【刊出新闻】《财经研究》2026年第7期目录
本期共 11 篇文章
“东数西算”工程如何赋能数据要素——基于要素化、市场化和服务化的分析框架
摘要 · ABSTRACT
算力与数据要素是中国经济增长的新动能，异地算力部署已经成为促进企业数据要素开发利用的重要举措。为了检验算力基础设施建设对企业数据要素开发利用的影响，文章借助BERT和DeepSeek大语言模型对数据要素相关政策文件以及企业年报中管理层讨论与分析部分进行文本分析，构建了企业层面数据要素开发利用指标体系。文章基于2014—2023年中国沪深A股上市公司数据，以“东数西算”工程作为准自然实验，实证检验了该政策对企业数据要素开发利用的效果。研究发现，“东数西算”工程能够显著提高企业数据要素开发利用水平，这一促进作用是通过算力供给提升、算力运载协同、算力普惠渗透和算力应用赋能四个机制来实现。进一步分析发现，该促进作用在数据治理能力更强的企业、大型企业和算力需求敏感的行业更为显著，在市场化水平更高、数据开放程度更高以及营商环境更好的地区表现更明显。此外，“东数西算”工程能够促进区域经济增长、缓解区域发展不平衡并降低碳排放强度，从而实现区域绿色协调发展。文章揭示了算力基础设施的微观赋能机制，量化了“东数西算”工程的实施效果，对全国统筹推进算力网络体系建设、优化算力资源布局及充分释放数据要素价值具有重要的理论和实践意义。
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Abstract
Computing power and data elements have become new drivers of China’s economic growth, and cross-regional deployment of computing power has emerged as a key measure to facilitate the development and utilization (D&U) of enterprise data elements. In order to examine the impact of computing infrastructure construction on the D&U of enterprise data elements, this paper uses the BERT and DeepSeek large language models to conduct text analysis on policy documents related to data elements and the MD&A sections of corporate annual reports, and constructs an indicator system for the D&U of enterprise data elements. Based on data from China’s A-share listed companies from 2014 to 2023, this paper treats the “East-to-West Computing Resource Transfer” project as a quasi-natural experiment and empirically examines its impact on the D&U of enterprise data elements. The results show that the project enhances the D&U of enterprise data elements, driven by four mechanisms: improved computing power supply, coordinated computing power transportation, inclusive penetration of computing power, and application-enabled computing power. Further analysis indicates that this effect is more pronounced among firms with stronger data governance capabilities, larger firms, and industries with higher sensitivity to computing power demand; it is stronger in regions with higher levels of marketization, higher levels of data openness, and better business environments. Additionally, the project fosters regional economic growth, alleviates development imbalances, and reduces carbon emission intensity, thereby facilitating coordinated green development. The marginal contributions of this paper are reflected in the following aspects: First, by leveraging the policy shock of the “East-to-West Computing Resource Transfer”, it examines the impact of computing power infrastructure on the D&U of enterprise data elements and proposes the micro-level enabling mechanisms. Second, by integrating BERT’s semantic understanding capabilities with DeepSeek’s technical advantages, it constructs an indicator system for the firm-level D&U of data elements and offers a new methodology for constructing data element indicators. Third, it constructs a “elementization–marketization–servitization” framework for data and aligns the micro-level enabling mechanisms of the project with the process of the D&U of enterprise data elements, providing a new theoretical explanation for how the project promotes the D&U of enterprise data elements.
