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经济学（季刊）国际版CEQI第2卷第4期
发布日期：2022-12-13 02:55 来源：
China Economic Quarterly International (CEQI)
Volume 2, Number 4
December 2022
Vertical integration and corporate value under uncertainty shock: Evidence from the COVID-19 pandemic
Chun Yuan, Chunxiao Geng, Jian Sun, Huaigu Cui
Trade openness and human capital allocation: From a perspective of occupational choice between public sector and private sector
Shigang Li, Zefeng Zhou, Chi Wu
Education resource reallocation and innovation: Evidence from university mergers in China
Libin Han, Hongwei Xu, Yuejun Zhong
Labor protection and private firms’ exports
Ruixiang Xiong, Qian Wan
Local judicial system reform and corporate investment: Evidence from unified management of local courts below the province
Renjie Zhao, Jiakai Zhang
Ex-ante fairness under constrained school choice: An experimental approach
Haoqi Tong, Xiaohan Zhong
Digital financial inclusion and household risk sharing: Evidence from China's digital finance revolution
Xun Wang, Xue Wang
China Economic Quarterly International (CEQI) 为开放存取(open access)刊物，请访问 https://www.sciencedirect.com/journal/china-economic-quarterly-international/vol/2/issue/4，免费下载论文。
Vertical integration and corporate value under uncertainty shock: Evidence from the COVID-19 pandemic
Chun Yuan, Chunxiao Geng, Jian Sun, Huaigu Cui
Abstract
Using the exogenous shock of the COVID-19 pandemic, we examine whether vertical integration creates value for firms when facing increasing uncertainty. Using cross-sectional data during the outbreak of the COVID-19 pandemic, we find that there is a significant and positive correlation between vertical integration and cumulative abnormal return in the event window of the COVID-19. Furthermore, when external transaction costs are higher or internal organization costs are lower during the COVID-19 pandemic, the above results are more pronounced. Our results indicate that vertical integration could avoid uncertainty, reduce transaction costs, hence improving corporate value, providing empirical evidence for theories about the uncertainty and vertical integration in transaction-cost economics.
Trade openness and human capital allocation: From a perspective of occupational choice between public sector and private sector
Shigang Li, Zefeng Zhou, Chi Wu
Abstract
This paper investigates the impacts of trade openness on the allocation of human capital between public sector and private sector. Using a matched dataset of the 1% survey of China's population in 2005 and other city-level data, we find that individuals who reside in cities with higher degrees of trade openness are less likely to work in public sector, and this effect increases with educational attainment. We then employ a difference-in-differences model and a triple differences model based on the trade liberalization of China to alleviate endogeneity concerns, and finally come to a same conclusion. Further analysis reveals that trade openness triggers human capital reallocation by ameliorating business environment and raising the returns on human capital that is allocated to private sector.
Education resource reallocation and innovation: Evidence from university mergers in China
Libin Han, Hongwei Xu, Yuejun Zhong
Abstract
Based on the university mergers policy in China that began in the 1990s, this paper uses a DID regression model to study the impact of higher education resource reallocation on university R&D. It reveals that the university mergers have significantly increased the output of R&D, and the conclusion is consistent in a series of robustness tests. The mechanism analysis results show that the university mergers can affect the R&D by increasing the scientific research funding input in universities, improving the discipline development, and increasing the ability of basic R&D. Heterogeneity test results show that the complementary mergers have a greater impact on R&D in universities. These findings reveal an important mechanism that is conducive to deepening the reform of higher education and catching up with the first-class universities and disciplines.
Labor protection and private firms’ exports
Ruixiang Xiong, Qian Wan
Abstract
Using several micro-datasets and the difference-in-differences (DID) method, we attempt to study the effects of labor protection on private firms’ exports. We find that labor protection has enormous negative impacts on the exports of private firms. The impacts are more pronounced in cities with higher minimum wages and in more labor-intensive firms. The mechanism analysis shows that labor protection reduces the productivity of private firms and long-term employment. The findings suggest that governments need to implement supplementary measures to reduce the negative effects of labor cost increases induced by the Labor Contract Law.
