, but reduce the growth of agricultural output value; the growth of actual output value in the service industry will suppress the growth of industrial output value and reduce the relative price growth rate of the service industry; the growth of actual agricultural output value will reduce the relative price growth of the service industry. Taking into account the correlation between industries, the decomposition results of the economic growth rate show that the net effect of China's industrial output value growth driving China's economic growth from 1979 to 2022 is 5.72%, of which the indirect effect of affecting the growth of other industries' output value and changes in price structure is 1.2%. The net effect of the growth of service industry output value driving economic growth is 2.49%, of which the indirect effect is -1.18%. Further research shows that the net effect of industrial growth can explain 78% of the differences in actual output growth rates between provincial regions in China. From 1979 to 2022, China's economic growth was mainly driven by industrial growth (contributing 64.1%), which is higher than the direct effect without considering industrial linkages (contributing 50.68%). In addition, the indirect effects of service industry growth have had a significant hindering effect on economic growth. Reference | Related Articles | Metrics | Comments（0） Select Inclusive Environmental Perception and Residential Property Allocation QIN Yu, DENG Xin, BAI Yang Contemporary Finance & Economics    2024, 0 (8): 3-16.   Abstract （57）            Knowledge map    Save Human being is the core element of regional economic and social development. An inclusive regional environment, including culture, institution, working and living, is crucial in attracting talents and facilitating housing allocation. Based on the micro-data from the Inclusive Green Development Follow-Up Survey by the Chinese Academy of Social Sciences, this paper conducts an empirical study. The findings are as follows: firstly, the perception of an inclusive environment has a significant positive effect on residents’ housing allocation. With the number of traditional Chinese brands and the number of imperial examination graduates during the Ming and Qing dynasties used as instrumental variables in the model, a 1% increase in residents’ perception of regional inclusiveness will increase the likelihood of housing allocation in the area by 0.582% and 0.201%, respectively. Secondly, a high level of regional inclusive environment is more conducive to attracting talents to settle and allocate housing. However, it also produces a“crowding out”effect on the relatively disadvantaged groups. The mechanism analysis shows that a more inclusive environment can enhance residents’ confidence in regional economic and social development and asset appreciation, as well as their happiness in life and work, thereby increasing the likelihood of their settling and housing allocation in the area. The above conclusions indicate that the construction of an inclusive regional environment can enhance residents’ willingness to allocate housing locally, which has a positive significance in attracting talents inflow. However, with the improvement of regional inclusiveness and the influx of population, special attention should be paid to the urban integration of relatively vulnerable groups. Reference | Related Articles | Metrics | Comments（0） Select The Siphon Effect and Prisoner’s Dilemma in Regional Economical Development: A Case Study of the Six Central Provinces of China WANG Jun-jie, XU Shu-yun, ZHOU Yi Contemporary Finance & Economics    2024, 0 (8): 17-29.   Abstract （106）            Knowledge map    Save Unbalanced development is one of the primary contradictions currently faced by China, manifesting not only in the imbalances between regions but also within specific areas, such as the differences among the six provinces in central China. As the political, economic, and cultural hubs within their provinces, provincial capitals are the key engines driving regional economic growth, and their development can significantly impact the progress of the entire area. The development divergence among the six central provinces can largely be attributed to the siphon effect and the prisoner’s dilemma phenomenon. The relatively developed provinces, especially those rapidly growing provincial capitals, will tend to siphon resources from those less developed provinces. This will lead to the flow of talents, capital, and materials from less developed regions to more developed ones, adversely affecting the development of the latter. Moreover, as some provinces implement“strong provincial capital”strategies centered on strengthening their capitals, local governments have begun to exhibit the clear characteristics of the prisoner’s dilemma between them. That is, when one province strives to expand the scale and influence of its capital, the neighboring provinces, in order not to lose their competitiveness, are also compelled to adopt the similar strategies to prevent the loss of their resources. The empirical analysis based on the panel data from 80 cities in the six central provinces also confirms the existence of the siphon effect. Particularly in Jiangxi Province, the decline in the primacy of its capital city over the past decade has significantly reduced its ability to attract the key resources such as population, talents, finance, and industry, compared to other provinces, which is a key factor in its relatively lagging economic development. Therefore, in order to narrow the economic gap with their neighboring provincial capitals, the provinces with lower capital city primacy need to enhance the construction of their capitals to gather more resources within their province and, if possible, attract resources from their neighboring provinces. Reference | Related Articles | Metrics | Comments（0） Select The Formation Logic, New Qualitative Characteristics, and Theoretical Elements of New Productive Forces XUE Qin-yuan, SHI Dan, SHI Ke-han Contemporary Finance & Economics    2024, 0 (7): 3-16.   Abstract （49）            Knowledge map    Save The new quality productivity, as an innovative component of Xi Jinping’s economic thought in the new era of socialism with Chinese characteristics, possesses rich theoretical and practical connotations. The theoretical and practical foundations of the new quality productivity stem from the understanding and practice of the laws of productivity development by the Communist Party of China. It is a new productivity theory proposed by the Chinese Communists represented by Xi Jinping based on Marx’s productivity theory, which summarizes the practical experience of the development of productivity in China and guides the high-quality development of the economy under the new development pattern. The“new quality”characteristics are manifested in the productivity development process, where the technological innovation and application are the core elements and main paths. A significant increase in total factor productivity is the central indicator, the“high quality”is the key requirement, the green development is an inherent attribute, and the coordinated development and security are the foundational guarantees. The core components of the new quality productivity include the new quality laborers that are primarily composed of innovators and creators, the new quality means of labor that primarily consist of intelligent tools, and the new quality labor objects that possess more advanced resource forms. To construct the new production relations to adapt to the development of the new quality productivity focuses should lay emphasis on several key areas. In terms of laws and regulations, it involves creating a fairer, more open, and more competitive environment for productivity development. At the level of the scientific and technological system, it requires constructing a more open, flexible, and efficient innovation system. Regarding the economic system, it is necessary to improve the market mechanisms to promote the smooth flow of advanced and high-quality production factors. In the areas of talent and social security, it emphasizes facilitating a virtuous cycle of education, talent, and social security. Reference | Related Articles | Metrics | Comments（0） Select Job Tasks and Income Inequality in the Context of the Changing Information and Communications Technology LI Chao-ting, LI Xue-hui Contemporary Finance & Economics    2024, 0 (7): 17-30.   