China Industrial Economics is supervised by Chinese Academy of Social Sciences, and sponsored by Institute of Industrial Economics, Chinese Academy of Social Sciences. It aims to report researches on industrial economics and business management, and to reflect outstanding research results on Chinese industrial economy and enterprise development. The scope covers national economy, industrial economy and business management. The journal is included in CSSCI, and is the top journal in the field of industrial economics in China.
This paper promotes the research on the structural impacts from capital and labor allocation in China by using the multi-sector model of growth accounting. It confirms that there are serious deficiencies in the official statistical method for industrial investments, which distort calculations of industrial capital stock and the influence of capital allocation. By excluding the real estate industry, the result shows a dramatic improvement of capital allocation since the middle of 1990s but a serious misallocation of capital that resulted from the four trillion stimulus plan. The study about the effect of labor allocation (SGL) shows an average impact of 0.63 percentage points on growth, and it is related positively with both economic growth and TFP, and reveals ten-year political cycles originating from cyclic reforms. The results of international comparison indicate that there are three periods for SGLs, in which SGLs are high, medium and low respectively. The authors predict that China' SGL will remain in the high period until 2017, and the period of 2017—2023 is the dramatic transition stage leading to the medium SGL and that China's economy will suffer significant pressures arising from the structural slowdown. The low period with emerge after 2030, then no longer will SGL be conspicuous. These findings will improve the estimations of growth trend of China's economy and contribute to subsequent research.
Promoting Chinese economy to achieve green growth transformation requires the dependency on technology progress. This paper calculates the energy biased technology progress of 33 industries by constructing the measure model based on translog cost function and Kalman Filter, and evaluates dynamic evolvement characters and impact on factors of industry energy biased technology progress. The research discovers: generally, industry technology progress is biased towards energy consumption with obvious characteristics of high energy consumption. Industries with lagged marketization and intensive capital manifest energy-consuming technology progress due to market size effect; industries with light technology and equipment manifest energy-saving technology progress due to energy price effect. Energy biased technology progress shows significant industry heterogeneity due to technology innovation characteristics and investment cycle differences. Service industries and light industries exhibit more frequent fluctuation and comparatively smaller amplitude than that of heavy industries. Compared with developed countries, non-marketization factors such as macro-environment volatility and factor price distortion lead to bigger industry technology progress bias and more frequent fluctuations. It is of great importance to maintain the relative stability of macro environment and industry policy to stabilize enterprise expectations and promote green technology innovation.
This paper establishes global value chain (GVC) layout model and develops a framework to reflect GVC integrating routes comprehensively in consideration of value-adding capacity and embedding position. After analyzing various evolution patterns of GVC integrating routes, this paper develops and calculates GVC-status index, value-adding capacity index and GVC profitability index, elaborating the evolution of GVC integrating routes for China’s manufacturing industry of different technical levels from 1995 to 2011. The results show that embedding position plays a crucial role in deciding the GVC status for China’s manufacturing industry. Medium, high and low technical level manufacturing industries lie in the upstream, midstream and downstream of GVC respectively. The technical level of China’s manufacturing industry is negatively correlated with its value-adding capacity. Embedding in the low value-added position is the key factor to make medium- and high-tech industries value-adding capacity weak. The evolutionary route of China’s low technological level manufacturing industry is moving positively with incremental value-adding capacity caused by position elevation. While the embedding position and value-adding capacity for medium and high technical level manufacturing industries are going down simultaneously with risk of marginalization. The weak value-adding capacity is the key factor to hold back the upgrading for China’s manufacturing industry. Upgrading factor structure, cultivating technical advantage and promoting embedding position will be crucial to elevate GVC status for China’s manufacturing industry by guiding the medium and high technical level industries climb up to high value-added stage.
"Whether CSR is a false proposition in practice" is a significant fundamental issue influencing both theoretical research and practice of CSR. However, there is few, if any, systematic research on this issue during the hundred year sever since the concept of CSR was proposed Based on sorting out and reflecting available literatures, this article structured a systematic testing model involving three dimensions(motivations, abilities and results), six elements(social welfare maximization, relationship optimization, impact management, transparency maintenance, morality and institutional arrangement), three perspectives(corporate, social and stakeholder) and individual level and conducted a comprehensive test over the CSR proposition with the model. Results reveals that CSR may well be a valuable true proposition in practice if six requirements are all met, which are businesses converting to individual enterprises, organizational modes of modern corporation, mental models shifts taking place in leadership level, rational consensus on boundary of rights and obligations, desirable external institution supply and appropriate social mainstream atmosphere.
As the important pioneers of Chinese outward FDI, state-owned mineral enterprises have made great contributions to resource demand and security. But they also expose many problems. Three arbitrage motivations were put forward based on the characteristics of outward FDI from Chinese state-owned mineral enterprises, and based on the real option theory, the model of investment decision containing the motivations was built. The results show that as the result of arbitrage motivations, enterprises will invest even if potential value of the project is less than the cost. Especially when arbitrage is independent of the project value, which becomes decision-makers' gain, this problem will become more prominent. And institutional arbitrage, term arbitrage, and market arbitrage will make investment in advanced even if investment is not yet mature. Promoted by institutional arbitrage, state-owned mineral enterprises make use of supervisor vacancy abroad and subsidies to accelerate the overseas layout, which may cause excessive concentration in investment areas. Pushed by term arbitrage, enterprises may more focus on asset speculation than the project itself, which makes decision makers invest impulsively when dynamic analysis is insufficient and this may cause capital far away from the real economy and form resources mismatch. Driven by market arbitrage, state-owned mineral enterprises will focus on overseas bargain hunting in a short run, which will increase the risk of outward FDI, and this may cause the domestic enterprises competition with each other and foreign enterprises gain the benefit.
Oriented by the improvement of industrial efficiency,the development of producer services in Chinese cities is facing real problems in choosing the pattern between specialization and diversification.This paper constructs an analysis framework on relationship between the pattern selection of producer services and the improvement of industrial efficiency.Based on the panel data of China's 284 prefecture-level cities from 2003 to 2012,and using spatial panel econometric model,this paper empirically researches the pattern selection of Chinese urban producer services,which is oriented by the improvement of industrial efficiency.The result shows that along with the expansion of urban size and the increasing demand and variety for producer services of industry,the development pattern of producer services changes from specialization to diversification.The improvement of diversification index of producer services shows positive spatial spillover on the industrial efficiency of surrounding cities.Under the influence of transaction costs and the “face to face” contact demand,the spatial spillover decreases with increasing distance.This spatial spillover performs most strongly around 100 kilometers,and when the distance is over 350 kilometers,the spatial spillover declines obviously.Giant cities,megacities and big cities should choose diversification pattern of producer services to improve industrial efficiency.Especially for megacities,the improvement of diversification of producer services has significant pulling-effect on industrial efficiency.And medium and small-sized cities should focus on some specialization producer services to improve local industrial efficiency.
