As urbanization accelerates globally,air pollution-particularly PM_(2.5)-is becoming an increasingly significant threat,not only to public health but also the environment.In-depth research on the impact of China’s Ze...As urbanization accelerates globally,air pollution-particularly PM_(2.5)-is becoming an increasingly significant threat,not only to public health but also the environment.In-depth research on the impact of China’s Zero Waste City pilot policy on PM_(2.5)concentration offers valuable insights into the policy’s effectiveness and provides a potential model for environmental governance worldwide.This study employs panel data from 293 Chinese cities from 2014 to 2022 to systematically analyze the impact of the Zero-Waste City policy on PM_(2.5)concentration using a difference-in-differences model.The findings indicate that the policy not only directly reduces PM_(2.5)concentration but also indirectly curbs PM_(2.5)emissions by enhancing green innovation and green economic efficiency.Moreover,the policy’s effects are found to be positively moderated by urban energy dependence and digital financial inclusion,while they are negatively moderated by the government debt ratio.Based on these findings,this study suggests that cities should actively develop their digital economy,reduce government debt,promote green innovation,and improve green economic efficiency,as doing so will enhance their implementation of environmental policies and promote sustainable urban development.展开更多
Long-term exposure to fine particulate matters(PM_(2.5))has been associated with respiratory and cardiovascular diseases and the burden are potentially higher in China experiencing heavy air pollution.In this study,we...Long-term exposure to fine particulate matters(PM_(2.5))has been associated with respiratory and cardiovascular diseases and the burden are potentially higher in China experiencing heavy air pollution.In this study,we established the exposure-response association between long-term exposures to PM_(2.5)and lung function and blood pressure in Chinesemiddle-aged and older adults using linearmixed-effects and generalized additive mixedmodels based on 3 waves longitudinal health outcomes data by enrolling 19,988 participants from 121 cities across themainland of China.We also assessed the effect of Clean Air Policy(CAP)based on a quasi-experimental difference-in-differences(DID)design.A 10μg/m^(3)increase in PM_(2.5)concentration was associated with a 7.18(95%confidence interval[CI]:-8.35,-6.02)L/min decrease in PEF(peak expiratory flow)and a 0.72(95%[CI]:0.53,0.90)and a 0.30(95%[CI]:0.18,0.42)mmHg increase in systolic and diastolic blood pressure,respectively.The associations were more pronounced in males and rural areas for PEF,but similar across subgroups for blood pressure.DID results suggested that the effect of CAP on health outcomes were sensitive tomagnitudes of reduction in PM_(2.5).A 5μg/m^(3)reduction in PM_(2.5)or more generally led to 18.70(95%[CI]:0.79,36.61)higher PEF and-2.05(95%[CI]:-3.87,-0.23)lower diastolic blood pressure,respectively,compared to no reduction or increase in exposure.However,the effects were significant only in rural areas.Our analysis support CAP aiming to benefit public health and provides insights to inform future control policy for efficiently decreasing air pollution exposure burden.展开更多
Coal dependence and inefficient decentralized heating have significantly increased China’s energy consumption for winter heating,increasing air pollution and exacerbating the greenhouse effect.In 2017,China implement...Coal dependence and inefficient decentralized heating have significantly increased China’s energy consumption for winter heating,increasing air pollution and exacerbating the greenhouse effect.In 2017,China implemented the Pilot Policy on Clean Winter Heating in Northern China,aiming to achieve high central heating coverage and cleaner energy consumption.Studying the effects of this policy can help promote its implementation and serve as a reference for effective adjustment of the contents in the future.However,few studies have investigated this policy and its carbon reduction effects,and most focus on the provincial or city levels.Therefore,this paper considers the policy’s influence on air pollution and carbon emissions at the county level to provide a precise and comprehensive assessment of the policy effects.We use panel data from 1290 counties in 15 provinces in Northern China from 2014 to 2021,applying a multiperiod difference-in-differences model to quantify the impact of the policy on carbon emissions and air quality in the pilot area.We then conduct a series of tests to demonstrate the robustness of the results and analyze the mechanisms of the policy effects from two perspectives,namely,central heating and natural gas use,through a mediating effect model.Finally,we examine the heterogeneity of policy effects between counties based on geographic location and per capita income levels of rural residents through a moderating effect model.The results reveal that the policy significantly reduces air pollution and carbon emissions in the pilot area by increasing the central heating area and natural gas use.Compared with the central and western regions in the north and areas with low-income rural residents,the policy effects in the eastern regions in the north and areas with high-income rural residents are more pronounced.展开更多
As a unique environmental regulation in China,the official accountability audit was piloted in 2014.With a focus on prioritizing the ecological environment,officials in pilot districts have implemented economic constr...As a unique environmental regulation in China,the official accountability audit was piloted in 2014.With a focus on prioritizing the ecological environment,officials in pilot districts have implemented economic construction,adjusted industrial structures,and promoted coordinated development between the economy and environment.The effects of implementation have garnered widespread attention from society.However,there is limited research on the impact of an accountability audit on industrial structure adjustments.Using the“Accountability Audit of Officials for Natural Resource Assets(Trial)”released in 2015 as a quasi-natural experiment,this study collected panel data from 279 cities between 2013 and 2017.It then empirically analyzed the impact mechanism and effects of the accountability audit on industrial structure adjustment using the Propensity Score Matching and Difference-in-Differences model.The research findings indicate that the accountability audit directly impacted industrial structure adjustment,promoting the upgrading of the primary industry to the secondary industry and restricting the development of the tertiary industry.In addition,the audit is beneficial for enterprise entry,but not conducive to technological innovation,and has no significant impact on foreign direct investment.This conclusion fills a gap in the existing research and provides valuable insights for policymakers.展开更多
