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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 The Mechanism and Path of New Quality Productivity to Enable High-Quality Development of Export Trade WANG Jian Contemporary Finance & Economics    2024, 0 (10): 113-122.   Abstract （23）            Knowledge map    Save The development of new quality productivity is bound to promote the high-quality development of economy. It is of great significance to profoundly analyze the mechanism and path of new quality productivity to enable high-quality development of export trade for the construction of a trade power and high-quality economic development. Innovation in the sense of economics is closely related to the new quality state of productivity. Scientific and technological innovation creates new products, and new quality productivity gives birth to new industries. The spread, diffusion and transfer of knowledge and technology, namely technology spillover, is an important source of technological innovation and the development of new quality productivity. Technological innovation can produce direct export growth effect, and the development of new products and new industries will naturally promote the expanded marginal export growth. The spread and diffusion of knowledge and technology in the innovation ecosystem is an important way to enhance the competitiveness of export products; the development of the new quality productivity directly improve export competitiveness, while the new quality productivity can improve technology absorption ability and indirectly improve the competitiveness of export by expanding the scope of advanced elements, improving the quality of elements, and optimizing the structure of elements. The new quality productivity can create new demands and local market effect to promote exports through effective high quality supply. The new quality productivity can strengthen the competition of domestic products and industrial levels, promote the improvement of enterprise productivity, thus enabling enterprises to overcome the critical productivity of sunk export costs and increase exports. Accelerating the growth of export varieties, promoting the upgrading of export trade technology structure and promoting the transformation of trade mode are the specific paths for the new quality productivity to enable the high-quality development of export trade. Reference | Related Articles | Metrics | Comments（0） Select Research on the Measurement, Spatial Differentiation and Convergence of the Modernization Level of China’s Cultural Industry Chain WEI He-qing, HU Shi-zhong, WU Lei Contemporary Finance & Economics    2024, 0 (10): 123-140.   Abstract （23）            Knowledge map    Save Improving the modernization level of the cultural industry chain has become an important measure to promote the transformation and upgrading of China’s cultural industry and build a cultural power. By scientifically defining the connotation of the modernization of the cultural industry chain, refining the core elements of the modernization of the cultural industry chain, measuring the modernization level of the national and provincial cultural industry chain from 2012 to 2021, this paper explores the spatial differentiation and convergence of the modernization level of the cultural industry chain by using the methods of kernel density estimation, Dagum gini coefficient and convergence model. The findings show that: firstly, during the observation period, the modernization level of the national cultural industry chain generally presents a fluctuating upward trend, and the regional differences in the modernization level of the cultural industry chain shows a narrowing trend. Secondly, there is a phenomenon of “club convergence” in the modernization level of provincial cultural industry chain during the observation period, and it is difficult for low-level areas to achieve a transition to a higher development type because there exists a spatial crowding out effect during the convergence procedure. Thirdly, the modernization level of the national cultural industry chain has significantly converged during the observation period. According to the research conclusion, we should further enhance the innovation efficiency of the national cultural industry chain, strengthen the research and development of the core technology of the cultural industry, further expand the market scale of digital cultural products and the cardinal number of cultural enterprises in the northeast and western regions, optimize the spatial layout of the national cultural resource elements, and guide the benign and coordinated development of the modernization of the regional cultural industry chain. Reference | Related Articles | Metrics | Comments（0） Select Digital Economy, Carbon Total Factor Productivity and Urban Low-Carbon Development WU Chang-nan, TIAN Ling-feng Contemporary Finance & Economics    2024, 0 (9): 111-125.   Abstract （57）            Knowledge map    Save At present, China's digital economy is booming, and at the same time, China is vigorously promoting urban low-carbon development. Then, can the digital economy promote urban low-carbon development? Using the panel data of 284 prefecture-level cities in China from 2011 to 2021, this paper empirically examines the impact of digital economy on urban low-carbon development on the basis of measuring the level of urban low-carbon development and the level of urban digital economy development. The findings show that digital economy can significantly promote urban low-carbon development. The analysis of the impact mechanism reveals that the digital economy can promote urban green technology innovation and reduce urban energy consumption intensity, which can improve urban carbon total factor productivity, and then promote urban low-carbon development. The moderating effect analysis indicates that the intensity of environmental regulation can enhance the promotion effect of digital economy on urban low-carbon development. The heterogeneity analysis reveals that the digital economy contributes more to urban low-carbon development in the non-resource-based cities or cities with a non-coal-based energy consumption structure. For this reason, it is necessary to strengthen the construction of digital infrastructure, promote the rapid development of the digital economy, and give full play to the facilitating effect of the digital economy on urban low-carbon development. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Digital Economy on the Integration of the“Four Chains”in Manufacturing Industry QI Ping, SONG Wei-hui, GAO Yuan-bo Contemporary Finance & Economics    2024, 0 (9): 126-138.   Abstract （50）            Knowledge map    Save The digital economy is of profound significance in advancing the integration of innovation chain, industry chain, capital chain and talent chain (abbreviated as“four chains”) in manufacturing industry, and thus expediting the construction of the modern industrial system. Through theoretical analysis and an empirical test based on the provincial data of China's manufacturing industry from 2011 to 2021, this paper explores the specific impact of digital economy on the“four chain”integration of manufacturing industry. The results of the benchmark regression test indicate that the digital economy can significantly promote the integration of the“four chains”in the manufacturing industry, and the conclusion still holds true after a series of robustness tests. The mechanism test indicates that alleviating capital mismatch and labor mismatch is an important mechanism for the digital economy to promote the integration of the“four chains”in the manufacturing industry. The results of the spatial econometric test indicate that the digital economy has a positive spatial spillover effect on promoting the integration of the“four chains”in the manufacturing industry. The results of the group estimation test show that in coastal areas and areas along the“the Belt and Road”route, the digital economy has more impetus to promote the“four chains”integration in the manufacturing industry. Each region should follow the inherent logic of the integration of the“four chains”and consolidate the foundation of the“four chains” integration of the manufacturing industry; they should promote high-quality development of the digital economy and smooth the channels for empowering the digital economy; they should be guided by policies and draw on the experience of advanced regions, so as to promote the integration of the“four chains”empowered by digital economy in the manufacturing industry. Reference | Related Articles | Metrics | Comments（0） Select The Application of Industrial Robots and the Service-Oriented Transformation of Enterprises CHEN Hong-zhang, LI Shao-kai, TANG Xiao-jun Contemporary Finance & Economics    2024, 0 (7): 116-131.   Abstract （34）            Knowledge map    Save Service-oriented transformation is the only way for Chinese manufacturing enterprises to achieve high-quality development. This paper uses input-output tables and product word frequency retrieval to measure the level of enterprise input servicing and output servicing. Based on the data of Chinese industrial enterprises and Chinese import and export customs from 2000 to 2013, it examines the impact of industrial robot application on enterprise service-oriented transformation. The findings show that the application of industrial robots has significantly improved the level of enterprise input servicing and output servicing. After dealing with endogeneity issues and conducting robustness tests, the conclusion still holds. The mechanism testing reveals that the application of robots improves the input servicing level of enterprises mainly through cost reduction effects, and this effect on output servicing is not significant. The application of robots can promote both the level of input servicing and output servicing of enterprises through the human capital structure optimization effect and the value chain climbing effect. The heterogeneity testing results reveal that the promotion effect of industrial robot applications on enterprise service-oriented transformation is more evident in export-oriented enterprises and enterprises that purchase robots multiple times. Further study reveals that the service-oriented transformation caused by the application of industrial robots has significantly improved enterprise performance. In the future, the government needs to promote the popularization and application of industrial robots, so as to realize the deep integration between the manufacturing industry and the service industries, and empower Chinese manufacturing enterprises to climb high on the value chain. Reference | Related Articles | Metrics | Comments（0） Select The Transformation of Outsourcing Strategies in the United States and China’s Response Strategies LIU Ya-zhen, LIU Dan-lu Contemporary Finance & Economics    2024, 0 (7): 132-139.   