The digital economy has infused vitality into the transformation and development of the real economy,urging enterprises to break through core technological barriers,address bottleneck issues,and improve their core com...The digital economy has infused vitality into the transformation and development of the real economy,urging enterprises to break through core technological barriers,address bottleneck issues,and improve their core competitiveness.It fosters the comprehensive digital transformation of agriculture,manufacturing,and service sectors,improving the dynamism of the real economy and fostering more consumption hotspots.Efforts are underway to enhance industrial supply chains and innovation chains,optimize regional resource allocation,and promote a virtuous cycle within the real economy.Initiatives are being undertaken to standardize the development of digital economic platforms,promote the high-quality development of regional economies,and leverage the advantages of the socialist market economy with Chinese characteristics.展开更多
As a highly disruptive digital technology,blockchain provides new solutions for reshaping corporate governance mechanisms and improving resource allocation.We empirically examine the relationship between blockchain an...As a highly disruptive digital technology,blockchain provides new solutions for reshaping corporate governance mechanisms and improving resource allocation.We empirically examine the relationship between blockchain and corporate investment inefficiency.We find that blockchain can help improve corporate investment efficiency,and this result is valid after a series of robustness tests.Blockchain can not only significantly restrain overinvestment but also alleviate underinvestment.Reducing financing costs and alleviating agency conflicts are the two channels through which blockchain is associated with corporate investment efficiency,and financial reporting quality is the condition on which the channels depend.When the CEO holds few shares or the trade credit environment in the region where the company is located is poor,the effect of blockchain is more prominent than it is otherwise.Investment efficiency cannot be improved by blockchain for companies providing blockchain products or services to customers,only for those promoting their own operations and management with blockchain.Ultimately,blockchain can enhance companies’value by alleviating inefficient investment.We reveal the role of blockchain in corporate investment efficiency,furnish microeconomic evidence for the integration of digital technology and the real economy and provide implications for China to promote digital technology to drive high-quality company development.展开更多
In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve th...In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.展开更多
The smooth operation of the financial system can promote economic growth by absorbing risks,while the risks breaking out in the financial system will drag down economic development through risk spillovers and amplific...The smooth operation of the financial system can promote economic growth by absorbing risks,while the risks breaking out in the financial system will drag down economic development through risk spillovers and amplification.On this basis,this paper uses secondary industry indices to build a risk spillover network between the real economy and the financial system,and discusses the risk absorption and amplification role of the financial system in China’s economy and finance from the perspective of industry.First,on the whole,the source of risks in China’s economic and financial system lies in the real economy.The financial system plays a role of risk absorption in China’s economic and financial system,demonstrating the professional risk management functions of the financial system.The risk absorption of the financial system is positively correlated with the risks in the real economy,and negatively correlated with the risks in the financial system.Second,from the perspective of the correlation between the financial sub-industry and the real economy,the banking sector has the closest relationship with the real economy and the lowest risk absorption capacity.Third,from the perspective of the internal correlation of the financial system,the internal network correlation of the financial system is asymmetric.Diversifi ed financial industry has stronger risk spillover effect on the banking industry and the insurance industry,while the insurance industry has stronger risk spillover effect on the banking industry.These results are essentially related to the functioning of the financial system,the internal relationship of the financial system and the relationship between the financial system and the real economy.展开更多
The subprime crisis that originated in the United States has prompted a global economic slowdown.In an interview with China Securities Journal, Li Yang, Director of the Institute of Finance and Banking under the Chine...The subprime crisis that originated in the United States has prompted a global economic slowdown.In an interview with China Securities Journal, Li Yang, Director of the Institute of Finance and Banking under the Chinese Academy of Social Sciences, reflected on the lessons and opportunitiesthe crisis provides for China’s financial product innovation and development strategies.展开更多
With November’s consumer price index (CPI) growing at a staggering 5.1 percent, economic analysts are increasingly concerned about runaway inflation and excess liquidity in the Chinese market. Gu Shengzu, a member of...With November’s consumer price index (CPI) growing at a staggering 5.1 percent, economic analysts are increasingly concerned about runaway inflation and excess liquidity in the Chinese market. Gu Shengzu, a member of the Standing Committee of the National People’s Congress and a renowned economist, pointed out it is the disordered flow of large-scale private capital that pushes up consumer prices and adds to worries about inflation. Gu offered suggestions on how to address the problem at a seminar on financial and strategic emerging industries recently held in Beijing. Edited excerpts follow:展开更多
