• 详情 The Political Economy of COVID-19 in China
    This research analyses the ramifications of the COVID-19 pandemic on China's economy, examining the divergent epidemic prevention policies used by local governments. Empirical evidence highlights that the emergence of COVID-19 cases correlates with a 1.13% reduction in quarterly GDP growth. However, when a city's secretary maintains an informal ties with the provincial secretary, GDP growth remains resilient. Analyzing micro-level data, we observe that city secretaries with informal ties tend to enact flexible anti-contagion measures. This flexibility stems from a decreased likelihood of reprimand for virus transmission. Such shields exclusively manifests when incumbent provincial secretaries share informal ties with central leadership. This underscores the interplay of political networks in shaping localized economic responses.
  • 详情 State Ownership's Influence and the Contingent Role of Firm Size on Technological Innovation: Exploration and Exploitation in Chinese Firms
    Recent research indicates that the relationship between state ownership, firm size, and technological innovation outcomes in Chinese firms is a complex and intriguing topic. However, we propose a new perspective based on institutional complexity and examine the combined effects of these two factors. By considering the interplay between the economic efficiency rationale and the institutional logic associated with state ownership and firm size within the context of Chinese firms, we argue that the effects of state ownership and firm size can counterbalance each other. In order to test our hypotheses, we analyze a sample of 385 publicly listed firms spanning the period from 2015 to 2019. The findings reveal that while state ownership and firm size individually exert a negative influence on both exploratory and exploitative innovation in Chinese firms, their interaction actually yields a positive impact. This study contributes to our comprehension of how state ownership influences exploratory and exploitative innovation in the presence of competing institutional logics, as well as the contingent effect of firm size.
  • 详情 China’s Pursuit of Central Bank Digital Currency: Reasons, Prospects and Implications
    Amongst major economies, China has been taking a lead in the development of central bank digital currency (CBDC), which has generated widespread interest and impact around the globe. China’s CBDC, commonly known as e-CNY, is designed with several distinctive features, enabling it to compare favorably to other payment methods such as credit cards, mobile payment, unbacked cryptocurrency, and stablecoins. A variety of social, economic, political, and regulatory reasons can be identified to help explain China’s active pursuit of CBDC. However, the prospect of success will be affected by many factors and may vary between the domestic and international markets. This paper argues that the adoption of eCNY will likely succeed domestically, but may face more challenges in the international markets. The development of e-CNY seems to have created a catfish effect on other major economies in the race for CBDC. It is not fully clear, however, that the CBDC race will be better explained by the first-mover or the late-mover advantage theory. The CBDC project will have both public and private law implications, and several legal issues warrant particular attention in relation to the legal status of CBCD, the role and responsibility of the central bank, legal remedies for losses suffered by CBDC users from cybersecurity issues and operational problems, and the issue of data privacy and protection.
  • 详情 评论两篇错误的短债长用研究高被引论文
    我国现有关于短债长用研究的文献对于核心变量“短债长用”的度量方法主要来自《管理世界》和《经济研究》各一篇文章的原创,这两篇文章也因此成为了高被引文章。令人遗憾的是,这两篇文章所采用的短债长用度量方法都是错误的,不是度量指标存在噪音的问题,而是度量方法存在根本上的逻辑错误。本文深入分析了这两篇文章短债长用度量方法的错误,并给出了短债长用度量和分析的初步建议。
  • 详情 Monitoring Fintech Firms: Evidence from the Collapse of Peer-to-Peer Lending Platforms
    In recent years, numerous Chinese peer-to-peer (P2P) lending platforms have collapsed, prompting us to investigate the regulation and monitoring of the fintech industry. Using a unique dataset of P2P lending platforms in China, we examine the effect of government monitoring on platform collapses. Exploiting platforms’ locational proximity to regulatory offices as a proxy for government monitoring, we show that greater geographical distance results in a higher likelihood of platform collapse. Specifically, for every 10% increase in the driving distance from the platform to the local regulatory office, the likelihood of collapse increases by 10.2%. To establish causality, we conduct a differencein-differencesanalysis that exploits two exogenous shocks: government office relocation and subway station openings. We further explore two underlying channels: the information channel through which greater regulatory distance reduces the likelihood of regulators’ onsite visits and the resource constraint channel, through which greater regulatory distance significantly increases the local regulatory office’s monitoring costs. Overall, this study highlights the importance of onsite regulatory monitoring to ensure the viability of online lending platforms.
  • 详情 Do Anticipated Government Environmental Audits Improve Firm Productivity?Evidence from China
    We investigate the impacts of anticipated government environmental audits (GEAs) on firm productivity. We use a 2009 policy set forth by China’s National Audit Office that required GEAs of local governments as an exogenous event to examine the effect of the policy announcement on firms’ total factor productivity (TFP). Our difference-in-differences tests indicate that TFP in heavily polluting firms improved more than other firms’ TFP after the announcement of the policy. We also find that to raise TFP, firms engage in green invention patents or receive government environmental subsidies. In addition, our cross-sectional analysis suggests that firms in regions where governments have strong environmental enforcement or that are in the eastern regions of China increase TFP more.