Abstract （30）            Knowledge map    Save The current outsourcing strategy in the United States has been transformed into the following three forms:“onshoring”,“nearshoring”, and“friendshoring”. This means that the motivation for outsourcing has also undergone a significant change in the US, shifting from a focus on efficiency in the past to balancing safety and efficiency, and placing so-called safety first in competition with China. The confidence of the transformation of outsourcing strategy in the United States lies in its possession of the largest domestic unified market in the world. At present, the United States is using this absolute market advantage to attempt to comprehensively deconstruct the global value chain that China has already embedded over the past years. The fundamental long-term solution for China to crack the transformation of the United States outsourcing strategy lies in shaping a strong domestic unified market. In the short term, such specific measures can be taken: by optimizing the investment and business environment, making every effort to reduce transaction costs to attract and retain more foreign-invested enterprises; by encouraging Chinese enterprises to accelerate their “going out” and join forces to go global, with the United States, Mexico and Canada as the investment target area, strengthening the connection with the industrial chain led by United States; by adopting a higher level of openness to affect the allies of the United States and different interest groups within the United States, and reshaping a new pattern of China’s international economic cycle; etc. Reference | Related Articles | Metrics | Comments（0） Select How Does Digital Transformation Facilitate High-Level“Going Global”of Chinese Enterprises WEI Yun-yan, LIU Chun, SHI Bing-zhan, ZHANG Yi Contemporary Finance & Economics    2024, 0 (6): 111-123.   Abstract （96）            Knowledge map    Save With the development of a new round of scientific and technological revolution and industrial transformation, the deep integration between digital technologies and the real economy will become a new driving force for enterprises to“go global”at a high level. Based on the data of Chinese listed companies, this paper conducts an empirical examination of the impact of digital transformation on China’s corporate outward foreign direct investment and the underlying mechanisms. The results show that digital transformation has significantly increased the probability, frequency and scale of cross-border investment of enterprises, and this effect is mainly reflected in the green field investments. The mechanism tests show that digital transformation mainly provides important support for enterprises to“go global”by alleviating financing constraints, enhancing innovation capabilities, and improving social responsibility performance. The heterogeneity analysis reveals that the investment promotion effect of digital transformation is stronger in such enterprises as the non-state-owned enterprises, enterprises with export experience, and enterprises with higher human capital levels. At the same time, this promotion effect is also more significant in the heavily polluting industries, the high-tech industries, the industries relying more on external financing, and in the regions where the institutional environment is better. In addition, digital transformation helps enterprises overcome the liability of foreignness and invest in countries and regions with better institutions, which can ensures the high-standard“going global”of enterprises. Based on the above results, the government should provide a good regional institutional environment and talent introduction policy for enterprises’ digital transformation, and fully unleash the role of digital transformation in promoting high-level“going out”of enterprises. In addition, it is also necessary to consider the differences in the impact of digital transformation on different enterprises, so as to effectively achieve a high level of opening up to the outside world. Reference | Related Articles | Metrics | Comments（0） Select Opening up of the Services Industry and the Quality of Export Products of Manufacturing Enterprises LI Chao, CAI Lu-lu Contemporary Finance & Economics    2024, 0 (6): 124-138.   Abstract （69）            Knowledge map    Save The opening up of the service industry to the outside world has provided a new perspective from the non physical factor input for the issue of how Chinese manufacturing enterprises can transform from relying on the quantity of exported products to the quality. By introducing product quality into the consumer preferences and the production and export decisions of the manufacturing enterprises, this study constructs a local equilibrium model that includes consumers and both of the service and manufacturing enterprises to explain the impact of improving the level of service industry openness on the quality of exported products of manufacturing enterprises. Based on the policy texts, this paper constructs an impact index of service industry openness and conducts an empirical study of the relationship between the service industry openness and the quality of export products of the manufacturing enterprises. The findings show that service industry openness mainly improves product quality by reducing production costs and increasing productivity of the manufacturing enterprises. The improvement effect is related to the types of the service industry opening to the outside world, and is not related to the geographical characteristics, ownership attributes, and the degree of service factor dependence of the manufacturing industry. The theoretical and empirical evidences suggest that China should further eliminate foreign investment barriers in the service industry to expand its level of opening up to the outside world. In the process of opening up to the outside world, it is necessary to focus on guiding foreign investment and advanced production technologies to flow into productive service industries, but there is no need to overly focus on the geographical layout, production technology, and ownership differences of the manufacturing enterprises. Reference | Related Articles | Metrics | Comments（0） Select Digital-Intelligence Integration Empowerment and Green Transformation of Manufacturing Enterprises KUANG Chang-e, LIU Jiang-yue, LI Wen-yi Contemporary Finance & Economics    2024, 0 (5): 114-127.   Abstract （86）            Knowledge map    Save As a key path to promote the green transformation and upgrading of the manufacturing enterprises, digital-intelligence integration plays an important role in the development of digital China and a manufacturing power. Taking China's A-share manufacturing listed companies from 2007 to 2021 as the research object, this study comprehensively uses the text analysis method, the coupled coordination model, and the threshold effect model to empirically test the impact and mechanism of digital-intelligence integration on the green transformation of manufacturing enterprises. The results show that the integration of digital and intelligence has a significant enabling effect on the green transformation of manufacturing enterprises, and that this result still stands after a series of robustness tests. The integration of digital and intelligence empowers manufacturing enterprises with green transformation through green cognition and green innovation. The promotion effect of digital-intelligence integration on green transformation of enterprises is greater in the state-owned enterprises and the heavily polluting enterprises. The impact of digital-intelligence integration on the green transformation of enterprises presents a non-linear characteristic, with a threshold effect. Therefore, in order to fully leverage the empowering role of digital-intelligence integration in the green transformation of manufacturing enterprises, technologies such as artificial intelligence, Internet of Things, cloud computing, and big data should be used to improve enterprise management, strengthen corporate green awareness, promote corporate green innovation, and build a new model of digital-intelligence integration empowering green transformation. It is also required to leverage the demonstration effect of state-owned enterprises, continue to deeply implement the digital economy development strategy, actively promote the achievement of the“dual carbon”strategy goals, and promote the green transformation of enterprises with“digitalization and intelligence”as the core. Reference | Related Articles | Metrics | Comments（0） Select A Study of the Impact of Industrial Robot Application on the Markup Rate of Export Enterprises FAN Dong-mei, LI Ying Contemporary Finance & Economics    2024, 0 (5): 128-141.   Abstract （71）            Knowledge map    Save In the current wave of the fourth industrial revolution, how to use new technologies to break the “low markup rate trap”faced by traditional manufacturing exports is an important issue to be solved to promote the high-quality development of China's trade. By integrating the matching data from the China Industrial Enterprise Database, the China Customs Database and the World Industrial Robot Database from 2006 to 2013, this paper explores the impact of industrial robot application on the markup rate of export enterprises and the intrinsic mechanism. The findings show that the application of industrial robots has significantly increased the markup rate of manufacturing export enterprises, and this conclusion still holds after a series of robustness tests, such as adjusting for sample selectivity bias and dealing with endogeneity. Industrial robot application mainly enhances the markup rate of exporting enterprises by increasing the price of export products and reducing labor costs. The results of the heterogeneity analysis show that industrial robot application has promoted the markup rates of most manufacturing export enterprises, especially for those in areas with higher aging levels or those of capital-intensive industries, non-state-owned enterprises and export enterprises after the financial crisis, which have a greater increase in their markup rates. Therefore, in order to enhance the transformation and upgrading of China's manufacturing exports and promote the high-quality trade development, it is of great significance to actively promote the popularization and application of industrial robots, reduce the application cost of industrial robots, and formulate policies tailored to different industries and enterprises with different ownership according to local and current conditions. Reference | Related Articles | Metrics | Comments（0） Select Innovative City Construction and the Key Core Technology Innovation of Enterprises JIANG Zhong-yu Contemporary Finance & Economics    2024, 0 (4): 113-126.   