Search Results (13)

The integration of financial technology expenditures and green total factor productivity (GTFP) constitutes a critical impetus for sustainable economic advancement. This study employs provincial panel data from China (2012–2020) and uses the SBM model with undesirable outputs, the PVAR model, moderation effect analysis, and threshold regression to investigate the underlying mechanisms and threshold effects of financial technology expenditure on GTFP. The results show that (1) financial technology expenditure has a significant promoting effect on the growth of GTFP, with a coefficient of 0.614 (p < 0.05), indicating the need for further increases in fiscal investment in science and technology; (2) the effect of financial technology expenditure on GTFP varies across the eastern, central, and western regions of China, with stronger effects observed in the eastern region, suggesting that the government should formulate differentiated financial technology expenditure policies on the basis of local conditions; and (3) that educational investment and industrial upgrading play strong moderating roles in the impact of financial technology expenditure on GTFP, with interaction term coefficients of 0.059 (p < 0.05) and 0.206 (p < 0.1), respectively. Threshold analysis further reveals that the positive effect strengthens significantly once educational investment surpasses a log value of 9.3674 and industrial upgrading exceeds a ratio of 0.0814. However, currently, China’s education investment and industrial structure upgrading are still insufficient, necessitating further increases in education investment and promoting the transformation and upgrading of the industrial structure. Full article

Urban resilience provides the foundation and guarantee for the tourism economy, and the development of the tourism industry provides new opportunities and impetus for urban resilience. The coordinated development of urban resilience (UR) and the tourism economy (TE) contributes to the high-quality development of the regional economy. This study takes 27 cities in the Yangtze River Delta (YRD) urban agglomeration as an example. Various analytical techniques, including the entropy method, coupling coordination degree model (CCDM), kernel density estimation, Theil index, and obstacle degree model, are employed to investigate the spatiotemporal evolution patterns and influencing factors that affect the coupling coordination degree (CCD) between UR and TE. The findings indicate that: (1) The urban resilience and tourism economy exhibited an increasing trend denoted by “N” and “M”, respectively. (2) The coupling coordination level has undergone a development phase of “Moderate disorder–Bare coordination–Moderate disorder”. (3) The level of coordination has been enhanced, with intra-regional differences identified as the primary source of variation. (4) The number of Internet users, the number of students in institutions of higher learning, per capita public financial expenditure, science and technology expenditures as a share of fiscal expenditures, urban per capita disposable income, foreign exchange earnings from tourism, and the number of inbound tourists is the main factors affecting the CCD of urban resilience and tourism economy. Full article

Twenty-six cities in the Yangtze River Delta urban agglomeration were taken as the research object, and this study comprehensively evaluated urbanization quality and ecological resilience from 2005 to 2020. On this basis, the spatiotemporal evolution characteristics and main influencing factors of the coupling relationship between urbanization and ecological resilience were systematically explored using a coupling coordination model and panel Tobit regression model. The results can be summarized as follows: (1) from 2005 to 2020, the quality of urbanization in the Yangtze River Delta urban agglomeration continued to grow, the level of ecological resilience grew slowly and fluctuated, and the development among municipalities tended to be balanced. (2) The overall coupling coordination degree of urbanization and ecological resilience showed a continuous increasing trend, and the coupling coordination type changed from basic coupling coordination to good coupling coordination. The number of cities with lagging urbanization quality decreased significantly; spatially, the gap in the coupling coordination degree between municipalities narrowed, and the cities with good coupling gradually clustered. (3) The results of the panel Tobit regression showed that the differences in the spatial evolution of coupling coordination mainly resulted from the interaction of drivers such as real utilized foreign capital, per capita GDP, carbon emission intensity, the proportion of science and technology expenditure to fiscal expenditure, the ratio of per capita disposable income of urban and rural residents, fixed asset investment in municipal utility construction, and the index of ecological land area ratio. In the future, the coupling coordination degree of urbanization and ecological resilience should be improved based on the type of coupling coordination according to local conditions, and the seven influencing factors should be carefully examined to accelerate the high-quality integrated development of the Yangtze River Delta. Full article

