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Study on Valuation Differences in Global Capital Markets and Valuation System of Elements in Chinese Stock Market WU Xiaoqiu, TAN Songtao, GUO Biao China Economic Studies    2024, 0 (06): 1-.   Abstract （695）      PDF （2263KB）（269）       Knowledge map    The paper summarizes several factors influencing company valuation from a global perspective and analyzes valuation issues in China's capital markets. The study reveals that since 2013, the valuation of core assets in the A-share market, represented by the components of the CSI 300, has continuously declined, with state-owned enterprises experiencing particularly severe undervaluation. This undervaluation is difficult to explain based on factors such as corporate profitability, growth prospects, dividend payment status, and risk-taking levels. The paper attributes this phenomenon to several factors. Firstly, the social value of state-owned enterprises is difficult to reflect in traditional valuation models using financial data. Secondly, in a situation where market financing functions are severely imbalanced, a lack of funds leads investors to choose speculative and new stocks, making it difficult for the true value of state-owned enterprises to be adequately reflected in the market. Thirdly, state-owned enterprises lack proactive information disclosure, have a low level of concern about changes in their market value, and consequently exacerbate the degree of undervaluation. Fourthly, the loss of merger and acquisition capabilities limits the opportunities for state-owned enterprises' external development, leading to a liquidity discount. Fifthly, the irrational pricing of state-owned enterprise stocks is attributed to the unhealthy structure of market investors. This study holds significant theoretical value and practical implications for understanding the phenomenon of undervaluation of state–owned enterprises and establishing a valuation framework with Chinese characteristics. Related Articles | Metrics

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The Evolution of Industry Linkages between Mainland China and Taiwan: The Dynamic Analysis Based on Input-Output LI Fei, LU Xiaofang China Economic Studies    2024, 0 (06): 59-.   Abstract （673）      PDF （622KB）（124）       Knowledge map    Based on the Multi–Regional Input–Output Table of the Asian Development Bank in 2000, 2010 and 2020, this paper compares and analyzes the multiplier, spillover and feedback effects of the mainland, Taiwan and other regions in these three different years through the three-regional input-output model, as well as of their changing features. By comparing the coefficients of the spillover effect of the mainland and Taiwan to each other, it is found that the coefficients of the mainland are smaller than the Taiwan area, but after the regional scale effect is considered, it is discovered that the actual spillover effect of the mainland to the Taiwan area is higher than that of the Taiwan area to the mainland, because of a higher final output scale of the mainland. From the viewpoint of sub-industries, it is found that the industries with the highest mutual spillover effect between the mainland and Taiwan are advanced manufacturing industries such as machinery and electronic communication equipment, electrical and optical equipment, and transportation equipment, which have a strong driving effect on the economic development of both sides of the strait. Related Articles | Metrics

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China Economic Studies    2024, 0 (05): 1-.   Abstract （659）      PDF （1482KB）（239）       Knowledge map    Related Articles | Metrics

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Theoretical Foundation and Realization Paths for Developing Patient Capital in the Era of Digital Economy QI Hao, HAN Bohong, LI Zhongjin China Economic Studies    2024, 0 (06): 16-.   Abstract （658）      PDF （868KB）（256）       Knowledge map    Enhancing patient capital is crucial for China to accelerate the development of high-quality productive forces and foster a positive cycle of “science and technology–industry–finance". Patient capital represents long–term financial investments in high-tech companies, where investors prioritize long-term benefits over short-term profits. From a historical perspective, the formation of patient capital is driven by three key factors: First, a new wave of technological innovation has created an urge demand for patient capital among tech firms. Second, the state has lowered the entrance barrier and risks for industrial innovations. Third, reforms of the financial system have supplied stable funding sources for patient capital. Patient capital will contribute significantly to the Chinese economy by driving the forces of production, achieving multiple policy objectives, and restoring the macroeconomy by promoting the general rate of profit. To develop patient capital, China should create favorable conditions for industrial innovations and mobilize various sources of funding from governments, state-owned enterprises to private capital. Also, it is essential to be mindful of the speculative nature of profit-driven venture capital. Caution should be exercised to prevent a firm growth model characterized by “Promote monopoly through expansion, and boost valuation through monopoly". Related Articles | Metrics