Abstract （62）            Knowledge map    Save In the context that the global competition pattern is undergoing profound changes, how to promote enterprises to accelerate the progress of key core technology innovation is an important issue for government innovation governance. On the basis of theoretical analysis, this paper combines the enterprise patent information with the national strategic emerging industry planning to measure the key core technology innovation performance of enterprises. It also takes the national innovative city pilot policy as the quasi-natural experiment to empirically test the influencing effect and mechanism of the construction of innovative cities on the key core technology innovation of enterprises. The research results show that the construction of innovative cities has significantly promoted the improvement of enterprises’innovative performance of their key core technology, and with the further implementation of the pilot policy, the policy effect will be gradually improved. The mechanism test reveals that the construction of innovative cities can have a positive impact on the innovation of key core technologies of enterprises through the two paths of promoting the accumulation of urban knowledge capital and improving the innovation risk bearing ability of enterprises. The heterogeneity analysis shows that for the state-owned enterprises, the enterprises in the growth or decline stages, the enterprises located in lower class or economic center cities, and the enterprises located in cities with stronger basic research ability, the role of innovative city construction in enabling key core technology innovation is more obvious. Therefore, it is necessary to accelerate the construction of innovative cities according to local conditions, promote the renewal and iteration of urban innovation infrastructure and innovation factors, and establish a multi-party sharing mechanism for enterprise innovation risks. Reference | Related Articles | Metrics | Comments（0） Select External Uncertainty, Digital Empowerment and Enterprise GVC Embeddedness: Evidences from Enterprises in Countries along the “Belt and Road” GUO Ping, HU Jun, QIN Kai-qiang Contemporary Finance & Economics    2024, 0 (4): 127-140.   Abstract （82）            Knowledge map    Save The external uncertainty intensifies the contraction of the global value chain, which has become an important issue for the construction of the regional value chain of the “Belt and Road”. Deepening the digital empowerment will help enterprises cope with the impact of uncertainty shock and stabilize their integration into the global value chain. Using the World Bank enterprise survey data and global uncertainty index from 2008 to 2019, this paper studies the impact of external uncertainty on the global value chain embeddedness of enterprises in countries along the “Belt and Road” and the moderating effect of digital empowerment. The findings show that the external uncertainty significantly inhibits the embedding decision and embedding level of enterprises in the global value chain of countries along the “Belt and Road”, and that the external uncertainty mainly suppresses the global value chain embedding of enterprises by increasing supply chain risks, reducing production efficiency, and hindering technological innovation. The heterogeneity analysis shows that external uncertainty has a greater impact on the embedding of global value chains in small-scale enterprises, higher contract-intensive industries, and countries with lower levels of institutional environment. Digital empowerment at the enterprise and national levels will effectively alleviate the inhibition of external uncertainty on the embedding of enterprises in the global value chain of countries along the “Belt and Road”. Based on the above research conclusions, the government urgently needs to stabilize the external risk expectations of enterprises, improve the supply chain risk response mechanism, enhance the ability of enterprises to participate in the global value chain division of labor, promote the resilience of enterprises in the global value chain through digital empowerment, and accelerate the construction of digital infrastructure and innovation of digital trade systems. Reference | Related Articles | Metrics | Comments（0） Select Manufacturing Digitalization and Inter-Provincial Industrial Linkage ZHAO Xiao-fei Contemporary Finance & Economics    2024, 0 (3): 111-123.   Abstract （73）            Knowledge map    Save Under the background of anti-globalization, to promote the in-depth development of domestic production division based on the domestic market is an inevitable choice for China’s economy to overcome difficulties and achieve high-quality development. On the basis ofthe data of China multi-regional input-output table, this paper studies the inter-provincial industrial linkage from the perspective of manufacturing digitalization. The research finds that: firstly, manufacturing digitalization has significantly improved the inter-provincial industrial linkage, and a series of robustness tests have proven that this conclusion is robust and effective; secondly, manufacturing digitalization promotes inter-provincial industrial linkage mainly through the two paths of reducing the cost of inter-provincial intermediate trade and increasing the complexity of inter-provincial transfer technology; thirdly, from the perspective of intensive margin and extensive margin, manufacturing digitalization not only strengthens the intensive margin of inter-provincial industrial linkage, but also expands the extensive margin of inter-provincial industrial linkage, especially for the transregional extensive margin; from the perspective of regional strategy, manufacturing digitalization in the eastern regiondoes not have a significant industrial linkage effect on the central and western regions, but manufacturing digitalization in the central and western regions can promote their industrial linkage to the eastern region. According to the research conclusion, it is necessary to fully consider the inherent logic of industrial linkage in various regions, reasonably carry out the digital layout of the manufacturing industry, strengthen the construction of digital infrastructure in the central and western regions, and build an open, inclusive and high-quality digital system of the manufacturing industry, so as to drive the coordinated development of various industries and regionsand promote the benign operation of domestic circulation. Reference | Related Articles | Metrics | Comments（0） Select Opening up of Producer Services and Green Development of Manufacturing Enterprises ZHAO Chun-ming, LIU Shan-shan, LI Zhen Contemporary Finance & Economics    2024, 0 (3): 124-138.   Abstract （85）            Knowledge map    Save Promoting high-level opening up and green development is an important goal of China’s high-quality economic development. Based on the matching data of the China Industrial Enterprise Database and the Pollution Emission Database, this paper theoretically analyzes and empirically examines the relationship between the openness of the producer service industry and the green development of enterprises. The findings show that the opening up of the producer service industry will significantly reduce the pollution emission intensity of enterprisesand promote the green development of enterprises. The analysis of the influencing mechanism shows that improving the end governance capacity and management efficiency of enterprises are two important ways for the opening up of producer services to promote the green development of enterprises. The heterogeneity analysis shows that the effect of opening up the producer service industry on reducing corporate pollution emissions is more prominent in the industries with higher pollution intensity, and a stronger effect can be seen on improving the environmental performance of the enterprises with higher financing constraints and higher energy consumption. In addition, the opening up of the producer service industry has a greater impact on the emission reduction effect in areas with a higher level of co-aggregation of the manufacturing and service industries. Further research reveals that the opening up of the producer service industry is not only conducive to the dynamic replacement of the entry of low-pollution emission intensity enterprises and the exit of high-pollution emission intensity enterprises in the industry, it will also help realize green technology innovation, green product innovation, energy utilization efficiency improvement and energy input structure optimization of manufacturing enterprises. In the future, the government needs to rationally formulate and implement step-by-step opening policies for the service industry, optimize the spatial layout of regional service and manufacturing industries, guide the embedded integration of producer services industry and manufacturing industry, and empower the green production and green innovation development of the manufacturing industry. Reference | Related Articles | Metrics | Comments（0） Select Domestic Value Chain and Enterprise Technological Innovation SHI Ben-ye, YANG Fu-jia, WANG Xiao-juan Contemporary Finance & Economics    2024, 0 (1): 112-125.   