人机协作是否必然提升劳动收入：来自网络招聘数据的证据
摘要 · ABSTRACT
近年来，新一代信息技术被广泛用于社会生产各环节，对劳动收入产生了复杂而深远的影响，人机替代和人机协作是其中的两种形式。相比于人机替代，人机协作能够通过劳动工具升级的方式拓展劳动者能力边界，提升任务执行效率，在直观逻辑上更能为劳动收入的增长赋能。然而，从资本深化的角度来看，新一代信息技术的应用也必然弱化劳动者在生产中的角色，并降低劳动收入份额。加上缺少测算指标，目前尚不清楚人机协作是否必然提升劳动收入。文章采用网络招聘数据首次在就业岗位层面测算人机协作水平，并将其分解为教育依赖型协作和非教育依赖型协作，进而考察人机协作对劳动收入的影响。研究发现：人机协作总体上提高了劳动收入；“劳动生产率效应”和“劳动角色弱化效应”是其作用机制；人机协作并不必然提升劳动收入，由于“劳动生产率效应”和“劳动角色弱化效应”的影响程度不同，教育依赖型协作对劳动收入的提高具有促进作用，但非教育依赖型协作则有抑制作用；人机协作对劳动收入的影响存在年份、学历和区域异质性；拓展性分析显示，技能特异性强化人机协作对劳动收入的正向影响，且人机协作能显著提高就业岗位的权益保障水平。文章的研究结论对于优化人机协作方向和提高劳动收入份额提供了参考。
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Abstract
In recent years, the new generation of information technology has been widely used in all aspects of social production, and has exerted a complex and far-reaching impact on labor income. Human-machine substitution and human-machine collaboration are two forms of this. Compared with human-machine substitution, human-machine collaboration can expand the capability boundary of workers through the upgrading of labor tools, improve the efficiency of task execution, and more intuitively and logically empower the growth of labor income. However, from the perspective of capital deepening, the application of new-generation information technology will inevitably weaken the role of workers in production and reduce the share of labor income. Therefore, it is unclear whether human-machine collaboration will necessarily increase labor income. This paper uses more than 19 million online recruitment data to measure human-machine collaboration at the job level, and explores its impact on labor income. The results show that human-machine collaboration generally promotes labor income through two mechanisms: One is to promote labor income through the “labor productivity effect”, and the other is to suppress labor income through the “weakening effect of labor role”. Human-machine collaboration does not necessarily increase labor income, while education-dependent collaboration promotes but non-education-dependent collaboration suppresses labor income. The impact of human-machine collaboration on labor income varies by year, education, and region. Skill specificity strengthens the positive impact of human-machine collaboration on labor income. Human-machine collaboration significantly improves the level of protection for the rights and interests of workers. This paper makes the following marginal contributions: First, human-machine collaboration is measured at the job level for the first time by using online recruitment data, and the Gaussian mixture clustering method is innovatively introduced to decompose the human-machine collaboration into education-dependent collaboration and non-education-dependent collaboration. Second, it confirms the “labor productivity effect” and “weakening effect of labor role” of human-machine collaboration, and puts forward the view that human-machine collaboration does not necessarily increase labor income. Third, it finds the moderating effect of skill specificity in the impact of human-machine collaboration on labor income, and expands the consequences of human-machine collaboration from the perspective of employment quality.
数据安全与企业间数据共享——基于不完全契约视角
摘要 · ABSTRACT
企业间的数据共享是充分发挥数据潜在价值、提升社会整体福利的有效途径，然而数据安全问题却阻碍了企业的数据共享行为。在不完全契约的理论框架下，文章聚焦合作方的机会主义行为，分析由其引致的数据安全问题如何影响企业间的数据共享行为，得到以下主要结论：（1）数据共享能够降低最终产品定价并提高产出水平，实现数据共享双方联合利润的最大化；（2）数据安全问题导致的数据敲竹杠会削弱企业数据共享激励，阻碍企业的数据共享，进而降低数据共享量；（3）即使在存在数据敲竹杠的情况下，当最终产品对数据依赖度较低、竞争较为激烈以及专业化优势足够高时，企业仍会选择数据共享。此外，文章还发现，企业可通过采用数字安全技术、建立关系契约以及构建复杂交易网络的方式缓解数据共享不足的问题。文章拓展了数据安全与数据共享的相关研究，从理论层面揭示了数据共享不足的原因并提出了相应的解决方案，这对促进数据共享以及数据流通具有启示意义。
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Abstract
In the digital era, data has become a pivotal factor of production, and promoting inter-firm data sharing is a key avenue for unlocking data’s latent value and enhancing overall social welfare. However, data security issues—particularly those arising from partner opportunism—severely hinder such sharing. Therefore, it is of great significance to examine how data security issues induced by partner opportunism affect inter-firm data sharing and, on this basis, to propose corresponding countermeasures. Drawing on the incomplete contract theory, this paper develops a business cooperation model that incorporates data sharing to analyze the impact of data security issues on inter-firm data sharing. In the theoretical framework, the non-rivalry nature of data and its low-cost replicability expose the data-sharing party to a “data hold-up” risk once the data is shared with a partner. This risk alters the sharer’s outside options and compels it to cede a portion of surplus to the partner. Theoretical analysis yields the following main conclusions: (1) Data sharing reduces final product pricing and improves output levels, thereby maximizing the joint profits for both parties in data sharing. (2) “Data hold-up” arising from data security issues dampens firms’ incentives to share data, impedes inter-firm data sharing, and consequently reduces the equilibrium volume of shared data. (3) Even in the presence of “data hold-up”, firms will still opt to share data when final products exhibit lower dependence on data, market competition is relatively intense, and specialization advantages are sufficiently strong. To address the data-sharing dilemma, this paper proposes three feasible solutions: (1) mitigating contractual incompleteness through appropriate digital security technologies; (2) constraining partner opportunism via relational contracts; and (3) increasing the partner’s default costs by structuring complex trading networks. These approaches offer complementary theoretical rationales for promoting inter-firm data sharing. This paper makes the following contributions: First, it examines impediments to inter-firm data sharing from the novel perspective of data security. Second, it elucidates the mechanisms of data security from the angles of contract design and enforcement, thereby providing a micro-foundation for understanding how data security shapes micro-level behavior. Third, it extends the application frontier of the incomplete contract theory to the domains of data security and data sharing, deepening the explanatory power of this theory in the digital era. The findings offer meaningful insights for advancing data circulation, improving data trading mechanisms, and achieving high-quality development of the digital economy.
