关键词:
Real options;Tax reduction;Investment subsidy;Business cycles;Investment stimuli
摘要:
Based on a calibrated real options model, this paper examines a tax-subsidy program offered by a government to stimulate corporate investment under business cycles. We derive and discuss optimal incentive policies for different states of the economy. We find that it is optimal for the government to offer a combination of tax cuts and lump-sum subsidy for stimulating levered firms' investment under business cycles. Furthermore, the government should adopt counter -cyclical tax-subsidy policy, namely a higher (lower) tax cuts and a larger (smaller) lump-sum subsidy during recessions (booms). In particular, we provide a possible explanation why many governments around the world have reduced and even implemented negative interest rates to stimulate the economy during the COVID-19 pandemic in 2020. Finally, our conclusions also predict that the break-even tax-subsidy program always provides effective investment stimulus under business cycles.
作者机构:
[Li, Zhisheng; Zeng, Xiongwang] Hunan Agr Univ, Sch Business, Changsha 410128, Peoples R China.;[Zeng, Fusheng] Hunan Agr Univ, Sch Econ, Changsha 410128, Peoples R China.;[Caputo, Francesco] Univ Naples Federico II, Complesso Univ Monte St Angelo, Dept Econ Management & Inst DEMI, I-80126 Naples, NA, Italy.;[Chin, Tachia] Honghe Univ, Coll Business, Yunnan 661100, Mengzi, Peoples R China.
通讯机构:
[Tachia Chin] C;College of Business, Honghe University, Mengzi 661100, China
关键词:
production efficiency of rice;grain security;spatiotemporal evolution;influencing factors;spatial autocorrelation analysis model;geographic detector model
摘要:
Abstract: In a response to the appeal for securing the rice production efficiency to achieve the United Nations Sustainable Development Goals, we adopted a geographic detector model to investigate the spatiotemporal evolution trajectory and driving forces of the rice production in the world’s largest rice-producing country, China. We have analyzed the spatiotemporal evolution features and aggregation patterns of county rice production efficiency based on panel data of 122 counties in Hunan Province, one of the main grain production provinces in China, from 2006 to 2018. Our findings indicate: (1) Hunan Province’s rice production in three counties (i.e., Taoyuan, Liling, and Anren) showed the highest efficiency; there were pronounced regional variances in rice productivity which results in a sharp and rapid shrink of the range of rice productivity, (2) financial investments in agriculture, forestry, and water resources, as well as per capita disposable income of farmers, were the main determinants of the spatiotemporal variation in rice production efficiency, (3) the spatiotemporal divergence of rice production efficiency at the province level was U-shapedly, influenced by the share of secondary industry in GDP; the southern Hunan region received the biggest contribution from farmers in terms of disposable income per person at the regional level. Overall, theoretically, this study offers fresh evidence for regional optimization of rice and other grain production from a novel integrative approach of the geospatial and the land resource preservation. Practically, it provides feasible guidance for the high-quality development of grain production in China, which may also help eradicate hunger and attain sustainable grain production all over the world. Keywords: production efficiency of rice; grain security; spatiotemporal evolution; influencing factors; spatial autocorrelation analysis model; geographic detector model
关键词:
agricultural green transformation;food security;sustainable development;qualitative comparative analysis
摘要:
In light of the increasing global food crisis, this study concentrated on the complex causality of sustainable food security in China. In the context of the agricultural green transformation, a comprehensive evaluation system of agricultural green development is constructed on China Yearbooks' economic data and agricultural greening indices from 2012 to 2020. In addition, the coupling coordination degree model and fuzzy-set quantitative analysis are used to describe the path evolution of sustainable food security development in China. The results revealed that: (1) the comprehensive assessments were increased in recent years, and high score regions changed apparently, from the periphery to midland; (2) China's green development and agricultural economic potential are currently in a transitional phase from basic to moderate synergy, and the higher coordinated degree is allocating to mid and southern areas during this period, and all of them keeps growing as well; and (3) under modern food security framework, the emphasis of China has gradually shifted from grain output and subsidy policies to high resources utilisation and human capital accumulation. Thus, China's agricultural green transformation and sustainable food security are mutually reinforcing.