Abstract （61）            Knowledge map    Save Promoting innovation based on the domestic cycle is the key for China to achieve high-quality economic development, which is important for achieving Chinese modernization. This paper explores the driving force of enterprise technological innovation from the perspective of the domestic value chain. By making use of the data of A-share listed enterprises in Shanghai and Shenzhen stock exchanges and the inter-regional input-output tables of China in 2012, 2015 and 2017, it empirically analyzes the influencing mechanism of participating in the national value chain on enterprise technological innovation and the moderating effect of digital finance on the innovation driving effect of participating in the national value chain. The findings show that participating in the upstream and downstream of the domestic value chain can generate a significant innovation driving effect, which can promote enterprise technological innovation; and the results are still robust after a series of endogenous tests and robustness tests. The heterogeneity analysis reveals that the promotion effect of participating in the domestic value chain on enterprise technological innovation is more obvious in the non-state-owned enterprises, in the central and western regions, and in the high-tech industries. The mechanism test shows that the increase in national value chain participation can ease financial constraints effectively and optimize the allocation of resources among regions, industries and within the industries, thereby stimulating the innovation vitality of enterprises. In addition, the development of digital finance can amplify the innovation driving effect generated by participating in the national value chain. Therefore, it is necessary to perfect the domestic circulation system, optimize the financial service system and the allocation of resources, and promote the in-depth digital finance development, so as to achieve the innovation development of enterprises. Reference | Related Articles | Metrics | Comments（0） Select Corporate Innovation Effects of the Digital Service Trade Network SONG Yue-gang, HAO Xia-zhen Contemporary Finance & Economics    2024, 0 (1): 126-139.   Abstract （70）            Knowledge map    Save Chinese enterprises are faced with the realistic dilemma of the coexistence between the rapid development of digital service trade and the“one high and two low”innovation level. Using the digital service trade network to break through the dilemma of enterprise innovation and development is an important strategic support for the transformation of China’s economic development mode in the new development stage. By including multiple heterogeneity in the theoretical framework and using social network analysis method, this paper measures the centrality, connection strength and structural hole index of Chinese enterprises in the digital service trade network; then it empirically tests the impact of the embeddedness of digital service trade network on the innovation level of Chinese enterprises. The findings show that digital service trade network embedding has a significant promoting effect on the innovation level of enterprises, but its promoting effect is significantly different due to the existence of the heterogeneity of enterprises. The embedding of digital service trade network acts on enterprise innovation through“trade scale effect”, “cost saving effect”and“technology absorption capacity effect”. The results of enterprise survival analysis show that digital service trade network embedding can help reduce the innovation termination risk rate of enterprises. Based on the above conclusions, it is proposed to actively promote the integration of enterprises into the global digital service trade network, rationally arrange the position of enterprises in the network, and turn from “passive embedding”to“active utilization”, so as to promote the high-quality development of innovation. Reference | Related Articles | Metrics | Comments（0） Select Research on the Impact of Digital Economy Development on the Quality of Export Products YUAN Han-kun, HAN Min-chun Contemporary Finance & Economics    2023, 0 (11): 106-120.   Abstract （118）            Knowledge map    Save The digital economy is increasingly becoming an important driving force for the high-quality development of foreign trade. Based on the heterogeneous enterprise theory framework, this paper constructs an endogenous selection model for enterprise export product quality, which includes the factors of digital economy development. It then interprets the internal mechanism of the impact of digital economy development on product quality upgrading, and it also tests the impact of digital economy development on export product quality by making use of the enterprise-product data from the customs database from 2007 to 2016. The findings show that, firstly, the development of the digital economy has significantly improved the quality of export products of enterprises. Secondly, the development of the digital economy exhibits different characteristics in terms of the impact on the quality of exported products due to the differences in factor density, geographical location, and enterprise nature. Among them, the development of the digital economy has mainly improved the quality of the export products of the enterprises, which are capital intensive, technology intensive, located in eastern regions, non-state-owned, and non monopoly. Thirdly, the channels of enterprise costs and enterprise productivity are important ways for the digital economy to play a role. The development of the digital economy can promote the quality of imported and exported products by reducing enterprise production costs and improving enterprise productivity. Fourthly, the development of the digital economy not only affects the quality of enterpriseexport products, but also further affects the internaladjustment of enterprise export product quality. Specifically, the improvement effect of the digital economy development on the quality of non core export products within enterprises is higher than that of core export products, which optimizes the efficiency of internal resource allocation of the export enterprises. The research conclusion provides a new perspective for China to build a strong trading country. Reference | Related Articles | Metrics | Comments（0） Select How Industrial Policy Affects the Industrial Land Transfer and the Economic Efficiency LU Sheng-hua, WANG Hui Contemporary Finance & Economics    2023, 0 (11): 121-132.   Abstract （77）            Knowledge map    Save As an important means for the government to promote industrial development and optimize industrial structure, exploring how industrial policies affect resource allocation and resource allocation efficiency is of great significance. On the basis of theoretical analysis, this article makes use of a database composed of the micro transaction data of industrial land, the key industry information in the five-year plan, the nighttime lighting data, and the industrial enterprise databases to explore the impact of industrial policies on local government industrial land transfer behavior. It also examines the impact of industrial policy oriented land transfer on the economic efficiency of industrial land. The estimation based on geographical spatial matching indicates that the land acquisition prices of enterprises in key industries are significantly lower than those in non key industries, and the land area is significantly larger. Compared to the central key industries, the local key industries are subject to a greater impact. The non market-oriented method of transfer is an important but not the only way for local governments to achieve land factor tilt in key industries. The analysis of allocation efficiency based on the nighttime lighting data and the total factor productivity shows that industrial policies can improve the economic output and resource allocation efficiency of industrial land to a certain extent, but they can not fundamentally solve the problem of industrial land resource mismatch in China. The above conclusions provide a practical basis for understanding the effectiveness and limitations of the industrial policies in the process of market-oriented allocation reform of factors. Reference | Related Articles | Metrics | Comments（0） Select Digital Economy, Regional Local Administrative Monopoly and Industrial Over-Isomorphism YU Liang-chun, GONG Yuan-yuan Contemporary Finance & Economics    2023, 0 (10): 109-120.   Abstract （68）            Knowledge map    Save The digital economy is of great significance in driving the restructuring of industrial systems andthe shifting paradigms, as well as building a unified market. Based on a heterogeneous enterprise model, this paper constructs an inter provincial sales model within a closed economy under the digital economy to explore the changes in production costs and the changes of the degree of regional administrative monopolies brought about by the development of the digital economy, as well as their impact on the excessive industrial homogenization. The spatial spillover effects of this impact is also analyzed. The theoretical hypothesis is empirically tested by using the measured data of the degree of industrial homogenization and the degree of digital economy development in 29 provinces from 2011 to 2020. The findings show that the development of the digital economy can effectively reduce the problem of excessive industrial homogenization. In the eastern region, the areas with higher levels of digital economy innovation and lower levels of marketization, the role of digital economy development in reducing industrial homogenization is more significant. The development of digital economy in the adjacent areas can reduce the degree of industrial homogenization in the local area. The development of the digital economy can reduce the degree of industrial homogenization by reducing production costs and the degree of regional administrative monopolies. Reference | Related Articles | Metrics | Comments（0） Select Does the Green Credit Policy Affect the Global Value Chain Climbing of Chinese Enterprises? ZHANG Qing, YU Jin-ping Contemporary Finance & Economics    2023, 0 (10): 121-132.   