To effectively solve the problem of environmental pollution,the Chinese government has implemented an environmental supervision system since 2002.The environmental supervision system mainly uses the four functions of ...To effectively solve the problem of environmental pollution,the Chinese government has implemented an environmental supervision system since 2002.The environmental supervision system mainly uses the four functions of supervision,investigation,coordination,and emergency response to strengthen environmental protection supervision and law enforcement,respond to environmental emergencies,and coordinate cross-regional pollution disputes.As an important system design for China to control environmental pollution and promote the ecological transformation of economic development,the policy effect of the environmental supervision system deserves attention.This paper uses the difference-in-differences method to investigate the impact of the top-down environmental supervision system on air quality based on the 2000-2016 data for 285 prefecture-level cities in China.The results indicate that the annual average concentration of PM_(2.5)decreased significantly after the implementation of the environmental supervision system.The dynamic analysis shows that PM_(2.5)decreased most markedly in the first year after the implementation of the policy,and then the effect gradually weakened.Mechanism analysis suggests that the environmental supervision system can break the collusion between government and enterprise,encourage enterprises to carry out technological innovation,change pollutant discharge behavior and push local governments to adjust the industrial structure,enhance environmental protection awareness to reduce the PM_(2.5)concentration,and improve air quality.Comparing different regions,the PM_(2.5)in East China,North China and Northeast China are relatively high,and the pressure for air pollution control is great.Meanwhile,we find that the environmental supervision system has a significant station effect.Compared with other cities,the cities where the environmental supervision centers are located are more deterred by the environmental supervision,and their air quality has improved to a significantly greater degree.In the future,we should further strengthen the environmental supervision of high-pollution areas and non-station cities,and pay more attention to improving the long-term effect of the environmental supervision system.展开更多
The national independent innovation demonstration zone(NIIDZ)is an independent innovation policy that plays a crucial role in implementing strategies.Given the importance of the NIIDZ,this study uses panel data of 278...The national independent innovation demonstration zone(NIIDZ)is an independent innovation policy that plays a crucial role in implementing strategies.Given the importance of the NIIDZ,this study uses panel data of 278 prefecture-level cities in China from 2006 to 2020 and empirically examines the effect and internal mechanism of the NIIDZ on green economic efficiency(GEE)using the difference-in-difference model(DID).The results show that the NIIDZ effectively enhances the growth of GEE,and the results remain valid through several robustness tests,such as year-by-year propensity score matching.The transmission mechanism suggests that the NIIDZ indirectly drives GEE by accelerating scientific and technological investment,promoting talent concentration,and optimizing the industrial structure.Moreover,heterogeneity analysis reveals that the promotion effect of the NIIDZ on GEE is more prominent in the eastern region and high green development level areas.The study’s findings can serve as a reference for China to further utilize the policy effectiveness of the NIIDZ and accelerate the high-quality development of the green economy in the future.展开更多
Purpose-The spatiotemporal compression effect of China-Europe Railway Express(CR-Express)can reduce the filow costs of resources between China's node cities.Additionally,it can break through the limitations of low...Purpose-The spatiotemporal compression effect of China-Europe Railway Express(CR-Express)can reduce the filow costs of resources between China's node cities.Additionally,it can break through the limitations of low-added-value marine products,significantly impacting the logistics industry efficiency.However,there are few literature verifying and analyzing its heterogeneity.This study explores the impact of CR-Express on the efficiency of logistics industry in node cities and analyzes the heterogeneity.Design/methodology/approach-First,this study uses panel data to measure the efficiency of node city logistics industry.Secondiy,this study discusses the impact of the opening of CR-Express on the efficiency of logistics industry in node cities based on the multi-period differential model.Finally,according to the node city difference,the sample city experimental group is grouped for heterogeneity analysis.Findings-The results show that CR-Express can promote the urban logistics industry efficiency,with an average effect of 4.55%.According to the urban characteristics classification,the heterogeneity analysis shows that the efficiency improvement effect of logistics industry in inland cities is more obvious.The improvement effect of node cities and central cities in central and western China is stronger,especially in the sample of megacities and type I big cities.Compared with non-value chain industrial products,the CR-Express has significant promotion effects on the logistics efficiency of the cities where main goods are value chain products.Originality/value-Under the background of double cycle development,this paper can provide a scientific basis for the investment benefit evaluation of CR-Express construction and the follow-up route planning.展开更多
This paper uses the HS2 extension cancellation in November 2021 as a quasi-experiment to study its impact on house prices and rents in Leeds.Using a DiD approach on repeat sales and monthly rents,I compare property va...This paper uses the HS2 extension cancellation in November 2021 as a quasi-experiment to study its impact on house prices and rents in Leeds.Using a DiD approach on repeat sales and monthly rents,I compare property values near the HS2 station and proposed construction site before and after the announcement.Results show a 3.6%decrease in house prices and a 3.9%decline in rents near the station,while properties near the construction site experienced a 2.4%increase in prices and a 2.1%rise in rents.This is the first paper to analyse the HS2 cancellation effect using panel data methods.展开更多
There is a worldwide consensus that excessive anthropogenic carbon dioxide emissions will lead to global warming and other environmental problems.Supports from regulations and policies have gradually implemented in th...There is a worldwide consensus that excessive anthropogenic carbon dioxide emissions will lead to global warming and other environmental problems.Supports from regulations and policies have gradually implemented in this area.As one of the most discussed policies,the carbon emissions trading schemes(CETS)has an advantage in its price-oriented and cost-saving characteristics.In this paper,we analyze and assess the CETS effect from static and dynamic perspectives by applying provincial panel data covering a period ranging from 2004 to 2017.The CETS policy has a significant constraining effect on both carbon emissions and primary energy consumption.Compared to the other two uncertainties,namely the energy price uncertainty and the technology uncertainty,the carbon permit price uncertainty has a relatively smooth impact on the economy,which is being pursued consistently by the policymakers.展开更多