摘要:
The current pandemic has increased natural resource volatility and unpredictability, impacting every economic and financial sector. Health problems and financial losses worsen the situation and push countries dangerously close to recession. This research examines the effects of natural resource rents on China's financial growth from 1988 to 2021, including the effects of oil, mineral, and forest rents. The study also covered other financial growth aspects, such as spending on R&D and renewable energy. So, in order to review our data, we also incorporated conventional and second-generation diagnostic tests. We used ADF with structural breaks and ADF-GLS to test the data's stationarity. The Johansen cointegration test is used to determine long-term cointegration. FMOLS, DOLS, CCR, and least squares with break years were used in the research to examine the factors' long-term impacts. At the same time, non-parametric quantile regression was included at the end to examine the findings non-parametrically as part of the robustness check. The results show long-term cointegration between variables and that the variables are static at the difference. Furthermore, long-term results show that oil and forest rentals have a detrimental influence on financial development. Mineral rents, on the other hand, have little and ambiguous long-term impacts. Investments in renewable energy and R&D. favorably and considerably impact financial development. The robustness findings show that, in contrast to R&D and renewable energy gains, oil rents also become small with time across all quantiles. The other factors continue to have a comparable impact and their results are consistent with the major findings.
通讯机构:
[He, H ] H;Hunan Univ Sci & Engn, Res Inst Rural Revitalizat, Yongzhou 425199, Peoples R China.
关键词:
transportation infrastructure development;rural-urban income gap;urbanization;spatial inequality;spatial Dubin model;intermediary effect model
摘要:
Abstract: The development of transportation infrastructure plays a pivotal role in the regional economy from multiple dimensions. The aim of this paper is to examine the relationship between transportation infrastructure development and income inequality in urban and rural areas of China. The study utilizes panel data from 30 provinces, spanning the years 2010 to 2020, and employs the spatial Dubin model to measure and test the impact of transportation infrastructure on the urban-rural income gap. Furthermore, an intermediary effect test method is used to investigate the potential mediating effect of urbanization in this relationship. The results indicate that transportation infrastructure has a significantly negative direct, indirect, and total effect on the urban-rural income gap, with the indirect effect being greater than the direct effect. This suggests that transportation infrastructure can effectively reduce income disparities, with a noticeable spatial spillover effect. The level of urbanization plays a significant intermediary effect on the effect of transportation infrastructure on the urban-rural income gap, highlighting the role of transportation infrastructure in improving urbanization and narrowing income disparities. These findings underscore the importance of enhancing both the level of urbanization and cooperation between neighbouring regions in order to maximize the benefits of transportation infrastructure development for reducing income disparities and promoting regional balance in China. Keywords: transportation infrastructure development; rural-urban income gap: urbanization; spatial inequality; spatial Dubin model; intermediary effect model
通讯机构:
[Peng Yating] S;School of Pharmacy, Changsha Health Vocational College, Changsha 410600, China
关键词:
domestic violence;educational achievements;emotional abuse;physical and mental health
摘要:
Abstract: This paper takes the China Health and Retirement Longitudinal Survey (CHARLS) as a sample to assess the long-term impacts of domestic violence experienced in childhood on individuals. First, from the four dimensions of injury from violence, negligent care, emotional abuse and witness to domestic violence, an indicator system for quantifying domestic violence is constructed. Second, the simultaneous equation of self-evaluation health and life satisfaction is estimated by the seemingly unrelated regression model. Starting with education, health and life satisfaction, the long-term impact of domestic violence experiences on individuals is quantitatively assessed, providing empirical evidence for preventing and curing domestic violence and healing trauma. The empirical research shows the following: (1) An experience of domestic violence significantly reduces educational achievements. Compared with the three dimensions of injury from violence, negligent care and witnessing domestic violence, emotional abuse has the greatest negative impact on educational achievements. (2) Domestic violence significantly reduces the self-assessed health level and life satisfaction and increases the subjective mental health risk. Based on the complexity and concealment of domestic violence, combined with empirical research conclusions, this paper proposes countermeasures to prevent and control domestic violence. Keywords: domestic violence; emotional abuse; educational achievements; physical and mental health
摘要:
Abstract: Energy conservation and emission reduction are important ways to cope with global warming. An analysis of energy conservation and emission reduction from the perspective of network infrastructure construction provides an important perspective for the study of sustainable development. Based on the research sample of 263 cities in China from 2006 to 2019, and taking the policy of “Broadband China” as a quasi-natural experiment, this paper uses the double difference model to evaluate the impact of network infrastructure construction on energy conservation and emission reduction. The results show that (1) the construction of network infrastructure can significantly improve the energy utilization rate and reduce carbon emissions intensity, which helps to promote energy conservation and emission reduction. (2) From the perspective of a functional mechanism, on the one hand, network infrastructure construction affects energy conservation and emission reduction through micro-mechanisms such as green technology innovation and energy efficiency. On the other hand, network infrastructure construction also drives the development of the Internet and the digital economy, and promotes energy conservation and emission reduction through macro-mechanisms such as industrial structure and financial development. (3) The heterogeneity analysis shows that network infrastructure construction in non-resource-based cities, eastern regions and low-carbon cities has a greater impact on energy conservation and emission reduction. This study provides a new perspective for achieving low-carbon development goals. Keywords: network infrastructure construction; energy conservation; emission reduction; carbon emission intensity; “Broadband China”
作者机构:
[Wang, Yaoyao; Kuang, Yuanpei] Hunan Agr Univ, Sch Econ, Changsha 410125, Peoples R China.;[Wang, Yaoyao] Cent South Univ Forestry & Technol, Bangor Coll, Changsha 410004, Peoples R China.