Abstract （67）            Knowledge map    Save The green credit policy re-configures credit resources, promotes the green transformation of high polluting and high-energy consuming enterprises, and provides new ideas for promoting the high-end climb of the global value chain of enterprises. By combining the data from the Green Development Enterprise Database, China Industrial Enterprise Database, and the Customs Trade Database, this paper takes the implementation of green credit policies in 2007 as a quasi natural experiment to examine the impact of green credit policies on the division of labor in the global value chain of enterprises. The findings show that the implementation of China’s green credit policy has significantly enhanced the status of China’s enterprises in the division of labor in the global value chain. The mechanism test reveals that the productivity effects and the intermediate substitution effects are important mechanisms by which the implementation of green credit policies affects the division of labor status of enterprises in the global value chain. Further research has found that the stronger a company’s dependence on polluting intermediate goods, the smaller the effect of green credit policies on enhancing the division of labor in the global value chain of the company. The strength of the implementation of regional environmental protection policies helps to strengthen the enhancement effect of green credit policies on the division of labor status of enterprises in the global value chain. Therefore, it is of great importance to refine the environmental risk assessment standards and the green credit policy guidance catalogs, improve the supporting measures for enterprise innovation incentives, crack the financial and technological barriers, enhance the implementation of the environmental protecting policies, alleviate the problem of information asymmetry in the green credit policies, and give full play to the green credit policies in upgradingthe division of labor status of enterprises in the global value chain. Reference | Related Articles | Metrics | Comments（0） Select Green Innovation Effect of China's Comprehensive Reform of Service Sector LIU Sheng, XU Rong-xin, CHEN Xiu-ying Contemporary Finance & Economics    2023, 0 (9): 111-122.   Abstract （88）            Knowledge map    Save In the context of service-oriented transformation, the service factor input is animportant driving force to drive the green low-carbon transformation, and the green innovation effect triggered by the comprehensive reform of its departments deserves attention. The existing literature highlights the impact of industrial sector deregulation on the improvement of the efficiency of service sector, but ignores the green spillover effects brought forward by the institutional innovation of the service sector. Thus, this paper applies the methods of DID and DDD to explore the green innovation effect of the pilot policy for the service sector comprehensive reform. The findings show that the comprehensive reform of service sector can significantly improve the green innovation performance of firms in the pilot areas, thatthe green innovation effect of the service sector comprehensive reform is more significant in the state-owned enterprises, the enterprises with stronger market power, the enterprises in the non-heavy pollution industry, and the enterprises with lower foreign investment openness and lower digitalization degree in the service sector, and that the comprehensive reform of the service industry can improve the green innovation performance of enterprises by optimizing the intermediate input structure of the service industry, reducing operation and management costs, strengthening the correlation strength between upstream and downstream industries, and establishing a green service system.From the view of high-quality development, it is necessary to unleash the green dividends of service industry reform with a distinctive and differentiated development approach, keep a foothold on the combination between local reality and reform and innovation, explore step by step the experiences and models that can be replicated and promoted, thereby achieving a deep integration of service industry governance modernization and the environmental, social and responsibility demands of enterprises. Reference | Related Articles | Metrics | Comments（0） Select Application of Industrial Robots, Factor Mobility and China's Exports GU Jun-yi, ZHAO Chun-ming, LI Zhen Contemporary Finance & Economics    2023, 0 (9): 123-134.   Abstract （74）            Knowledge map    Save How to cultivate new competitive advantages in foreign trade and get rid of the dilemma of low or negative growth in export trade is the focus and difficult point of China's foreign trade work at present. Based on the data of the International Robotics Federation and data of Chinese customs from 2006 to 2016, this paper explores the impact of industrial robot applications on the scale and structure of China's exports. The findings show that industrial robot applications have significantly promoted urban export growth, and this promotion effect is mainly manifested in the quantity margin, while the price and expansion margins do not change significantly. Robots indirectly act on urban export growth by attracting the inflow of high-skilled labor and promoting the transfer of capital across regions. Robot applications promote the export growth of China's processing trade and general trade, and by significantly increasing the high-tech products export share to achieve technology structure optimization of export products; but its effect on export market structure adjustment still needs to be stimulated. Considering the inter-city correlation of production factors, robot applications have inhibited export expansion in the neighboring citieswhilepromoting the local urban export growth, so there is a siphon effect; however, in general, robot applications have significantly boosted China's export growth. The findings imply that the robot dividend can replace the demographic dividend and create new growth points for China's export trade, but the government should pay more attention to the coordinated development of regional foreign trade when introducing relevant policies, and beware of robot applications further widening the regional gap in the development of foreign trade. Reference | Related Articles | Metrics | Comments（0） Select How Does Digitalization Empower the Green Development of the Manufacturing Industry LUO Jun Contemporary Finance & Economics    2023, 0 (7): 108-120.   Abstract （87）            Knowledge map    Save The green development of the manufacturing industry is the key to achieve the“dual carbon”goal and the strategic goal of a strong country in manufacturing. The digital technology has the characteristics of knowledge-intensive and clean, and its deep integration with the manufacturing industry has become a new engine driving the green development of the manufacturing industry. On the basis of systematically analyzing the functioning mechanism of digitalization empowering the green development of the manufacturing industry, this paper empirically tests the effect of digitalization on the green development of the manufacturing industry. The findings show that, in general, digitalization has promoted the green development of the manufacturing industry. The heterogeneity study indicates that heterogeneity in manufacturing industry and the heterogeneity in digital technology can have an impact on the effectiveness of digital empowerment. The mechanism test reveals that digitalization can promote the green development of the manufacturing industry mainly through the four paths, i.e., optimization of the factor structure, improvement of resource allocation, reduction of costs, and technological innovation, but the expansion of the production scale will play a certain inhibiting role. Environmental regulation plays an important role of regulating in the process of digitalization empowering the green development of manufacturing industry, and there is an optimal range of the environmental regulation intensity; within the range, the effect of digitalization empowerment is the greatest. Therefore, it is necessary to accelerate the digital transformation of the manufacturing industry, smooth the transmission path of digital technology empowerment, and maintain the intensity of environmental regulation within a reasonable range, so as to achieve green and high-quality development of the manufacturing industry. Reference | Related Articles | Metrics | Comments（0） Select Research on the Innovation Effect of Digital Enterprises’ Outward Foreign Direct Investment WANG Jing-jing Contemporary Finance & Economics    2023, 0 (7): 121-131.   Abstract （98）            Knowledge map    Save External investment and cooperation in the digital economy are important engines driving the high-quality development of the digital economy. Based on the annual reports of the listed companies of Chinese digital enterprises from 2002 to 2020 and the China Innovation Patent Research Database, this study empirically tests the innovation effect and its internal mechanism of digital enterprise outward direct investment by employing anasymptotic difference-difference model. The research results indicate that, firstly, the innovation effect of digital enterprises’ outward foreign direct investment is significantly positive, and its promotion effect on high-quality innovation is more significant. Secondly, the outward foreign direct investment of the digital enterprises can drive the innovation of the digital enterprises by saving transaction costs, expanding market size, and leveraging digital upgrading mechanisms. Thirdly, the test results of enterprise ownership, enterprise size, and industry heterogeneity indicate that the innovation effect of the outward foreign direct investment by the small and medium-sized digital enterprises and the non-state-owned digital enterprises is more significant; the innovation effect of the outward foreign direct investment by the enterprises in the telecommunications, radio and television, satellite transmission services, and computer, communication and other electronic equipment manufacturing industries is significant. Therefore, efforts should be made to promote the external investment and cooperation in the digital economy, encourage enterprises to actively participate in the host country’s digital platforms, align with the host country’s digital standards and rules, effectively seize the opportunities in the global digital market, and reasonably arrange digital enterprises to“go global”, so as to enhance the innovation capabilities of digital enterprises and achieve high-quality development of the digital economy. Reference | Related Articles | Metrics | Comments（0） Select Domestic Value Chain Circulationand Energy Efficiency CHEN Guo, LI Bao-xi, CHENG Shi-xiong Contemporary Finance & Economics    2023, 0 (6): 106-118.   