Competition is the catalyst of corporate innovation,which is the foundation of a country's core competitiveness.From the view of vertical industrial chain,this paper examines how downstream competition affects ups...Competition is the catalyst of corporate innovation,which is the foundation of a country's core competitiveness.From the view of vertical industrial chain,this paper examines how downstream competition affects upstream firms'innovation output.Given innovation helps reduce the production cost of each product,increasing demand of intermediate products caused by downstream competition enhances the marginal revenue of upstream firms'innovation,thus leading to an innovation incentive effect.To identify causality,we utilize China's WTO accession,a quasinatural experiment,to calculate downstream competition combined with import tariff reduction and input-output table,and then run a difference-in-difference regression.Using the data of Annual Survey of Industrial Firms and State Intellectual Property Office,our results find that downstream competition has a significantly positive impact on upstream firms'innovation,and this effect is more pronounced in firms with less industry competition,greater initial innovation capacity and weaker financial constraints.Moreover,the number of firms,the degree of industry competition and the scale of intermediate products in the downstream sector increase,confirming the market size channel.In sum,our findings document that downstream competition can motivate upstream firms to innovate through vertical industrial chain,providing some useful insights for China to build a fair market competition environment and promote innovation-driven growth regime.展开更多
From the perspective of economic growth and urbanization,this paper proposes several hypotheses on how financial structure affects urban-rural income gap combining with the stylized facts of Chinese economy,and then u...From the perspective of economic growth and urbanization,this paper proposes several hypotheses on how financial structure affects urban-rural income gap combining with the stylized facts of Chinese economy,and then uses a panel data of 29 provinces over 1996-2015 to conduct empirical analysis.Theoretical analysis shows that owing to the distinct availability of urban and rural residents for financial services,financial structure has a distinct impact on their income disparity.Meanwhile,through the function of credit allocation,financial structure plays important roles in the processes of economic growth and urbanization,and then has indirect effects.The results indicate that increasing the ratio of direct financing has a direct impact on shrinking the urban-rural income gap,and has an indirect impact through economic growth and urbanization.More importantly,the intermediary effect of urbanization is stronger than that of economic growth.Therefore,releasing the controls on financial markets helps shrink the urban-rural income gap in China.展开更多
文摘Competition is the catalyst of corporate innovation,which is the foundation of a country's core competitiveness.From the view of vertical industrial chain,this paper examines how downstream competition affects upstream firms'innovation output.Given innovation helps reduce the production cost of each product,increasing demand of intermediate products caused by downstream competition enhances the marginal revenue of upstream firms'innovation,thus leading to an innovation incentive effect.To identify causality,we utilize China's WTO accession,a quasinatural experiment,to calculate downstream competition combined with import tariff reduction and input-output table,and then run a difference-in-difference regression.Using the data of Annual Survey of Industrial Firms and State Intellectual Property Office,our results find that downstream competition has a significantly positive impact on upstream firms'innovation,and this effect is more pronounced in firms with less industry competition,greater initial innovation capacity and weaker financial constraints.Moreover,the number of firms,the degree of industry competition and the scale of intermediate products in the downstream sector increase,confirming the market size channel.In sum,our findings document that downstream competition can motivate upstream firms to innovate through vertical industrial chain,providing some useful insights for China to build a fair market competition environment and promote innovation-driven growth regime.
文摘From the perspective of economic growth and urbanization,this paper proposes several hypotheses on how financial structure affects urban-rural income gap combining with the stylized facts of Chinese economy,and then uses a panel data of 29 provinces over 1996-2015 to conduct empirical analysis.Theoretical analysis shows that owing to the distinct availability of urban and rural residents for financial services,financial structure has a distinct impact on their income disparity.Meanwhile,through the function of credit allocation,financial structure plays important roles in the processes of economic growth and urbanization,and then has indirect effects.The results indicate that increasing the ratio of direct financing has a direct impact on shrinking the urban-rural income gap,and has an indirect impact through economic growth and urbanization.More importantly,the intermediary effect of urbanization is stronger than that of economic growth.Therefore,releasing the controls on financial markets helps shrink the urban-rural income gap in China.