Local judicial system reform and corporate investment: Evidence from unified management of local courts below the province
Renjie Zhao, Jiakai Zhang
Abstract
Using the policy of unified management of local courts below the province, we found that the independence of the judiciary can significantly improve the success rate of firms in administrative litigation cases, promoting the corporate fixed assets investment rate. The positive influence of reform of local judicial system on private firms is more significant than that on state-owned enterprises. Mechanism analysis shows that the reform of local judicial system will promote financial development and improve corporate financing, reduce corporate bribery expenditures and promote long-term investment and R&D expenditures, which indicates that deepening judicial system reform can achieve the simultaneous advancement of legal construction and economic construction.
Ex-ante fairness under constrained school choice: An experimental approach
Haoqi Tong, Xiaohan Zhong
Abstract
In a college admission mechanism, students are often matched with colleges by using a noisy signal of their true abilities (e.g., their exam scores). The matching outcome thus may be imperfect in terms of ex-ante fairness, which suggests matching students with higher ability to better colleges. To achieve ex-ante fairness, we consider constraining student choice over colleges, by designing treatments with different constraint levels under the Boston and Serial Dictatorship mechanisms, with preference submission before or after the exam. Constraining student choice increases the probability of achieving ex-ante fairness under the Boston and Serial Dictatorship mechanisms with preference submission before the exam, compared with unconstrained mechanisms and mechanisms with preference submission after the exam. However, the probability of achieving highly unfair matching is also increased, resulting in a riskier matching outcome. Learning the game or providing students with recommended equilibrium strategies can decrease this risk and further increase ex-ante fairness.
Digital financial inclusion and household risk sharing: Evidence from China's digital finance revolution
Xun Wang, Xue Wang
Abstract
This paper examines how digital finance development affects household risk sharing in China. We provide convincing evidence that households that experience idiosyncratic negative shocks on income growth exhibit a disproportionally lower level of reduction in idiosyncratic consumption growth in regions with better digital financial inclusion. Improved risk sharing through reduction in transaction costs of remittance that digital finance generates, and the liquidity and saving effects that digital financial products provide are two possible mechanisms through which digital financial inclusion affects household risk sharing. However, the development of traditional banking credit market does not appear to promote risk sharing.
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出版物展开 / 收起
出版物
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经济学（季刊）国际版CEQI第2卷第4期
发布日期：2022-12-13 02:55 来源：
China Economic Quarterly International (CEQI)
Volume 2, Number 4
December 2022
Vertical integration and corporate value under uncertainty shock: Evidence from the COVID-19 pandemic
Chun Yuan, Chunxiao Geng, Jian Sun, Huaigu Cui
Trade openness and human capital allocation: From a perspective of occupational choice between public sector and private sector
Shigang Li, Zefeng Zhou, Chi Wu
Education resource reallocation and innovation: Evidence from university mergers in China
Libin Han, Hongwei Xu, Yuejun Zhong
Labor protection and private firms’ exports
Ruixiang Xiong, Qian Wan
Local judicial system reform and corporate investment: Evidence from unified management of local courts below the province
Renjie Zhao, Jiakai Zhang
Ex-ante fairness under constrained school choice: An experimental approach
Haoqi Tong, Xiaohan Zhong
Digital financial inclusion and household risk sharing: Evidence from China's digital finance revolution
Xun Wang, Xue Wang
China Economic Quarterly International (CEQI) 为开放存取(open access)刊物，请访问 https://www.sciencedirect.com/journal/china-economic-quarterly-international/vol/2/issue/4，免费下载论文。
Vertical integration and corporate value under uncertainty shock: Evidence from the COVID-19 pandemic
Chun Yuan, Chunxiao Geng, Jian Sun, Huaigu Cui
Abstract
Using the exogenous shock of the COVID-19 pandemic, we examine whether vertical integration creates value for firms when facing increasing uncertainty. Using cross-sectional data during the outbreak of the COVID-19 pandemic, we find that there is a significant and positive correlation between vertical integration and cumulative abnormal return in the event window of the COVID-19. Furthermore, when external transaction costs are higher or internal organization costs are lower during the COVID-19 pandemic, the above results are more pronounced. Our results indicate that vertical integration could avoid uncertainty, reduce transaction costs, hence improving corporate value, providing empirical evidence for theories about the uncertainty and vertical integration in transaction-cost economics.