耐心资本支持与企业绿色创新质量
摘要 · ABSTRACT
耐心资本是支撑企业绿色转型的重要金融资源。文章基于机构投资者持股明细和期限数据识别耐心资本，以2010—2024年中国A股上市公司为研究样本，探究了耐心资本支持对企业绿色创新质量的影响及作用机制。研究发现，耐心资本支持显著提升了企业绿色创新质量，且耐心资本退出后对企业绿色创新质量仍具有持续促进作用。机制分析表明，耐心资本能够通过塑造可持续发展意识、缓解融资约束以及提升失败容忍度等渠道影响企业绿色创新质量。拓展分析表明，绿色金融、数字经济以及环境规制等国家政策能够强化耐心资本的积极作用，国家政策与市场力量在提升企业绿色创新质量方面存在协同效应。耐心资本对企业绿色创新质量的提升作用内外部治理较弱、规模较小以及行业竞争程度较高的企业中更加显著，耐心资本作为长期治理主体对公司治理能够发挥替代作用。未来应积极发挥耐心资本在企业绿色转型中的作用，为实现经济绿色转型与高质量发展提供坚实的金融支撑。
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Abstract
Green innovation constitutes a core driver of green economic transformation. China has witnessed a rapid expansion in green patent applications in recent years, but deficiencies remain in terms of innovation quality and breakthrough capacity. Therefore, identifying the key factors that can effectively motivate firms to engage in high-quality green innovation has theoretical and practical importance for advancing green transformation and achieving high-quality economic development. Based on a sample of China’s A-share listed companies from 2010 to 2024, this paper uses institutional investor holding records and holding-duration data to identify patient capital, and examines the impact of patient capital support on corporate green innovation quality and its underlying mechanisms. The results show that patient capital significantly improves corporate green innovation quality, and this effect persists even after patient capital exits. Mechanism testing indicates that patient capital affects green innovation quality by strengthening sustainability awareness, alleviating financing constraints, and enhancing tolerance for failure. Further analysis shows that national policies reinforce the positive role of patient capital, suggesting a complementary relationship between national policies and market forces in promoting high-quality green innovation. In addition, the promoting effect of patient capital on green innovation quality is more pronounced among firms with weaker internal and external governance, smaller-scale firms, and firms operating in more competi- tive industries. This paper makes the following contributions: First, it extends the measurement of patient capital from a time-dimension perspective. Drawing on more than four million institutional investor holding records from 2000 to 2024, this paper identifies patient capital on the basis of continuous holdings of 10 or 15 years and constructs a measure that better captures its long-term and stable nature. Second, it broadens the research perspective on the role of patient capital in green innovation by shifting the focus from the quantity of green innovation to its quality, and by further examining whether the effect of patient capital persists after its exit. Third, it analyzes the internal mechanisms through which patient capital affects green innovation quality from three dimensions, providing new evidence on how capital attributes shape green innovation quality. Fourth, it further investigates the external conditions under which patient capital exerts its effect and examines how national policies interact with market-driven patient capital, offering policy implications for improving the institutional support system for patient capital and promoting high-quality green innovation.
