International Studies of Economics (ISE)
Issue 3, Volume 19
Guan Gong, Yu Zhao
生态与经济发展：长江经济带的政策效应研究
Feifei Tan, Chenyu Sun
要素市场扭曲如何影响绿色创新？来自中国可持续发展示范带的证据
Pei Peng, Mengzi Sun
政府补贴和企业ESG表现：来自中国上市企业的经验证据
Xiuying Chen, Huajie Liu, Sheng Liu
环境监管与企业的环境绩效：新环保法的准自然实验
Yuan Chen, Yue Ding, Jingwei Huang, Xun Li, Kaidi Wu
甜蜜的负担？彩礼对父母健康的影响
Haopeng Sun
成年子女结婚对家庭股票市场参与的影响——基于事件研究双重差分法和中国微观数据的分析
摘要
Ecology versus economic development: Effects of China's Yangtze River Economic Belt strategy
Abstract: This study employs China's Yangtze River Economic Belt strategy as a quasi-natural experiment to investigate the impact of prioritizing green development on economic growth. Our empirical findings show that the strategy significantly reduces urban industrial wastewater discharge. It helps transition the region's industries towards technology-driven service sectors while maintaining a steady economic growth rate. On average, cities in the Yangtze River Economic Belt see a 21.9% decrease in annual industrial wastewater discharge, a 1.9% increase in economic growth rate, a 4.9% rise in the proportion of service industries' contribution to GDP, and a 2.4% increase in the number of employees in productive service industries. Moreover, our empirical results highlight the heterogeneity in the effects of the strategy across different regions, which can be attributed to factors such as population density, infrastructure, levels of human capital, and government governance. The implementation of the Yangtze River Economic Belt strategy offers valuable insights for developing countries on how to balance between economic development and environmental protection.
生态与经济发展：长江经济带的政策效应研究
摘要：本文以长江经济带战略作为准自然实验，探讨生态优先对经济发展的影响。实证结果表明：战略的实施显著降低了城市的工业废水排放，在维持稳定经济增长的同时推动了产业结构向技术驱动型服务业转型升级。平均而言，战略的实施使得城市年均工业废水排放下降约21.9%，经济增长率提升约1.9%，服务业产值占比和生产性服务业人员占比分别提高约4.9%和2.4%。此外，异质性分析表明，人口密度、基础设施、人力资本水平和政府干预能力等变量是影响政策效应异质性的因素。长江经济带战略为发展中国家如何在经济发展与环境保护之间实现平衡提供了有价值的见解。
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Abstract: Green innovation meets the simultaneous demands of green and innovation-driven development models when it is deemed as a key to realizing a green economic transition. However, factor market distortion impedes China's green development through factor mobility and resource allocation. Under such circumstances, we detect whether and how factor market distortion affects green innovation from various perspectives in the case study of China's Sustainable Development Demonstration Belt. The findings demonstrate that the distortion has a pronounced inhibiting effect on the green innovation growth in the study area. For the eastern and more-developed cities, factor market distortion considerably inhibits green innovation improvement, while the impact is less pronounced in the western (or central) and less developed cities. Furthermore, the factor market distortion negatively affects green innovation through some effective paths, like energy efficiency and environmental regulation. From a spatial perspective, the green innovation's spillover effect could be reduced by both the distortions of the labor market and capital market. Thus, this study would provide strong theoretical support for enhancing the factor market system and improving the multiregional green innovation power in China, as well as scientific suggestions on transitioning to China's sustainable development.
要素市场扭曲如何影响绿色创新？来自中国可持续发展示范带的证据
摘要：绿色创新被视为实现绿色经济转型的关键，符合绿色发展模式和创新驱动发展模式的同步要求。然而，要素市场扭曲通过要素流动和资源配置阻碍了中国的绿色发展。在这种情况下，我们以中国可持续发展示范带为例，从多个角度探讨要素市场扭曲是否以及如何影响绿色创新。研究结果表明，要素市场扭曲对研究区域的绿色创新增长具有明显的抑制作用。对于东部和较发达城市而言，要素市场扭曲严重抑制了绿色创新能力的提高，而对于西部（或中部）和欠发达城市而言，这种影响则不太明显。此外，要素市场扭曲还通过一些有效途径对绿色创新产生负面影响，如能源效率和环境监管。从空间角度看，劳动力市场和资本市场的扭曲都会降低绿色创新的溢出效应。因此，本研究将为完善要素市场体系、提升中国多区域绿色创新能力提供有力的理论支持，并为中国向可持续发展转型提供科学建议。
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Abstract: Environmental, social, and governance (ESG) performance is crucial for companies to attain sustainable development, which is a key reference for assessing the value and growth potential of a company. Government subsidies can provide incentives for companies to prioritize environmental preservation, meet their social duties, and improve their governance performance. This paper empirically examines the effects and mechanisms of government subsidies on corporate ESG performance, using an Ologit multiple ordered regression model based on data from Chinese listed companies. We find that not only do total government subsidies significantly improve firms' ESG performance, but both environmental and non-environmental subsidies also have the similar effect, albeit with different impact mechanisms. The analysis of the mechanism suggests that government subsidies can enhance corporate ESG performance by promoting green innovation, alleviating financing constraints, increasing charitable donations, and attracting social attention. This paper holds significant practical value as it presents empirical findings as a basis for reforming China's subsidy policies, showcasing the actual impact of diverse subsidy policies and the heterogeneity.
