“稳外资”如何影响“稳投资”——来自《外商投资产业指导目录》的新证据
王 海 郭冠宇
摘 要：持续扩大外资市场准入是新时代适应经济全球化趋势的必然要求，也是推动更高水平对外开放的关键举措。作为中国政府促进经济高质量发展的重要抓手，厘清“稳外资”与“稳投资”工作间的内在联系对于构建国内国际双循环相互促进的新发展格局具有重要政策含义。基于此，本文在收集整理中国历年《外商投资产业指导目录》信息的基础上实证考察外资市场准入对内资企业投资的影响。结果表明：外资市场准入放开有助于内资企业投资增长。较之限制类、允许类政策，鼓励外资进入的政策效果更为积极。机制分析表明外资市场准入可通过竞争效应、溢出效应、激励效应和资源配置效应促进企业投资增长。异质性分析发现外资市场准入的影响在西部地区、普通城市、非资本密集型以及民营企业中更为明显。此外，高新区政策与外资市场准入可以起到政策协同作用。
关键词：外资市场准入 内资企业投资 《外商投资产业指导目录》 政策协同
How “Stabilizing Foreign Investment” Affects “Stabilizing Investment”——Evidence from the Catalogue for the Guidance of Foreign Investment Industries
Hai Wang Guanyu Guo
Abstract: Continuously expanding foreign capital market access is an inevitable requirement to adapt to the trend of economic globalization in the new era, and also a key measure to promote higher levels of opening up. As an important starting point for the Chinese government to promote high-quality economic development, clarifying the internal relationship between “stabilizing foreign investment” and “stabilizing investment” has important policy implications for building a new development pattern of domestic and international double circulation and mutual promotion. On the basis of collecting and sorting out the information of the Catalogue for the Guidance of Foreign Investment Industries, this paper empirically tests the relationship between FDI market access and domestic enterprise investment. We find that the liberalization of FDI market access significantly promotes the investment of domestic enterprises. Compared with the policy of restriction and permission, the impact of encouraging policy is more significant. Mechanism analysis shows that FDI market access can promote enterprise investment through competition effect, spillover effect, incentive effect and resource allocation effect. The heterogeneity analysis shows that the impact of FDI policy is significant in western regions, ordinary cities, non-capital intensive enterprises and private enterprises. In addition, this paper also finds that the linkage of high-tech zone policy and FDI market access can help foreign policy achieve more positive impact.
Keywords: FDI Market Access Investment of Domestic Enterprises Catalogue for the Guidance of Foreign Investment Industries Policy Cooperation
JEL Classification: F20 G31
支付科技助推消费结构升级的理论机制与微观证据
韩蓄 傅联英
摘 要：本文基于需求层次理论与行为助推理论，阐释了支付科技助推消费结构升级的机理，提炼出消费偏好和社会资本两条传导渠道。在此基础上，利用中国家庭金融调查数据，运用内生转换回归模型实证考察了支付科技对消费结构的影响。研究结果表明：支付科技提升了发展享受型消费占比，产生了显著的消费结构升级效应，该结论在多项检验中均表现稳健。基于因果中介框架的机制分析发现，支付科技通过消费偏好和社会资本两条路径构成的并联机制助推消费结构升级。异质性分析结果显示，支付科技产生的消费结构升级效应存在城乡差别、性别差异和地区差距，该效应在东中部地区、农村地区以及男性群体中更为凸显。支付产业生态圈各方应致力于场景创新、跨界融合、安全保障，为居民消费结构升级提供支撑。
关键词：支付科技 消费结构升级 理论机制 内生转换回归模型
Nudging Consumption Structure into Upgrading
Xu Han Lianying Fu
Abstract: Based on the theory of hierarchy of needs and boost theory, this paper explains the mechanism of payment technology nudging consumption structure into upgrading, and reveals two transmission channels, i.e., consumption preference and social capital. Based on the data of Chinese Household Finance Survey (CHFS), this paper empirically examines the impact of payment technology on consumption structure using endogenous transformation regression model. The results show that payment technology improves the proportion of development-enjoying consumption and has a significant effect on consumption structure upgrading. This conclusion is robust in various tests. Based on the mechanism analysis by causal mediating framework, it is found that payment technology nudges consumption structure into upgrading through the parallel mechanism composed of consumption preference and social capital. The results of heterogeneity analysis show that there are urban-rural differences, gender differences and regional differences in the effect of payment technology nudging consumption structure into upgrading, and the nudging effect is more prominent in the eastern and central regions, rural areas and male groups. All parties in the payment industry ecosystem should be committed to scene innovations, cross-border integration and security, so as to provide support for the upgrading of residents' consumption.