  • 详情 Minimum Wage and Strikes: Evidence from China
    This study examines whether and how minimum wage hikes affect workers’ strikes in the context of China. We show that minimum wage significantly increases strikes at the city-level, and this effect is mainly motivated by demands for unpaid wages and severance pay. Mechanism analysis reveals that workers’ strikes are caused by inevitable involuntary unemployment arising from wage hikes. In addition, the increase in workers’ strike activities is more significant in tertiary industries, which require a larger share of low-wage workers and in regions with a higher degree of digital economy and innovation. Our findings provide clear policy implications for policymakers concerned with minimum wage and unemployment.
  • 详情 商业银行数字化转型与系统性金融风险—— 兼论“太关联而不能倒”和“太小而无法竞争”
    金融创新分散风险的行为虽然对提升金融效率有益,但通常也伴随着系统性金融风险的累积。本文改进最新的“去一”法,运用云计算技术和分年度各2000万次蒙特卡洛模拟实验,测算2010-2021年包括中小银行在内的684家商业银行的系统性风险贡献值和易被忽视的间接关联风险,深度理论思考并实证探索银行数字化这一金融创新的伴生关联风险溢价,以及其系统性风险累积效应源泉。主要结论如下:首先,针对第一个新视角,银行数字化转型通过数字科技相关度提高基础资产相关度,从而产生了易被忽视的间接关联风险。这主要是因为中小银行跟随性创新引致了基础资产同质化,大银行则不显著。其次,针对第二个新视角,商业银行的数字化具有显著的系统性风险累积效应。这主要由个体风险主导,而总关联风险则显著下降,说明数字化虽然有助于分散风险,但激励了总量的风险承担水平。具体来说,其有利的一面在于拓展了新投融资渠道,降低了同业投资和负债,实现风险分散。除间接关联风险之外,其负向机制在于新投资渠道使得商业银行有能力进行高风险高收益的资产配置,但是对盈利能力提升作用不明显,导致提升了其风险承担乃至个体风险水平。最后,进一步探索研究表明,大银行通过数字化下沉业务的挤压效应,使中小银行表现出“太小而无法竞争”的现象,是系统性风险累积的主因。具体来说,中小银行在大银行数字化下沉业务的挤压下,导致数字化开拓新业务承担较高风险的同时,盈利效果、融资成本和风控优势均不明显。并且排除了监管约束和数字化门槛效应的替代假说。上述研究拓展了“太关联而不能倒”的理论以及发现了“太小而无法竞争”的典型现象,也有助于丰富关于银行数字化上述两个新视角的理论认识,并且对于推进数字金融的穿透式监管和行为监管,从源头上防范化解系统性风险具有重要政策参考意义。
  • 详情 不利冲击下中国经济为何具有强劲韧性?——基于制度适应性效率的经验研究
    文章在“不利冲击—集中型制度适应性效率—经济韧性”的框架下分析中国经济遭遇不利冲击时保持强劲韧性的制度根源。当经济遭遇不利冲击时,政府凸显“集中力量办大事”的制度优势并充分发挥公有制经济作用,将有限资源进行再配置,支持和扶持受冲击地区或者城市,对冲不利冲击的负面影响,使得经济快速恢复增长,从而保持经济韧性。文章采用地震这一不利冲击,运用 CRITIC-熵权 TOPSIS 模型测算出 1997—2020 年经济韧性和集中型制度适应性效率,检验集中型制度适应性效率的对冲效应。实证分析发现:(1)地震对经济韧性的负面冲击为 5.830 个百分点,集中型制度适应性效率的对冲效应为 6.452 个百分点;(2)集中型制度适应性效率的对冲效应存在地区差异,南方集中型制度适应性效率的对冲效应为 12.423 个百分点,北方集中型制度适应性效率的对冲效应为 5.500 个百分点;(3)政府部门适应性效率的对冲效应为 2.381 个百分点,银行部门适应性效率的对冲效应为 3.746 个百分点,企业部门适应性效率的对冲效应为 2.218 个百分点;(4)南方地区三个部门的对冲效应均高于北方地区,而且南北地区银行部门的对冲效应均最高,其次是政府部门的对冲效应,企业部门的对冲效应最低。上述发现是稳健的,从而揭示了制度适应性效率对中国经济保持强劲韧性的关键作用。因此,改革开放以来中国基础性制度建设和基本经济制度的不断完善是经济韧性形成的重要原因。
  • 详情 A Tale of Two News-implied Linkages: Information Structure, Processing Costs and Cross-firm Predictability
    This paper decomposes news-implied linkages into two types: leader-follower links (LF) and peer links (PE), based on people's reading and information-processing habits. We explore how the structure of information impacts processing costs and subsequently leads to market outcomes by examining momentum spillover effects via these distinct linkage types. Our findings indicate that the information structure of leader-follower links is more readily comprehensible to investors than peer linkages. We provide empirical evidence of this by demonstrating faster attention spillover from leader to follower than among peer firms, using Baidu search data. Furthermore, we document that due to the lower information processing cost, information transmits through the leader-follower linkages more quickly, leading to a weaker momentum spillover effect compared to the more complex and less easily perceivable peer links.