The innovative city pilot policy(ICPP)is an essential manifestation of China’s construction of an innovative and green-driven development country.We incorporated urban green total factor productivity(GTFP)growth into...The innovative city pilot policy(ICPP)is an essential manifestation of China’s construction of an innovative and green-driven development country.We incorporated urban green total factor productivity(GTFP)growth into the evaluation of ICPP.Based on the panel data of 223 cities in China from 2005 to 2020,we used the difference-in-differences model to empirically assess the influence and mechanism of the ICPP on urban GTFP growth.The main results show that(i)The ICPP has maintained an effectively fluctuating promotion on urban GTFP growth,mainly manifested in the urban green technological progress improvement.(ii)The ICPP has urban heterogeneity in promoting GTFP growth in pilot cities,mainly affecting key cities such as provincial capitals.(iii)The interaction between the agglomeration of producer services and the ICPP inhibits GTFP growth in pilot cities.展开更多
This study constructs a quasi-natural experiment based on the expansion of the Yangtze River Delta urban agglomeration(YRDUA) of China in 2010 to investigate the impact and inner mechanism of urban agglomeration expan...This study constructs a quasi-natural experiment based on the expansion of the Yangtze River Delta urban agglomeration(YRDUA) of China in 2010 to investigate the impact and inner mechanism of urban agglomeration expansion on fine particulate matter(PM_(2.5)) concentrations through propensity scores in difference-in-differences models(PSM-DID) using panel data from 286 prefecturelevel cities in China from 2003 to 2016. The results show that 1) urban agglomeration expansion contributes to an overall decrease in PM_(2.5)concentration, which is mainly achieved from the original cities. For the new cities, on the other hand, the expansion significantly increases the local PM_(2.5)concentration. 2) In the long term, the significant influence of urban agglomeration expansion on PM_(2.5)concentration lasts for three years and gradually decreases. A series of robustness tests confirm the applicability of the PSM-DID model.3) Cities with weaker government regulation, a better educated population and higher per capita income present stronger PM_(2.5)reduction effects. 4) Urban agglomeration expansion affects the PM_(2.5)concentration mainly through industrial transfer and population migration, which cause a decrease in the PM_(2.5)concentration in the original cities and an increase in the PM_(2.5)concentration in the new cities.Corresponding policy suggestions are proposed based on the conclusions.展开更多
Any potential damage may be severe once an accident occurs involving hazardous materials.It is therefore important to consider the risk factor concerning hazardous material supply chains,in order to make the best inve...Any potential damage may be severe once an accident occurs involving hazardous materials.It is therefore important to consider the risk factor concerning hazardous material supply chains,in order to make the best inventory routing decisions.This paper addresses the problem of hazardous material multi-period inventory routing with the assumption of a limited production capacity of a given manufacturer.The goal is to achieve the manufacturer's production plan,the retailer's supply schedule and the transportation routes within a fixed period.As the distribution of hazardous materials over a certain period is essentially a multiple travelling salesmen problem,the authors formulate a loadingdependent risk model for multiple-vehicle transportation and present an integer programming model to maximize the supply chain profit.An improved genetic algorithm considering two dimensions of chromosomes that cover the aforementioned period and supply quantity is devised to handle the integer programming model.Numerical experiments carried out demonstrate that using the proposed multiperiod joint decision-making can significantly increase the overall profit of the supply chain as compared to the use of single period decision repeatedly,while effectively reducing its risk.展开更多
Can green fiscal policy(GFP)incentivize the proliferation of urban green innovation(GI)and be a novel cata‐lyst for energy conservation and emission reduction within the“dual-carbon”framework?This paper explores GF...Can green fiscal policy(GFP)incentivize the proliferation of urban green innovation(GI)and be a novel cata‐lyst for energy conservation and emission reduction within the“dual-carbon”framework?This paper explores GFP ramifications for GI by implementing a difference-in-differences model in a natural experiment centered on the“Comprehensive Demonstration City of Energy Saving and Emission Reduction Fiscal Policies”.The em‐pirical analysis reveals several key findings:(1)GFP exhibits significant augmentation at the GI level,with an observable evolutionary trend of increasing marginal impact.Importantly,these outcomes withstand rigorous robustness tests,including propensity score matching.(2)A mechanism analysis elucidates the dual impact of GFP on GI growth.GFP directly fosters GI advancement indirectly by promoting talent aggregation,expanding scientific and technological investment,and attracting external financial resources.(3)A heterogeneity analy‐sis demonstrates that GFP enhancement of GI is closely associated with the patent category,manifesting a dis‐tinct pattern of“eastern region>other regions”and“non-resource cities>resource cities”.The study’s em‐pirical findings offer crucial real-world insights to guide the Chinese government in formulating a more effi‐cient GFP and facilitating the expansion of innovative endeavors while contributing to environmentally sus‐tainable and high-value development.展开更多
Polycentric urban development has profound impacts on urban development worldwide.Most studies have identified its complex drivers of social economy and natural condition while ignoring the state-led policy factors.In...Polycentric urban development has profound impacts on urban development worldwide.Most studies have identified its complex drivers of social economy and natural condition while ignoring the state-led policy factors.In recent years,China has undergone dramatic administrative division adjustment(ADA)during the process of unique state-led urbanization.However,as a crucial government strategy,the impacts of ADA on urban polycentricity remain unclear.This research investigates the relationship between ADA and urban polycentricity through spatial difference-in-differences models.The results reveal that ADA has contributed to the polycentric urban development in China.Specifically,boundary restructuring has more substantial impacts than hierarchy reorganization.In addition,ADA has significantly promoted urban polycentricity in local cities in central China and neighbouring cities in eastern China,while it has no significant effects in western China.Furthermore,ADA reshapes urban polycentricity mainly by the influencing mechanism of construction land and industrial structure.Policymakers should consider the various ADA’s impacts on urban polycentricity with socio-economic conditions.This research provides a deeper insight into urban spatial transformation with state-led drivers.展开更多