耐心资本能促进“卡脖子”技术突破吗？
摘要 · ABSTRACT
在全球竞争加剧、关键核心技术受制的背景下，如何实现“卡脖子”技术突破成为国家战略关注的重点。文章从耐心资本视角出发，基于2007—2024年中国A股上市公司数据，构建动态“卡脖子”技术突破指标，探讨了耐心资本对企业技术突破的影响。研究表明，耐心资本能够显著促进企业在“卡脖子”技术领域的突破。机制分析显示，耐心资本主要通过战略引导、风险包容和治理优化三重机制发挥作用。具体而言，耐心资本引导企业优化战略布局、强化供应链协同，提升对创新失败的容忍度、保障研发资源的持续配置，并抑制管理层短视行为、改善信息透明度。基于国家大基金设立的准自然实验与工具变量法识别，结果验证了耐心资本的因果效应。异质性分析显示，耐心资本在企业生命周期的前期和中期、战略属性较强的资本配置情境以及高新技术行业中发挥的作用更加突出。文章从国家战略需求出发，为理解资本要素如何支持“卡脖子”技术攻坚提供了新的研究视角和经验证据。
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Abstract
Against the backdrop of intensified global competition and increasingly severe constraints on key core technologies, how to achieve breakthroughs in bottleneck technologies has become a key focus of national strategic attention. Using data from China’s A-share listed companies from 2007 to 2024, this paper constructs a dynamic indicator of breakthroughs in technological bottlenecks to systematically evaluate the impact of patient capital on corporate technological breakthroughs. The results show that patient capital significantly enhances corporate capability to achieve such breakthroughs. Mechanism testing suggests that this effect operates through three channels: strategic guidance, risk tolerance, and governance optimization. Specifically, it guides firms to optimize their strategic layout and strengthens supply chain collaboration; it enhances tolerance for innovation failures and improves the sustainability of R&D resource allocation; it also curbs managerial myopia and improves information transparency. To address endogeneity concerns, this paper exploits the establishment of the National Integrated Circuit Industry Investment Fund as a quasi-natural experiment and complements this with an instrumental variable approach. Both strategies yield consistent evidence of a causal effect. Further analysis shows that the effect is stronger for firms in earlier life-cycle stages, in settings with more strategically oriented capital, and in high-technology industries. This paper contributes to the literature in three respects: First, it develops an integrated “attributes–mechanisms–outcomes” framework that highlights how the multidimensional nature of patient capital shapes breakthroughs in technological bottlenecks. Second, it proposes a dynamic measurement approach that tracks technological bottlenecks by combining evolving national strategic priorities with changes in external technology controls. Third, it provides causal evidence using a firm-level PSM-DID design based on an exogenous policy shock. Overall, this paper offers new institutional insights and empirical evidence on how capital can be structured to support breakthroughs in strategically critical technologies.
耐心资本如何“以点带面”——基于政府引导基金的研究
摘要 · ABSTRACT
政府引导基金是壮大耐心资本的关键力量。文章以2015—2023年A股上市公司为研究样本，考察了政府引导基金投资对股票市场上机构投资者持股稳定性的影响。研究发现，政府引导基金投资显著提高了机构投资者对被投资企业的持股稳定性，发挥了“以点带面”的引导作用，壮大了耐心资本。机制检验表明，政府引导基金通过鉴证信号效应和质量改善效应提高了被投资企业的机构投资者关注度和公司质量，从而促进了机构持股稳定性提升。异质性分析表明，政府引导基金对机构持股稳定性的促进作用在规模较小的企业、战略性新兴产业的企业以及金融市场化水平较低地区的企业中更加明显。经济后果研究显示，在政府引导基金的支持下，机构持股稳定性的提高能够显著降低企业的股价崩盘风险和融资成本。文章为我国壮大耐心资本、稳定资本市场和推动经济高质量发展提供了新的经验证据。
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Abstract
The stable development of capital markets is a critical component of national financial security, and cultivating patient capital represents an essential pathway. As a prominent form of patient capital, government guidance funds (GGFs) serve as a pivotal force in expanding patient capital. Existing literature predominantly focuses on the guiding role of GGFs in primary markets, leaving their potential impact on the shareholding stability of institutional investors in secondary markets largely unexplored. Using data from China’s A-share listed companies from 2015 to 2023, this paper examines the impact of GGFs’ investment on the shareholding stability of institutional investors in the stock market. The study finds that GGFs significantly enhance the shareholding stability of institutional investors in invested firms, demonstrating a “point-to-area” effect and further strengthening patient capital. Mechanism testing shows that GGFs enhance the institutional investor attention and corporate quality of invested firms by leveraging certification signaling and quality improvement effects, thereby promoting institutional shareholding stability. Heterogeneity analysis reveals that the positive effect is more pronounced in smaller-scale firms, in strategic emerging industries, and in firms with a lower level of regional financial marketization. Economic consequence analysis indicates that the increased