Keywords: Payment Technology Upgrading of Consumption Structure Theoretical Mechanism Endogenous Switching Regression Model
JEL Classification: D12 E21 P36
老而弥新：耦合型开放式创新驱动的中国制造企业服务化和数字化协同共演研究
孟韬 赵非非 李佳雷 李东轩
摘 要：随着全球制造企业外部环境日趋开放，中国制造企业正处于“创新驱动”引领的服务化和数字化双重叠加态势下，但其演化过程和实现机制不甚清晰。本文以一家拥有91年历史的中国制冷行业“活化石”——冰山集团为例，探讨耦合型开放式创新对企业服务化和数字化的影响以及企业服务化与数字化动态协同演化过程两个研究问题。研究发现：（1）多维机会窗口下，耦合型开放式创新呈现出创新模式的差异化堆垒配置以及合作对象的多元化时序协同2个特征。（2）耦合型开放式创新与企业服务化和数字化相互影响、相互促进。企业服务化演化经历“探索——参与——扩展——应用”过程，与之相对，企业数字化演化经历“启动——发展——实施——应用”过程。（3）服务化与数字化在协同演化和动态融合中依次形成基于互联网的产品服务系统、基于物联网的产品服务系统和智能产品服务系统3种演化结果。（4）整个动态协同演化依次表现为“外需倒逼式”“资本助推式”“制度引致式”“场景驱动式”4种演化模式。不同阶段间遵循“开发增量用户”“强化用户黏性”“重设组织身份”3种核心实现机制。本文能够贡献于现有文献对于开放式创新、服务化和数字化关系考量不足造成的研究缺口，同时建立起企业服务化和数字化间的对应关系，对数字经济时代老字号制造企业重新焕发活力具有一定的启发意义。
关键词：耦合型开放式创新 服务化 数字化 案例研究
Lasting Charms： Co-evolution of Servitization and Digitalization of Chinese Manufacturing Enterprises Driven by Coupled Open Innovation
Tao Meng Feifei Zhao Jialei Li Dongxuan Li
Abstract: As the external environment of global manufacturing enterprises is becoming more and more open, Chinese manufacturing enterprises are in the dual superposition of servitization and digitalization led by "innovation-driven", but their evolution process and realization mechanism are not very clear. T-aking a 91-year-old "living fossil" in China's refrigeration industry, Bingshan Group, as an example, this paper discusses the impact of coupled open innovation on enterprise servitization and digitization, and two research issues on the dynamic co-evolution process of enterprise servitization and digitization. The research found that: (1) Under the multi-dimensional window of opportunity, coupled open innovation presents two characteristics: the differentiated stacking configuration of the innovation model and the diversification of time-series coordination of cooperation objects. (2) Coupling open innovation and enterprise service and digitalization interact and promote each other. The evolution of enterprise servitization goes through the process of "exploration-participation-expansion-application". In contrast, the evolution of enterprise digitalization goes through the process of "initiation-development-implementation-application". (3) In the co-evolution and dynamic integration of servitization and digitization, three evolution results of Internet-based product service systems, IoT-based product service systems, and intelligent product service systems are formed in turn. (4) The entire dynamic co-evolution is represented in turn by four evolution modes: "external demand-driven", "capital-assisted", "system-induced" and "scenario-driven". The three core implementation mechanisms of "developing incremental users", "enhancing user stickiness" and "resetting organizational identity" are followed between different stages. This paper can contribute to the research gap caused by the lack of consideration of the relationship between open innovation, servitization, and digitization in the existing literature, and at the same time establish the corresponding relationship between enterprise servitization and digitization, which has certain implications for the rejuvenation of time-honored manufacturers in the digital economy era.