China has adhered to the concept of green development since the introduction of the Belt and Road Initiative in 2013.However,as the initiative continues to advance,speculations have been raised on the possibility of i...China has adhered to the concept of green development since the introduction of the Belt and Road Initiative in 2013.However,as the initiative continues to advance,speculations have been raised on the possibility of its reduction of the environmental quality of the countries along the routes.So,has the seven-year-old Belt and Road Initiative reduced the environmental quality of these countries and how does it affect the environmental quality?To address these issues,this study conducted a quasi-natural experiment,based on the WDI 2005-2017 data,the human development index database of the World Bank and the OECD(Organization for Economic Cooperation and Development)database.A country-year panel data was constructed using the difference-in-differences model to assess the countries along the‘area’initiative for environmental effects,and to further examine the heterogeneity and the policy effect mechanism.The main conclusions were as follows:①The Belt and Road Initiative had significantly improved the environmental quality of countries along the routes.The conclusions remained robust after the introduction of the placebo test,the use of instrumental variables to alleviate possible endogenous problems and a series of other robustness tests.②The results of heterogeneity analysis showed that the Belt and Road Initiative exerted a greater effect on the countries with lower environmental quality than those with higher quality in terms of environmental improvements.③Mechanism analysis showed that the Belt and Road Initiative improved the environmental quality of countries along the routes by promoting technological progress and strengthening environmental regulation,but it failed to significantly improve the environmental quality of these countries by promoting clean energy structure and industrial structure and increasing the scale effect.Therefore,China should continue to vigorously promote the concept of developing a green Belt and Road,expand the coverage of the green Belt and Road,improve the level of clean energy structure of the Belt and Road countries through investment and cooperation,and promote the clean transformation of their industrial structure.These findings provide empirical evidence and implications for the better promotion of the green Belt and Road Initiative,and have certain reference value for the follow-up implementation of the Belt and Road Initiative.展开更多
Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development pro...Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.展开更多
Based on the China Household Finance Survey(CHFS)data of 2011-2017,this paper investigated the effects of China’s targeted poverty alleviation policy on rural credit access and amount using the“difference-in-differe...Based on the China Household Finance Survey(CHFS)data of 2011-2017,this paper investigated the effects of China’s targeted poverty alleviation policy on rural credit access and amount using the“difference-in-differences”methodology.This study found that the targeted poverty alleviation policy increased the availability and amount of formal credit to poor households and reduced the proportion and amount of their borrowing through informal channels,and that the effects increased amid the policy’s implementation over time.This paper further found that the policy effects were more significant for China’s western regions,reflecting a positive role of targeted poverty alleviation in coordinating pro-poor finance across regions.Compared with poor counties,poor households from non-poor counties experienced a greater increase in their probability and amount of formal credit access,reflecting China’s approach of reducing regional poverty before targeting more precisely at individual poor households.This paper also uncovered that no significant“elite capture”effect had existed in the allocation of formal agricultural credit under targeted poverty alleviation,but extremely poor households experienced no significant change in their access to formal credit.While the targeted poverty alleviation policy has helped create a sound rural credit market,it should further improve access to formal finance for extremely poor households.展开更多
This paper proposed a multi-period dynamic optimal portfolio selection model. Assumptions were made to assure the strictness of reasoning. This Approach depicted the developments and changing of the real stock market ...This paper proposed a multi-period dynamic optimal portfolio selection model. Assumptions were made to assure the strictness of reasoning. This Approach depicted the developments and changing of the real stock market and is an attempt to remedy some of the deficiencies of recent researches. The model is a standard form of quadratic programming. Furthermore, this paper presented a numerical example in real stock market.展开更多
Supply chain partnerships are an essential component of business innovations.This study uses data on A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2012 to 2022 to conduct a multi-period di...Supply chain partnerships are an essential component of business innovations.This study uses data on A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2012 to 2022 to conduct a multi-period difference-in-differences analysis based on a list of green supply chain management(GSM)companies.We find that GSM significantly promotes low-carbon technology innovations(LCT)of upstream enterprises.The mechanism analysis indicates that GSM has a resource effect and signal effect that generate LCT spillovers.In terms of the resource effect,GSM companies offer green credit and support green procurement,thereby providing financial support for green investments in upstream LCT.In terms of a signaling effect,GSM strengthens the effectiveness of institutional investors,the public,and online media in supervising upstream suppliers’green credentials,thereby promoting upstream LCT.A heterogeneity analysis shows that when midstream companies are state-owned enterprises or industry leaders,and when the concentration and stability of supply chain purchase relationships are higher,the LCT spillover effects of GSM are more pronounced.Further analysis reveals that GSM has bidirectional horizontal spillover effects and that upstream unidirectional vertical spillover effects are limited to first-level suppliers.Additionally,under the premise of not compromising economic benefits and stability,GSM shows an emerging trend of transitioning from environmentally compliant“light green”supply chains to“deep green”supply chains focused on pollution reduction,carbon reduction,and energy conservation.展开更多
In this paper, a model for multi-period bank hedging with interest rate futures is set up. Formulas for the optimal dynamic multi-period bank and static bank hedge ratio are derived. The described model offers the pot...In this paper, a model for multi-period bank hedging with interest rate futures is set up. Formulas for the optimal dynamic multi-period bank and static bank hedge ratio are derived. The described model offers the potential benefits of： （1） although these formulas are developed for the case of direct sheet balance multi-period hedging, the framework used is sufficiently flexible so that these formulas can be applied to bank loan or deposit multi-period hedging situations respectively. （2） Periodic modification and updating of the interest rate futures position, as suggested by interest rates, throughout the bank hedging horizons. （3） This paper examines a situation in which the return of loan, the interest rate of deposit and the equity capital of bank, and interest rate futures prices are cointergrated, Multi-period bank hedging formulas are derived under three-dimensional stochastic volatility model. However, empirical research is required for validating this model.展开更多
基金The authors declare that fund support was received from National Social Science Fund of China[Grant No.23BJL010].