Abstract （29）            Knowledge map    Save With the rapid development of information intelligence, the job tasks according to the profession of the labor force can be divided into routine tasks and non-routine tasks based on whether the tasks are easier to code and automate. It is a new perspective to understand the changes of income inequality from the reward differences of different tasks. Based on the data from the Chinese General Social Survey (CGSS) and the Occupational Information Network, this paper conducts a study of the reward differences of job tasks and the income inequality. The findings show that the denser the non-routine tasks in the occupations engaged by the labor force, the higher the returns they receive, and that the more intensive the routine tasks are, the lower the returns they receive. The phenomenon of income inequality within different types of work tasks is also not the same. In occupations with intensive non-routine tasks, the income inequality within the profession is higher; while in occupations with intensive routine tasks, the income inequality within the profession is relatively lower. In non-state-owned organizations and in the areas with advanced information technology, the higher returns of non-routine work tasks are more significant, and the problem of income inequality within the professions is severe. A counterfactual decomposition of the changes in the overall income inequality in China from 2002 to 2020 reveals that the difference in returns between non-routine and routine tasks is the main cause of overall income inequality, with an increasing effect on the overall income inequality. The structural changes in non-routine and routine tasks have little impact on the overall income inequality. Reference | Related Articles | Metrics | Comments（0） Select Research on the Changes in the Form of Capital and Its Circulation Processes in the Age of Digital Capitalism ZHANG Xin-wei, LIU Gang Contemporary Finance & Economics    2024, 0 (6): 3-16.   Abstract （229）            Knowledge map    Save In the era of the digital economy, the application of digital technology has driven the transformation of the form of capital and reshaped the process of capital circulation and value proliferation. In terms of the form of capital, the digitalization of currency has increased the amount of funds that can be converted into monetary capital within the economic system, expanding the scope of financing activities for industrial capital. The capitalization of data and the digitization of production capital have further strengthened the control of capital over data as a means of production. Through digital forms and digital marketing channels, commodity capital has accelerated the process of transformation from commodity into money, further enhancing the speed and efficiency of capital circulation. From the perspective of capital circulation and value proliferation, the digitalization of capital forms has made the capital circulation in different industrial sectors exhibit heterogeneity and complexity characteristics, while its value proliferation process is more diverse and secretive. The capital circulation in digital goods and services is reflected in the increase in capital circulation and proliferation speed caused by the use of digital production means. The capital cycle in the integration of data factors and traditional production factors is represented by the gradual separation of the direct material production process and living labor with the participation of materialized data factors, and its capital proliferation tends to be completed in the production process of data factors. In the gig economy dominated by digital platforms, capital circulation is manifested through monopolizing data factors and sales channels to control the realization of value growth, thereby strengthening the exploitation of individual laborers and small producers. Reference | Related Articles | Metrics | Comments（0） Select Human Capital, Technological Progress, and High-Quality and Full Employment of Rural Youth LI Jian-qi, DING Shu-lei Contemporary Finance & Economics    2024, 0 (6): 17-29.   Abstract （176）            Knowledge map    Save In the context of declining population growth and accelerated technological advancement, focusing on enhancing the human capital of rural youth to promote their high-quality and full employment holds significant implications for high quality population development, urban and rural regional coordination and development, and shared prosperity. Taking the Rural Compulsory Education Student Nutrition Improvement Program as an exogenous shock of human capital, this paper conducts a study based on a difference-in-difference model. The findings show that, firstly, the rural youth with higher levels of human capital by health and educational exhibit more sufficient and higher-quality employment compared to their peers. Secondly, the high-quality and full employment effects of human capital expansion are more pronounced in underdeveloped areas, economically disadvantaged households, and among female rural youth. Thirdly, human capital expansion can promote high-quality and full employment among rural youth by improving their employment structure and occupational levels, thus aiding their adaptation to the trends of digitization and industrial intelligence. Therefore, it is suggested to deepen household registration system reforms, optimize the allocation of educational resources, enhance the accessibility of medical services in rural areas, and bridge the urban-rural human capital gap through targeted fiscal policies, so as to promote the high quality and full employment among rural youth. Reference | Related Articles | Metrics | Comments（0） Select Progress, Regional Differences, and Promotion Strategies of China's New Industrialization LI Peng, JIANG Mei-qin Contemporary Finance & Economics    2024, 0 (5): 3-16.   Abstract （106）            Knowledge map    Save New industrialization is the core component and driving force for building a modern industrial system and a powerful modern socialist country. Facing the realistic background of profound changes in the major domestic and international situations, the connotation of new industrialization has taken on new characteristics. This paper constructs a new industrialization index system from six dimensions: people orientation, quality priority, independent innovation, green and low-carbon, digital and real integration, and open and circulation, and evaluates the new industrialization development level of each region during the“13th Five-Year Plan”period. The findings show that during the “13th Five-Year Plan”period, China's new industrialization development level has continued to improve as a whole, but the regional differences are obvious and there is a trend of expansion. Among them, the eastern region is the most important source of the promotion of the level of new industrialization. The results of industrial green and low-carbon transformation are obvious, but there is an expanding trend among the regions; the integration of the digital and the real is insufficient to support the new industrialization, and there are also significant regional differences. The results show that the regional differences in the new industrialization index mainly come from inter-regional differences. The overall regional differences in the independent innovation index are relatively the largest, which is an important focus to promote regional new industrialization synergy in the future. The digital development is undergoing regional differentiation, to which attention should be paid. The flow of cross-regional factors is not smooth, and there is still an obvious problem of regional market segmentation. In the process of promoting the new industrialization and the coordinated regional development, it is required to pay attention to the efficient collaboration between the two. Reference | Related Articles | Metrics | Comments（0） Select Local Government Debt Management System Reform and Corporate Labor Income Share XIONG Jia-cai, HUANG Ling Contemporary Finance & Economics    2024, 0 (5): 17-29.   Abstract （65）            Knowledge map    Save Increasing labor income share is the core of optimizing the income distribution pattern and achieving common prosperity. Utilizing the implementation of the new Budget Law in 2015 as a policy shock on the reform of local government debt management system, this paper examines the impact of local government debt management system reform on the labor income share of enterprises. The findings show that the reform of local government debt management system has remarkably escalated the proportion of labor income attributed to enterprises. In the regions with greater financial pressure or with worse institutional environment, and in the enterprises with stronger financing constraints, the promoting effect of the reform of local government debt management system on the labor income of enterprises is more pronounced. As far as the mechanism is concerned, the reform of local government debt management system can help to reduce the strength of government taxes and non-tax revenue administration and constrain the increase of the implicit debt of local governments, thus helps enterprises to improve their financing availability and alleviate their financing constraints. In this way enterprises will invest more resources into labor factors, thereby increase the share of labor income. Therefore, the central government should continuously improve the regulatory system for local government debt, effectively control the scale of implicit local government debt, and alleviate the competition between the government and enterprises in the credit market. Reference | Related Articles | Metrics | Comments（0） Select A Scale Estimation and Structural Analysis of China’s Data Factor: From the Perspective of Information Value Chain XU Xiang, TIAN Xiao-xuan, LIKE Ao-bo, CHEN Bin-kai Contemporary Finance & Economics    2024, 0 (4): 3-16.   