Abstract （72）            Knowledge map    Save Faced with the increasing risks of Sino-US trade friction, Russia-Ukraine conflict, and global value chain breakage, China has begun to look more for the development of domestic greater circulation, which has a profound impact on energy consumption and utilization. This paper first constructs a domestic value-chain embedding index from the perspective of the source of the final demands by using the input-output model of province embedded in the globe, so as to measure the degree of participation in the domestic value chain circulation of each province and industry. Then, based on the three-dimensionaldata of 13 manufacturing industries in the 30 provinces of China from 2002 to 2017, it conducts an empirical study of the impact and mechanism of domestic value chain embedding on energy efficiency with the high-dimensional fixed effect model. The findings show that domestic value chain embedding will significantly inhibit energy efficiency. After taking into consideration such factors as replacing variables, changing clustering standard errors, eliminating sample extreme values, and using instrumental variables, this conclusion is still valid. The heterogeneity tests reveal that the negative impact of domestic value chain embedding on energy efficiency is more pronounced in the low-polluting industries, high-tech industries, years before 2008, and coastal regions. The mechanism test reveals that domestic value chain embedding will produce adverse effect on industrial structure and productivity, thus inhibiting the improvement of energy efficiency. Therefore, it is necessary to optimize the industrial layout of the domestic value chain, improve the level of division of labor and cooperation at all links, and promote the research, development and application of energy technology. Reference | Related Articles | Metrics | Comments（0） Select The Influence of Intellectual Property Pilot Policy on the Efficiency of Innovative Factor Allocation XU Ye Contemporary Finance & Economics    2023, 0 (6): 119-130.   Abstract （74）            Knowledge map    Save As a new factor of production, the innovation elements cover the elements of technology and data, which are inseparable from the supply of knowledge resources. As a major policy to guide intellectual property protection and promote innovation-driven development, the intellectual property pilot policy is an important measure to protect intellectual property. Based on the data of 262 cities in China from 2008 to 2019, this paper uses the multi-period policy effect estimation method (CSDID) to explore the impact of pilot policies on the efficiency of innovation factor allocation. The findings show that the promotion effect of the intellectual property pilot policy on the efficiency of innovation factor allocation continues to increase. Meanwhile, with the continuous expansion of the scale of pilot cities, the policy effect will gradually increase. For pilot cities established in different batches, there are differences in the promotion effect of intellectual property pilot policies on the efficiency of innovation factor allocation. After a series of robustness tests, the above conclusions are still valid. The mechanism analysis shows that the intellectual property pilot policies can improve the efficiency of innovation factor allocation through attracting the agglomeration of high-tech enterprises and increasing the local technology absorption. The heterogeneity analysis shows that in the cities with higher judicial intensity of intellectual property protection or higher development level of digital government, the promotion effect of intellectual property pilot policies on the efficiency of innovation factor allocation is more significant. Therefore, it is necessary to expand the scale of intellectual property pilot projects, improve and refine the pilot system measures, improve the judicial protection system of intellectual property rights, and strengthen the construction of digital government, so as to achieve the goal of improving the efficiency of innovation factor allocation. Reference | Related Articles | Metrics | Comments（0） Select Cultural Confidence and Sustainable Development of Cultural Product Trade WANG Ying Contemporary Finance & Economics    2023, 0 (5): 106-118.   Abstract （107）            Knowledge map    Save Cultural confidence is a more fundamental, profound, and enduring force in national development, and the sustainability of cultural product trade is an important aspect of high-quality development of cultural trade. This paper for the first time uses the survey data of the world values to quantify cultural confidence. Based on the data of bilateral sextant cultural product trade statistics from 76 countries and regions worldwide from 2008 to 2017, it studies the impact of cultural confidence on the duration of cultural product export trade with the analytical method of discrete time survival model. The research results indicate that the cultural confidence, with full recognition and firm confidence in China's own excellent cultural values and cultural vitality as the important content, will play a significant promoting role in the sustainability of cultural product export trade. Social trust is an important channel for cultural confidence to promote the duration of cultural product export trade. Cultural confidence also plays a regulatory role in the relationship between cultural distance and the duration of cultural product trade, indirectly promoting the sustainability of cultural product export trade. Therefore, attaching great importance to the cultivation and enhancement of cultural confidence is of great guiding significance for promoting the sustainable development of China's cultural product trade. The government should increase the excavation, protection, and promotion of excellent traditional culture, and expand the international influence and the influencing range of Chinese culture. Enterprises should fully attach importance to the integration and innovation of ethnic cultural elements in cultural products, making unique ethnic cultural resources the deepest foundation and richest nourishment for maintaining the long-term competitive advantage of cultural products. Reference | Related Articles | Metrics | Comments（0） Select Research on the Influence of Cultivating New Business Style of Information Industry on the Spatial Pattern of Digital Economy LIN Ting Contemporary Finance & Economics    2023, 0 (5): 119-130.   Abstract （82）            Knowledge map    Save The upgrading of information technology has cultivated the new style of information industry, improved the innovation efficiency of the whole society and spawned digital economy. Aimed at the characteristics of the increasing development gap between the southern and northern regions presented by the spatial pattern of digital economy of China, taking the“Opinions of the State Council on Promoting Innovation and Development of Cloud Computing and Cultivating New Forms of Information Industry”as the policy evaluation object, and combined with the data of digital industry development of 62 cities from 2010 to 2019, this paper employs the PSM-DID method to measure the effect of policy implementation on the spatial pattern of digital economy in China from the three aspects: the degree of production factor agglomeration, the scale of digital industrialization, and the level of digital industrial value. It also employs the“core-periphery”theory of spatial economics to analyze the inner mechanism of the evolution of spatial pattern of China's digital economy. The findings show that the implementation of the policy has accelerated the regional agglomeration of the three production factors of digital industry: human resources, capitals and lands. The scale of the regional digital industrialization has also been expanded, while no significant influence is found on the promotion of the level of industrial contribution and the level of industrial value of the regional data factor. Meanwhile, there is regional heterogeneity in the net effect of the policy implementation; the promoting effect of the policy implementation on the agglomeration of production factors and the expansion of industrial scale is obviously greater in the southern region than that in the northern region. Reference | Related Articles | Metrics | Comments（0） Select Regional Trade Agreements and Enterprise Export Resilience WEI Yun-yan, YUE Wen, HAN Jian Contemporary Finance & Economics    2023, 0 (4): 106-117.   Abstract （185）            Knowledge map    Save Regional trade agreements are not only an important driving force for China to promote high-level opening-up and achieve high-quality economic development, but also a key factor to stabilize trade development and ensure economic recovery in times of crisis. Taking the 2008 global financial crisis as the research context, this paper focuses on the impact of the regional trade agreements signed and brought into effect before the crisis on the export resilience of Chinese enterprisesand its mechanism. The results show that regional trade agreements are the important reason for the enhancement of the export resilience of enterprises, and this conclusion is still valid after the robustness test and the endogeneity treatment. The results of a function mechanism show that reducing corporate export risks and improving the quality of export products are important channels for regional trade agreements to enhance the export resilience of enterprises. The heterogeneity analysis reveals that regional trade agreements are more conducive to enhancing the export resilience of the older firms with higher financing constraints. Further research shows that compared with the degree of export recovery, regional trade agreements can play a stronger role in promoting the degree of risk resistance of enterprises. Based on the above empirical results, it is suggested that the government should further promote the process of regional economic integration, and enterprises can take the destination country of regional trade agreement as their important export markets, so as to reduce the negative effect resulted from external impact as far as possible. In addition, it is also necessary to fully consider the different impacts of regional trade agreements on different enterprises, so as to effectively enhance the export resilience of enterprises. Reference | Related Articles | Metrics | Comments（0） Select A Study on the Impact of the Host Country/Region’s Digital Economy Development on China’s Outward Foreign Direct Investment LIU Zhen-lin Contemporary Finance & Economics    2023, 0 (4): 118-130.   