Keywords: Coupled Open Innovation Servitization Digitization Case study
JEL Classification: L00 L20
新旧动能转换会减少就业岗位吗？
卢超 刘国亮
摘 要：在中国经济进入新常态的背景下，新旧动能转换成为实现经济增长方式转变和经济高质量发展的必经途径。但伴随而来的是，中国劳动力技能结构和需求结构之间不匹配的问题日益加重，劳动力市场结构性失业加剧。本文通过构建新旧动能转换指数，实证检验了新旧动能转换对劳动力就业结构的影响。研究表明，新旧动能转换伴随着就业两极化的现象并加剧了劳动力就业两极化。并且，新旧动能转换进程中就业两极化现象的发生与经济发展水平无关，不同经济发展水平的地区均出现了就业两极化现象，但就业两极化表现有所不同。经济发展水平高的地区，就业两极化突出表现为高技能劳动力就业比重增加更多；而经济发展水平低的地区，就业两极化突出表现为低技能劳动力就业比重增加更多。因此，在新旧动能转换过程中，要高度关注经济落后地区低技能劳动力就业增加过快的现象，着重对经济发达地区进行高技能劳动力的投资和引进，加大对中技能劳动力向高端就业转岗的培训以及关注就业两极化问题可能导致的收入差距扩大的问题。
关键词：新旧动能转换指数 劳动力就业结构 就业两极化
Does the conversion of old and new drivers of growth reduce opportunities of employment?
Chao LU Guoliang LIU
Abstract: As China's economy enters a new normal, the conversion of old and new drivers of growth has become the only way to realize the transformation of economic development pattern and high-quality economic development. However, the mismatch between the skill structure and the demand structure of Chinese labor force becomes increasingly severe, and structural unemployment in the labor market intensifies. This paper empirically examines the influence of the conversion of old and new drivers of growth on the employment structure by constructing the conversion index of old and new drivers of growth. The research shows that the transformation of the conversion of old and new drivers of growth has been accompanied by polarization of employment and intensifies employment polarization. Moreover, the occurrence of employment polarization has nothing to do with the level of economic development in the process of the conversion of old and new drivers of growth. The employment polarization occurs in all regions with different economy developing levels, but the performance of employment polarization is different. In the regions with high level of economic development, the employment polarization is manifested as the proportion of high-skilled labor increasing more; However, in the regions with low level of economic development, the employment polarization is manifested as the employment proportion of low-skilled labor increases more. Therefore, in the conversion of old and new drivers of growth process, the regions with low level of economic development need to pay more attention to the phenomenon of low-skilled labor force increasing too fast, the regions with high level of economic development need to invest in and bring in high-skilled labor force, and increase job-transfer training of medium-skilled labor force and focus on that employment polarization may lead to the trend of widening income gap.
Keywords: Conversion of Old and New Drivers of Growth Employment Structure of Labor Force Employment Polarization
JEL Classification：J11 O47
互联网电子商务对中国企业融资的影响：基于营运能力的视角
陈维涛
摘 要：本文采用“阿里巴巴电子商务发展指数”和中国上市制造业企业数据，从企业营运能力的角度，实证分析了互联网电子商务对中国企业融资的影响与作用渠道。研究结果表明：首先，互联网电子商务能够显著提高企业融资，尤其是能够提高短期流动性水平；其次，互联网电子商务能够显著提升企业应收账款和存货管理的营运能力，通过缩短企业存货周转天数和营业周期，进而提高企业融资水平；此外，相比互联网总体发展水平尤其是互联网电子商务设施服务的影响，互联网电子商务交易应用水平更能显著提升企业营运能力，更能显著提高企业融资水平；最后，互联网电子商务能够显著提高短期应收账款占比，降低中长期应收账款占比，有利于企业优化应收账款结构，防范中长期应收账款风险，提高企业应收账款短期变现能力，提高企业融资水平。
关键词：互联网电子商务 营运能力 企业融资
The Effect of E-commerce on Chinese Corporate Financing：from the Perspective of Operation Management
Weitao Chen
Abstract: From the perspective of operation management, this paper studies the effect and mechanism of E-commerce on Chinese corporate financing, based on "Alibaba e-commerce development index" and Chinese listed company database. First, E-commerce has a positive effect on Chinese corporate financing, especially on short-term enterprise liquidity. Second, E-commerce can help the firm to improve the operation management, reduce the time of inventory turnover and operating cycle, and then promote the improvement of corporate financing. Moreover, the Internet e-commerce leads a more increase in operation management than the Internet infrastructure and thus can promote the improvement of corporate financing more than the Internet infrastructure. Finally, E-commerce can significantly increase the proportion of short-term receivables, decrease the proportion of long-term receivables, and help the firm to optimize the structure of accounts receivable, reduce the risk of long-term accounts receivable, improve the liquidate ability, and then has a positive effect on Chinese corporate financing.