通讯机构:
[Yuanpei Kuang] S;School of Economics, Hunan Agriculture University, Changsha 410125, China
关键词:
high-quality agricultural development;regional disparity;driving mechanism;spatio-temporal range improved entropy approach
摘要:
Abstract: Based on China’s new development philosophy and the connotation of high-quality agricultural development, this study constructed a six-dimensional comprehensive evaluation framework: innovation-effectiveness-sustainability-coordination-openness-sharing. The spatio-temporal-range-improved entropy approach and the Dagum Gini coefficient were applied to evaluate and analyze the level of regional disparities and the dynamic distribution characteristics of high-quality agricultural development in China in the period from 2010 to 2018. The result shows that the level of high-quality agricultural development in China has steadily improved in general, but there exist prominent structural problems. Concerning regional differences, it indicated a pattern dominated by the pattern of “high in the east and low in the west”, mainly arising from the inter-regional disparity, with a gradual downward trend during the selected period. This study also comprehensively explored the four-dimensional driving mechanisms (production conditions, productivity, production relations, and production efficiency), and further examined the driving paths of various variables and regional heterogeneity using a panel Tobit model. Keywords: high-quality agricultural development; regional disparity; driving mechanism; spatio-temporal range improved entropy approach
通讯机构:
[Liu, MZY; Liu, H ] H;Hunan Agr Univ, Sch Econ, Changsha 410128, Peoples R China.
关键词:
climate change;carbon emissions during grain production;green technology progress;farmland scale;fertilizer use;multiple cropping index
摘要:
Abstract: Abnormal climatic changes and related disasters are increasing in prevalence, with many negative impacts on ecosystems and agricultural production. The area of land in China is vast, including diverse terrain and climate types, and a substantial area is used to grow food crops. Therefore, climate change is having a huge impact on China’s grain production. Currently, the relationship between climate change and carbon emissions during grain production and the underlying mechanism have not been fully clarified. Therefore, this study used an ordinary least squares regression (OLS) model and the system generalized method of moments (SYS-GMM) to examine the influence of climatic change and carbon emissions during grain production, and we constructed mediation effect models to explore the mechanism of influence between them by utilizing panel data in China from 2000 to 2020. In addition, we also examined the adjustment effect of green technology progress and farmland scale. The study found that China’s carbon emissions during grain production increased from 2000 to 2015 and then presented a decreasing trend after 2015. We found that the annual average temperature has a prominent positive effect on carbon emissions during grain production, while the annual average rainfall has a negative effect. Among them, temperature changes mainly lead to the increase in carbon emissions during grain production through the increase in “fertilizer use” and “multiple cropping index”, but the mechanism of rainfall changes’ impact on carbon emissions during grain production is still unclear. In addition, green technology progress and farmland scale play adjustment roles in the impact of climate change on carbon emissions during grain production, and they could significantly suppress carbon emissions. On the basis of the conclusions in this paper, we propose that strengthening climate change adaptation is an important prerequisite for reducing carbon emissions during grain production. Furthermore, China should continue to reduce fertilizer use, facilitate the application of agriculture green technology, and expand the scale of farmland to achieve agricultural carbon emission reduction. Keywords: climate change; carbon emissions during grain production; green technology progress; farmland scale; fertilizer use; multiple cropping index
通讯机构:
[Li, SS ] H;Hunan Agr Univ, Econ Coll, Changsha 410128, Peoples R China.