Abstract （202）            Knowledge map    Save With its increasingly extensive impact, digital economy has made profound changes in the efficiency, structure, regional layout and investment mode of transnational enterprises in the field of current international investment. Based on the panel data of 125 host countries (regions) around the world from 2003 to 2020, this paper explores the impact, mechanism and spatial effect of the development of digital economy on China’s outward foreign direct investment. The findings show that China is inclined to invest in the host countries (regions) with a higher level of digital economy development, and that in the host countries (regions) with higher levels of income, economic development, human capital, financial openness and economic freedom, the development of digital economy can play a greater role in promoting China’s OFDI. The results of Ward system clustering and natural breakpoint grouping show that only a high level of comprehensive development of the digital economy in the host country (region) can significantly increase the scale of China’s OFDI. The result of the function mechanism test shows that the development of the digital economy of the host country (region) will affect China’s OFDI through the two important channels: trade cost effect and investment convenience effect. The result of the spatial Durbin model shows that the digital economy of the host country (region) will have a crowding-out effect on the OFDI in the neighboring regions, and this crowding-out effect will not fall off with the increase of the distance threshold. Reference | Related Articles | Metrics | Comments（0） Select Research on Innovation Peer Effects in China’s Enterprise Trade Networks WANG Ning, CHENG Da-zhong Contemporary Finance & Economics    2023, 0 (3): 106-118.   Abstract （108）            Knowledge map    Save Nowadays, the persistence of the innovation activities of Chinese firms is faced with severe challenges from both internal and external environmental changes. And the production and the division of labor in the modern economy are becoming more and more networking. As a result, using the enterprise trade networks to solve the innovation dilemma has been an important strategy to achieve the objective of innovative growth in China’s new development stage. This paper first constructs a model of enterprise trade network and peer innovation game, then it conducts an empirical test based on the supplier-customer trade network data of China’s listed companies from 2009 to 2013, so as to study the innovative peer effects in the enterprise trade network formed between the enterprises and their upstream and downstream partners. The findings show that the technological improvements of the partner enterprises in the enterprise trade networks have significantly promoted enterprise innovations, namely, there exist innovation peer effects in the enterprise trade networks. The major channel affecting the vertical partners is knowledge spillover, while the major channel affecting the horizontal partners is the competitive pressure. Further study reveals that the innovation peer effects in the enterprise trade networks have the high-order property, which is more significant in the samples of supplier vertical partners and in the samples of the horizontal partners of the shared customers, and that these effects will be enhanced with the improvements of the degree of marketization. Therefore, we should properly distribute the enterprise trade networks, establish the leading role of competition and market mechanism in resource allocation, and pay attention to the network spillover effects of related policies, so as to achieve the successful transformation from China-made to China-created. Reference | Related Articles | Metrics | Comments（0） Select Factor Price Distortion and Export Product Quality of Chinese Enterprises YUAN Hong-lin, LIU Chen, FANG Yu-xia Contemporary Finance & Economics    2023, 0 (3): 119-130.   Abstract （94）            Knowledge map    Save The improvement of factor allocation efficiency is an important driving force for promoting the high-quality development of foreign trade. From the perspective of institutional environment, this paper studies the impact of factor price distortions on the quality of export products and its mechanism at the enterprise level by using the micro-data of import and export of China’s customs and China’s industrial enterprises from 2000 to 2013. The findings show that, firstly, there is an inverted U type relationship between factor price distortion and the quality of enterprises’ export products, that is, with the increasing degree of factor price distortion, the quality of enterprises’ export products is improving; when the factor price distortion reaches a certain threshold value, the quality of enterprises’ export products declines. Secondly, the impact of factor price distortions on the quality of export products will present different characteristics due to the differences in enterprises’ trade mode, technological level, and geographical location.Among them, the general trading enterprises, the high-tech enterprises, and the enterprises in the eastern region will only reach the inflection point position under a relatively higher level of factor price distortion, thereby inhibiting the improvement of the quality of enterprises’ export products. Thirdly, the cost-plus rate of enterprises and the domestic intermediate input proportion are the two intermediary factors of factor price distortion affecting the quality of enterprises’ export products. When factor price distortion increases to a certain extent, it will reduce the cost-plus rate of enterprises and increase the domestic intermediate input proportion, thereby hindering the improvement of the quality of enterprises’ export products. Fourthly, the institutional environment will play a moderating role between the factor price distortion and the quality of enterprises’ export products; and in the regions with better institutional environment, the inverted U type curve between factor price distortions and the quality of export products will be smoother. Reference | Related Articles | Metrics | Comments（0） Select Export Market Size, Initial Productivity and Technological Innovation of China’s Industrial Enterprises CHEN Ya Contemporary Finance & Economics    2023, 0 (2): 106-119.   Abstract （116）            Knowledge map    Save Based on the theory of trade competition effect, this paper mainly adopts the matching and merging data of the period of 2002—2013 from China Industrial and Enterprise Database, China Enterprise Patent Database, China Patent Full-text Database (CNKI), China Customs Database, and CEPII-BACI database toinvestigate the impact of the initial productivity adjustment mechanism of the export market size of China’s general trade enterprises on the quantity and quality of technological innovation, as well as the timing choice of the impact of export market size growth rate on the quantity and quality growth rate of technology innovation. The results show that, on the whole, only when the initial productivity of enterprises exceeds a threshold level can the positive impact of export market size on the quantity and quality of technological innovation appear.In terms of the structure, the enterprises with positive impacts of export market size on the quantity and quality of technological innovation are mainly concentrated around such industries as the chemical raw material and chemical products manufacturing, the medicine manufacturing, the general-purpose equipment manufacturing, the electric machinery and equipment manufacturing, and the computer, communication and other electric equipment manufacturing. In terms of timing, the growth of the quantity and quality of technological innovation of the general trading enterprises occurs in the second year and the third year after the growth of export market size respectively. Therefore, local governments should improve the business environment and reduce taxes and fees for the export enterprises. The export enterprises should improve productivity, reduce costs, expand the size of export markets, and shorten the time for innovation decision-making, so as to let export market size play a positive role in promoting the quantity and quality of innovation. Reference | Related Articles | Metrics | Comments（0） Select Research on the Impact of New Digital Infrastructure on Domestic Value Chain Circulation HUO Chun-hui, LV Meng-xiao, ZHANG Yin-dan Contemporary Finance & Economics    2023, 0 (2): 120-131.   Abstract （144）            Knowledge map    Save As the driving vehicle of the new round of technological revolution and industrial revolution, digital new infrastructure plays an important role in the national economic circulation. Based on the dual perspectives of supply and demand, this paper explores the theoretical logic of the influence of new digital infrastructure on the circulation of domestic value chain. The findings show that digital new infrastructure can significantly promote domestic value chain circulation. Under the supply-side driving effect, digital new infrastructure promotes the domestic value chain circulation by promoting technological innovations; while under the demand-side driving effect, consumption upgrading is the intervening mechanism to promote the domestic value chain circulation. The result of the heterogeneity study shows that in the technology-intensive industries and labor-intensive industries, the positive impact of new digital infrastructure on domestic value chain circulation is more significant. While in the regions with higher degree oflabor market segmentation and consumer marketsegmentation, the empowering effect of new digital infrastructure will be weakened. The result of the expansion analysis shows that the new digital infrastructure can help to increase theadded value of the domestic industrial value chain, and that this effect is particularly prominent in the central and western regions. The above research reveals that we should attach importance to the basic and overall role of new digital infrastructure in building a new development pattern of industrial chain, accelerate the construction of new digital infrastructure by industry, by region and step by step, and improve the deployment quality and efficiency of new digital infrastructure. Reference | Related Articles | Metrics | Comments（0） Select How External Demand Affects Corporate Environmental Performance in China WANG Qing-feng, XIE Juan-juan Contemporary Finance & Economics    2022, 0 (12): 99-110.   