stability of institutional shareholding under the support of GGFs can significantly reduce corporate stock price crashes and financing costs. The marginal contributions of this paper are as follows: First, it enriches research on the economic consequences of patient capital development. Given the scarcity of current research on patient capital, this paper analyzes the guiding role of GGFs in expanding patient capital, contributing to relevant research. Second, it expands research on the influencing factors of institutional investors. From the perspective of patient capital, this paper explores the “point-to-area” effect of GGFs on institutional shareholding stability. This broadens the research scope of GGFs and offers a new perspective on understanding the shareholding behavior of institutional investors, guiding long-term value investment. Third, it offers timely policy implications, suggesting coordinated actions for governments (enhancing GGF leadership), institutions (prioritizing long-term value), and firms (improving patient capital appeal) to strengthen market stability amid economic uncertainties.
碳市场建设在债券市场的溢出效应：债券信用利差的视角
摘要 · ABSTRACT
碳排放权交易市场将企业碳排放权内化为有价生产要素，这可能对资本市场投资者的企业风险预期和资源配置产生重要影响。文章以2010—2024年我国公开发行企业债、公司债和中期票据的A股上市公司为样本，从债券信用利差视角考察了碳市场建设如何影响债券市场的信用风险定价。研究发现，碳市场建设在债券市场上产生了显著的溢出效应，碳市场控排企业的债券信用利差平均下降了约13.66%。区分债券类型后的结果表明，碳市场对公司债券信用利差的影响是非对称的，绿色低碳类债券的利差显著降低，其他类债券的利差则出现了显著增加，但绿色低碳债券利差的降低幅度明显高于其他债券的增加程度。机制检验表明，碳市场激励约束下的企业转型收益预期提升是公司债券信用利差总体降低的重要原因。异质性检验发现，当碳市场初始碳配额需支付对价或非履约主体交易更为活跃、企业所在地区或行业的碳风险暴露程度更高以及投资者对企业碳风险更为关注时，碳市场建设对公司债券信用利差的降低作用会更为明显。文章揭示了碳市场建设作用于债券市场定价的逻辑与机制，有助于从环保制度视角为提升我国资本市场的定价效率提供经验与启示。
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Abstract
Since 2011, China has established pilot carbon emission trading schemes (ETS), commonly known as “carbon markets”, across eight provincial and municipal regions. In 2021, a unified national carbon market was officially launched, initially covering the power sector. As a pivotal institutional innovation in climate governance, carbon markets convert corporate carbon emission rights into a priced production factor, which can substantially reshape investor risk perceptions and resource allocation decisions in capital markets. Existing literature predominantly focuses on risk spillovers and asset pricing dynamics in the stock market, while there is still little systematic theoretical elaboration and empirical evidence regarding the spillover effects of carbon markets on the bond market. Therefore, this paper investigates the impact of carbon market implementation on credit risk pricing in the bond market, with a specific focus on corporate bond credit spreads. Taking China’s A-share listed companies that publicly issued enterprise bonds, corporate bonds, and medium-term notes between 2010 and 2024 as samples, this paper constructs a quasi-natural experiment using the staggered rollout of regional carbon markets. The results show that carbon market implementation significantly reduces credit spreads for carbon-regulated firms. Subsample analysis based on bond categories documents an asymmetric pricing effect: Carbon markets significantly narrow the spreads of green and low-carbon bonds while widening those of conventional bonds, and the reduction in the spreads of green bonds exceeds the increase in the spreads of conventional bonds. Mechanism testing reveals that enhanced expectations of corporate low-carbon transformation benefits, driven by carbon markets’ dual incentive and constraint mechanisms, serve as the primary channel underlying the overall decline in corporate bond credit spreads. Heterogeneity analysis indicates that the effect is stronger when the initial carbon quota requires payment of consideration or non-compliant participants are more active, carbon risk exposure at the regional and industry levels is higher, and investor attention to corporate carbon risks is greater. This paper makes the following marginal contributions: First, it sheds light on the cross-market spillover effects of China’s carbon market development by linking carbon regulation to bond pricing dynamics from the credit spread perspective. Second, it expands the set of determinants of corporate bond credit spreads and extends the theoretical framework explaining how macro market-oriented environmental policies shape bond investors’ pricing behaviors. Third, it provides empirical evidence for policymakers to optimize carbon market frameworks and maximize the positive environmental and economic outcomes of this market-oriented climate governance mechanism.