文摘As urbanization accelerates globally,air pollution-particularly PM_(2.5)-is becoming an increasingly significant threat,not only to public health but also the environment.In-depth research on the impact of China’s Zero Waste City pilot policy on PM_(2.5)concentration offers valuable insights into the policy’s effectiveness and provides a potential model for environmental governance worldwide.This study employs panel data from 293 Chinese cities from 2014 to 2022 to systematically analyze the impact of the Zero-Waste City policy on PM_(2.5)concentration using a difference-in-differences model.The findings indicate that the policy not only directly reduces PM_(2.5)concentration but also indirectly curbs PM_(2.5)emissions by enhancing green innovation and green economic efficiency.Moreover,the policy’s effects are found to be positively moderated by urban energy dependence and digital financial inclusion,while they are negatively moderated by the government debt ratio.Based on these findings,this study suggests that cities should actively develop their digital economy,reduce government debt,promote green innovation,and improve green economic efficiency,as doing so will enhance their implementation of environmental policies and promote sustainable urban development.
基金supported by the National Institute of Environmental Health Sciences(NIEHS)of United States(No.R00ES027511)the National Natural Science Foundation of China(No.42201303).
文摘Long-term exposure to fine particulate matters(PM_(2.5))has been associated with respiratory and cardiovascular diseases and the burden are potentially higher in China experiencing heavy air pollution.In this study,we established the exposure-response association between long-term exposures to PM_(2.5)and lung function and blood pressure in Chinesemiddle-aged and older adults using linearmixed-effects and generalized additive mixedmodels based on 3 waves longitudinal health outcomes data by enrolling 19,988 participants from 121 cities across themainland of China.We also assessed the effect of Clean Air Policy(CAP)based on a quasi-experimental difference-in-differences(DID)design.A 10μg/m^(3)increase in PM_(2.5)concentration was associated with a 7.18(95%confidence interval[CI]:-8.35,-6.02)L/min decrease in PEF(peak expiratory flow)and a 0.72(95%[CI]:0.53,0.90)and a 0.30(95%[CI]:0.18,0.42)mmHg increase in systolic and diastolic blood pressure,respectively.The associations were more pronounced in males and rural areas for PEF,but similar across subgroups for blood pressure.DID results suggested that the effect of CAP on health outcomes were sensitive tomagnitudes of reduction in PM_(2.5).A 5μg/m^(3)reduction in PM_(2.5)or more generally led to 18.70(95%[CI]:0.79,36.61)higher PEF and-2.05(95%[CI]:-3.87,-0.23)lower diastolic blood pressure,respectively,compared to no reduction or increase in exposure.However,the effects were significant only in rural areas.Our analysis support CAP aiming to benefit public health and provides insights to inform future control policy for efficiently decreasing air pollution exposure burden.
基金supported by the National Social Science Fund of China[Grant No.21BGL181]to Yan Chen.
文摘Coal dependence and inefficient decentralized heating have significantly increased China’s energy consumption for winter heating,increasing air pollution and exacerbating the greenhouse effect.In 2017,China implemented the Pilot Policy on Clean Winter Heating in Northern China,aiming to achieve high central heating coverage and cleaner energy consumption.Studying the effects of this policy can help promote its implementation and serve as a reference for effective adjustment of the contents in the future.However,few studies have investigated this policy and its carbon reduction effects,and most focus on the provincial or city levels.Therefore,this paper considers the policy’s influence on air pollution and carbon emissions at the county level to provide a precise and comprehensive assessment of the policy effects.We use panel data from 1290 counties in 15 provinces in Northern China from 2014 to 2021,applying a multiperiod difference-in-differences model to quantify the impact of the policy on carbon emissions and air quality in the pilot area.We then conduct a series of tests to demonstrate the robustness of the results and analyze the mechanisms of the policy effects from two perspectives,namely,central heating and natural gas use,through a mediating effect model.Finally,we examine the heterogeneity of policy effects between counties based on geographic location and per capita income levels of rural residents through a moderating effect model.The results reveal that the policy significantly reduces air pollution and carbon emissions in the pilot area by increasing the central heating area and natural gas use.Compared with the central and western regions in the north and areas with low-income rural residents,the policy effects in the eastern regions in the north and areas with high-income rural residents are more pronounced.
文摘As a unique environmental regulation in China,the official accountability audit was piloted in 2014.With a focus on prioritizing the ecological environment,officials in pilot districts have implemented economic construction,adjusted industrial structures,and promoted coordinated development between the economy and environment.The effects of implementation have garnered widespread attention from society.However,there is limited research on the impact of an accountability audit on industrial structure adjustments.Using the“Accountability Audit of Officials for Natural Resource Assets(Trial)”released in 2015 as a quasi-natural experiment,this study collected panel data from 279 cities between 2013 and 2017.It then empirically analyzed the impact mechanism and effects of the accountability audit on industrial structure adjustment using the Propensity Score Matching and Difference-in-Differences model.The research findings indicate that the accountability audit directly impacted industrial structure adjustment,promoting the upgrading of the primary industry to the secondary industry and restricting the development of the tertiary industry.In addition,the audit is beneficial for enterprise entry,but not conducive to technological innovation,and has no significant impact on foreign direct investment.This conclusion fills a gap in the existing research and provides valuable insights for policymakers.