Against the background of a high-quality development philosophy, the realization of the coordinated development of the economy, environment, and resources is particularly important. This study adopts the super-efficiency slacks-based measure (SBM) model to evaluate the eco-efficiency of 208 cities in 19 urban agglomerations in China from 2006 to 2020, and the kernel density estimation and spatial econometric specifications are combined to reveal the spatial–temporal evolution. Finally, Tobit regression is used to analyze the driving factors of the eco-efficiency of urban agglomerations in China. The main results can be summarized as follows: (1) The eco-efficiency of Chinese urban agglomerations is generally low, and the differences in eco-efficiency between urban agglomerations are obvious, with different trends of change. (2) In terms of the time series, the sample period shows a “steadily rising” trend followed by a “fluctuating downward” trend. From the results of the kernel density estimation, the internal difference in the overall eco-efficiency of urban agglomerations shows the trend of a small decline followed by a gradual increase. (3) From the spatial point of view, the eco-efficiency of urban agglomerations decreased from the coast to the inland areas, and there was a “cluster effect”. The overall eco-efficiency of urban agglomerations shows a trend of spatial aggregation. (4) From the perspective of influencing factors, fiscal expenditure, opening-up level, and population density have a significant negative correlation with the eco-efficiency of urban agglomerations, while science and technology investment, industrial structure, and urbanization level have a significant positive correlation with the eco-efficiency of urban agglomerations. The research in this paper provides guidance for the coordinated development of urban agglomerations and the formulation of environmental policies. Full article

Clarifying the driving factors of enterprise digital transformation can help us understand the real driving forces of industrial digitization and digital industrialization, improve the implementation of industrial policies, and narrow the digital divide between different regions and firms to facilitate high-quality and sustainable development. Based on 38,891 news items from provincial and municipal governments in China, this paper uses text analysis to depict the government’s attention to the digital economy and explore the influencing factors driving digital transformation. In the empirical analysis, government attention to the digital economy positively impacts enterprise digital transformation primarily through fiscal expenditures on science and technology, the digital economy level, the digital financial inclusion level, industrial agglomeration, and firm nature. The positive impact of market competition on enterprise digital transformation is significant for small-scale firms. The insight from this finding is that enterprise digital transformation cannot be solved entirely by market forces but also needs to be led by digital industrial policies with government attention. Full article

Taking the innovation policy pilot of the national independent innovation demonstration zone (NIIDZ) as a quasi-natural experiment, we select a set of data covering 283 cities in China from 2004 to 2016 to empirically test the impact and mechanism of NIIDZ on urban green total factor productivity (GTFP) by using a progressive difference-in-differences (DID) model. The research indicates that the NIIDZ policy pilot can effectively help promote the growth of urban GTFP; talent agglomeration and local fiscal expenditure on science and technology are important channels for the policy to promote urban GTFP. Various methods have proved the reliability of our research results. Further, affected by geographical location, resource endowment and population size, the pilot effects of the NIIDZ also demonstrate regional heterogeneity. Our study provides a useful supplement for innovation policy evaluation from both theoretical and empirical perspectives. Full article

Regional imbalance is a typical feature of economic and social development in China, and place-based policies aimed at promoting balanced regional development may bring challenges to low-carbon goals. This study uses the panel data of China’s prefecture-level cities from 2003 to 2019 to investigate the impact of place-based policies on carbon emission efficiency using a quasi-experimental method. Results indicate that place-based policies significantly reduce the regional total-factor carbon emission efficiency. The difference-in-differences method based on propensity score matching and entropy balancing matching consistently supports the finding that carbon emission efficiency decreases after policy intervention. Place-based policies lead to a significant decline in capital allocation efficiency but have an insignificant impact on labor allocation efficiency. Moreover, place-based policies result in the expansion of carbon-intensive industries but hinder the progress of the financial technology of financial institutions. Nevertheless, place-based policies do not lead to the deterioration of environmental quality. Among the advantages of these policies are the significant promotion of regional digitization and increased fiscal expenditure on science and technology. Political promotion, carbon regulation, trade policies, and other conditional factors may be optimally designed to promote low-carbon development in the old revolutionary areas. Full article