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The Application of Industrial Robots and Workers' Occupation Choice ZHANG Junkai, ZHANG Shiwei China Economic Studies    2024, 0 (06): 91-.   Abstract （650）      PDF （687KB）（94）       Knowledge map    In order to clarify the micro–mechanism of industrial robot application affecting the employment structure, this paper analyzes the impact of industrial robot application on the workers' occupation choice at the theoretical level from the perspective of occupational task requirements-workers' ability matching, and conducts an empirical test based on the data of China Labor-Force Dynamics Survey from 2012 to 2016. The results show that: the application of industrial robots will, on the one hand, increase the mental requirements of all occupations, especially those in the four categories of occupations other than production operators, while at the same time decreasing the physical requirements of production operators' occupational tasks and increasing the mobility requirements of clerical workers' occupational tasks; on the other hand, it will inhibit the accumulation of workers' human capital, especially in market vulnerable groups, such as low-skilled workers and older workers. Ultimately, the application of industrial robots mainly reduces the match between the vulnerable groups in the labor market and the occupational task requirements of clerical workers, and increases their match with the requirements of production operators' occupational tasks, which in turn leads to a lower likelihood that vulnerable groups in the labor market will become clerical workers and a higher probability of engaging in occupations in the production–operations category. The results in this paper contribute to a more comprehensive evaluation of the employment impact of industrial robot applications and the development and improvement of related countermeasures, providing a basis for realizing high- quality full employment in high-quality economic development. Related Articles | Metrics

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Is There a Digital Transformation Trap: Evidence Based on Data from Chinese Listed Companies ZHANG Xiuwu, WEI Jiangying China Economic Studies    2024, 0 (06): 158-.   Abstract （635）      PDF （778KB）（114）       Knowledge map    Based on the factor-matching theory, this study investigates the impact of digital transformation on corporate performance both theoretically and empirically. The results indicate a non–linear, inverted U–shaped" influence of digital transformation on corporate performance. Moderate digital transformation can enhance corporate performance; while excessive digitalization leads to a decline in profits due to mismatches between humans and machines. An enhancement in human capital increases the degree of human-machine alignment, and the improvement in non-cognitive abilities resulting from a more advanced educational structure significantly bolsters the positive effect of digital transformation on corporate performance. The inverted U-shaped impact of digital transformation on corporate performance is more pronounced in areas with lower human capital, regions with higher technical skills, and among enterprises that are pioneers in digital transformation. Further analysis reveals that the appropriateness of digital economy policies enhances human–machine matching in enterprises. Nonetheless, as the disparity between digital transformation policies and their implementation increases, the facilitative effect of digital transformation on corporate performance comparatively weakens. Related Articles | Metrics

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Does Digital Village Construction Promote Common Prosperity: An Examination of the Dual Goals of Income Growth and Gap among Farmers ZENG Yongming, PAN Dan, WANG Yaoyao, WU Qiong China Economic Studies    2024, 0 (06): 141-.   Abstract （626）      PDF （1145KB）（128）       Knowledge map    In the process of promoting rural residents to "increase income and shrink gap" and realize common prosperity, digital village construction is expected. This paper simultaneously evaluates the dual impact of digital village construction on rural residents' income growth and gap and analyzes the underlying causes and mechanisms from the perspective of elite capture. The research found that the current digital village construction in China has not only promoted the income of rural residents but also expanded the inequality of their internal income distribution, with a significant "raising but expansion" effect. The main reason for the dual effect is that there is an obvious phenomenon of "Elite capture" in the income increase effect of digital village construction: the income increase effect of elite farmers with higher social and economic status, such as high–income, male, highly educated, high assets, and in developed areas, is greater, while the income in- crease effect of vulnerable farmers is smaller. The mechanism analysis shows that the digital village construction mainly leads to the increase but expansion effect through the three elite capture channels of digital literacy, entrepreneurial action, and financial assets. In the future, it needs to pay attention to the digital assistance of rural nonelite groups, realize the effective conversion from income expansion to income contraction, and help common prosperity, while the expansion the quantity and quality of expansion are reasonable and the quality is steadily improved. Related Articles | Metrics

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"South-to–North Officials Diversion" and Regional Economic Growth: Empirical Research Based on Northern Provinces in China HUANG Shaoan, ZHANG Jinghe China Economic Studies    2024, 0 (06): 43-.   Abstract （622）      PDF （904KB）（241）       Knowledge map     This paper proposes and confirms a theoretical hypothesis that transferring officials with work experience in South China in North China can promote economic growth in North China and balance north - south economic development. Further research finds that when both secretaries and provincial governors have southern work experiences, the promoting effect is larger, while their northern experiences weaken this promoting effect. The reform of the official assessment mechanism and the transfer of political power have no significant impacts on it. In addition, the northern experiences of southern officials have no significant influences on economic growth in South China. Mechanism analysis suggests that, officials' southern experience can promote economic growth by optimizing capital allocation, improving total factor productivity, and promoting the establishment of private and foreign–funded enterprises. Finally, this promotion effect is greater in areas with low levels of marketization, central and western regions, and areas with poor innovation environments. Related Articles | Metrics