Abstract （141）            Knowledge map    Save Data is a key production factor in the digital economy era. Estimating and analyzing the scale of data elements and their income distribution can help to correctly understand the current level of digital economy development in China and provide a data foundation for the related researches. The existing researches mostly focus on the production cost or market value of data elements, lacking estimation methods constructed from the perspective of the information value chain that fully consider the entire process of data value formation and release. Through improving the existing estimation methods, this paper conducts a calculation of the data element investment in various provinces from 2012 to 2019. The results show that China’s data element investment reached 2.05 trillion yuan in 2019, an increase of 1.35 times from 871.2 billion yuan in 2012, with an average annual growth rate of 13.02%. China’s investment in data elements exhibits such significant characteristics as regional inequality, etc., which may lead to a widening gap in the stock of data elements among the provinces; that is not conducive to the high-quality development of the digital economy. The above results fully demonstrate that the importance of data elements in economic growth and initial income distribution is constantly increasing, and the relevant basic systems and policy measures should be implemented as soon as possible. Reference | Related Articles | Metrics | Comments（0） Select Government Integrity and Enterprise Innovation Quality WANG Yan-wu, MO Chang-wei Contemporary Finance & Economics    2024, 0 (4): 17-29.   Abstract （77）            Knowledge map    Save Establishing an honest government is a primary measure to optimize the business environment and build a friendly and clean relationship between government and business, which has a profound impact on enterprises’ research and development motivation and innovation behavior. Based on the measurement of the regional government integrity level with Baidu Search Index, this study conducts empirical tests on the impact and transmission mechanism of the regional government integrity on enterprise innovation quality by taking listed industrial enterprises in China’s A-share market as samples. The findings reveal the following facts: firstly, the level of regional government integrity has a significant promotion effect on the enterprise innovation quality; secondly, there is significant business heterogeneity in the effect of regional government integrity on the innovation quality of enterprises. To improve local government integrity will significantly promote the innovation quality of small-scale enterprises, non-state-owned enterprises, enterprises in the high-tech intensive industries, low asset specific enterprises and enterprises in the eastern region; thirdly, government integrity affects the innovation quality of enterprises mainly by encouraging enterprises to engage in more complex invention and innovation, independent innovation and reducing transaction costs; fourthly, the level of Internet development will amplify the role of government integrity on the quality of enterprise innovation. The above conclusions suggest that in the Internet era, local governments should pay more attention to the construction of government integrity, improve the level of governance, and consolidate the foundation for the honest society, so as to promote the independent innovation momentum of local enterprises, improve the quality of innovation, and help to achieve the high-quality development of the economy. Reference | Related Articles | Metrics | Comments（0） Select China’s Macroeconomic Tail Risks Evaluation and Interest Rate Rule Optimization DENG Chuang, WU Jian Contemporary Finance & Economics    2024, 0 (3): 3-16.   Abstract （121）            Knowledge map    Save Extreme event shocks often breed macroeconomic tail risks; in order to better integrate development and security, it is of great significance toclarify whether and how tail risk indicators can help to improve the macroeconomic management paradigm in the context of the world’s great changes. This paper assesses China’s macroeconomic tail risks based on the expected probability of downside economic growth and checks the researches on the applicability and superiority of an interest rate rule that takes tail risks into account. The results show that, firstly, China’s macroeconomic tail risks were in a low and stable fluctuation before the financial crisis, which increased during the financial crisis and tended to decline in the post epidemic era; secondly, the deterioration of the economic and financial situations has a significantly larger amplifying effect on tail risks than the mitigating effect of the improvement, and the accelerated divergence of the economic cycle and the the financial cycle has a more pronounced driving effect on the tail risks in the medium to long run under the intertemporal substitution effect, while the tail risks can be used as a monetary policy indicator to help judge the future economic and financial situation; thirdly, the effect of interest rate policy targeting only output and inflation may deviate from the expectation, and the framework of interest rate rules that focuses on the targeting of tail risks is conducive to the better realization of the policy objectives of stabilizing growth, preventing risks, and safeguarding the dual stability of economy and finance. Reference | Related Articles | Metrics | Comments（0） Select Consumption Upgrading Breeds Human Capital Dividend WAN Jian-xiang, WANG Shan-shan, NIE Chang-teng Contemporary Finance & Economics    2024, 0 (3): 17-29.   Abstract （81）            Knowledge map    Save Based on China’s urban level data from 2013 to 2020, this paper conducts an empirical research to explore whether consumption upgrading can affect economic developmentand how. The findings show that firstly, consumption upgrading has a significant and direct promoting effect on economic development, and based on the accumulation of consumption, it can breed human capital dividends for economic development from both the quality and structure of human capital; secondly, in terms of heterogeneity, the human capital dividend nurtured by consumption upgrading is relatively larger in the areas of population inflow and smaller in the areas of population outflow; thirdly, the threshold regression results show that, taking the education level of the labor force as the threshold variable, the threshold years for population inflow and outflow are different, with 12.31 years (vocational high school) and 8.67 years (junior high school), respectively. When the education years are greater than the threshold year, consumption upgradingis more able to promote economic development. Therefore, it is necessary to comply with the trend of consumption upgrading, cultivate growth points for medium to high-end consumption, leverage the accumulation of consumption to achieve human capital accumulation, strengthen talent cultivation, reasonably guide population mobility, and drive economic development. Reference | Related Articles | Metrics | Comments（0） Select Can Machine Replacement Accelerate the Process of Domestic Substitution in the Manufacturing Industry? ZHANG Ben-xiu, WU Fu-xiang Contemporary Finance & Economics    2024, 0 (1): 3-17.   Abstract （87）            Knowledge map    Save In the context of machine replacement, the manufacturing enterprises as innovative entities need to concentrate high-quality resources and work together to achieve breakthroughs in the key technologies and the independent control of core equipment, consolidate market and competitive advantages, and accelerate the process of domestic substitution in the manufacturing industry. Based on the panel data of the manufacturing industry from 2011 to 2019 and incorporating product quality upgrading into the analysis framework of machine replacement and localization substitution in the manufacturing industry, this paper conducts an empirical research. The findings show that machine replacement is beneficial for accelerating the localization substitution process in the manufacturing industry. The quality upgrading of the efficiency enhancing products and the technology optimizing products are their main mechanisms of action. Moreover, the impact of machine replacement on domestic substitution in the manufacturing industry has industrial heterogeneity. The promotion effect of machine replacement is more prominent in labor-intensive and technology-intensive industries, but it is not affected by the heterogeneity of R&D personnel density in the industry. The above conclusion indicates that a reasonable response to the impact of machine replacement is the key to promoting the stable and positive localization substitution in the manufacturing industry. The precise measures for the key industries such as labor-intensive and technology-intensive industries will bring more effective promotion effects in localization substitution. Reference | Related Articles | Metrics | Comments（0） Select Gap and Catch-up of Intelligent Robot Technology: Statistical Measurement Based on Intellectual Property Data ZHOU Song-lan, LI Ling-ling Contemporary Finance & Economics    2024, 0 (1): 18-31.   