Key Words: E-commerce Operation Management Corporate Financing
JEL Classification: O30 O40 G10
高水平对外开放如何推动我国出口产品质量升级？——基于共建“一带一路”的准自然实验
张 辽 孙振汉
摘 要：基于共建“一带一路”高质量发展的互利共赢开放战略实践背景，利用2009-2016年中国海关贸易数据库和国泰安中国上市公司数据库的匹配数据，检验了高水平对外开放对我国出口产品质量升级的影响及其作用机制。研究表明，高水平对外开放通过资源优化配置效应和纾解融资约束效应对我国企业出口产品质量存在显著的正向促进作用。即高水平对外开放能够有效激励企业选择更为理性的要素配置等方式规避资源低效率使用问题，还能通过纾解企业的融资约束促进企业出口产品质量升级。进一步研究发现，高水平对外开放对企业出口产品质量升级的影响在不同技术水平的决策单元存在明显的异质性，突出表现在对非国有企业出口产品质量升级的影响显著且高达到0.0258%，但该倡议的政策效应在加工贸易企业和混合贸易企业两类样本中并不显著，甚至对加工企业的出口产品质量具有反向作用。此外，资本负荷过重的资本密集型企业也会面临技术升级过程中固定资产更新换代不易而降低产品质量。
关键词：共建“一带一路” 出口产品质量 资源优化配置效应 纾解融资约束效应
How Does High-level Opening to the Outside World Affect The Quality Upgrading Of China's Export Products?——Evidence from the Quasi-natural Experiment of the“Belt and Road”Initiative
Liao Zhang Zhenhan Sun
Abstract: Based on the practical background of the win-win opening-up strategy of jointly building the "Belt and Road" high-quality development, this paper uses the matching data of China Customs Trade Database and Guotai 'an China Listed Company database from 2009 to 2016 to test the impact of high-level opening-up on the quality upgrade of China's export products and its mechanism. The research shows that the high level of opening to the outside world has a significant positive effect on the quality of Chinese enterprises' export products by optimizing the allocation of resources and easing the financing constraint effect. In other words, high-level opening-up can effectively encourage enterprises to choose more rational allocation of factors and other ways to avoid the problem of inefficient use of resources. It can also alleviate the financing constraints of enterprises and promote the quality upgrade of enterprises' export products. Further research shows that the influence of high-level opening to the outside world on the quality upgrade of export products of enterprises has obvious heterogeneity in the decision-making units of different technical levels, which is highlighted in the significant influence on the quality upgrade of export products of non-state-owned enterprises (up to 0.0258%), but the policy effect of this initiative is not significant in the samples of processing trade enterprises and mixed trade enterprises. It even has a reverse effect on the quality of export products of processing enterprises. In addition, capital-intensive enterprises with heavy capital load will also face the difficulty of upgrading fixed assets in the process of technology upgrading, which will reduce product quality.
Keywords: Belt And Road Initiative Quality Of Export Products Effect of Optimal Resources Allocation Relieve The Financing Constraint Effect
JEL Classification：F10 F50
企业数字管理能力成熟度评价模型研究
王伟 凌宗磊 张慧英 李鹏
摘 要：提高企业数字管理成熟度能力，为企业数字化转型提供保障。本文考虑数字企业的管理要素，构建了包含8个一级指标和26个二级指标的数字管理能力成熟度评价指标体系。利用熵权法确定各级指标权重，借助模糊综合评价法测量评价值，最后确定管理数字能力成熟度等级。将此方法应用到国网山东省淄博供电公司，获取了管理数字化的成熟度评价结果，提出企业数字转型的改进建议。
关键词：数字化转型 管理数字化 模糊综合评价 成熟度评价
Research on Evaluation Model of Enterprise Digital Management Capability Maturity
Wei Wang Zonglei Ling Huiying Zhang Peng Li
Abstract: Improve the maturity of enterprise digital management and provide guarantee for enterprise digital transformation. Considering the management elements of digital enterprises, this paper constructs a digital management capability maturity evaluation index system that includes 8 first level indicators and 26 second level indicators. The entropy weight method is used to determine the weight of indicators at all levels, the fuzzy comprehensive evaluation method is used to measure the evaluation value, and finally the management digital capability maturity level is determined. This method is applied to Zibo Power Supply Company of State Grid Shandong Province, and the maturity evaluation results of management digitalization are obtained. Suggestions for management improvement in promoting enterprise digital transformation are put forward.
Keywords: Digital Transformation Management Digitization Fuzzy Comprehensive Evaluation Maturity Evaluation
JEL Classification: L01 L25