中国横向并购审查中的安全港规则研究：基于“显示偏好理论”
林平 魏昕
摘 要：横向并购审查安全港规则在提高执法效率、降低企业合规成本和提升监管制度可预见性等方面具有重要作用。中国《反垄断法》执法已15年之久，尚未设置安全港。本文应用显示偏好理论，基于自2008年《反垄断法》颁布以来审查并公布的附加限制性条件和禁止的60余个经营者集中案件，对案件中HHI和△HHI指标的使用情况进行实证分析，反向推断执法机构采用的“隐性安全港”。本文进而考虑数字经济发展特征与“鼓励创新”原则等因素，借鉴美国、欧盟等司法辖区的最新进展及经验，提出中国横向并购安全港方案，为建立企业并购安全港这一反垄断基本制度提供参考。
关键词：横向并购 安全港 显示偏好 鼓励创新
Research on the Safe Harbor Rule in China's Horizontal M&A Review:
Based on the " Revealed Preference Theory"
Ping Lin Xin Wei
Abstract：The horizontal M&A review safe harbor rule plays an important role in improving enforcement efficiency, reducing compliance costs and enhancing the predictability of the regulatory system. China's Anti-Monopoly Law has been in force for 15 years, but there is still no established safe harbor. Based on the theory of "revealed preference", this paper makes an empirical analysis of the use of HHI and △HHI indicators in more than 60 cases reviewed and published since the enactment of the Anti-Monopoly Law in 2008, to infer the "implicit safe harbor" adopted by the enforcement agency in China. This paper further considers factors such as the development characteristics of the digital economy and the principle of "encouraging innovation", draws on the latest progress and experience of jurisdictions such as the United States and the European Union, and puts forward the scheme of China's horizontal M&A safe harbor. We hope that the study provides a useful reference for establishing a more complete anti-monopoly system in China.
Keywords：Horizontal Merger and Acquisition Safe Harbor Revealed Preference Encouraging Innovation
JEL Classification：G34 K21 L43
地方政府数据集成偏好、数字商业生态系统与区域创新绩效
郝雄磊 王福涛
摘 要：按照数据生成、存储、处理、应用环节的先后顺序将数据价值的创造过程划分为不同环节，依据地方政府对不同环节的支持重点，归纳出两种数据要素偏好——数据集成偏好和数据应用偏好。数据集成强调发挥数据规模优势，数据应用强调发挥行业专业知识优势。数据集成企业主导下的区域市场呈现出垄断特征，而数据应用企业主导下的区域市场呈现出竞争特征。同时，在模块化、开放式创新、数字平台的推动下，企业间关系网络日益复杂，形成数字商业生态系统。为加快产业数字化转型，各个地方政府根据本地数字商业生态系统特征制定相适应的发展路径。利用协变量依赖面板门槛模型检验发现，为最大化区域创新绩效，当数字商业生态系统协调能力较高，或者说市场竞争程度较低时，政府补助应集中在数据集成企业；当数字商业生态系统协调能力较低，或者说市场竞争程度较高时，政府补助应分散在数据生成企业和数据应用企业。本文创新性地将数字商业生态系统引入市场结构与创新的关系讨论中，超越了Schumpeter-Arrow争论的理论陷阱。
关键词：数据集成 数据应用 数字商业生态系统 区域创新绩效 协变量依赖面板门槛模型
Data Integration Preferences of Local Governments, Digital Business Ecosystems, and Regional Innovation Performance
Xionglei Hao Futao Wang
Abstract: According to the sequence of data generation, storage, processing and application links, the process of data value creation can be divided into different links. Based on the focus of local government support for different links, two preferences regarding data production factors are summarized - data integration preference and data application preference. Data integration emphasizes the advantage of data scale, and data application emphasizes the advantage of industry expertise. The regional market under the domination of data integration enterprises presents monopoly characteristics, while the regional market under the domination of data application enterprises presents competition characteristics. Meanwhile, driven by modularization, open innovation, and digital platforms, the network of inter-firm relationships is becoming increasingly complex, forming a digital business ecosystem. In order to accelerate the digital transformation of industries, each local government formulates a compatible development path based on the characteristics of the local digital business ecosystem. Using the covariate-dependent panel threshold model test, it is found that in order to maximize regional innovation performance, government subsidies should be focused on data integration enterprises when the coordination capacity of the digital business ecosystem is high, or the degree of market competition is low. When the digital business ecosystem coordination capacity is low, or the degree of market competition is high, government subsidies should be dispersed among data generation enterprises and data application enterprises. This paper innovatively introduces digital business ecosystems into the discussion of the relationship between market structure and innovation, going beyond the theoretical pitfalls of the Schumpeter-Arrow debate.