Abstract （50）            Knowledge map    Save Based on China’s reality, this paper attempts to study the problem of environmental pollution in China from the perspective of external demand. Based on the theoretical framework of multi-product enterprises, this paper constructs a theoretical model that includes external demand and pollution emission intensity to explain the influence mechanism of external demand changes on pollution emission intensity of multi-product export firms. Then it verifies the impact of the external demand on pollution emission intensity based on the China’s micro-enterprise data from 2000 to 2013. The results show that the improvement of external demand is conductive to reducing the pollution emission intensity of the multi-product exporting firms. The improvement of external demand can reduce the pollution emission intensity through the resource allocation optimization and green technology progress. In the case of weak external demand, to transfer export to domestic sales by the firms can also help to reduce the intensity of pollution emissions. These research conclusions provide a new analysis perspective for China to win the battle of pollution prevention and control, and also provide China’s evidences to the developing countries with higher trade dependence. Reference | Related Articles | Metrics | Comments（0） Select Estimation of Import Price Index for Different Income Groups in China TAO Hong-zhan, SONG Tao Contemporary Finance & Economics    2022, 0 (12): 111-123.   Abstract （50）            Knowledge map    Save Studying the import price index of different income groups is crucial for the measurement of the changes in the living costs of different income groups and for the revelation of the price effect of international trade. By constructing the structural theoretical framework of import price index for specific income groups from the heterogeneity perspective and combining the alternative elastic hybrid estimation method, this paper makes use of the data of import products from CEPII-BACI database and the data of Chinese Urban Household Survey to measure the import price index of different income groups and analyze the degree of import price inflation of different income groups in China for the first time. The findings show that the import price indexes of different income groups have an upward trend. The middle-income groups and the low-income groups have suffered the highest import price inflation, and the rapid increase of the import price index of manufactured goods is the main reason forthe low- and middle-income groups suffering higher import price inflation. While implementing the strategy of expanding imports and building a new dual-cycle development pattern, it is necessary to prevent the rise in import prices from causing a greater negative impact on the cost of living of the low- and middle-income groups and aggravating their vulnerability; and the corresponding public welfare policies should be implemented, so as to strengthen their ability of response to trade shocks. Reference | Related Articles | Metrics | Comments（0） Select Research on the Co-Governance Mechanism of Data Utilization and Data Security WANG Shen, XU Heng Contemporary Finance & Economics    2022, 0 (11): 100-112.   Abstract （77）            Knowledge map    Save The value of data element can bring about both great value and risks to the development of digital economy. The use of data has some invisibility, and the specific behavior in the process of developing and using data is not easy to be clearly identified in the short term, which gives rise to the motivation of digital economy enterprises to abuse data in order to seek higher returns. At this time, the use of data in more large-scale will damage data security and even reduce social welfare. By building the regulatory mechanism of regulators on the scope and scale of data used by digital economy enterprises in the data environment with incomplete information, this paper tries to find the balance point and corresponding equilibrium conditions of data value and data security. The incentive compatibility mechanism of regulators in the asymmetric information environment can stimulate the proper use of data and achieve data security by adjusting the weakening scale of data used by digital economy enterprises and eliminating the moral hazard motivation of the latter to abuse data. However, the implementation of the mechanism to prevent data abuse will reduce the scale of data used by enterprises at the same time, which is not conducive to the value spillover of data elements. Therefore, in order to coordinate the coexistence of data security and data value, and promote the effective operation of the co- governance mechanism of data use and data security, regulators should improve the information structure by adjusting the identification of abuse, and achieve the regulatory preposition by adjusting the punishment of abuse, so as to help data governance out of the dilemma of “once you manage, you will die; once you let go, you will be in disorder”. Reference | Related Articles | Metrics | Comments（0） Select Digitalization, Institutional Environment and High-Quality Development of Manufacturing Industry SHI Yan-xin, XIONG Tian-ren Contemporary Finance & Economics    2022, 0 (11): 113-124.   Abstract （104）            Knowledge map    Save The high-quality development of manufacturing industry is crucial to promoting China’s transformation from a large manufacturing country to a manufacturing power. And the construction of digital facilities and the application of technology are the important engine to drive the transformation of the traditional manufacturing industry to the modern advanced manufacturing industry. With the in-depth carrying out of the “Digital China” strategy, the impact mechanism of digital level and institutional environment on the high-quality development of the manufacturing industry needs to be further clarified. Based on the panel data of 31 provinces in China from 2012 to 2019, this paper establishes a nonlinear regression model of digitalization level, institutional environment and high-quality development of manufacturing industry, so as to conduct an empirical study on the relationship between the three. The results show that the digitalization level has a significant positive effect on the high-quality development of manufacturing industry, that the institutional environment has a U-shaped moderating effect on the relationship between the digitalization level and the high-quality development of manufacturing industry, and that there are regional differences in the contribution of digitalization level to the high-quality development of manufacturing industry. Therefore, it is recommended to continuously improve the level of digitalization according to regional characteristics, and at the same time, to firmly and gradually optimize the institutional environment, which in turn will effectively contribute to the high-quality development of the manufacturing sector. Reference | Related Articles | Metrics | Comments（0） Select The Innovation Decision-Making under Economic Policy Uncertainty: From the Perspective of EnterpriseTenacity LI En-ji, ZHANG Chen, WAN Xiang-yu Contemporary Finance & Economics    2022, 0 (10): 102-114.   Abstract （163）            Knowledge map    Save Under the conditions of economic policy uncertainty, how to strengthen development tenacity and improve innovation level is an important issue that enterprises are faced with. By employing the common factor model, this paper estimates the tenacity of listed companies in China and investigates the influence of economic policy uncertainty(EPU)on the innovation activities of enterprises with different tenacitiesand their mechanisms. The findings show that the differences of the level of enterprise tenacity would generate threshold effects on the impact of the economic policy uncertainty on enterprise innovation activities. When EPU rises, enterprises with lower-tenacitywill reduce their innovation activities, while enterprises with higher-tenacitywill increase their innovation activities. The threshold effect of enterprise tenacity exists in different market regions and enterprises of different property rights nature. There are significant differences in the response to EPUof enterprises with different tenacityin terms of innovative income expectations, financing constraints, and management's risk preference, which is also the reason for the occurrence of the threshold effect in enterprise tenacity. In addition, enterprise tenacity can be used as an alternative to the internal governance of the enterprises to some extent, which send positive signals to investors, thereby helping enterprises obtain more financing. The innovative activities under the EPU conditions will help to improve the operation performance of enterprises, but the negative impact on the bankruptcy of enterprises is not obvious. Reference | Related Articles | Metrics | Comments（0） Select A Study on the Impact of the Application of Robots on China's Export Upgrading DU Liang-sheng, MA Wen Contemporary Finance & Economics    2022, 0 (10): 115-125.   Abstract （134）            Knowledge map    Save The applications of artificial intelligence technologies such as robots and the transformation and upgrading of export trade are both important issues of common concern in the academic circles at the stage of high-quality economic development. However, fewer literatures have explored the impact of enterprises' use of robots on China's export upgrading from a micro perspective.Based on this, by matching the data from the Database of Chinese Industrial Enterprises and the data from the Database of China Customs from 2000 to 2013, this paper studies the impact of the use of robots on export upgrading with the import of enterprise robots as a proxy variable. It is found that the application of industrial robots has significantly promoted the export upgrading of enterprises measured by export technology complexity, and the conclusion is still robust after replacing the measure index, replacingsamples at different dimensions and considering the problem of endogeneity. Further heterogeneity test shows that the promotion effect of the use of robots on export technology complexity is more obvious in local enterprises, general trade enterprises, high-tech industries and industries with lower competition level. The impact mechanism analysis shows that the use of robots can improve the productivity of enterprises, reduce variable production costs, improve the technical complexity of enterprises' export, and promote export upgrading. Reference | Related Articles | Metrics | Comments（0） page Page 1 of 3 Total 101 records First page Prev page Next page Last page