Grasping the development trends and patterns of the digital economy and promoting the integrated development of the digital and the real economy is a strategic choice for China's construction of new competitive ad...Grasping the development trends and patterns of the digital economy and promoting the integrated development of the digital and the real economy is a strategic choice for China's construction of new competitive advantages.Based on case studies of the growth of e-commerce,this paper develops five microeconomic propositions about the following issues:the microeconomic features of data factor that differ from traditional production factors;optimal decision-making for digital enterprises;“data+platform”architecture,data transaction governance,and digital infrastructure supply.We apply these theoretical propositions to enterprise innovative practices in different application scenarios such as driverless vehicles and manufacturing digitalization.This paper provides a systematic and consistent theoretical framework for analyzing platform business model innovation and accurately identifying issues of institutional construction that promote the integrated development of the digital and the real economy.展开更多
The real economy is the main body of high-quality development,and the efficiency of capital allocation is an important manifestation of the development of the real economy.Therefore,it is very important to study the e...The real economy is the main body of high-quality development,and the efficiency of capital allocation is an important manifestation of the development of the real economy.Therefore,it is very important to study the efficiency of capital allocation.As a representative of horizontal finance,commercial credit has a significant impact on the improvement of capital allocation efficiency.In view of this,this article combs the literature on commercial credit and capital allocation efficiency from the following aspects:firstly,by studying the literature,combing the literature on the macro-level,micro-level and economic effects of commercial credit;secondly,the measurement method of capital allocation efficiency And the influencing factors are systematically sorted out,and finally sorted out and evaluated the existing literature on the influence of commercial credit on the efficiency of capital allocation.展开更多
Green chemistry has attracted more attention in the past century.Among the 12 principles of green chemistry,only atom economy and E factor can be expressed quantitatively to depict the impact of a chemical process to ...Green chemistry has attracted more attention in the past century.Among the 12 principles of green chemistry,only atom economy and E factor can be expressed quantitatively to depict the impact of a chemical process to environment.Atom economy was thought better than the traditional yield for evaluating the atom efficiency of raw materials.But it is not enough to reflect the conversion degree of raw material.In this paper,we proposed the concept of real atom economy(RAE)as a metric.RAE could combine the above two factors together to better express the green degree of a process.We further suggested an equation to correlate E factor with RAE.The concept of RAE is proved to be helpful for estimating an environmentally benign process.展开更多
文摘The digital economy has infused vitality into the transformation and development of the real economy,urging enterprises to break through core technological barriers,address bottleneck issues,and improve their core competitiveness.It fosters the comprehensive digital transformation of agriculture,manufacturing,and service sectors,improving the dynamism of the real economy and fostering more consumption hotspots.Efforts are underway to enhance industrial supply chains and innovation chains,optimize regional resource allocation,and promote a virtuous cycle within the real economy.Initiatives are being undertaken to standardize the development of digital economic platforms,promote the high-quality development of regional economies,and leverage the advantages of the socialist market economy with Chinese characteristics.
基金supported by the National Natural Science Foundation of China[grant number 72202042,71902038,71872078]Guangdong Basic and Applied Basic Research Foundation[grant number 2020A1515110752]
文摘As a highly disruptive digital technology,blockchain provides new solutions for reshaping corporate governance mechanisms and improving resource allocation.We empirically examine the relationship between blockchain and corporate investment inefficiency.We find that blockchain can help improve corporate investment efficiency,and this result is valid after a series of robustness tests.Blockchain can not only significantly restrain overinvestment but also alleviate underinvestment.Reducing financing costs and alleviating agency conflicts are the two channels through which blockchain is associated with corporate investment efficiency,and financial reporting quality is the condition on which the channels depend.When the CEO holds few shares or the trade credit environment in the region where the company is located is poor,the effect of blockchain is more prominent than it is otherwise.Investment efficiency cannot be improved by blockchain for companies providing blockchain products or services to customers,only for those promoting their own operations and management with blockchain.Ultimately,blockchain can enhance companies’value by alleviating inefficient investment.We reveal the role of blockchain in corporate investment efficiency,furnish microeconomic evidence for the integration of digital technology and the real economy and provide implications for China to promote digital technology to drive high-quality company development.
基金sponsored by"Research on Countermeasures for Deepening Institutional Innovation of Pilot Free Trade Zones,"a Think Tank Program of Tianjin Philosophy and Social Science Planning(No.:TJZDDY20-05).
文摘In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.