Abstract （58）            Knowledge map    Save Intelligent robots are increasingly and profoundly influencing human production, life, and innovation paradigms, becoming the core area for countries to strive for new advantages in the future. The new technological revolution has opened a window of opportunity for late-coming economies to catch up with the intelligent robot technology. China has actively responded and proposed a new catch-up strategy of transforming technological innovation towards parallel and leading advancements. To effectively implement the new catch-up strategy, an important prerequisite is to scientifically measure and dynamically track the technological gap between the main competitors in the field of intelligent robots, so as to optimize the innovation routes and overcome the “medium technology trap”. The statistical measurement results based on the intellectual property data such as paper influence and patent influence show that the gap in intelligent robot technology between China and the United States, the European Union, Japan, and South Korea has converged to a narrow range of 10%, with overtaking and anti-overtaking repeatedly shifting positions, presenting the typical characteristics of the parallel running stages. China has overwhelming advantages in the total number of papers, highly cited papers, and the number of patents. But on the whole, China has more patent applications and fewer authorizations. The domestic and international layout structure of China’s patents lack international competitiveness. China’s top ten institutions for intelligent robot patents in the world are all universities, lacking leading enterprises that can compete with the four leading international families. The key and core technologies, software, hardware, and operating systems are still subject to the control of other countries. Reference | Related Articles | Metrics | Comments（0） Select The Productivity Growth Effect of Digital Economy: Dividend or Divide? ZHENG Guo-qiang, WAN Meng-ze Contemporary Finance & Economics    2023, 0 (12): 3-16.   Abstract （136）            Knowledge map    Save The digital economy has become a key force driving the improvement of production efficiency, but the unbalanced development trend of the digital economy may exacerbate the production efficiency gap between regions. The regional coordinated development and common prosperity in the era of digital economy are faced with new problems and new challenges. Based on the panel data of prefecture-level cities in China from 2011 to 2019, this paper conducts an empirical study of the relationship between the development of digital economy and the total factor productivity and the regional heterogeneity. The findings show that digital economy has a significant productivity growth effect, which is mainly reflected in pure technological progress. The digital economy has failed to empower the growth of total factor productivity through the improvements in technical efficiency and scale efficiency. The mechanism analysis reveals that digital economy mainly promotes the growth of total factor productivity through the innovation-driven effect, the entrepreneurial incentive effect, the industrial upgrading effect and other channels, but the impacting effect is only significant in the eastern region. The results of the regional heterogeneity show that the higher the productivity efficiency and economic development level of the city, the more obvious the productivity growth effect of the digital economy, which leads to the“productivity gap”between regions. The results of the threshold effect test reveal that the increasing marginal effect of digital economy and the relative insufficiency of the less developed cities in talent agglomeration, financial development and fixed investment has strengthened the“productivity gap”between regions. Reference | Related Articles | Metrics | Comments（0） Select A Study of the Impact of Digital Economy on Corporate Total Factor Productivity HU De-long, SHI Man-zhen Contemporary Finance & Economics    2023, 0 (12): 17-29.   Abstract （190）            Knowledge map    Save To develop digital economy is conducive to improving the innovation ability of enterprises, realizing economies of scale and scope, and reducing transaction costs. A perfect market economic system is conducive to creating a fair environment and improving the efficiency of social resources allocation at the macro level, stimulating industrial technological innovations and accelerating the diffusion of technology at the meso level, and improving the efficiency of enterprise resources allocation at the micro level. This paper conducts an empirical study based on the index of the development level of digital economy at the city level in China during the period of 2011-2020 and other data. The findings show that the digital economy can significantly improve the total factor productivity of enterprises, but its role will be slightly different according to the differences in ownership, industry, and the city where the enterprise is located. The digital economy can effectively enable the market to play a decisive role in resources allocation, and marketization is an important function mechanism for the digital economy to enhance the total factor productivity of enterprises. Therefore, it is necessary to lead the digital transformation of enterprises by setting the state-owned enterprises as the models, to drive the technological progress with high-tech industries as the leader, to enhance the level of digital inclusion based on the construction of smart cities, and to improve the high-level socialist market economic system by taking the development of the digital economy as an opportunity. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Enterprise Digital Transformation on Total-Factor Energy Efficiency: From the Perspective of Specialized Division of Labor LU Fu-cai, QIN Yue, XU Yuan-bin Contemporary Finance & Economics    2023, 0 (11): 3-15.   Abstract （366）            Knowledge map    Save Based on the firm-level data of Chinese listed companies from 2001-2021, this paper brings the specialized division of labor into the enterprise digital transformation and the total factor energy efficiency to conduct an empirical study. The findings show that, firstly, enterprise digital transformation can improve the total factor energy efficiency of enterprises, and this conclusion still holds after a series of robustness tests; secondly, digital transformation has a more significant promotion effect on the total factor energy efficiency of state-owned enterprises compared with private enterprises; thirdly, compared with the enterprises with lower level of internal control, digital transformation has much more significant promotion effect on the total-factor energy efficiency of the enterprises with the internal control level at the top 25%. In addition, the mechanism analysis reveals that enterprise digital transformation can further promote the improvement of the energy efficiency of enterprises by improving the level of specialized division of labor. The above conclusions suggest that in order to promote the realization of the“double carbon”goal, the government should actively implement various policies, vigorously promote the digital transformation of enterprises, and give full play to the guiding function of financial funds. At the same time, it should encourage enterprises to strengthen the applications of digital technology in the links of production, operation and so on, and encourage the enterprises to enhance the synergy and innovation with the leading enterprises in the industry, so as to improve the specialized capacity and the specialized level of their own. Reference | Related Articles | Metrics | Comments（0） Select Is There a Yield-Volatility Dual Long-Term Memory in the Carbon Emission Trading Market? WANG Yi-fan, WU Zong-fa, WANG Zhi-qiang Contemporary Finance & Economics    2023, 0 (11): 16-27.   Abstract （120）            Knowledge map    Save The price operation law in China’s carbon trading market is one of the hot research issues at present. Based on the carbon trading price series of Shenzhen, Guangzhou and Hubei carbon trading pilot markets since their establishment, this paper conducts an empirical study with a number of long-term memory measurement models, such as R/S analysis, modified R/S analysis, V/S analysis, LW estimation, ARFIMA-FIGARCH and so on. The results show that, firstly, there exists a yield-volatility dual memory in Shenzhen carbon trading series, while there exists only long-term memory of volatility in Hubei carbon trading series; secondly, the long-term trend of carbon trading prices in Shenzhen and Guangzhou may be reversed, from an upward trend to a downward trend, the carbon trading prices in the three pilot markets may fluctuate sharply in the future; thirdly, there is a certain deviation between the estimation method based on different long-term memory parameters and the estimation value of the long-term memory parameters obtained from different parameter selection. The above conclusion suggests that the market participants should guard themselves against the price risks in the carbon trading markets and be alert to the possible sharp fluctuations of carbon tradingprices. The policy makers should improve the carbon trading system in terms of industry coverage, access threshold, number of included enterprises, number of individual and institutional investors, carbon financial products, trading methods, transaction costs, price rise and fall, quota calculation methods, quota allocation methods, and other aspects, so as to improve the efficiency of the carbon trading markets. Reference | Related Articles | Metrics | Comments（0） Select The Historical Evolution, Effect and Experience of Promoting Modernization in a Chinese Way through National Planning REN Bao-ping, XIN Wei Contemporary Finance & Economics    2023, 0 (10): 3-15.   