As a composite indicator that incorporates economic efficiency and environmental protection, ecological efficiency is a valuable tool for measuring regional green development and accelerating regional green transformation. As the economy transitions, Chinese economic growth targets affect local governments’ behaviors, thereby impacting ecological efficiency. In this study, the ecological efficiency level of 284 cities in China was measured using the EBM-DEA method from 2007 to 2019, and the spatial exploration analysis method and the dynamic double fixed effect spatial Durbin model were applied to analyze urban ecological efficiency’s spatial correlations, impacts, and mechanisms. The conclusions are as follows: China’s urban ecological efficiency has increased over time. At the spatial level, it shows the distribution characteristics of east > northeast > middle > west. In terms of spatial agglomeration, there are typically spatial agglomerations, high–high agglomerations, and low–low agglomerations in Chinese cities’ ecological efficiency. There is an inverted U-shaped relationship between economic growth target and ecological efficiency. According to regional differences, the economic growth target in the eastern region has a U-shaped impact on ecological efficiency, while in the central, northeast, and western cities they have an inverted U-shaped effect on ecological efficiency. In terms of the impact mechanism, through the intermediary effect test, it is found that appropriate economic growth target setting can promote the proportion of energy conservation and environmental protection expenditure and fiscal science and technology expenditure. Excessive economic growth target setting can inhibit the proportion of energy conservation and environmental protection expenditure and fiscal science and technology expenditure. The proportion of energy conservation and environmental protection expenditure and fiscal science and technology expenditure can promote ecological efficiency. The enlightenment is as follows: China should weaken the economic growth target in official promotion assessment, set differentiated economic growth targets for different regions, and increase the proportion of energy conservation and environmental protection expenditure and fiscal science and technology expenditure to promote ecological efficiency. Full article

Does intellectual property (IP) strategy improve the total factor productivity of enterprises (TFP)? This paper uses 21,930 enterprise-year observations of China’s A-share listed enterprises from 2010–2020, adopts a multi-period difference-in-differences model, and constructs a quasi-natural experiment on the impacts of intellectual property model cities (IPMC) on TFP. The findings are as follows: (1) IPMC significantly improves TFP. (2) It has lag effects and long-term effects. (3) The promotion effect is stronger for state-owned enterprises and enterprises implementing organizational political strategies. (4) The close government-business relationship and clean government-business relationship play positive regulating roles in IPMC on TFP. (5) IPMC promotes TFP by increasing urban fiscal expenditure on science and technology and enterprise technological innovation. This study enriches the theory and evidence of policy effect assessment for IPMC at the enterprise level, and provides policy inspiration for the promotion of IPMC and TFP, to help China achieve high-quality economic development. Full article

Green technology innovation, containing economic, social and ecological triple value effects, plays an important role in promoting regional high-quality development. In this paper, we take the Central Plains city cluster, one of China’s top ten national city clusters, as the research object and use the super-efficiency SBM-DEA model to measure and analyze its green technology innovation efficiency. The panel spatial Durbin model (SDM) is used to empirically investigate the market-based, policy and social factors that affect green technology innovation efficiency in the Central Plains city cluster. The main findings are as follows: (1) The green technology innovation efficiency in the Central Plains city cluster shows a fluctuating upward trend from 2009 to 2019, and the spatial differences are obvious, but this spatial difference has converged somewhat over time; (2) Economic development and industrial structure upgrading are the dominant market forces driving green technology innovation efficiency in the Central Plains city cluster, while opening up and enterprise performance hurt the efficiency of green technology innovation; (3) By strengthening environmental regulation and fiscal expenditures on science and technology, the government plays a guiding role in promoting green technology efficiency; (4) Human capital can provide talent support for green technology innovation to effectively promote the efficiency of green technology innovation in the Central Plains city cluster, while the impact of urbanization on green technology innovation efficiency is not significant; (5) In addition to urbanization, the market-based, policy, and social factors that affect green technology innovation efficiency in the Central Plains city cluster also present significant spatial spillover effects. To further promote green technology innovation efficiency in the Central Plains city cluster in the future, we should significantly promote the green transformation and upgrading of industrial structure, improve the quality of opening up to the outside world, strengthen environmental supervision and optimize its governance model, increase government support for green innovation, improve the talent cultivation and introduction system, and mobilize enterprises’ enthusiasm for green technology innovation. Full article