文摘To effectively solve the problem of environmental pollution,the Chinese government has implemented an environmental supervision system since 2002.The environmental supervision system mainly uses the four functions of supervision,investigation,coordination,and emergency response to strengthen environmental protection supervision and law enforcement,respond to environmental emergencies,and coordinate cross-regional pollution disputes.As an important system design for China to control environmental pollution and promote the ecological transformation of economic development,the policy effect of the environmental supervision system deserves attention.This paper uses the difference-in-differences method to investigate the impact of the top-down environmental supervision system on air quality based on the 2000-2016 data for 285 prefecture-level cities in China.The results indicate that the annual average concentration of PM_(2.5)decreased significantly after the implementation of the environmental supervision system.The dynamic analysis shows that PM_(2.5)decreased most markedly in the first year after the implementation of the policy,and then the effect gradually weakened.Mechanism analysis suggests that the environmental supervision system can break the collusion between government and enterprise,encourage enterprises to carry out technological innovation,change pollutant discharge behavior and push local governments to adjust the industrial structure,enhance environmental protection awareness to reduce the PM_(2.5)concentration,and improve air quality.Comparing different regions,the PM_(2.5)in East China,North China and Northeast China are relatively high,and the pressure for air pollution control is great.Meanwhile,we find that the environmental supervision system has a significant station effect.Compared with other cities,the cities where the environmental supervision centers are located are more deterred by the environmental supervision,and their air quality has improved to a significantly greater degree.In the future,we should further strengthen the environmental supervision of high-pollution areas and non-station cities,and pay more attention to improving the long-term effect of the environmental supervision system.
基金supported by the National Natural Science Foundation of China[Grant No.72163018]the Yunnan College Students’Innovation and Entrepreneurship Training Program[Grant No.S202310674173]the Yunnan Province Basic Research Program General Project[Grant No.202401AT070393].
文摘The national independent innovation demonstration zone(NIIDZ)is an independent innovation policy that plays a crucial role in implementing strategies.Given the importance of the NIIDZ,this study uses panel data of 278 prefecture-level cities in China from 2006 to 2020 and empirically examines the effect and internal mechanism of the NIIDZ on green economic efficiency(GEE)using the difference-in-difference model(DID).The results show that the NIIDZ effectively enhances the growth of GEE,and the results remain valid through several robustness tests,such as year-by-year propensity score matching.The transmission mechanism suggests that the NIIDZ indirectly drives GEE by accelerating scientific and technological investment,promoting talent concentration,and optimizing the industrial structure.Moreover,heterogeneity analysis reveals that the promotion effect of the NIIDZ on GEE is more prominent in the eastern region and high green development level areas.The study’s findings can serve as a reference for China to further utilize the policy effectiveness of the NIIDZ and accelerate the high-quality development of the green economy in the future.
基金National Natural Science Foundation of China(No.72071133)Hebei Provincial Department of Education Humanities and Social Science Research Major Projects(No.ZD202309).
文摘Purpose-The spatiotemporal compression effect of China-Europe Railway Express(CR-Express)can reduce the filow costs of resources between China's node cities.Additionally,it can break through the limitations of low-added-value marine products,significantly impacting the logistics industry efficiency.However,there are few literature verifying and analyzing its heterogeneity.This study explores the impact of CR-Express on the efficiency of logistics industry in node cities and analyzes the heterogeneity.Design/methodology/approach-First,this study uses panel data to measure the efficiency of node city logistics industry.Secondiy,this study discusses the impact of the opening of CR-Express on the efficiency of logistics industry in node cities based on the multi-period differential model.Finally,according to the node city difference,the sample city experimental group is grouped for heterogeneity analysis.Findings-The results show that CR-Express can promote the urban logistics industry efficiency,with an average effect of 4.55%.According to the urban characteristics classification,the heterogeneity analysis shows that the efficiency improvement effect of logistics industry in inland cities is more obvious.The improvement effect of node cities and central cities in central and western China is stronger,especially in the sample of megacities and type I big cities.Compared with non-value chain industrial products,the CR-Express has significant promotion effects on the logistics efficiency of the cities where main goods are value chain products.Originality/value-Under the background of double cycle development,this paper can provide a scientific basis for the investment benefit evaluation of CR-Express construction and the follow-up route planning.
文摘This paper uses the HS2 extension cancellation in November 2021 as a quasi-experiment to study its impact on house prices and rents in Leeds.Using a DiD approach on repeat sales and monthly rents,I compare property values near the HS2 station and proposed construction site before and after the announcement.Results show a 3.6%decrease in house prices and a 3.9%decline in rents near the station,while properties near the construction site experienced a 2.4%increase in prices and a 2.1%rise in rents.This is the first paper to analyse the HS2 cancellation effect using panel data methods.
基金The authors are grateful for the financial supportive from the National Natural Science Foundation of China(71473010)and(41701635).
文摘There is a worldwide consensus that excessive anthropogenic carbon dioxide emissions will lead to global warming and other environmental problems.Supports from regulations and policies have gradually implemented in this area.As one of the most discussed policies,the carbon emissions trading schemes(CETS)has an advantage in its price-oriented and cost-saving characteristics.In this paper,we analyze and assess the CETS effect from static and dynamic perspectives by applying provincial panel data covering a period ranging from 2004 to 2017.The CETS policy has a significant constraining effect on both carbon emissions and primary energy consumption.Compared to the other two uncertainties,namely the energy price uncertainty and the technology uncertainty,the carbon permit price uncertainty has a relatively smooth impact on the economy,which is being pursued consistently by the policymakers.
基金Study on the Path of Promoting the Integration of“Three Societies”and Help Rural Revitalization in Chongqing,Chongqing Social Science Planning Office[Grant number.2019WT13]Study on the Cultivation of Language Service Talents Under the Background of Belt and Road Initiative,Chongqing Social Science Planning Office[Grant number.2021WYZX12].