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Developing New Productive Force with Patient Capital: Divergence between China and the West, Dual Attributes, and Practical Exploration HE Cheng, GAO Hepeng, LIN Peng China Economic Studies    2024, 0 (06): 29-.   Abstract （578）      PDF （626KB）（132）       Knowledge map    Patient capital is a significant driving force for the development of new productive force and a crucial link in facilitating innovative allocation of various advanced production factors. Unlike other forms of capital, patient capital operating within the framework of China's basic economic system is characterized by its long-term and robust nature, making it indispensable in safeguarding technological innovation, enhancing total factor productivity, and promoting in–depth industrial transformation and upgrading. Currently, patient capital faces challenges such as the short-term orientation of China's capital market, insufficient willingness among various types of capital for long-term investments, and bottlenecks in the "technology-industry-finance" circular system. To address these issues, it is essential to adopt a problem-oriented approach by encouraging holders of patient capital to adopt responsible investment principles and strengthening patient capital through measures such as leveraging the guiding role of state–owned capital, expanding diversified investment entities, and optimizing a market environment conducive to long–term investments. These efforts will provide long–term and stable financial support for the development of new productive force. Related Articles | Metrics

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From Traditional Productive Forces to New Quality Productive Forces: Connotation Extension, System Leap and Future Prospect LU Lin, SHI Jianjun China Economic Studies    2024, 0 (05): 47-.   Abstract （477）      PDF （563KB）（251）       Knowledge map    From traditional productive forces to new quality productive forces, is a power conversion of economic development, is also the path choice for China's economy from high-speed development to high-quality development, and is the inevitable requirement to realize Chinese modernization. By sorting out the inheritance of new quality productive forces, this paper extends its profound connotation, and analyzes the renewal of production factors, the leap of production system and the change of production relations in the process of transforming from traditional productive forces to new quality productive forces. Taking scientific and technological innovation as the core driving force, improving the modern industrial system through new medium, new business forms and new models, opening up the domestic and international cycle plugging points, expanding environmental and resource constraints, and promoting the transformation and adaptation of new production relations are the new kinetic energy that new quality productive forces are playing and new advantages that will be created. Related Articles | Metrics

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Upward Mobility or Marginal Wandering: The Impact of Self-Employment on the Urban Integration of Rural Migrants LIN Longfei, CHEN Chuanbo China Economic Studies    2024, 0 (05): 135-.   Abstract （418）      PDF （642KB）（298）       Knowledge map    This paper examines the impact of self-employment on the urban integration of the rural migrant population and its mechanism of action, utilizing matched data from dynamic monitoring of floating population and macro urban data. It is found that there is a clear differentiation within the self-employed group, with high market returns for opportunity-type self-employed rural migrants, which is an advantageous group for urban integration, and low market returns for survival-type self-employed rural migrants, which is a disadvantageous group for urban integration. Further analysis of the mechanism shows that the advantageous self-employed rural migrants affect their urban integration through the "housing effect" and "social interaction effect". In order to promote the urban integration of the growing number of self-employed rural migrants in the future, it is necessary to design differentiated integration policies to address the trend of heterogeneous differentiation within the self-employed rural migrant population. Related Articles | Metrics

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：State-Owned Capital Participation and Labor Protection in Private Enterprises HONG Jinming, LIU Han China Economic Studies    2024, 0 (06): 75-.   Abstract （414）      PDF （649KB）（98）       Knowledge map    This paper examines the effect of state–owned capital participation on labor protection in private enterprises and finds that state-owned capital participation significantly promotes labor protection in private enterprises, relieving financial pressure and restraining managerial myopia are two paths to produce the above–mentioned effects. Further evidence shows that state-owned capital participation can significantly increase the proportion of highly educated and skilled employees in private enterprises, thus promoting labor protection in private enterprises. Heterogeneity analysis shows that state-owned capital shares play a more significant role in labor protection when private enterprises are more labor-intensive, less fiscal pressure and less population mobility. The analysis of economic consequences shows that state-owned capital shares can improve the labor productivity and staff allocation efficiency of private enterprises by improving the level of labor protection. The conclusion not only provides a theoretical reference for optimizing the use of state-owned capital, but also provides an empirical basis for expanding employment and improving the well–being of employees. Related Articles | Metrics