关键词:
COP27;Extracting resources;Financial risk;Sustainable development
摘要:
Developed economies, particularly the United States, are rapidly developing technology and resources to cut carbon emissions to combat climate change and fulfill the COP27 target. Even though the literature addresses most environmental challenges in developed and developing nations. Nonetheless, the United States remained ignored in identifying the influence of renewables, financial risk, and natural resources on environmental quality. Therefore, it is the need of the time to empirically examine such nexus, the empirical results of which could help policymakers construct relevant and appropriate policies. This research looks at the influence of natural resources, renewable energy consumption, financial risk, and economic development on carbon emissions in the United States between 1989 and 2021. The empirical data for variables demonstrate valid cointegration but have non-linear distributional features. As a result, this study uses the unique approach of moment quantile regression to discover that economic growth is the biggest impediment to meeting the COP27 objective. On the other hand, natural resource exploitation, renewable energy use, and financial risk are all negatively related to carbon emissions. According to the data, the latter factors are the primary drivers of COP27's objective accomplishment. This report recommends sustainable resource exploitation and more investment in the renewable energy industry.
摘要:
In the recent world of catastrophe, scholars and policymakers have empirically examined the influence of various economic and financial instruments on environmental quality. Still, the literature is limited in terms of displaying the factors affecting public health, particularly in case of China. This study aims is to examine the nexus between green electricity, government efficiency, and health issues to draw novel policies. The current study investigates role of electricity production, eco-innovation and institutional factors for overall public health in China using the data from 2000Q1-2021Q4, which is a novel contribution to the existing literature. For empirical analysis, the study employs cointegration analysis, quantile regression and fully modified ordinary least square methods. The empirical result found the validity of the long-run equilibrium relationship. However, the asymmetric distri-bution of all variables allows this study to use a non-parametric "quantile regression" approach. The empirics depicts that economic growth and renewable electricity production positively influence public health-increase health-related issues. On the contrary, eco-innovation and government effectiveness substantially reduces public health issues. The empirical results are authenticated by the applying three parametric approaches - fully modified ordinary least square, canonical cointegration regression, and dynamic ordinary least square. To explore the causal connection between the variables, this study uses granger causality test - validates the presence of unidirectional and bidirectional causalities between variables. This study suggests enhancement in government effectiveness, expenditure, and eco-innovation to reduce critical health issues in the country.
摘要:
Abstract The objective of this study is to examine the impact of government environmental concerns on green innovation and whether this has a “leverage effect” or a “crowding‐out effect.” This study employs a two‐way fixed‐effects model to conduct an empirical test using panel data from 2010 to 2020 on Chinese firms listed in heavy‐polluting industries. The results suggest that an increase in government environmental concerns can promote corporate green innovation. However, government environmental concerns primarily stimulate strategic innovation rather than substantive innovation. After a series of robustness and endogeneity tests, the conclusions of this paper still hold. Corporate green innovation induced by government environmental concerns is not the “leverage effect” superimposed on existing innovation activities but the “crowding‐out effect” of other technological innovation. The heterogeneity tests in this paper indicate that the impact is more pronounced for firms with poorer environmental conditions, stronger political connections, and richer executive backgrounds.