Keywords: Data Integration Data Application Digital Business Ecosystem Regional Innovation Performance Covariate-Dependent Panel Threshold Model
JEL Classification: C10 L60
修路不致富？交通基础设施的空间溢出效应再探析
——基于马克思交通运输理论
施佰发
摘要：交通基础设施建设被普遍认为能够直接或间接拉动经济增长，然而现实情况却是“修路并不总能致富”。本文基于马克思交通运输理论，构建交通基础设施与区域经济增长关系的理论和经验分析框架，探寻“修路不一定致富”之谜。研究表明，交通基础设施属于特殊的第二类固定资本，是影响区域经济兴衰的直接因素。它能推动经济要素不断突破空间界限，从而加速周转、降低成本和扩大市场。正是交通基础设施引起的经济要素流动不断形塑相对空间，推进区域差异化发展。在2002-2019年间，若交通基础设施增加1个单位，就能通过经济要素流动带来经济增长增加1.870%，本地区的交通基础设施对邻近地区的经济增长具有显著的正向空间溢出效应。但是随着市场化进程的不断推进，交通基础设施对经济增长的影响逐渐减弱，并且这种空间溢出效应具有明显的地域和时段分异的特征。本研究凸显各省份未来根据本地区情况持续推进交通基础设施建设，同时为经济要素流动提供合适制度环境的重要意义。
关键词：交通基础设施；经济增长；空间溢出效应
Building Transportation Cannot Lead to Wealth? Further Analysis of
the Spatial Spillover Effect of Transportation Infrastructure：
Based on Marx's Transportation Theory
Shi Baifa
Abstract: The construction of transportation infrastructure is widely believed to directly or indirectly drive economic growth, but the reality is that "building transportation does not always lead to wealth". This article is based on Marxist transportation theory and constructs a theoretical and empirical analysis framework for the relationship between transportation infrastructure and regional economic growth, exploring the mystery of "Building transportation cannot necessarily lead to wealth". Research has shown that transportation infrastructure belongs to a special type of fixed capital, which is a direct factor affecting the rise and fall of regional economies. It can drive economic factors to continuously break through spatial boundaries, thereby accelerating turnover, reducing costs, and expanding the market. It is precisely the flow of economic factors caused by transportation infrastructure that continuously shapes relative space and promotes regional differentiation development. Between 2002 and 2019, if the transportation infrastructure increases by one unit, it can increase economic growth by 1.870% through the flow of economic factors. The transportation infrastructure in this region has a significant positive spatial spillover effect on the economic growth of neighboring areas. However, with the continuous advancement of marketization, the impact of transportation infrastructure on economic growth gradually weakens, and this spatial spillover effect has obvious regional and temporal characteristics. This study highlights the importance of provinces continuously promoting transportation infrastructure construction based on local conditions in the future, while providing a suitable institutional environment for the flow of economic factors.