In the environment of the continuous development of the Public–Private Partnership (PPP) model, China’s “dual circulation” development pattern orientation and “new normal” economic development reform provide the foundation for the development of the PPP model in the field of infrastructure. A good government investment structure and governance environment will help to improve the financial sustainability of infrastructure investment. This paper studies the mechanism of the relationship between fiscal expenditure on science and technology and the development of infrastructure PPP models based on the data of provincial PPP projects in the World Bank database and carries out an empirical analysis. The results show that the positive effect of government fiscal expenditure on science and technology and the development of the infrastructure PPP model in local regions is significant. In addition, intergovernmental competition within the political system of China will have a restraining effect on this relationship. This has certain theoretical and practical significance for the construction and implementation of the mechanism underlying intergovernmental behavior and the infrastructure PPP model. Full article

Studying the driving factors of environmental pollution is of great importance for China. Previous literature mainly focused on the cause of national aggregate emission changes. However, research about the effect of fiscal expenditures on science and technology (FESTs) on environmental pollution is rare. Considering the large gap among cities in China, it is necessary to investigate whether and how FESTs affect environmental pollution among cities. We adopted three kinds of typical environmental pollutants including sulfur dioxide (SO₂) emissions, wastewater emission, and atmospheric particulate matter less than 2.5 micrometers in diameter (PM_2.5). Using the data of 260 prefecture-level cities over ten years in China, we found that FESTs play a significantly positive role in reducing sulfur dioxide (SO₂) emissions and PM_2.5 concentrations, but fail to alleviate wastewater emissions. Specifically, for every 1% increase in FESTs, SO₂ emissions were reduced by 5.317% and PM_2.5 concentrations were reduced by 5.329%. Furthermore, we found that FESTs reduced environmental pollution by impeding fixed asset investments and by promoting research and development activities (R&D). Moreover, the impacts of FESTs on environmental pollution varied across regions and sub-periods. Our results are robust to a series of additional checks, including alternative econometric specifications, generalized method of moments (GMM) analysis and overcoming potential endogeneity with an instrumental variable. Our findings confirm that government efforts can be effective on pollution control in China. Hence, all governments should pay more attention to FESTs for sustainable development and environmental quality improvements. Full article

The regulation of fiscal and tax policies is an imperative prerequisite for improving the regional innovation capability. In view of this, an attempt was made to select 31 provinces and cities in China as the research object from 2009 to 2018, to extract the fiscal and tax policy text encouraging innovation of the Chinese provinces and cities based on Python, and analyze their impact on regional innovation capability from both a text data and numerical data perspective. It is noteworthy that most of the provincial fiscal policies just follow the national fiscal policies. Each province does not formulate fiscal and tax policy according to its own unique characteristics. Fiscal policies and regional innovation capability exhibit significant spatial heterogeneity. Based on the results of the dynamic panel data model, it is seen that the R&D input and industrial structure are the main sources of improving innovation capability. The fiscal expenditure for science and technology, fiscal and tax policy text, macro tax burden, business tax (BT), and value-added tax (VAT) have a significant boosting effect on the regional innovation capability. However, the corporate income tax hinders the regional innovation capability. Finally, through the robustness test of invention patents, it is found that the fiscal and tax policy text, macro tax burden, and business tax still have a positive effect on invention patents, but the role of value-added tax has changed from promotion to obstruction, and the corporate income tax has become a significant obstacle on invention patents. This shows that China should build a tax system that promotes fair competition, reduce the tax burden of enterprises, encourage enterprises to conduct independent R&D, and guide enterprises in the evolution from the low-tech to high-tech innovation by improving the tax structure and fiscal technology expenditures. Full article