Abstract （91）            Knowledge map    Save National planning is an effective means to promote Chinese modernization, and its evolution provides support and impetus for subsequent planning in both theory and practice. The 14 Five-Year plans implemented since the founding of the People’s Republic of China have played an important role in the process of the Chinese path to modernization. These plans promote Chinese modernization through three mechanisms: the first is to clarify the modernization development goals with specific tasks which arecontinuously and dynamically adjusted; the second is to guide the regional modernization development through the optimization of resource allocation and industrial layout; the third is to clarify the development ideas to ensure the steady and long-term progress on the path of modernization.The role of national planning in promoting the realization of Chinese modernization is quite obvious, and the ability of national planning promoting Chinese modernization is constantly enhanced. The experience of promoting Chinese modernization with national planning lies in adhering to the CCP’s leadership in the formulation of the planning of Chinese modernization, so as to prevent potential risks with full investigation, to determine effective targets with realistic orientation, and to provide error correction mechanism with the two-stage evaluation. On the basis of summarizing the experiences of promoting Chinese path to modernization through national planning, the 14th Five-Year Plan and the future national planning of Chinese modernization need to adhere to the basic position of socialist market economy, coordinate the relationship between macro-control and market development, stick to the high quality development to promote the new journey of Chinese modernization, and promote the transformation of service-oriented government with government positioning and function transformation. Reference | Related Articles | Metrics | Comments（0） Select Has China’s Industrial Structure Change Narrowed the Regional Economic Gap? LIU Jin-quan, XUE Wei-wen Contemporary Finance & Economics    2023, 0 (10): 18-29.   Abstract （115）            Knowledge map    Save The coordinated development of regional economy is an important practical problem that China is faced with in the process of building a modern economic system, and it is also the only way to achieve common prosperity. Since the 21st century, the economic growth of China has shown a converging trend of first fast then slow around the node of the year of 2013. Based on the three-sector Mankiw-Romer-Weil extended convergence model including the industrial structure changes, this paper conducts an empirical study. The findings show that industrial structure changes can promote inter-provincial economic convergence as a whole, but there is industrial heterogeneity.The labor inflow into industry has a significant positive effect on the convergence in the short term, while the inflow into the service industry is difficult to promote convergence. Further research shows that from 1998 to 2013, compared with the industrial structure change in the eastern region, which is dominated by the inflow of agricultural labor into the service industry, the industrial structure change in the central and western regions, which is dominated by the inflow of agricultural labor into the industry, has a stronger role in promoting economic growth, thereby narrowing the economic gap between the central and western regions and the eastern regions, and accelerating China’s overall economic convergence; however, after 2013, the industrial structure of the central and western regions has gradually synchronized with the eastern region, both of which are dominated by the inflow of agricultural labor into the service industry, and the inter-provincial economic convergence rate is slowing down. Reference | Related Articles | Metrics | Comments（0） Select Urban Roundabout Production and Urban-Rural Common Prosperity HE Ya-xing, WANG Song, LI Dan Contemporary Finance & Economics    2023, 0 (9): 3-15.   Abstract （114）            Knowledge map    Save The mutual determination of demand and supply implies that the level of roundabout production determines the level of productivity and the income level, thus determines the level of common prosperity, and the market size determined by the degree of common prosperity in turn determines the level of roundabout production. Based on the data of Chinese cities from 2003 to 2014, this paper conducts an empirical study by integrating common prosperity into the Smith-Younger theorem. The findings show that, firstly, the improvement of the urban roundabout production brought about by the increase in the length of the production chain has a great promoting effect on the realization of urban-rural common prosperity. Secondly, in the process of the urban roundabout production promoting the urban-rural common prosperity, the urban roundabout production has a greater improving effect on the income growth of rural residents, thus effectively avoids the fast expansion of the urban-rural income gap; besides, the urban roundabout production also promotes the urban-rural common prosperity through the promotion of the growth of total factor productivity. Thirdly, by examining the impact of the trend of the urban roundabout production, namely, the deepening of the division of labor, it is found that the embedding in global division of labor can not only promote the improvement of the degree of urban prosperity, but also effectively narrow the urban-rural income gap. The above results indicate that, to realize the urban-rural common prosperity from the perspective of division of labor, it is necessary to accelerate the integration of cities into the production chain for the coordinated division of labor, especially to maintain high-level opening-up and participate in the global division of labor. Reference | Related Articles | Metrics | Comments（0） Select Research on the Path of Digital Transformation to Promote the Green Development of the High-End Manufacturing Industry JIANG Xu-han, ZHANG Li-ping Contemporary Finance & Economics    2023, 0 (9): 16-27.   Abstract （148）            Knowledge map    Save The green development of China's high-end manufacturing industry is of great significance for the sustainable development of the national economy. Taking the digital economy as the research background and thehigh-end manufacturing industry as the research object, this paper constructs agreen development evaluation index system by combining the characteristics of the high-end manufacturing industry, so as to describe the dynamic evolution process of digital transformation on the green development of the high-end manufacturing industry from the perspective of enterprise dynamic capability. The findings show that the digital transformation has a positive impact on the green development of China's high-end manufacturing industry. This conclusion is still valid after controlling the endogeneity and conducting a robustness test. The mechanism analysis reveals that in the process of digital transformation, the high-end manufacturing industrycan reduce resource consumption, cut down environmental pollution and promote green technology innovation mainlythrough the dynamic capability path of enterprises, thus promoting the green development of the high-end manufacturing industry. The regulatory effect reveals that sound internal control can positively adjust the relationship between digital transformation and green development of enterprises. The heterogeneity analysis finds that Digital transformation has a more significant role in promoting green development of the high-end manufacturing enterprises in the eastern region, where senior executives have financial backgrounds and where the two positions are separated. Therefore, it will empower China's high-end manufacturing industry to develop in a green way by widely applying digital technology tools to improve the green financial system, establishing a digital system management system to optimize the transformation environment, cultivating digital social capital to regulate enterprise resource allocation, and building a digital innovation network to reduce regional development differences. Reference | Related Articles | Metrics | Comments（0） Select Digital Transformation, Labor Marketization and Enterprise Human Capital Investment CAO Ke, ZHANG Rong-quan Contemporary Finance & Economics    2023, 0 (6): 3-15.   