通讯机构:
[Hui Liu] S;School of Economics, Hunan Agricultural University, Changsha 410128, China
关键词:
climate change;farm irrigation facilities;agriculture total factor productivity (TFP);technical advancement
摘要:
Abstract: Due to the trend of global warming, individuals from all walks of life have paid close attention to how climate change affects food security. China is a sizable nation with a rich climate and a diverse range of food crops that are of interest to researchers. Additionally, there is little mention of agricultural technology and farm irrigation facilities in academic research on climate change and agricultural economic growth in China. As a result, this study uses the SBM model, panel fixed effect model, and SYS-GMM model to examine the development trend of climate change and food security based on the panel data of Chinese provinces from 2000 to 2020. The study found that China has maintained an average annual growth rate of 4.3% in agricultural total factor productivity (TFP) in recent years, despite the impact of extreme weather. The average annual precipitation has a depressing influence on the TFP in agriculture, while the average annual temperature has the opposite effect. The farm irrigation facilities and agricultural technology’s moderating impact is mostly shown in how well they attenuate the impact of climate change on the TFP in agriculture. Food crops have thereby improved their ability to survive natural risks and attain higher yields as a result of advancements in agricultural technology and increasing investment in contemporary farm irrigation facilities. The study’s conclusions are used in the article to make the suggestion that strengthening climate change adaptation is necessary to ensure food security. The strategic policy of “storing grain in technology and storing grain in the soil” and the advancement of contemporary agricultural technology must be put into reality while the management system for grain reserves is being improved. Keywords: climate change; farm irrigation facilities; agriculture total factor productivity (TFP); technical advancement
关键词:
Trade policy uncertainty;Precious metal markets;China-US trade Conflict;Time-varying spillovers
摘要:
Using a time-varying vector autoregressive (TVP-VAR) model combined with a spillover index, we study the dynamic spillovers between trade policy uncertainty (TPU) and precious metal markets during the Sino-US trade war. The results show obvious spillover effects between the Chinese TPU and American TPU and the precious metal markets, and the strength and direction of the spillover effects are time-varying and asymmetrical. The uncertainty of the Sino-US trade policy has a heterogeneous impact on the precious metal markets. American TPU dominates the markets, followed by Chinese TPU. In the face of trade war conflict, the spillover fluctuation of American TPU to Chinese TPU is very significant. In addition, in the face of trade policy uncertainty, gold and silver have strong self-adjustment abilities and stabilities, making them highly suitable for hedging investments. International investors and policymakers should consider the impacts of international trade policy uncertainty when conducting risk monitoring and building portfolios in precious metal markets.
作者机构:
[Wu, Liang; Peng, Yuting; Li, Zhijuan] Wuhan Univ, Dept Econ & Management, Wuhan 430072, Peoples R China.;[Zhang, Zemin; Chen, Rui] Wuhan Univ, Dong FuReng Econ & Social Dev Sch, Wuhan 430072, Peoples R China.;[Jiang, Wen; Jiang, Yinjuan] Hunan Agr Univ, Econ Coll, Changsha 410125, Peoples R China.;[Zheng, Kaixin] Wuhan Univ, Acad Dev, Wuhan 430072, Peoples R China.
关键词:
carbon emission;construction sector;green development;industrial green transformation;entropy method
摘要:
In the context of the commitment to peak carbon emissions by 2030, specific sectors in China should take responsibility to change their energy consumption patterns. In China and across the globe, the construction sector is a major source of carbon dioxide emissions, as well as an indicator of economic growth and structural transformation. In this study, we examine panel data for 30 provinces or regions from 2008 to 2019 to dissect which macro-factors contribute to growth in carbon emissions, and which will lead to carbon emission reductions. Derived by the entropy method, the Green Finance Index is a comprehensive environmental regulation index related to reduction in emissions in each province. It presents an N shape for construction emissions, and provinces are currently striving to cross the first inflection point, which will help to curb emissions. Judging from the combined effects of this and other structural factors, the Green Finance Index can promote the decarbonization of production by playing the role of guiding and screening capital allocation. Population expansion, income levels, and financial development initially stimulate demand for construction, but their effects eventually level off. This paper can serve as a reference for developing countries that are experiencing industrialization and urbanization processes and handling gas discharge pressure at the same time.
摘要:
Abstract: Developing countries with small-scale agriculture have yet to exploit the untapped potential of agricultural mechanization. This is because of the misconception that mechanization is often seen as unworthy in small-scale agriculture. The purpose of this paper is to examine the development of agricultural mechanization in China and to provide evidence on how smallholder farmers can access agricultural machinery. A narrative approach was employed to conduct an in-depth analysis of the policies, strategies, and trends associated with agricultural mechanization development. The findings showed that: (1) the establishment and development of mechanization for smallholder agriculture is an evolutionary process that strongly opposes leapfrogging (technocratic behavior) and making large jumps; (2) the foundation of mechanization development should rely on a self-reliance system; (3) an appropriate mechanization theory is the key to inducing the rapid growth of mechanization in small-scale agriculture; (4) the successful application of agricultural machinery requires strong, target-oriented, and pro-farmer policies with effective leadership strategies. We present the key lessons on policy and institutional aspects for countries with small-scale agriculture and who are in the initial stages of agricultural mechanization. Keywords: agricultural mechanization; small-scale agriculture; smallholder farmers