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ID:
191157
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| Summary/Abstract |
To stimulate economic growth, the Chinese government implemented three consecutive policies between 2016 and 2019 to reduce the corporate endowment insurance contribution ratio (CEICR), the highest payment item for Chinese companies. Using China's CEICR reduction policies as a quasi-natural experiment, this paper evaluates the impact of corporate payment burden reduction on employee wages. Generally, reducing CEICR appears to prompt companies to increase employee wages. Corporate cash flow is a possible channel of influence. Moreover, the positive effect is found to be more pronounced in companies that are more labor intensive, performing better in labor payment compliance, and located in regions with higher pressure for elderly care. This paper offers evidence in favor of implementing CEICR reduction policies from the perspective of improving the well-being of employees.
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| 2 |
ID:
136280
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| Summary/Abstract |
The Chinese government has been pursuing economic growth under the guidance of “growth is a hard principle”. Regional governments have employed the overtaking strategy (placing primary emphasis on the development of capital and technology-intensive industries) and the real estate development strategy to push for economic growth and fiscal revenue growth. This led to a primary and secondary income distribution structure biased toward capital and government and against labor and a government expenditure structure biased toward infrastructure and against social welfare. Using the empirical strategy of Acemoglu et al. (2003), we confirm that the overtaking strategy and the real estate development strategy have contributed to the internal imbalances of overinvestment and underconsumption. The biased primary and secondary income distribution structures as well as the biased government expenditure structure serve as important mediating channels through which the development strategies translate into an imbalanced consumption–investment structure. It suggests that the Chinese government will be able to accomplish China's transition from an investment-led growth model to a consumption–investment balanced growth model only if it modifies its development strategies.
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| 3 |
ID:
187910
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| Summary/Abstract |
Using firm-level data of companies listed on China's A-share market from 2006 to 2017, this research applies a difference-in-differences (DID) empirical method to test whether the state policy in China used for identifying firms as being “high-tech” enhances their innovative capabilities. This paper presents three main findings. First, multiple robustness tests confirm that the state technology identification policy does improve the total number of patent applications as well as the number of patent invention applications. Second, government subsidy is an important channel through which this policy affects a firm's innovation capabilities. Third, this policy has a more prominent and positive influence on the innovation capabilities of firms located in regions where there exist a higher rate of taxation in addition and relatively more developed products and factor markets. Fourth, we conduct a flexible back-of-the-envelope cost-benefit analysis to demonstrate that the high-tech firm identification policy does improve the overall level of social welfare. The empirical results of this paper have far-reaching implications for China's innovation policies.
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