Abstract （62）            Knowledge map    Save Accelerating the construction of digital China and developing the digital economy cannot be separated from the support and guarantee of talents. This paper adopts the data from the World Bank’s China Private Enterprise Survey to analyze how enterprises invest in human capital during the process of promoting digital transformation. The findings show that digital transformation will promote enterprises to increase their investments in human capital. The specific measures are: to raise the requirements for educational level in the recruitment of employees, to increase the proportion of on-the-job training for productive employees, and to extend the duration of employee employment contracts. Further study reveals that R&D innovation and quality certification are important factors that promote digital transformation enterprises to increase their human capital investments. Although digital transformation enterprises with different informatization levels will all extend the employment contract period of their employees, enterprises with higher informatization levels pay more attention to the education level of their employees, while enterprises with lower informatization levels mainly carry out on-the-job training for productive employees. In addition, the labor market is an important external environmental factor that affects the human capital investment of enterprises in the process of digital transformation. Therefore, the policy measures such as resolving the segmentation and distortion of the labor market, improving the legalization level of the labor market, reducing improper regulation of the labor market, and strengthening the construction of the labor marketizationare of great significance in promoting enterprises to increase human capital investment in the process of digital transformation. Reference | Related Articles | Metrics | Comments（0） Select The Evolution Logic and Basic Laws of China’s Industrialization System since the Founding of New China HU Hai-bo, MAO Chun-bing, HUANG Su-jian Contemporary Finance & Economics    2023, 0 (6): 16-28.   Abstract （47）            Knowledge map    Save The evolution of the industrialization system led by the CPC has witnessed China’s great journey from a big industrial country to an industrial power. Since the founding of New China, under the guidance of Marxism that takes the industrial revolution and the dialectics between the productivity and production relations as the core and the theoretical system of industrialization with Chinese characteristics that takes Chinese style modernization, the preferential development of heavy industry, the socialist market economy and productivity development, and the new industrialization as the core, China’s industrialization system has experienced a historical evolution from plan orientation to market orientationand to qualitydevelopment orientation, which follows the practical principle of adhering to the leadership of the Party and seeking truth from facts, firmly establishes the practical goal of meeting the needs of the people and highlighting Chinese characteristics, practices the practical means of continuously optimizing the dualistic relationship between the government and the market and continuously promoting the two major market patterns at home and abroad, reflects the stage and people attributes of the industrialization, and has made great achievements in significantly enhancing its industrial strength, leading the world in product output, and improving its international competitiveness. In the new era and new journey, facing the goal of building an industrial power, it is necessary to accelerate the construction of the industrial big data sharing platform, optimize regional industrial planning systems, effectively utilize domestic and foreign industrial resources, improve industrial development supervision mechanisms, and strengthen innovation driven strategies. Reference | Related Articles | Metrics | Comments（0） Select Artificial Intelligence, Employment Structure and High-Quality Development SHI Dan, YE Yun-ling Contemporary Finance & Economics    2023, 0 (5): 3-14.   Abstract （399）            Knowledge map    Save As a leading force in a new round of scientific and technological revolution and industrial transformation, artificial intelligence (AI) is bound to have a profound impact on the high-quality development. Based on the panel data of 283 cities in China from 2008 to 2019 and bringing the employment structure of the labor force with different skills into the analytical framework of AI and high-quality development, this paper conducts an empirical study. The findings show that the application of AI can promote the upgrading of urban industrial structure, raise the level of urban technological innovation and green and low carbon, so as to further promote the high-quality development of the cities. From the perspective of theoretical mechanism, the application of AI can promote high-quality urban development by reducing the employment share of low-skilled labors and increasing the employment share of high-skilled labors. From the perspective of different regions, the application of AI in the eastern region can significantly promote the high-quality development of the cities, and the high-skilled labor force will strengthen the impact of AI on the high-quality development; while the application of AI in the northeast region will significantly inhibit the high-quality development, and the low-skilled labor force will intensify the inhibition of AI on the high-quality development. The above conclusions suggest that the application of AI should be actively promoted to enable the high-quality development. Meanwhile, different regions should formulate differentiated AI development strategies according to the objective realities, such as employment structure and so on. Reference | Related Articles | Metrics | Comments（0） Select High-Quality Human Capital and China's Urban Economic Resilience: An Empirical Analysis Based on the University Enrollment Expansion Policy SUN Hong-xue, ZHU Jin-he, WANG Ya-li Contemporary Finance & Economics    2023, 0 (5): 15-28.   Abstract （229）            Knowledge map    Save Cultivating and strengthening the reserve army of high-quality talents is the fundamental guarantee for building a strong country with talents and enhancing the country's economic resilience.By employing the double difference method and constructing a quasi-natural experiment based on theexogenous shock policy of university enrollment expansion in 1999, this paper conducts an empirical study with the result that the scale expansion of high-quality human capital caused by the university enrollment expansion policy can improve the resilience of China's urban economy. The result of the mechanism test shows that the scale expansion of high-quality human capital can enhance the resilience of urban economy by promoting the entrepreneurial vitality of cities, raising the urban wage level, and strengthening the urban informatization level. The heterogeneity test shows that the improvement effect of high-quality human capital on urban economic resilience is more prominent in eastern cities, large-scale cities and cities with high economic development level. Therefore, it is necessary to implement the strategy of strengthening the country through talents and improve the quality of education in the institutions of higher learning; meanwhile, to increase the policy tilt to areas with backward education resources, optimize the fertility subsidy policy, and improve the supporting facilities of the fertility policy; in addition, to accelerate the construction of the policy support system for entrepreneurial cities, so as to enhance the economic resilience of China's cities. Reference | Related Articles | Metrics | Comments（0） Select The Collaborative Development among Large-Medium-Small Enterprises Driven by Digital Economy: Mechanism, Model and Path LI Xian-jun Contemporary Finance & Economics    2023, 0 (4): 3-14.   Abstract （185）            Knowledge map    Save As the new driving force of the world economic development and the important engine for the new round of scientific and technological revolution, the digital economy has become an important force to drive the improvement of the efficiency of the economic system and the optimization of the structure, and has injected new impetus into the collaborative development of the large, medium and small enterprises. The digital economy can not only drive the information links among the large, medium and small business through the factor supple and tool support of the infrastructure, but also create and promote the collaborate ecological construction to drive the effective integration of the large, medium and small enterprises through the opportunities created by the digital scenarios, so as to form such typical integrative modes as the platform integration to enable digitally the large, medium and small enterprises, the industrial chain integration pulled by the chain hosts, and the ecological integration with the characteristics of innovation and entrepreneurship. Faced with the practical problems such as weak willingness, insufficient impetus and unclear modes, it is necessary for the large,medium and small enterprises to smooth the data connecting channels, let the large enterprises play the driving role, increase the willingness of SMEs to integrate actively, and building a long-term mechanism to ensure the effective integration among the large, medium and small enterprises. It is recommended to further strengthen the construction of digital infrastructure and digital platforms, give priority to the integrative development of the key industries, support the construction of the digital integrative carrier, accelerate the digital transformation of the service system for SMEs,and strengthen the governance to digital platforms. Reference | Related Articles | Metrics | Comments（0） Select Nonlinear Spillover Effects of US Economic Policy Uncertainty on China’s Technological Innovation CHEN Pu, OUYANG Zhi-gang Contemporary Finance & Economics    2023, 0 (4): 15-28.   