政府补贴和企业ESG表现：来自中国上市企业的经验证据
摘要：环境、社会和治理（ESG）表现是企业实现可持续发展的关键，也是评估企业价值和增长潜力的重要参考。政府补贴可以激励企业优先保护环境、履行社会责任和提高治理绩效。文章基于中国上市公司数据，使用Ologit模型实证检验了政府补贴对企业ESG表现的影响，结果显示不仅政府补贴总额能显著提高企业的ESG表现，而且环境补贴和非环境补贴也有类似的效果。机制分析表明，政府补贴可以通过促进绿色创新、缓解融资约束、增加慈善捐赠和吸引社会关注来提高企业的ESG表现。本文提出的实证研究结果为中国补贴政策的改革提供了依据，展示了不同补贴政策的实际影响和异质性，具有重要的实用价值。
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Abstract: Whether command-control environmental regulation can play a positive role in circumstances of imperfect market incentive-based environmental regulation remains rarely explored. Using the difference-in-difference model, we find that command-control environmental regulation can significantly improve the environmental performance of heavily polluting firms. This result still holds after a sequence of robustness tests. The analysis of the economic mechanism indicates that the new environmental protection law mainly contributes positively to the environmental performance of high-polluting firms by improving the quality of their environmental investments and pollution treatment disclosures, and by reducing the government subsidies they receive to improve the environmental performance of high-polluting firms. Meanwhile, the new environmental protection law has a more pronounced impact on heavily polluting enterprises in the eastern region, with imperfect internal control, stronger environmental regulations, more distant political connections, greater pressure on regional GDP growth and weaker industry competition. This paper confirms the effectiveness of the new environmental law in improving environmental performance of heavily polluting enterprises in pursuit of carbon peaking and carbon neutrality goals, and provides new evidence to test the weak Porter hypothesis in the context of transition economies.
环境监管与企业的环境绩效：新环保法的准自然实验
摘要：在市场激励型环境规制不完善的情况下，命令控制型环境规制是否能发挥积极作用，目前仍鲜有研究。利用双重差分模型，我们发现指令控制型环境规制可以显著改善重污染企业的环境绩效。经过一系列稳健性检验后，这一结果仍然成立。经济机制分析表明，新环保法主要通过提高高污染企业的环保投资质量和污染治理信息披露质量，以及减少高污染企业获得的政府补贴来改善高污染企业的环境绩效，从而对高污染企业的环境绩效产生积极的促进作用。同时，新环保法对东部地区的重污染企业影响更为明显，这些企业内部控制不完善，环境监管力度较大，政治联系较远，地区 GDP 增长压力较大，行业竞争较弱。本文证实了新环保法在改善重污染企业环境绩效以追求碳峰值和碳中和目标方面的有效性，并为检验转型经济体背景下的弱波特假说提供了新的证据。
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Abstract: The bride price, as an informal institution originated from traditional culture, is pervasive in many areas of the developing world in a form of a payment from the family of the groom to that of the bride at marriage. We study the effects of bride price on parents' health in China. Using information on bride price payment and various health measures from the China Health and Retirement Longitudinal Study, we find that the bride price significantly reduces self-reported health among the grooms' parents after addressing the endogeneity issue with average sex ratio within a family computed as an instrumental variable. The reductions are heterogenous across urban and rural areas. Mechanism analysis suggests the negative health outcomes are driven by family debt, heavier psychological stress and longer work hours caused by bride price payments.
甜蜜的负担？彩礼对父母健康的影响
摘要：彩礼作为一种源于传统文化的非正式制度，在发展中国家的许多地区普遍存在，其形式是新郎家庭在结婚时向新娘家庭支付的一笔款项。我们研究了彩礼对中国父母健康的影响。利用《中国健康与退休纵向研究》(China Health and Retirement Longitudinal Study)中关于彩礼支付和各种健康测量指标的信息，我们通过计算家庭中的平均性别比作为工具变量解决了彩礼的内生性问题。研究结果我们发现彩礼在解决了内生性问题后，会显著降低新郎父母自我报告的健康水平，，而内生性问题是通过计算家庭中的平均性别比作为工具变量来解决的。在城市和农村地区，降低的幅度是不同的。机制分析表明，彩礼引发的家庭债务、更大的心理压力和更长的工作时间是造成负面健康结果的原因。
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Abstract: This paper examines households' stock market participation responses to a critical life-cycle event, adult children's marriage. An event-study difference-in-differences approach is employed to facilitate identification, which compares changes in the stock market participation behaviors of households that experience children's marriage with households that experience it later as well as households that never experience it. Exploiting household-wide variations in exposure to children's marriage using the China Family Panel Studies data over the 2010–2020 period, this paper finds that 2 years after children's marriage, households significantly enhance their likelihood of participating in the stock market. Households' willingness to participate increases by 1.1 to 1.6 percentage points depending on specifications. This paper's finding supports time-varying risk aversion at the household level. Mechanism analysis indicates that children's marriage raises household risk preferences because it mitigates parental old-age support concerns and alleviates households' consumption commitment to housing and children.
成年子女结婚对家庭股票市场参与的影响
——基于事件研究双重差分法和中国微观数据的分析
摘要：本文研究了家庭股票市场参与决策对一项重要人生事件的反应，即成年子女进入婚姻。为了准确识别成年子女结婚对家庭股票市场参与的因果效应，本文使用了事件研究双重差分法。这种方法通过比较较早经历成年子女结婚事件的家庭与较晚和从未经历这一事件的家庭在成年子女结婚前后股票市场参与决策的变化来识别因果效应。利用2010-2020年中国家庭追踪调查（CFPS）数据，本文发现，成年子女结婚两年以后，家庭股票市场参与概率明显提高。基于不同模型设定的回归结果显示，家庭股市参与概率会提高1.1到1.6个百分点。本文的研究结果为家庭层面的时变风险厌恶提供了新证据。此外，机制分析表明，成年子女结婚通过减轻父母养老风险以及减轻父母在住房和抚养子女方面的刚性支出两种途径提高家庭风险偏好，从而增加家庭股票市场参与概率。
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