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The Economic Cost of Air Pollution: Evidence from Real Estate Markets SONG Deyong, WEN Zezhou, MA Shaoxiong China Economic Studies    2024, 0 (05): 148-.   Abstract （401）      PDF （825KB）（223）       Knowledge map    This paper discusses a serious environmental problem in China—urban air pollution, which not only harms the health of residents, but also causes loss of household wealth accumulation, with an even greater impact on cities in northern China. Taking a variety of air pollutants and urban housing price panel data as research sample, we use the centralized winter heating policy north of the Qinling-Huaihe River line as a quasi–natural experiment, and employ geographic regression discontinuity to explore in depth the impact of air pollution on urban housing prices. The results indicate that there is a significant negative correlation between air pollution and urban housing prices, that is, air pollution inhibits the rise of urban housing prices. With an average increase of 1 unit in PM2.5 concentration, housing prices will depreciate by 1.50%, resulting in an average loss of about 100897.94 million yuan in national economic value during the sample period. The results of heterogeneity analysis show that the inhibitory effect of air pollution on housing prices is more pronounced in cities with poor infrastructure, high degree of marketization and small scale. In addition, this paper innovatively explores the potential mechanisms of air pollution affecting housing prices from both supply and demand perspectives, and the findings confirm that air pollution mainly has a negative impact on housing prices through factors such as population migration and land prices. This research helps to improve the public's understanding of the impact of air pollution on the capitalization of urban housing prices, the willingness to pay for improving air quality, and provide a basis for the government to formulate public policies for air governance. Related Articles | Metrics

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The Three–Stage Evolution Route of Chinese Modernization Wang Jue China Economic Studies    2024, 0 (05): 31-.   Abstract （384）      PDF （725KB）（699）       Knowledge map    Chinese modernization is the main task and aim of current China. This article puts forward a three–stage evolution route to promote Chinese modernization, which is composed of rational industry layout, coordinated regional development and the comprehensive wealth of the people. First of all, on the basis of the fact of the dual transfer in international industry and parallel transfer in domestic industry, a new regional industry chain should be re–constructed by utilizing the advantage in Belt and Road and RCEP. Secondly, referring to the short path transferring and reversal transferring, Special Cooperation Zone should be popularized to promote regional coordinated development. Thirdly, being faced with the huge population scale and fast aging trend, the orderly mobility of labor, improve social equity in education, housing, medical treatment and retirement etc., and propel production and social security should be encouraged to establish a new mechanism, which is crucial to realize complete wealth of the whole people.   Related Articles | Metrics

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Information–Based Tax Administration and Budget Deviation of Fiscal Revenue: Evidence from China's “Golden Tax Ⅲ" Project LI Pei, CAI Zhuxin, HUANG Zhifan. China Economic Studies    2024, 0 (05): 57-.   Abstract （383）      PDF （662KB）（189）       Knowledge map    In this study, our attention is directed toward examining the impact of information-based tax administration on revenue budget deviation. We employ the adoption of the“Golden Tax III" project as a proxy for information–based tax administration reform, treating it as a quasi-natural experiment. We find that the reform reduced the deviation of the fiscal revenue budget by using data from administrative units at the prefectural level in China from 2011 to 2016. This effect is mainly propelled by the tax types newly covered by the project and is particularly evident in areas with high Internet penetration and serious fiscal irregularities of local governments. Mechanism analysis reveals that the primary factor contributing to the reduction in budget deviation is the enhancement of budget execution capacity. On the one hand, the reform alleviated the adverse impact on budget management in the non-budget periods. On the other hand, it stabilized the fluctuation of budget execution and created a more equitable tax environment for businesses. This study provides practical suggestions for promoting the implementation of modern budget management driven by informatization.   Related Articles | Metrics

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Childcare and Female Entrepreneurship: An Empirical Analysis Based on the China Family Panel Studies Data GU Jingshuang China Economic Studies    2024, 0 (06): 108-.   Abstract （381）      PDF （599KB）（113）       Knowledge map    Based on the China Family Panel Studies (CFPS) dating from 2010 to 2020, this paper analyzed the impact of childcare on female entrepreneurship through the Linear Probability Model (LPM) and two–stage least square(2SLS). The results showed that childcare has a significantly negative impact on female entrepreneurship activity, especially opportunistic entrepreneurship. Meanwhile, the heterogeneity analysis indicated that the female entrepreneurship of different groups could be affected by childcare, particularly for the age of 20-29 years old, families with children of 0-2 years old, multiple-child families, and rural females. Furthermore, the paper finds that housework time for women increased by undertaking the responsibility of childcare. It was difficult for women to consider childcare and entrepreneurship activity for the scarcity of time. However, the village or community with kindergartens and elementary schools relieves the stress on women and reduces the crowding-out effect of childcare for women's entrepreneurship. Related Articles | Metrics