Abstract （155）            Knowledge map    Save The economic policy uncertainty of the technology leading countries can produce spillover effects on the scientific and technological innovation of the technology following countries through the technology following channel and the uncertainty inducing channel. The direction of the spillover effects depends on the influencing mechanism of the EPU of the technology leading country and the technology following country on the domestic scientific and technological innovation. On the basis of a nonlinear threshold GVAR model, this paper studies the non-linear spillovereffect of the EPU of USA on the scientific and technological innovation of China. The results show that as a whole the EPU of USA can suppress the scientific and technological innovation of China through the technology following channel and the uncertainty inducing channel, and that the inhibiting effect is greaterin the low growth mechanism. In terms of different industries, the EPU of USA in its industries with more innovative advantages can have negative spillover effects on China’s industrial innovation mainly through the technology following channel; among which, the inhibiting effect is greater in the low growth mechanism. In the industries of USA with relative innovative advantages, the EPU of USA can have spillover effects on the industrial innovation of China through the technology following channel and the uncertainty inducing channel; among which, the positive effects are smaller in the high growth mechanism and the negative effects are greater in the low growth mechanism. As for the industries of China with innovative advantages, the EPU of USA can produce spillover effects on the industrial innovation through the uncertainty inducing channel; among which,the spillover effect is not clear in the high growth mechanism, and the negative spillover effect is obvious in the low growth mechanism. Reference | Related Articles | Metrics | Comments（0） Select Elegant Books Overflowing: Urban Public Library Construction and Innovative Knowledge Spillover SONG Li-juan, YU Yong-ze Contemporary Finance & Economics    2023, 0 (3): 3-14.   Abstract （134）            Knowledge map    Save In the innovation culture system, libraries are the main force in carrying out original innovation in frontier fields, and they are also an important supplier in the technology element markets. Innovative subjects can obtain more tacit knowledge in library cultural exchanges, so as to have better performance in activities such as industrial research and development and technology spillover. This paper uses the patent citation data of urban public libraries and industrial enterprises to conduct an empirical study. The findings show that the knowledge services offered by urban public libraries can play a significant role in promoting the innovation knowledge spillover of industrial enterprises, which is manifested in increasing the number of patent citations of enterprises in their cities. This spillover effect is more pronounced in the eastern region, in large cities, and in large enterprises. The spillover effect of innovative knowledge brought about by the construction of urban public libraries is mainly realized by the following two mechanisms on the one hand, the knowledge agglomeration function of public libraries has promoted the cooperation among industries, universities and research institutions, then the spillover of innovative knowledge is brought about; on the other hand, the construction of public libraries can improve the level of public services and bring about the inflow of human capital, thus realizing the spillover of innovative knowledge. In addition, the development of the Internet has further strengthened the knowledge spillover effect of urban public libraries. Reference | Related Articles | Metrics | Comments（0） Select Economic Justice, Digital Capital and Institution Shaping WU Xi-feng, DU Yan-lin Contemporary Finance & Economics    2023, 0 (3): 15-27.   Abstract （136）            Knowledge map    Save Digital capital is a new form of capital formed by the close integration of capital and data, and its essence is that capital uses technology to privatize the most critical means of production (data) in the digital economy. Economic justice is the inevitable product of economic changes in the era of digital economy, and the expression of the value of the political states regulating digital capital, which possesses an independent existing status and a unique value function, being able to expand and enrich the consumer-centered rights types and content systems. On the journey of Chinese modernization, China will not only develop the digital economy and use digital capital, but also strive to achieve economic justice. The value positions of the two are different, the tension is objectively existed, which is an important problem that must be solved properly in the process of China’s high quality development. To solve this problem by the institution is a more stable and feasible way. The analysis from the perspective of institutionalism shows that digital capital has institutional plasticity, and its development mode does not depend on the capital itself, nor is it the only one, it is vitally depending on the institutional shaping of the country. Therefore, China can build a“four-dimensional”institutional shaping system jointly formed by the legal system composed of the basic political system, the digital economy value system, and the people-centered digital economy and the government-led technical specification system, which can not only effectively relieve the tension, but also make the digital capital return to the essence of socialism in the continuous good system shaping process. Reference | Related Articles | Metrics | Comments（0） Select Pricing Behavior and Strategy of Housing Rental Platforms: Evidences from Beike House Hunting Platform CHEN Li-zhong, TANG Tian Contemporary Finance & Economics    2023, 0 (2): 3-14.   Abstract （175）            Knowledge map    Save In the era of platform economy, the pricing behavior of platforms has attracted much attention. Leasing platforms are playing an important role in promoting the high-quality development of housing rental markets and promoting the construction of housing system with both house renting and house purchasing. This paper conducts an empirical study by making use of the housing rental transaction data of Wuhan market from the Beike House Hunting Platform. The findings show that there are differential pricing behaviors on the housing rental platforms. The pricing of Beike House Hunting Platform for online customers is about 3.2% lower than that of offline customers, and its pricingfor the customers of homologous platforms is about 2.3% lower than that for the competitive platform users. The result of the heterogeneity analysis shows that, in terms of gender, the platform adopts similar discounts for male and female online customers. For male customers, the competition effect between platforms is not significant. For female users, the platform prices are lower for users of homologous platform. In terms of age, compared with non-post-90s online users, the platform offers more preferential treatment to post-90s online users. For post-90s users, the competition effect between platforms is not significant. For non-post-90s users, the price of the platform for homologous platform users is lower. This indicates that supporting the construction of online rental platforms, encouraging brokerage brands in the housing rental market to join the platform in the way of franchise, and opposing the platforms using digital technology to make differential pricing for different users are conducive to the healthy and standardized development of rental platforms. Reference | Related Articles | Metrics | Comments（0） Select Getting Rid of Path Dependence: Logic and Test of Regional Differentiated Development of Financial Technology WANG Xiao-hua, ZHOU Han-mei Contemporary Finance & Economics    2023, 0 (2): 15-27.   