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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 （1012）      PDF （778KB）（380）       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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HE Aiping, LI Qinghua China Economic Studies    2025, 01 (01): 27-.   Abstract （856）      PDF （603KB）（1125）       Knowledge map    Marx's profound exposition of the value production process in the era of capitalist industrial economy provides a highly explanatory theoretical perspective for portraying the changes in productive forces and relations of production in the value production process of the digital economy. The value production process of the digital economy consists of two aspects: The first is the transfer of value of data-a key means of production. The two forms of value of data produce different substitution effects in the transfer of value, further dismantling the technological basis of the division of human mental labor; the networked production of data generates a "false social value" of platforms, exacerbating the invisible separation of networked laborers from the conditions of their labor; and capital exerts a different kind of dominance over digital laborers, reflecting the antagonistic relationship between laborers and the digital means of production. The different dominance of capital over the digital worker reflects the antagonistic relationship between the worker and the digital means of production. Second, the value creation of digital living labor. The expansion of the organizational form and labor mode of digital labor has achieved the production of multiple implicit surplus values, and developed node–based network social labor with informal collaborative characteristics; The labor process presents a temporal and spatial overlap of "technology labor process" and "de technology labor process" coexisting; The trend towards data-driven and algorithmic digital labor itself and the process of creating labor value is increasing. Related Articles | Metrics

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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 （792）      PDF （2263KB）（652）       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 Application of Industrial Robots and Workers' Occupation Choice ZHANG Junkai, ZHANG Shiwei China Economic Studies    2024, 0 (06): 91-.   Abstract （790）      PDF （687KB）（346）       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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"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 （783）      PDF （904KB）（423）       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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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 （738）      PDF （868KB）（526）       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 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 （725）      PDF （622KB）（347）       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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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 （704）      PDF （1145KB）（618）       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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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 （637）      PDF （626KB）（444）       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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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 （510）      PDF （599KB）（356）       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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：State-Owned Capital Participation and Labor Protection in Private Enterprises HONG Jinming, LIU Han China Economic Studies    2024, 0 (06): 75-.   Abstract （450）      PDF （649KB）（504）       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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ZHU Mengnan, ZHANG Xingxiang, WANG Xiaojian, HUANG Jingjing China Economic Studies    2025, 01 (01): 1-.   Abstract （446）      PDF （674KB）（524）       Knowledge map    Xi Jinping's important discourse on financial services for the real economy adheres the fundamental principles of Marxist political economy and represents a contemporary development of the Marxist view of finance. The Xiamen Special Economic Zone serves as a key birthplace, incubator, and practice ground for Xi Jinping's thoughts on financial services for the real economy. As a crucial leader, pioneer, and architect during the early stages of the Xiamen Special Economic Zone, Xi Jinping has led a series of forward-looking, innovative, and strategic theoretical advancements and practical explorations in various aspects such as promoting financial system reform in Xiamen, expanding the opening up and development of the financial industry, and deepening economic and trade cooperation between Hong Kong, Macau, Taiwan, and the mainland, fully embodying a top-level design approach of using financial power to promote the development of the real economy. Xiamen International Bank was established as an pivotal bridge and link for attracting investment in the Xiamen Special Economic Zone in 1985.Xiamen International Bank is the first Sino-foreign joint venture bank in New China, and its exploration during the process of reform and development is highly representative, serving as a significant achievement in implementing Xi Jinping's thoughts on financial services for the real economy. Related Articles | Metrics

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Echo Chambers, Paternalism and Households Education Investment WANG Yu China Economic Studies    2024, 0 (06): 125-.   Abstract （422）      PDF （1006KB）（275）       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 （392）      PDF （596KB）（299）       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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LI Dongxu, FENG Xiaochuan, ZHAO Xiaoyang China Economic Studies    2025, 03 (03): 135-.   Abstract （371）      PDF （1626KB）（129）       Knowledge map    The rapid development of digital platforms in recent years has played an important role in improving the efficiency of the industrial economy; however, the growth of some leading companies such as Alibaba, while promoting the development of the platform economy, has raised issues of market equality.This study employs a case study of Alibaba, using fruitful hand–collected qualitative materials and financial information, and analyzes the commercial logic of how this online platform became the world's largest digital giant. Then we discuss the legal foundation of the antitrust enforcement that has recently been imposed on this digital giant. Meanwhile, we provide first-hand evidence about the effects of antitrust enforcement on market reactions and financial performance of other online platforms. We argue that there can be tacit collusion among Chinese digital platforms,which provides supportive empirical evidence for the recent antitrust enforcement.In addition, we find that after receiving antitrust punishment, Alibaba has encountered significant declines in profit margins and R&D expenditures, indicating that diminished monopolistic rents discourage the tech giant from engaging in innovative activities. Based on these findings, we argue that antitrust enforcement on digital platforms should be accompanied by a series of policies ensuring platforms' innovation motives, and leading platforms should be encouraged to work with middle–to–small platforms to achieve high–quality development of the digital industry.  Related Articles | Metrics