文摘The smooth operation of the financial system can promote economic growth by absorbing risks,while the risks breaking out in the financial system will drag down economic development through risk spillovers and amplification.On this basis,this paper uses secondary industry indices to build a risk spillover network between the real economy and the financial system,and discusses the risk absorption and amplification role of the financial system in China’s economy and finance from the perspective of industry.First,on the whole,the source of risks in China’s economic and financial system lies in the real economy.The financial system plays a role of risk absorption in China’s economic and financial system,demonstrating the professional risk management functions of the financial system.The risk absorption of the financial system is positively correlated with the risks in the real economy,and negatively correlated with the risks in the financial system.Second,from the perspective of the correlation between the financial sub-industry and the real economy,the banking sector has the closest relationship with the real economy and the lowest risk absorption capacity.Third,from the perspective of the internal correlation of the financial system,the internal network correlation of the financial system is asymmetric.Diversifi ed financial industry has stronger risk spillover effect on the banking industry and the insurance industry,while the insurance industry has stronger risk spillover effect on the banking industry.These results are essentially related to the functioning of the financial system,the internal relationship of the financial system and the relationship between the financial system and the real economy.
文摘The subprime crisis that originated in the United States has prompted a global economic slowdown.In an interview with China Securities Journal, Li Yang, Director of the Institute of Finance and Banking under the Chinese Academy of Social Sciences, reflected on the lessons and opportunitiesthe crisis provides for China’s financial product innovation and development strategies.
文摘With November’s consumer price index (CPI) growing at a staggering 5.1 percent, economic analysts are increasingly concerned about runaway inflation and excess liquidity in the Chinese market. Gu Shengzu, a member of the Standing Committee of the National People’s Congress and a renowned economist, pointed out it is the disordered flow of large-scale private capital that pushes up consumer prices and adds to worries about inflation. Gu offered suggestions on how to address the problem at a seminar on financial and strategic emerging industries recently held in Beijing. Edited excerpts follow:
文摘Grasping the development trends and patterns of the digital economy and promoting the integrated development of the digital and the real economy is a strategic choice for China's construction of new competitive advantages.Based on case studies of the growth of e-commerce,this paper develops five microeconomic propositions about the following issues:the microeconomic features of data factor that differ from traditional production factors;optimal decision-making for digital enterprises;“data+platform”architecture,data transaction governance,and digital infrastructure supply.We apply these theoretical propositions to enterprise innovative practices in different application scenarios such as driverless vehicles and manufacturing digitalization.This paper provides a systematic and consistent theoretical framework for analyzing platform business model innovation and accurately identifying issues of institutional construction that promote the integrated development of the digital and the real economy.
基金We are grateful for the financial support from Surface Project of“Nature Science Found of Shandong Province”(Project Title:Trade credit and TFP of Shandong Manufacturing Enterprises:a Study from the Perspective of Enterprises and Clusters,No.ZR2020MG037)Key Project of“Shandong University Humanities and Social Sciences”(Project Title:the Mechanism of Trade Credit Influencing Technological Innovation:an Empirical Study of Shandong Enterprises,No.J17RZ005)Surface Project of“Social Science Found of Shandong Province”(Project Title:Study on the Mechanism of Informal Finance Promoting Innovation in Shandong Province,No.19CJJJ23).
文摘The real economy is the main body of high-quality development,and the efficiency of capital allocation is an important manifestation of the development of the real economy.Therefore,it is very important to study the efficiency of capital allocation.As a representative of horizontal finance,commercial credit has a significant impact on the improvement of capital allocation efficiency.In view of this,this article combs the literature on commercial credit and capital allocation efficiency from the following aspects:firstly,by studying the literature,combing the literature on the macro-level,micro-level and economic effects of commercial credit;secondly,the measurement method of capital allocation efficiency And the influencing factors are systematically sorted out,and finally sorted out and evaluated the existing literature on the influence of commercial credit on the efficiency of capital allocation.
文摘Green chemistry has attracted more attention in the past century.Among the 12 principles of green chemistry,only atom economy and E factor can be expressed quantitatively to depict the impact of a chemical process to environment.Atom economy was thought better than the traditional yield for evaluating the atom efficiency of raw materials.But it is not enough to reflect the conversion degree of raw material.In this paper,we proposed the concept of real atom economy(RAE)as a metric.RAE could combine the above two factors together to better express the green degree of a process.We further suggested an equation to correlate E factor with RAE.The concept of RAE is proved to be helpful for estimating an environmentally benign process.