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Echo Chambers, Paternalism and Households Education Investment WANG Yu China Economic Studies    2024, 0 (06): 125-.   Abstract （379）      PDF （1006KB）（99）       Knowledge map     Using data from China Family Panel Studies (CFPS), this paper investigates the relationship between parents' use of the Internet and household education investment. This paper finds that parents' use of the Internet promotes household education investment significantly. Mechanism analysis shows that parents' use of the Internet incurs an echo chamber effect, which stimulates parents' education anxiety and paternalism, resulting in increasingly intense education investment. Further analysis shows that the positive impact of parents' use of the Internet on household education investment is greater among areas where education resources are poorly balanced and households that are deeply socially connected or are less educated. The paper integrates the echo chambers effect into research on household education investment, offering a novel perspective into the education involution. The conclusion is also beneficial for cutting off education involution and promoting online information governance. Related Articles | Metrics

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Calculation of Scale Effect of China's Digital Economy LUO Fangyong, ZHANG Tao, LI Shiqiang China Economic Studies    2024, 0 (06): 175-.   Abstract （348）      PDF （596KB）（122）       Knowledge map    The article proposes a macro-level scale effect calculation method based on the growth accounting frame-work, and conducts a preliminary calculation of the scale effect of China's digital economy based on input-output data and statistical yearbook data from 2002 to 2020. The calculation results show that: first, the scale effect of China's digital economy shows cyclical fluctuation characteristics along with economic growth. Second, during the post–crisis period from 2009 to2011, the scale effect of the digital economy caused by China's insufficient effective ICT investment was gradually evolving into a negative state caused by overinvestment in ICT. Third, the period from 2012 to 2017 was the second development and prosperity period of China's Internet. Finally, the changing trend in the contribution of intermediate goods investment in China's digital industry can be divided into three stages. The 2013-2015 stage showed a slightly negative performance, while the two stages before and after showed a positive scale effect. Related Articles | Metrics

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Revenue Effect of Industrial Robot Imports — Evidence from Chinese Firms WANG Xiaoxia, JIANG Dianchun, LI Le China Economic Studies    2024, 0 (05): 72-.   Abstract （336）      PDF （1047KB）（242）       Knowledge map    Under the background of China's high-level opening-up, the import of industrial robots is an important activity to expand the import of key equipment, and also a key force to improve people's income and expand domestic demand under the double cycle pattern. This paper uses the matching data between industrial enterprises and robot trade in China from 2000 to 2013 to investigate and reveal that: (1) The import of industrial robots will improve the average salary of employees in Chinese enterprises, and this effect is robust. (2) From the perspective of influence mechanism, the positive impact of robots on wage income mainly comes from the upgrading of skill structure caused by the substitution effect, the reduction of consumer price, and the expansion of output caused by productivity improvement. (3) At the heterogeneous level, the improvement effect of robots on wages is mainly concentrated on certain industries, such as capital or technology-intensive and foreign-owned enterprises. The study of this paper has a certain practical significance on how to use the strategy of expanding imports to achieve the goal of expanding domestic demand during the "14th Five-Year Plan".   Related Articles | Metrics

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Multi-Level Medical Insurance System and Residents' Family Well-Being: Analysis from Chinese Household Finance Survey LI Cong, FENG Xueting, LV Xueliang China Economic Studies    2024, 0 (05): 180-.   Abstract （333）      PDF （600KB）（252）       Knowledge map    Based on the China Household Financial Survey data, this paper thoroughly investigates the impact of the multilevel medical insurance system on residents' family well–being and its underlying mechanism. The findings show that the multilevel medical insurance system can significantly enhance the happiness of residents' families. The mechanism test indicates that the multi–tiered health insurance system affects the happiness of households by improving the health status of households and reducing the financial vulnerability of households. Heterogeneity studies show that the effects of the multilevel health insurance system on the well–being of households are heterogeneous across household registration, health level, and health care burden. Further research shows that there are differences in the effects and transmission channels of different health insurance programs in the multilevel health insurance system. In this regard, this study provides a new research perspective and policy reference for building a sustainable social security system. Related Articles | Metrics