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YAO Qin, CAI Yang, PAN Wei, CHEN Shuo China Economic Studies    2025, 01 (01): 182-.   Abstract （332）      PDF （662KB）（330）       Knowledge map    The cyclical economic fluctuations of pre-modern China have long been of interest to scholars, but existing explanations lack counterfactual evidence and suffer from endogeneity issues. This study attempts to test the impact of extreme weather on economic development in the Qing Dynasty. Based on the prefecture-level panel data from 1644-1911, we find that extreme weather led to an 8.98% decrease in population density, driven mainly by droughts. This effect remains robust to controlling for other confounders such as technological progress and positive checks, employing alternative proxies for economic development, and time series analysis. Additionally, we find that the population recovery following extreme weather events was consistent with the Malthusian model, and fiscal surpluses could hedge the negative impacts of extreme weather. This study improves our understanding of the role of extreme weather in the economic dynamics of pre-modern China. Related Articles | Metrics

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CHEN Yihui, WANG Yao China Economic Studies    2025, 01 (01): 105-.   Abstract （325）      PDF （863KB）（288）       Knowledge map    This paper takes public health emergencies as exogenous shocks, uses quarterly data of China A-share listed companies from 2017 to 2021 as a sample, and studies the impact of the company's anti-takeover intensity on corporate resilience from the perspective of the establishment of the company's internal charter. The results show that the greater the number of anti–takeover clauses set up in the company's articles of association, the worse the company's resistance and resilience, and the worse its operating performance. Mechanism tests show that the anti–takeover clause is mainly set to reduce corporate resilience by exacerbating the first type of principal-agent costs of the company in crisis scenarios; while the second type of agency costs did not play a role. Heterogeneous analysis finds that the impact of anti-takeover clauses on corporate resilience is more obvious in samples of non–state–owned enterprises with low levels of external supervision, severe epidemic impacts in cities where they are located, and non–state-owned enterprises. Related Articles | Metrics

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Theoretical System of Socialist Political Economy with Chinese Characteristics: Preconditions and System Construction BAI Yongxiu , ZHAO Xinghua China Economic Studies    2025, 02 (02): 1-.   Abstract （304）      PDF （1464KB）（304）       Knowledge map    The scientificity and degree of theoretical system construction is an important sign to measure the maturity of a subject. After reviewing and summarizing the construction ideas of the socialist political economy with Chinese characteristics, it is found that there are three main paths: construction by referring to the more mature theoretical system, construction by gathering major practical problems, and construction by focusing on research mainline, Based on the construction ideas of the above three main paths, this paper takes the ownership structure of the means of production in the primary stage of socialism as the logical starting point, takes the production relations in the primary stage of socialism as the object of study, focuses on the dialectical unity relationship between market efficiency and social equity, takes Marxist political economy as the guidance, and draws on the reasonable components of western economics. In close connection with the practice of economic development in the primary stage of socialism with Chinese characteristics, and in accordance with “an overall-particular-overall” structural arrangement, the seven-part system covering the theory of production mode and basic economic system, production theory, distribution theory, exchange theory, consumption theory, macroeconomic theory and foreign economic theory has been constructed. Related Articles | Metrics

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An International Comparative Study of National Income Distribution under the Goal of Common Prosperity TANG Ya, XU Xianchun, WANG Yang China Economic Studies    2025, 02 (02): 42-.   Abstract （286）      PDF （1252KB）（211）       Knowledge map    National income distribution is a key issue in the study of how to promote common prosperity through high quality development. This paper conducts an international comparison study on national income distribution based on the data of the adjusted international comparable flow of funds table. This study draws the following conclusions: compared to the foreign countries, (i) within the primary distribution, the total income of the enterprise sector erodes the income of household sector, indicating the capital factor is stronger than the labor one in China; (ii) within the secondary distribution, the adjustment function of social security and tax underplay its role; (iii) within the redistribution in kind, the scale of social transfers in kind in China is relatively lower, and the function of public services is limited in improving households' welfare. We suggest to improve the distribution mechanism based on production factors, improve the system of tax, social security and public services, promoting the realization of common prosperity through high–quality development.  Related Articles | Metrics

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JIN Weidong, YANG Ziqi, LI Shuyue China Economic Studies    2025, 01 (01): 168-.   Abstract （262）      PDF （561KB）（679）       Knowledge map    This paper invested efforts in studying the influence of "delayed employment" on graduates' person-job matching and employment stability. Such a choice does prolong their jobs and constitutes an essential part of them to "stay at" their posts, and found the outcomes. Further mechanism analysis suggested that “delayed employment" shines on equipping graduates with a better understanding of themselves and their occupation, improving demand-supply matching, and lowering the active turnover rate of graduates. In addition, it strengthens their transfer-ability to serve the requirement-ability matching, thereby cutting down the passive turnover rate. Moreover, it also works in promoting the matching of values between graduates and enterprises, enhancing the aforementioned two matching and the effect of “stable" employment. Finally, based on the empirical conclusions, this paper puts forward relevant policy recommendations. Related Articles | Metrics