Keywords: Transportation Infrastructure; Economic Growth; Spatial Spillover effects
JEL Classification：H54 O20
碎片化生产与出口产品质量：区域价值链视角
于李娜 刘慧敏 王涛
摘 要：基于2005-2015年中国15个制造行业的贸易数据，以《区域全面经济伙伴关系协定》（RCEP）为研究背景，从区域价值链角度，在理论和实践方面探究中国制造行业参与碎片化生产对其出口产品质量的影响。研究结果表明：深入参与区域价值链能够显著提升出口产品质量。区域价值链对出口产品质量的作用效果在价值链上游、高技术水平行业和知识密集型行业尤为显著，但金融危机的爆发在一定程度上影响了区域价值链的作用效果。区域价值链嵌入能够通过促进行业进口高质量中间产品及产业集聚正向反馈于出口产品质量。另外，随着行业规模的扩大及对全球价值链参与程度的加深，区域价值链对出口产品质量的正向作用也会增大。
关键词：碎片化生产 出口产品质量 区域价值链 区域分工 制造业
Fragmented Production and Export Product Quality: A Regional Value Chain Perspective
Lina Yu Huimin Liu Tao Wang
Abstract: Based on the trade data of 15 manufacturing industries in China from 2005 to 2015, this paper selects the economies under the Regional Comprehensive Economic Partnership (RCEP) as the research region. From the perspective of regional value chain, this paper explores the impact of China's manufacturing industry's participation in fragmented production on the quality of its export products from both theoretical and practical aspects. The research results show that: deep participation in regional value chains can significantly improve the quality of export products. The effect of regional value chain on export product quality is particularly significant in the upstream of value chain，high-tech industries and knowledge-intensive industries，but the outbreak of financial crisis has affected the effect of regional value chain to a certain extent. The embedment of regional value chain can provide positive feedback to the quality of export products by promoting the import of high-quality intermediate products and industrial agglomeration. In addition With the expansion of industry scale and the deepening of participation in global value chain，the positive effect of regional value chain on export product quality will also increase.
Keywords: Fragmented Production Export Product Quality Regional Value Chain Regional Division of Labor Manufacturing Industry
JEL Classification: F15 L60
社会保险缴费对劳动者工资的影响：理论机制与实证检验
——基于中国流动人口动态监测数据的分析
刘庆玉 梅胜
摘 要：近年来，中国政府多次运用社会保险降费政策减轻企业负担，但政策有效性依赖于社会保险费的分担状况。本文提出了一个基于不确定性风险的社会保险参与模型以观察社会保险缴费对劳动者工资的理论影响，再利用中国流动人口动态监测数据进行实证分析。普通最小二乘估计结果显示，单位缴纳了养老保险费的劳动者比没有养老保险的劳动者收入更高，但这并不意味着缴纳养老保险费会提高劳动者收入。随后，本文构建工具变量并进行了新的估计，与许多文献不同，结果表明单位缴纳养老保险费会降低工资水平，缴纳“四险一金”的劳动者替企业分担了本应由后者承担的费用的20%～40%，约合劳动者工资的8%～16%。该结果对重新审视社会保险降费政策具有启示价值。
关键词：社会保险 工资 工具变量 风险偏好
A Study about the Effect of the Social Insurance Contribution on Labor Wages: Theoretical Mechanism and Empirical Test
---Analysis based on the national monitoring data of the floating population
Qingyu Liu Sheng Mei
Abstract: The policies of reducing or periodically reducing social insurance contribution were constantly adopted to reduce the burden of enterprises by Chinese government in recent years. But its efficiency was decided by the allocation of the social insurance contribution. To explore the theoretical mechanism through which the social insurance affect workers’ wages, this article proposed a social insurance participation model based on uncertainty risk.Then, an empirical analysis was followed, making use of the national monitoring data of the floating population(2016) and taking the endowment insurance as example. According to the estimation by Ordinary Least Squares, the wages of the labors with endowment insurance contributed by the entities were higher than the labor without endowment insurance. It did not mean endowment insurance contribution would raise wage. After that, a instrumental variables was constructed and new estimation was carried out. Unlike many other literature, the outcome showed that wages of the labour enjoying four insurances and one housing fund were reduced 8 to 16 percent to compensate 20 to 40 percent of the contribution which should be paid by entities. The result had some inspiration for re-examining the policy of reducing firms’ social insurance contribution rate.