碳市场约束、低碳技术配置与集团公司减排
摘要 · ABSTRACT
当前碳市场的监管对象以达到特定碳排放门槛的头部企业为主，而这些企业通常隶属于大型集团公司。为考察政策的溢出效应，本文首先手工整理出碳市场试点的受监管企业名单，并据此厘清其所属集团公司的关联网络；在此基础上，利用全国税收调查数据，实证检验了碳市场试点政策对集团公司整体的影响。研究发现：（1）碳市场试点政策促使受监管企业在维持总产出稳定的同时实现碳减排，进而降低了碳排放强度，这表明其碳减排主要由技术效应驱动，而非成本效应引发的产出收缩所致。（2）碳市场试点政策对受监管企业所属集团公司也会产生正外部性，促使集团内未受监管的子公司在保持碳排放不变的情况下扩大总产出，从而实现碳排放强度下降。（3）对技术效应的进一步研究表明，碳市场试点政策虽显著促进了受监管企业及其所属集团整体的低碳技术购买，却相对抑制了技术出售与自主研发的积极性。在年度履约期限紧迫、市场范围有限的条件下，企业短期内或倾向于“以购代研”，并存在将减排压力转嫁于集团外部的策略性动机。基于上述结论，本文从稳步扩大碳市场覆盖范围、提升政策效能、强化低碳技术研发与扩散激励机制三个方面提炼出相应的政策启示。
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Abstract
The carbon market is an important instrument for China to advance climate governance. Unlike regional environmental policies, the carbon market has a clear firm-level regulatory boundary defined by compliance lists. Many regulated firms, however, are part of large conglomerates. Through ownership networks and the internal allocation of production and technology, regulation may affect not only regulated firms but also unregulated affiliates. Meanwhile, the carbon market imposes short-term compliance pressure, whereas low-carbon R&D has a longer and riskier cycle. This mismatch may encourage firms to purchase existing technologies rather than develop new ones, or to retain technologies for compliance advantages rather than diffuse them. A deeper investigation of these issues can shed light on potential directions for improving the institutional design of China’s carbon market. This paper manually collects the lists of firms regulated by China’s pilot carbon emissions trading markets, maps their conglomerate networks, and matches them with the 2008–2016 National Tax Survey. A two-period model developed in this paper shows that carbon-market regulation affects firm output and emissions through two channels: a cost effect caused by higher effective energy-use costs and a technology effect generated by low-carbon technology adjustment. Empirical analysis uses a DID design to test these mechanisms. The results show that the policy reduces regulated firms’ carbon emissions and carbon intensity by 24.30% and 28.57%, respectively, without significantly reducing output. For unregulated affiliates, output rises by 18.61% and carbon intensity falls by 27.61%, while emissions do not increase significantly. This indicates that emission reductions are primarily driven by technological improvement rather than output contraction, and the carbon market generates positive spillover effects within conglomerates. Mechanism testing based on low-carbon patent applications, transfers, and licenses shows that the policy promotes purchases of low-carbon technologies while suppressing low-carbon R&D and sales. This paper makes the following contributions: First, it identifies the policy shock using actual lists of regulated firms rather than treating all firms in pilot regions as regulated, providing more credible firm-level evidence for carbon-market governance. Second, it extends the study of environmental policy spillovers beyond regional and supply-chain channels to conglomerate ownership networks, broadening the theoretical understanding of carbon-market policy externalities. Third, it shifts the analysis of low-carbon policy responses from “whether firms innovate” to “how they allocate technologies”, highlighting the importance of reconciling short-term compliance incentives with long-term R&D and technology diffusion.