Trade openness and human capital allocation: From a perspective of occupational choice between public sector and private sector
Shigang Li, Zefeng Zhou, Chi Wu
Abstract
This paper investigates the impacts of trade openness on the allocation of human capital between public sector and private sector. Using a matched dataset of the 1% survey of China's population in 2005 and other city-level data, we find that individuals who reside in cities with higher degrees of trade openness are less likely to work in public sector, and this effect increases with educational attainment. We then employ a difference-in-differences model and a triple differences model based on the trade liberalization of China to alleviate endogeneity concerns, and finally come to a same conclusion. Further analysis reveals that trade openness triggers human capital reallocation by ameliorating business environment and raising the returns on human capital that is allocated to private sector.
Education resource reallocation and innovation: Evidence from university mergers in China
Libin Han, Hongwei Xu, Yuejun Zhong
Abstract
Based on the university mergers policy in China that began in the 1990s, this paper uses a DID regression model to study the impact of higher education resource reallocation on university R&D. It reveals that the university mergers have significantly increased the output of R&D, and the conclusion is consistent in a series of robustness tests. The mechanism analysis results show that the university mergers can affect the R&D by increasing the scientific research funding input in universities, improving the discipline development, and increasing the ability of basic R&D. Heterogeneity test results show that the complementary mergers have a greater impact on R&D in universities. These findings reveal an important mechanism that is conducive to deepening the reform of higher education and catching up with the first-class universities and disciplines.
Labor protection and private firms’ exports
Ruixiang Xiong, Qian Wan
Abstract
Using several micro-datasets and the difference-in-differences (DID) method, we attempt to study the effects of labor protection on private firms’ exports. We find that labor protection has enormous negative impacts on the exports of private firms. The impacts are more pronounced in cities with higher minimum wages and in more labor-intensive firms. The mechanism analysis shows that labor protection reduces the productivity of private firms and long-term employment. The findings suggest that governments need to implement supplementary measures to reduce the negative effects of labor cost increases induced by the Labor Contract Law.
Local judicial system reform and corporate investment: Evidence from unified management of local courts below the province
Renjie Zhao, Jiakai Zhang
Abstract
Using the policy of unified management of local courts below the province, we found that the independence of the judiciary can significantly improve the success rate of firms in administrative litigation cases, promoting the corporate fixed assets investment rate. The positive influence of reform of local judicial system on private firms is more significant than that on state-owned enterprises. Mechanism analysis shows that the reform of local judicial system will promote financial development and improve corporate financing, reduce corporate bribery expenditures and promote long-term investment and R&D expenditures, which indicates that deepening judicial system reform can achieve the simultaneous advancement of legal construction and economic construction.
Ex-ante fairness under constrained school choice: An experimental approach
Haoqi Tong, Xiaohan Zhong
Abstract
In a college admission mechanism, students are often matched with colleges by using a noisy signal of their true abilities (e.g., their exam scores). The matching outcome thus may be imperfect in terms of ex-ante fairness, which suggests matching students with higher ability to better colleges. To achieve ex-ante fairness, we consider constraining student choice over colleges, by designing treatments with different constraint levels under the Boston and Serial Dictatorship mechanisms, with preference submission before or after the exam. Constraining student choice increases the probability of achieving ex-ante fairness under the Boston and Serial Dictatorship mechanisms with preference submission before the exam, compared with unconstrained mechanisms and mechanisms with preference submission after the exam. However, the probability of achieving highly unfair matching is also increased, resulting in a riskier matching outcome. Learning the game or providing students with recommended equilibrium strategies can decrease this risk and further increase ex-ante fairness.
Digital financial inclusion and household risk sharing: Evidence from China's digital finance revolution
Xun Wang, Xue Wang
Abstract
This paper examines how digital finance development affects household risk sharing in China. We provide convincing evidence that households that experience idiosyncratic negative shocks on income growth exhibit a disproportionally lower level of reduction in idiosyncratic consumption growth in regions with better digital financial inclusion. Improved risk sharing through reduction in transaction costs of remittance that digital finance generates, and the liquidity and saving effects that digital financial products provide are two possible mechanisms through which digital financial inclusion affects household risk sharing. However, the development of traditional banking credit market does not appear to promote risk sharing.
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