The effects of an environmental accountability system on local environmental governance and firms’ emissions

The Chinese central government introduced the environmental accountability system (EAS) policy in 2006 to encourage local governments to execute environmental policies appropriately. However, the effects of this EAS policy have not been investigated at the firm level. In this study, we first measured the environmental governance intensity of local governments by calculating the environment word portion (EWP) of the annual governments’ work reports and found that local governments increased their efforts after the EAS policy implementation. We then constructed a continuous difference-in-difference (DID) strategy to estimate the effect of the EAS on firms’ emission and found that firms significantly reduced their sulphur dioxide (SO₂) emission under the regulation intensity of local governments after the EAS policy. The reductions are mainly because of the private, non-export, labour- and capital-intensive firms. The EAS policy may encourage firms to reduce coal usage, design more products, decrease capacity investment and even withdraw from the market, thus reducing pollutant emission. Finally, we tested firms’ response in various polluting sectors and found that the EAS policy may cause local governments to fail in distinguishing low pollution sectors from high pollution sectors.     

行政区划调整与地区市场主体活力*——基于“撤县设区”政策与创业活动的视角

本文采用双重差分法（DID）考察了“撤县设区”政策对撤并县域创业活动的影响。研究发现“撤县设区”政策可以显著提高撤并县域的创业活跃度和创业规模。本文从劳动力要素和土地要素使用的视角，解释了“撤县设区”政策影响地区创业活动的机制，发现“撤县设区”政策显著提高了撤并县域的劳动力流入，降低了农业用地使用面积；本文还发现“撤县设区”政策对创业活动的促进效应在公司制企业和第二、第三产业中更强；在调节效应方面，本文发现当撤并县域所在地级市的基础设施水平越高、营商环境越好时，“撤县设区”政策对撤并县域创业活跃度的正向影响越强。     

培育类产业政策对中小企业技术创新的影响

通过手工收集地方政府培育类政策并与2007—2019年中国中小板和创业板上市企业数据进行匹配，利用多期DID模型检验其对中小企业创新的影响。结果表明，培育类政策对中小企业创新起长期显著促进作用，但政府认定次数增加并不能推动中小企业创新由量转质的飞跃。进一步地，培育类政策可通过激发创新意愿、加速人才聚集、提升市场关注度促进中小企业创新。异质性分析表明，该类政策对国有中小企业创新促进作用更为显著，且仅对低集中度行业企业起到促进作用，知识产权保护水平较低地区政策激励与创新补偿效应更强。结论可丰富产业政策对中小企业创新影响的经验证据，为完善扶持中小企业创新政策提供决策参考。     

环境规制如何影响了制造企业的成本加成率

本文以“十一五”以来环境规制政策的实质性推进为“准自然实验”，基于2000—2011年《工业企业污染排放数据库》和《中国工业企业数据库》合并得到的微观面板数据，运用双重差分倾向得分匹配方法(PSM-DID)，考察环境规制政策实施对制造企业成本加成率的影响效果及其微观作用机制。研究发现，环境规制政策显著提升了制造企业的成本加成率；环境规制对成本加成率的促进作用主要通过创新补偿机制实现，市场结构变动机制对成本加成率的影响不明显，遵循成本机制对成本加成率的影响为负；环境规制政策对高污染行业和中部地区制造企业成本加成率的促进效果更强。     

Impact of Outward Foreign Direct Investment on Chinese Manufacturing Firms' Financialization and Servitization

This study examines the impact of outward foreign direct investment (OFDI) on Chinese manufacturing firms' financialization and servitization. Using a difference-in-differences approach with propensity score matching, we found that OFDI encouraged firms' financial and service activities. The effects of OFDI on financialization were stronger for firms specializing in short-term financial assets, operating in labor and technology-intensive sectors, investing overseas to pursue production, resources and markets there, and investing in non-OECD and Belt and Road Initiative (BRI) countries. Meanwhile, firms investing overseas were more likely to provide services at the sale or postsale stages. Outward foreign direct investment has also boosted the service activities of firms operating in the technology-intensive sector by investing overseas to seek resources and markets, as well as investing in non-OECD and BRI countries. Finally, OFDI partially influenced the extent of financialization and servitization of firms by affecting their profit-making ability.     

资质认定型创新政策能否促进企业技术创新“增量提质”——来自国家认定企业技术中心政策的证据

作为突破关键核心技术和引领行业技术进步的重要载体,国家认定企业技术中心政策对于经济转型背景下企业创新水平提升是否发挥有效作用及其作用机制值得深入研究。文章利用国家认定企业技术中心政策作为准自然实验,基于2006—2018年中国A股上市公司数据进行实证研究。研究发现,国家认定企业技术中心政策显著提升了以发明专利申请数度量的创新数量及以专利知识宽度衡量的创新质量,具有明显的"增量提质"特征。异质性分析表明,这一促进作用在企业属于国有企业、高新技术行业和所处市场化程度更低时更为明显。影响机制发现,国家认定企业技术中心政策作用于企业技术创新的路径依赖于其能够为企业嫁接财务资源、发挥人才集聚和产学研合作效应。拓展性研究表明,国家企业技术中心认定政策通过知识溢出发挥创新引领示范作用。文章对国家夯实国家认定企业技术中心政策的成果,完善关键核心技术攻关的新型举国体制提供了政策参考。     

"租购同权"下房价对劳动力流动影响的研究

以我国35个大中城市2010-2019年的数据为样本,基于DID方法分析"租购同权"政策对房价及劳动力流动的影响及作用路径.研究表明:"租购同权"政策可以抑制房价上涨,但其抑制作用存在一定限制;"租购同权"政策通过限制市住房价格的增长,降低了劳动力流入的迁移成本,使得更多的劳动力愿意流入政策试点城市.根据理论分析和实证结果,本文从人才引进、土地财政、市场监管、房源供给以及融资渠道五方面,提出促进住房租赁市场高质量发展的政策建议.     

Impact of high-speed railway on urban resilience in China: Does urban innovation matter?

Based on calculating the urban resilience index from five aspects of economy, society, institutions, infrastructure, and ecology by adopting the entropy method, this study applies the time-varying DID model to systematically examine HSR's impact on China's urban resilience, on basis of which its heterogeneities and the mediating effect of urban innovation are also quantified. The findings reveal that: (1) HSR can significantly promote China's urban resilience, as supported by various robustness tests. (2) HSR can significantly improve economic and institution resilience of cities, but does not play a significant role on social resilience and infrastructure resilience, and has a negative effect on ecological resilience. (3) The driving effects of HSR on the resilience of core cities, large cities, and non-resource-based cities are more significant. (4) Urban innovation is an important channel through which HSR impacts urban resilience. The conclusions of this study can offer useful insights for China's future HSR planning and resilient cities construction.     

绿色信贷政策能够抑制企业的风险承担吗？

绿色信贷是桥接金融信用与环保的关键纽带和资源配置的重要抓手。基于2012年银监会颁布《绿色信贷指引》的外生冲击，使用双重差分(DID)探讨绿色信贷政策对企业风险承担的影响。首先，基准回归表明绿色信贷抑制了绿色信贷限制企业的风险承担水平，但政策影响的时滞性和企业的策略性应对使得政策颁布两年后抑制作用才不断增强。其次，融资约束和投资惩罚的中介机制表明，融资约束和投资支出在绿色信贷政策与企业风险承担之间存在遮掩效应，进一步抑制了企业风险承担水平。最后，信息效应和环境规制倒逼效应的调节机制表明绿色信贷政策影响存在非对称性。