全球跨境数字并购：距离还重要吗？
摘要 · ABSTRACT
距离一直是制约传统跨境并购的关键因素，但对于数字技术变革所催生的跨境数字并购热潮，一种观点认为，数字技术进步使世界变“平”，距离对跨境数字并购已不再重要；另一种观点则认为，数字技术反而可能使跨境数字并购对距离更为敏感。对此，文章基于全球跨境数字并购数据，试图回答两个问题：距离对跨境数字并购是否仍然具有影响？数字技术如何影响距离与跨境数字并购的关系？研究发现：（1）地理距离与制度距离的增加显著且稳健地抑制了跨境数字并购规模，其主要原因在于距离增加提高了数字并购成本，并放大了数字情境下的政治风险。（2）距离的抑制效应会随着经济发展阶段、距离水平、文化情境以及数字并购类型的不同而发生变化。（3）尽管数字技术能够弱化地理距离的负面影响，却始终无法缓解制度距离的抑制作用。文章结论不仅深化了对距离在跨境数字并购中重要性的理解，也对数字技术如何重塑企业国际化布局具有重要的理论与实践意义。
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Abstract
Distance is a key factor constraining traditional cross-border mergers and acquisitions (M&As). However, with the boom in cross-border digital M&As triggered by digital technological transformation, one view holds that advances in digital technologies have made the world “flat”, so that distance is no longer important for cross-border digital M&As; the other view argues that digital technologies may make cross-border digital M&As more sensitive to distance. To resolve this debate, this paper uses global data on cross-border digital M&As and adopts the Poisson pseudo-maximum likelihood estimation method to systematically answer the following two questions: (1) Does distance still affect cross-border digital M&As? (2) How do digital technologies affect the relationship between distance and cross-border digital M&As? The study finds that increases in geographic and institutional distance significantly and robustly inhibit the flow of cross-border digital M&As. The main reason is that greater distance intensifies the costs of digital M&As and amplifies political risks in the digital context. Moreover, the inhibiting effect of distance varies with the stage of economic development, the level of distance, the cultural context, and the type of digital M&As. Although digital technologies can weaken the negative effect of geographic distance, they cannot alleviate the inhibiting effect of institutional distance. This paper makes the following contributions: First, it is the first to use a large global sample to systematically test the decisive impact of distance on the emerging phenomenon of cross-border digital M&As, thus providing new evidence on the determinants of cross-border digital M&As. Second, it reveals the important impact of geographic and institutional distance on cross-border digital M&As, and explains the mechanisms from both costs and risks induced by distance, thereby extending the research on the relationship between distance and cross-border investment. Third, it examines the heterogeneous effects from the stage of economic development, cultural distance, and the level of distance, and analyzes the moderating effect of digital technologies, thus more comprehensively revealing the contexts where distance affects cross-border digital M&As in the era of the digital economy, and providing useful implications for enterprises to optimize the location choices of cross-border digital M&As and for governments to improve digital governance and international investment policies.
城市人才政策对劳动力配置效率的影响
摘要 · ABSTRACT
为了在激烈人才竞争中引进人才，很多城市颁布了人才政策，那么人才政策能改善城市内劳动力配置效率吗？文章通过手工整理中国各地级市2009—2019年颁布的人才政策，对这一问题进行考察，并探究其中的作用机制。研究发现：颁布人才政策的城市，其内部劳动力配置效率更高，说明人才政策能够显著提升城市内部劳动力的配置效率；人才政策对劳动力配置效率的促进效应不仅受到政策内容设计的影响，而且受到城市自身特征的影响。机制识别表明，人才政策通过吸引高技能劳动力流入、促进流入人才和企业需求的有效对接来改善城市内部高技能劳动力配置。进一步研究表明，高技能劳动力集聚还通过技能互补渠道对低技能劳动力产生就业外溢效应，使得不同技能劳动力进入与自身技能水平相适应的岗位，提升社会分工水平，从而提升城市整体劳动力配置效率；人才政策带来的劳动力配置效率提高显著促进了城市经济增长。文章结论表明，地方政府应根据城市特征，制定更具针对性的人才政策，更好地助力经济高质量发展。
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Abstract
Talent policies have become an important policy instrument for Chinese local governments to attract skilled labor and support high-quality economic development. However, the effectiveness of such policies depends not only on whether they can attract talent inflows, but also on whether the incoming talents can be effectively matched with local industrial structures, firms’ labor demand, and suitable jobs. Using the first introduction of talent policies by prefecture-level cities during 2009–2019 as a quasi-natural experiment, this paper matches manually-collected talent policy documents with population census and sample survey data. Based on the dispersion of adjusted wage returns across counties and districts within the same city, it constructs a city-year measure of intra-city labor allocation efficiency and examines the impact of talent policies on urban labor allocation efficiency. The results show