文摘The innovative city pilot policy(ICPP)is an essential manifestation of China’s construction of an innovative and green-driven development country.We incorporated urban green total factor productivity(GTFP)growth into the evaluation of ICPP.Based on the panel data of 223 cities in China from 2005 to 2020,we used the difference-in-differences model to empirically assess the influence and mechanism of the ICPP on urban GTFP growth.The main results show that(i)The ICPP has maintained an effectively fluctuating promotion on urban GTFP growth,mainly manifested in the urban green technological progress improvement.(ii)The ICPP has urban heterogeneity in promoting GTFP growth in pilot cities,mainly affecting key cities such as provincial capitals.(iii)The interaction between the agglomeration of producer services and the ICPP inhibits GTFP growth in pilot cities.
基金Under the auspices of Chinese National Funding of Social Sciences (No.17AGL005)Institute of Socialism with Chinese Characteristics of Southeast University (No.DDZTZK2021C11)。
文摘This study constructs a quasi-natural experiment based on the expansion of the Yangtze River Delta urban agglomeration(YRDUA) of China in 2010 to investigate the impact and inner mechanism of urban agglomeration expansion on fine particulate matter(PM_(2.5)) concentrations through propensity scores in difference-in-differences models(PSM-DID) using panel data from 286 prefecturelevel cities in China from 2003 to 2016. The results show that 1) urban agglomeration expansion contributes to an overall decrease in PM_(2.5)concentration, which is mainly achieved from the original cities. For the new cities, on the other hand, the expansion significantly increases the local PM_(2.5)concentration. 2) In the long term, the significant influence of urban agglomeration expansion on PM_(2.5)concentration lasts for three years and gradually decreases. A series of robustness tests confirm the applicability of the PSM-DID model.3) Cities with weaker government regulation, a better educated population and higher per capita income present stronger PM_(2.5)reduction effects. 4) Urban agglomeration expansion affects the PM_(2.5)concentration mainly through industrial transfer and population migration, which cause a decrease in the PM_(2.5)concentration in the original cities and an increase in the PM_(2.5)concentration in the new cities.Corresponding policy suggestions are proposed based on the conclusions.
基金supported by the National Natural Science Foundation of China under Grant Nos.71571010,71722007a Fundamental Research Funds for the Central Universities under Grant No.XK1802-5+1 种基金a Ser CymruⅡCOFUND Research Fellowship,UKa Great Wall Scholar Training Program of Beijing Municipality under Grant No.CIT&TCD20180305。
文摘Any potential damage may be severe once an accident occurs involving hazardous materials.It is therefore important to consider the risk factor concerning hazardous material supply chains,in order to make the best inventory routing decisions.This paper addresses the problem of hazardous material multi-period inventory routing with the assumption of a limited production capacity of a given manufacturer.The goal is to achieve the manufacturer's production plan,the retailer's supply schedule and the transportation routes within a fixed period.As the distribution of hazardous materials over a certain period is essentially a multiple travelling salesmen problem,the authors formulate a loadingdependent risk model for multiple-vehicle transportation and present an integer programming model to maximize the supply chain profit.An improved genetic algorithm considering two dimensions of chromosomes that cover the aforementioned period and supply quantity is devised to handle the integer programming model.Numerical experiments carried out demonstrate that using the proposed multiperiod joint decision-making can significantly increase the overall profit of the supply chain as compared to the use of single period decision repeatedly,while effectively reducing its risk.
基金supported by the National Natural Science Foun‐dation of China[Grant No.72163018]the Yunnan Philosophy and So‐cial Science Planning Project[Grant No.ZD202206]+1 种基金the Yunnan Col‐lege Students’Innovation and Entrepreneurship Training Program[Grant No.S202310674173]Zhejiang college students’science and technology innovation activity plan and new talent plan[Grant No.2022R408A001].
文摘Can green fiscal policy(GFP)incentivize the proliferation of urban green innovation(GI)and be a novel cata‐lyst for energy conservation and emission reduction within the“dual-carbon”framework?This paper explores GFP ramifications for GI by implementing a difference-in-differences model in a natural experiment centered on the“Comprehensive Demonstration City of Energy Saving and Emission Reduction Fiscal Policies”.The em‐pirical analysis reveals several key findings:(1)GFP exhibits significant augmentation at the GI level,with an observable evolutionary trend of increasing marginal impact.Importantly,these outcomes withstand rigorous robustness tests,including propensity score matching.(2)A mechanism analysis elucidates the dual impact of GFP on GI growth.GFP directly fosters GI advancement indirectly by promoting talent aggregation,expanding scientific and technological investment,and attracting external financial resources.(3)A heterogeneity analy‐sis demonstrates that GFP enhancement of GI is closely associated with the patent category,manifesting a dis‐tinct pattern of“eastern region>other regions”and“non-resource cities>resource cities”.The study’s em‐pirical findings offer crucial real-world insights to guide the Chinese government in formulating a more effi‐cient GFP and facilitating the expansion of innovative endeavors while contributing to environmentally sus‐tainable and high-value development.
基金National Social Science Foundation of China,No.18ZDA040Humanities and Social Sciences Planning Project of the Ministry of Education in China,No.19YJA630079。
文摘Polycentric urban development has profound impacts on urban development worldwide.Most studies have identified its complex drivers of social economy and natural condition while ignoring the state-led policy factors.In recent years,China has undergone dramatic administrative division adjustment(ADA)during the process of unique state-led urbanization.However,as a crucial government strategy,the impacts of ADA on urban polycentricity remain unclear.This research investigates the relationship between ADA and urban polycentricity through spatial difference-in-differences models.The results reveal that ADA has contributed to the polycentric urban development in China.Specifically,boundary restructuring has more substantial impacts than hierarchy reorganization.In addition,ADA has significantly promoted urban polycentricity in local cities in central China and neighbouring cities in eastern China,while it has no significant effects in western China.Furthermore,ADA reshapes urban polycentricity mainly by the influencing mechanism of construction land and industrial structure.Policymakers should consider the various ADA’s impacts on urban polycentricity with socio-economic conditions.This research provides a deeper insight into urban spatial transformation with state-led drivers.