Abstract （153）            Knowledge map    Save Similar to the development of traditional finance, the development of financial technology also shows a regional pattern of differentiated development, with eastern cities taking the lead and some cities in central and western regions lagging behind. Then, what is the internal logic of the formation of the regional differentiated development pattern of financial technology? Based on the theory of evolutionary economic geography, this paper conducts an empirical study by making use of the data of 291 prefecture-level cities of China. The findings show that the regional differentiated development pattern of financial technology development is mainly due to the path dependence of the traditional financial development. Further analysis shows that the improvement of urban innovation capacity and the increase of local government innovation capital investment have a significant promoting effect on the development of financial technology, which helps the traditional financially-underdeveloped areas to get rid of the path dependence and realize the path creation of financial technology development. Therefore, local governments can take advantage of the situation, vigorously promote the popularization and application of big data, cloud computing, blockchain, artificial intelligence and other innovative technologiesin the financial sector, and actively build the development highland of financialtechnology. Driven by the twin wheels of the independent scientific and technological innovation and the“promising”government, the financial technology development can be guided to get rid of the path dependence of traditional financial development and realize the path creation for coordinated regional development of financial technology. Reference | Related Articles | Metrics | Comments（0） Select From Real to Virtual or Serving the Major Business: A Restudy of Corporate Financialization from the Perspective of Industry Heterogeneity FANG Zi-yi, ZHANG Guo-sheng, LI Xin-jue Contemporary Finance & Economics    2023, 0 (1): 3-16.   Abstract （78）            Knowledge map    Save The combination of production capital and financial capital is an important form of modern enterprise development. The existing literatures generally pay attention to the impact of corporate financialization on the development of China's real economy. However, under the assumption of homogeneity, most studies ignore the heterogeneity characteristics of subdivided industries. Thus, it is necessary to conduct new researches on enterprise financialization based on the subdivided industries. The information and communication technology (ICT) industry has the heterogeneous characteristics of high innovation and high growth; its industrial heterogeneous characteristics will obviously affect the motivation and consequences of corporate financialization. The findings of the study based on the data of China's A-share listed companies from 2008 to 2019 show that the financialization of ICT enterprises does not squeeze out the earnings of enterprise entities, but increase the proportion of real income, and that its impact is mainly on serving the major business rather on breaking away from the real to the virtual. On the contrary, the financialization of the non-ICT enterprises does obviously squeeze out the earnings of the entities, and results in the decreasing ratio of the real income; its impact is mainly manifested as breaking away from the real to the virtual rather than serving the main business. It is found through examining the relative mechanisms that the heterogeneous characters of high innovation and high growth of ICT industry are the fundamental reasons why corporate financialization can serve the main business. The corporate financialization can improve the proportion of the real income of the incumbent enterprises through promoting corporate technological innovation and scale expansion; it has played a role in supporting the continuous expansion of productive capital in the ICT industry rather than the expansion of corporate book value. Reference | Related Articles | Metrics | Comments（0） Select Research on the Impact of Global Value Chain Embedment on the Efficiency of China's Green Economy YIN Tian-bao, ZHAO Hong-yan, ZHONG Ying-jia Contemporary Finance & Economics    2023, 0 (1): 17-28.   Abstract （49）            Knowledge map    Save To boost high-level opening to the outside world and green development is China's strategic choice for its future high-quality economic development. Based on the customs micro-database from 2001 to 2014 and the provincial panel data, this paper measures the global value chain (GVC) embedment and the green economy efficiency index in China's 30 provinces; then, on this basis, it empirically explores the impact of GVC embedment on the green economy efficiency. The results show that GVC embedding can promote the improvement of green economy efficiency significantly, but this promoting effect gradually decreases with the passage of time, and that there exists obvious heterogeneity in geographical location and time stage. The results of the test of mediating effect and moderating effect show that GVC embedding can promote the efficiency of green economy by optimizing industrial structure, promoting green innovation and stimulating green consumption demand. Moreover, the absorptive capacity of human capital, R&D investment, financial development and Internet development level can also positively moderate the positive impact of GVC embedding on green economy efficiency. In addition, the“diffusion effect”of GVC embedding on the efficiency of green economy will decrease with the increase of geographical distance. Therefore, on the basis of continuously expanding the level of opening up, the governments of different regions should pay attention to the cultivation of high-quality talents and the efficiency of scientific research funds, improve the constructions of regional financial system and information infrastructures, and break down the inter-regional administrative barriers, so as to let GVC embedding play an effective role in promoting the efficiency of green economy. Reference | Related Articles | Metrics | Comments（0） Select Does the Use of Robots Exacerbate the Return of Rural Migrate Labor Force? ZHEN Hao, JIA Nan Contemporary Finance & Economics    2022, 0 (12): 3-15.   Abstract （50）            Knowledge map    Save In the recent ten years, the return of rural migrate labor force has been continuing, and the proportion of the return is not falling but rising while the household registration system being relaxed. At the same time, theuse of robotsis increasingly popular, there may be a causal link between the two. This paper conducts an empirical study with the data of China Household Financial Survey. The findings show that the use of robots does havea significant promoting effect on the return of rural labor force. It is found through a heterogeneity analysis that the impact of the use of robots is mainly on the young male group with lower education background in rural labor force. The result of a mechanism analysis shows that this impact includes the direct employment effect and the indirect employment effect. On the one hand, the use of robots directly reduces the employment in the industrial industry, resulting in the forced return of rural labor force engaged in industry. On the other hand, the use of robots compels the labor force flowing from the industry to the tertiary industry, which intensifies the employment competition in the tertiary industry, and indirectly increases the return probability of rural labor force in the tertiary industry. This suggests that the government should pay attention to the employment situation of the returned young groups, strengthen the risk prevention of unemployment, give full play to the energetic characteristics of the returned young groups, encourage them to actively find jobs or start their own businesses, so as to help rural economic development. Reference | Related Articles | Metrics | Comments（0） Select Digitization, Factor Bias and Industry Labor Compensation Share SHEN Hong-liang, SONG Si-meng, LI Jie Contemporary Finance & Economics    2022, 0 (12): 16-26.   Abstract （54）            Knowledge map    Save As digital transformation being accelerated, the widespread adoption of digital technologies has exerted a profound impact on the labor market. This paper conducts an empirical study by making use of China’s 2000-2018 sub-industrial panel data. The findings show that digitalization is gradually weakening the capital bias of technological progress, which has a positive impact on the overall share of labor remuneration, and there exists industry heterogeneity. The digitalization of manufacturing industry has improved labor efficiency, making technological progress being in favor of capital, which results in a reduction in labor demand per unitof output, with a negative impact on the share of labor compensation. The digitalization of the service industry has improved capital efficiency, the labor bias of technological progress is deepened and the positive impact on the share of labor remuneration is increased. From the perspective of the subdivided industries, compared with capital- and technology-intensive manufacturing industries, the negative effect of the digitalization of labor-intensive manufacturing industries on the share of labor remuneration is stronger. The positive effect of digitalization on the share of labor remuneration in technology-intensive service industries is stronger, and the impact on data-intensive service industries is negative. Reference | Related Articles | Metrics | Comments（0） page Page 1 of 3 Total 111 records First page Prev page Next page Last page