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Brief

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.
Editorial Board

Editor-in-Chief
Huang Qunhui

Deputy Editor-in-Chief
Shi Dan, Li Haijian

Creativity and destructiveness of market competition and technological upgrading

JIAN Ze;TAN Liping;LYU Daguo;FU Tong

China Industrial Economics,2017,No. 05

The paths where family business management influences value of small and medium-sized family enterprises: research on agency theory and efficiency theory based on industrial competition

CHEN Zhibin;WU Min;CHEN Zhihong

China Industrial Economics,2017,No. 05

In this paper, the impact of family business management on the value of small and medium-sized family enterprises (hereinafter referred to as “SMFEs”) is studied from three paths that are agency cost, decision-making efficiency and execution efficiency. In addition, it is further studied that the regulatory effect of industrial competition on the above three internal paths. The paper examines the panel data of all A-share listed companies in the Shenzhen GEM and SME Boards from 2012 to 2014. It turns out that family business management has a positive impact on SMFEs by reducing agency costs and improving execution-efficiency, and also has a negative impact on the SMFEs by reducing the efficiency of decision-making. The results also show that the industrial competition amplifies the positive impact of family business management on the value of SMFEs and weakens the negative impact of family business management on the value of SMFEs. Considering that family business management can reduce agency costs and improve execution efficiency, it still has a positive impact on the value of SMFEs. However, the negative effect of familly business management on the value of SMFEs cannot be ignored because of the reduced decision-making efficiency. This conclusion explains the root for divergences of previous research. However, on account of the synergistic governance effect, pessimistic expectations and first-mover advantage, industrial competition weakens the impediment of family business management to decision-making efficiency, and strengthens the positive effect of family business management on reducing agency cost and improving execution efficiency. Therefore compared with in less competitive industries, in highly competitive industries, family business management can do more to promote the reduction of agency cost and improvement of execution efficiency. Its impediment to decision-making efficiency is weaker. Thus for the SMFEs, the more obvious the sign of family business management is, the higher the value is.

?Environmental regulation, skill premium and international competitiveness of manufacturing industry

YU Donghua;SUN Ting

China Industrial Economics,2017,No. 05

Innovation of supply chain finance pattern based on virtual industry clusters: a case study of SJET

SONG Hua;LU Qiang

China Industrial Economics,2017,No. 05