that talent policies significantly improve urban labor allocation efficiency. Heterogeneity analysis further indicates that this effect depends strongly on city characteristics and policy design, and it is more pronounced in cities with stronger industrial activity, larger urban scale, better road transport accessibility, lower fiscal pressure, and higher hukou-based settlement thresholds. In terms of policy design, policies that include monetary subsidies, specifying educational or professional requirements, targeting experienced or high-level talents, and clarifying employment directions generate stronger improvement effects. Mechanism testing shows that talent policies improve the allocation of high-skilled labor within cities by attracting high-skilled labor inflows and facilitating their effective matching with firms’ labor demand. Further, the agglomeration of high-skilled labor generates employment spillovers for low-skilled labor through skill complementarity, helping them move into jobs better suited to their skills, deepening the division of labor, and ultimately improving overall urban labor allocation efficiency. In addition, talent policies also raise firms’ TFP and promote high-quality economic development. This paper makes the following marginal contributions: First, it extends the evaluation of talent policies from talent attraction and firm innovation to urban labor allocation efficiency. Second, it reveals the indirect impact of talent policies on low-skilled labor. Third, it identifies the heterogeneous effects of different policy designs.
“闭门造车”还是“同舟共济”：知识产权保护与创新知识流动
摘要 · ABSTRACT
创新要素的高效流动是推动高质量发展的核心动力，如何引导企业间形成“同舟共济”的开放合作模式，对于知识产权领域的全国统一大市场建设意义重大。文章以国家知识产权示范城市的设立作为准自然实验，检验强化知识产权保护如何影响企业间的创新知识流动。研究结果表明，知识产权保护显著促进了企业间的创新知识流动，具体表现为同行业企业间专利交叉引用次数的显著增加；知识产权保护主要通过营造地区创新生态、强化企业合作意愿而形成内向型吸收、外向型开放与内外部知识整合效应；异质性检验表明，处于成长期与成熟期的企业以及高新技术领域的企业，主检验效果更为显著；进一步分析表明，知识产权示范城市政策促进了创新知识的双向传播，具体表现为知识的流出广度与流入广度均显著扩大；更重要的是，创新知识流动将助推企业实现关键核心领域的技术突破。文章的研究为现有知识产权保护议题下的结论分歧提供了增量证据，同时为优化知识产权保护体系提供了重要的政策参考。
关键词 · KEYWORDS
Abstract
The efficient flow of innovative elements constitutes a core driving force for high-quality economic development. Guiding firms toward an open model of “working in collaboration” carries profound implications for the construction of a unified national market in the domain of intellectual property. Yet existing literature remains divided on whether intellectual property (IP) protection promotes or impedes inter-firm knowledge flow, owing to the competing logics of the “incentive effect” and the “impediment effect”. Drawing on the open innovation theory and exploiting the staggered rollout of the national IP demonstration cities as a quasi-natural experiment, this paper employs a staggered DID model to systematically examine how strengthened IP protection affects inter-firm innovation knowledge flow. The results show that IP protection significantly promotes inter-firm innovation knowledge flow, as evidenced by a substantial increase in cross-citations of patents among firms within the same industry. The findings remain robust to a battery of identification checks. Mechanism testing reveals that IP protection operates through a dual-layer “meso-micro” channel: At the meso level, the policy enhances local governments’ strategic commitment to innovation and strengthens regional judicial IP enforcement, thereby creating institutional conditions conducive to inward knowledge absorption and outward knowledge openness, respectively; at the micro level, the policy activates firms’ internal cooperative culture, expands their external collaborative networks, and elevates human capital integration capabilities, thereby reinforcing the bidirectional flow of knowledge assets. Heterogeneity analysis demonstrates that firms in the growth and maturity stages, as well as in high-tech industries, benefit more substantially from the institutional dividends of IP protection. Further analysis shows that enhanced innovation knowledge flow facilitates corporate breakthroughs in key core technology domains, propelling innovation from scale expansion to quality advancement. This paper contributes incremental evidence on the institutional effect of IP protection from the perspective of innovation knowledge flow, and offers important policy insights for advancing the internal circulation of innovative elements and constructing open and collaborative innovation networks.