文摘China has adhered to the concept of green development since the introduction of the Belt and Road Initiative in 2013.However,as the initiative continues to advance,speculations have been raised on the possibility of its reduction of the environmental quality of the countries along the routes.So,has the seven-year-old Belt and Road Initiative reduced the environmental quality of these countries and how does it affect the environmental quality?To address these issues,this study conducted a quasi-natural experiment,based on the WDI 2005-2017 data,the human development index database of the World Bank and the OECD(Organization for Economic Cooperation and Development)database.A country-year panel data was constructed using the difference-in-differences model to assess the countries along the‘area’initiative for environmental effects,and to further examine the heterogeneity and the policy effect mechanism.The main conclusions were as follows:①The Belt and Road Initiative had significantly improved the environmental quality of countries along the routes.The conclusions remained robust after the introduction of the placebo test,the use of instrumental variables to alleviate possible endogenous problems and a series of other robustness tests.②The results of heterogeneity analysis showed that the Belt and Road Initiative exerted a greater effect on the countries with lower environmental quality than those with higher quality in terms of environmental improvements.③Mechanism analysis showed that the Belt and Road Initiative improved the environmental quality of countries along the routes by promoting technological progress and strengthening environmental regulation,but it failed to significantly improve the environmental quality of these countries by promoting clean energy structure and industrial structure and increasing the scale effect.Therefore,China should continue to vigorously promote the concept of developing a green Belt and Road,expand the coverage of the green Belt and Road,improve the level of clean energy structure of the Belt and Road countries through investment and cooperation,and promote the clean transformation of their industrial structure.These findings provide empirical evidence and implications for the better promotion of the green Belt and Road Initiative,and have certain reference value for the follow-up implementation of the Belt and Road Initiative.
基金supported by Hebei Province Philosophy and Social Science Project (Grant No.HB22YJ021)Hebei Province Social Science Development Research Project (Grant No.20220202156)。
文摘Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.
基金by the General Project of the National Natural Science Foundation of China(NSFC)(Grant No.71373213)the Key Project of the National Social Science Fund of China(NSSFC)(Grant No.16AZ014)+2 种基金the Major Project of Beijing Social Science Fund(Grant No.15ZDA45)the National Youth Talent Support Program of the Organization Department of the CPC Central Committeethe New Century Talents Program of the Ministry of Education,Beijing Youth Talent Team。
文摘Based on the China Household Finance Survey(CHFS)data of 2011-2017,this paper investigated the effects of China’s targeted poverty alleviation policy on rural credit access and amount using the“difference-in-differences”methodology.This study found that the targeted poverty alleviation policy increased the availability and amount of formal credit to poor households and reduced the proportion and amount of their borrowing through informal channels,and that the effects increased amid the policy’s implementation over time.This paper further found that the policy effects were more significant for China’s western regions,reflecting a positive role of targeted poverty alleviation in coordinating pro-poor finance across regions.Compared with poor counties,poor households from non-poor counties experienced a greater increase in their probability and amount of formal credit access,reflecting China’s approach of reducing regional poverty before targeting more precisely at individual poor households.This paper also uncovered that no significant“elite capture”effect had existed in the allocation of formal agricultural credit under targeted poverty alleviation,but extremely poor households experienced no significant change in their access to formal credit.While the targeted poverty alleviation policy has helped create a sound rural credit market,it should further improve access to formal finance for extremely poor households.
文摘This paper proposed a multi-period dynamic optimal portfolio selection model. Assumptions were made to assure the strictness of reasoning. This Approach depicted the developments and changing of the real stock market and is an attempt to remedy some of the deficiencies of recent researches. The model is a standard form of quadratic programming. Furthermore, this paper presented a numerical example in real stock market.
文摘Supply chain partnerships are an essential component of business innovations.This study uses data on A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2012 to 2022 to conduct a multi-period difference-in-differences analysis based on a list of green supply chain management(GSM)companies.We find that GSM significantly promotes low-carbon technology innovations(LCT)of upstream enterprises.The mechanism analysis indicates that GSM has a resource effect and signal effect that generate LCT spillovers.In terms of the resource effect,GSM companies offer green credit and support green procurement,thereby providing financial support for green investments in upstream LCT.In terms of a signaling effect,GSM strengthens the effectiveness of institutional investors,the public,and online media in supervising upstream suppliers’green credentials,thereby promoting upstream LCT.A heterogeneity analysis shows that when midstream companies are state-owned enterprises or industry leaders,and when the concentration and stability of supply chain purchase relationships are higher,the LCT spillover effects of GSM are more pronounced.Further analysis reveals that GSM has bidirectional horizontal spillover effects and that upstream unidirectional vertical spillover effects are limited to first-level suppliers.Additionally,under the premise of not compromising economic benefits and stability,GSM shows an emerging trend of transitioning from environmentally compliant“light green”supply chains to“deep green”supply chains focused on pollution reduction,carbon reduction,and energy conservation.
基金This project is supported by National Natural Science Foundation of China （70873014）
文摘In this paper, a model for multi-period bank hedging with interest rate futures is set up. Formulas for the optimal dynamic multi-period bank and static bank hedge ratio are derived. The described model offers the potential benefits of： （1） although these formulas are developed for the case of direct sheet balance multi-period hedging, the framework used is sufficiently flexible so that these formulas can be applied to bank loan or deposit multi-period hedging situations respectively. （2） Periodic modification and updating of the interest rate futures position, as suggested by interest rates, throughout the bank hedging horizons. （3） This paper examines a situation in which the return of loan, the interest rate of deposit and the equity capital of bank, and interest rate futures prices are cointergrated, Multi-period bank hedging formulas are derived under three-dimensional stochastic volatility model. However, empirical research is required for validating this model.