Keywords: Social Insurance Wage Instrumental variable Risk Preference
JEL Classification:
J31 J38
社会规范对个体行为的影响及作用机制
——一个基于行为经济学视角的研究综述
姚宇 苗静云 刘振华
摘 要：与基于文化制度冲突或社会功能失效的失范理论和基于个人基因或心理成长的越轨理论不同，行为经济学将社会规范研究的重心转向了如何通过社会规范实现“规则之治”，即社会规范如何具体地影响个人并发挥它所期望的社会作用。本文基于Schwartz（1977）规范激活理论和Stern（2000）“价值—信念—规范”模型，构建了一个个体社会规范激活研究的文献梳理架构，将已有社会规范作为一种外部社会环境对个体内在价值观的刺激过程包含在了个体社会规范激活分析之中，从后果认知和责任归属两条作用机制路径对近年来基于行为实验的社会规范文献进行了归纳和总结，旨在为有效发挥社会规范的社会治理作用提供具有支撑性的理论依据，也希望为进一步的社会规范研究发现一些可行的方向。
关键词：社会规范 社会规范激活理论 后果认知 责任归属
The Influence of Social Norms on Individual Behavior and its Mechanisms
——A Literature Review Based on Behavioral Economics
Yu Yao Jingyun Miao Zhenhua Liu
Abstract: In contrast to theories that focus on cultural conflicts or the failure of social functions, as well as those based on individual genetics or psychological development, behavioral economics shifts the research focus on social norms to understanding how "rule governance" can be achieved through social norms. Specifically, it explores how social norms affect individuals and fulfill their expected social roles. Based on Schwartz's (1977) normative activation theory and Stern's (2000) "value belief norm" model, we constructed a literature review framework for individual social norm activation research, which includes the stimulation process of social norms (as an external social environment) on individual intrinsic values in the analysis of individual social norm activation.On the basis of this framework, we summarized the social norms literature on behavioral experiments in recent years from two mechanisms: consequence cognition and responsibility attribution. Our research aims to provide a supportive theoretical basis for effectively leveraging the social governance role of social norms, and also hopes to discover some feasible directions for further research on social norms.
Keywords: Social Norms Social Norm Activation Model Awareness of Consequences Ascription of Responsibility
JEL Classification: H30 D63
中国对外直接投资对出口企业国内技术复杂度的影响
刘海云 王利霞 王雪峰
摘 要：技术复杂度的科学衡量和提升路径对于分析企业真实技术水平、实现中国贸易高质量发展和科技自立自强具有重要意义。本文利用世界投入产出数据、海关数据库和工业企业数据库测算了中国出口企业的国内技术复杂度，并结合境外投资企业（机构）名录构建PSM-DID模型，评估对外直接投资对中国出口企业国内技术复杂度的影响。实证结果表明：出口企业对外直接投资显著提升了国内技术复杂度，一系列稳健性检验均得到一致的结果。异质性检验发现，对于初始技术水平较低的企业、进口企业和研发密集度较低的企业，对外直接投资的积极效果更为凸显，有利于相对落后的企业实现技术追赶。机制分析发现，对外直接投资对国内技术复杂度的作用是通过扩大企业规模、优化产业结构、增强自主创新能力并减少使用外国技术来实现的。
关键词：对外直接投资 出口企业 国内技术复杂度 自主创新
Effect of Outward Foreign Direct Investment on Domestic Sophistication of Exporting Firms
Haiyun Liu Lixia Wang Xuefeng Wang
Abstract: Accurate measurement of export sophistication and its improvement path are significant for analyzing the real technological level of firms, realizing China’s scientific and technological self-reliance and the high-quality development of trade. This study calculates the domestic sophistication of Chinese exporting firms using the World Input-Output Database, Chinese Customs Trade Statistics and Annual Survey of Industrial Firms, then evaluates the effect of Outward Foreign Direct Investment (OFDI) on domestic sophistication of Chinese exporting firms by constructing a PSM-DID model in combination with Chinese firms’ OFDI information database. The empirical results show that OFDI significantly enhances domestic sophistication of exporting firms, and a battery of robustness tests consistently corroborate these results.. Heterogeneity tests find that the positive impact of OFDI is more pronounced for firms with lower initial technological levels, importing firms, and firms with lower R&D intensity, indicating that OFDI favors technological catch-up of backward firms. Mechanism analysis finds that the effect of OFDI on domestic sophistication is achieved by expanding firm size, optimizing industrial structure, enhancing the capacity for independent innovation and reducing the use of foreign technology.
Keywords: Outward Foreign Direct Investment Exporting Firms Domestic Sophistication Independent Innovation
JEL Classification: F210 O330