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 built an economic growth model integrating demand effect and productivity effect for changes in income distribution and made an empirical study on basis of time series data from 1978 to 2015 to study the effects of changes in income distribution on economic growth in China. The main findings are as follows: China’s demand growth is mainly “profit-driven,” and as the proportion of export and investment in GDP kept rising in the past years, the economy became more and more “profit-driven”; the rise of real wages has a positive effect on labor productivity with elasticity coefficient of 0.34; the Verdoorn effect is relatively stronger with elasticity coefficient of 0.65; when combining demand effect with productivity effect in the sub-sample period from 1978 to 1991, if labor income share increases, output effect and the productivity effect are negative and positive respectively; in other sub-sample periods, if labor income share increases, output effect and productivity effect are both negative, and their positive effect is getting stronger with time; during the whole sample period, if labor income share growth increases by 1 percentage point, the total output growth and the labor productivity growth drop by 0.78 percentage points and 0.17 percentage points respectively in average. On basis of our research, it is suggested that China should transform demand growth mechanism, raise labor income share, and then establish the sustainable development mode of “wage rise–demand rise–productivity rise.”
China’s highway is marked by both high transportation speed and high transportation cost. However, previous studies conclude that firms prefer to locate in places with low transportation cost, which cannot explain why Chinese manufacturing enterprises prefer to use highway with high transportation cost. This paper tries to explain the impact of highway construction on the location of new manufacturing enterprises from the perspective of time effect. We firstly construct a model of the spatial location of enterprises in which time effect is involved. Secondly, we build a digital map of China’s highway network, use OD-MATRIX method to calculate highway transit time between cities in China and sum up the total transit time for each city to other cities in China. We further conduct an empirical test to analyze the impact of time effect on the location of firms. The result shows that for every 10% reduction in total transit time, the number of new local businesses increases by 6%. The effect is larger in Eastern and Central China than that in Western China. Moreover, cities with a larger population and a higher degree of marketization will benefit more from the reduction of total transit time. The effect is more significant in the comprehensive phase. Further, time effect works through the increasing of transportation capacity and market access. In addition, the more the cities that can be reached in time distance of 8 hours are, the more attractive of local city to new manufacturing firms is. Hence, we put forward policies to enhance time effect brought by highway network such as speeding up the building of highway network and reducing dead-end highways, bringing in private capital to reduce the construction cost and toll and improving the efficiency of highway logistics.
Focusing on the economic hotspot, namely how the real economy realizes deep integrative development with Internet, this paper analyzed the process mechanism of industrial clusters’ Internet + transformation based on the case of “environmental hospital” of Yixing, Jiangsu. This research had the following findings. ① The “environmental hospital” built trade platform and promoted the reshuffling of resources through network competition and extrusion mechanism as well as innovation platform to promote resource reallocation through the two-sided market matching mechanism; and established a dual platform architecture for trade and innovation to support cluster ecosystem upgrading. ② The cross-border entrepreneurship of leading firms is the micro foundation of dual platform architecture. Specifically not as merely diversified operation crossing industrial or geographic border, it aims to create and implement entrepreneurial opportunities through cross-border information search and resource integration and then change business logic from production to platform operation. ③ The effective operation of dual platform architecture needs to handle the issues of platform ecosystem governance and achieve the platform enterprise growth at the same time. The growth of platform firms may eliminate point structural holes by platform to improve matching efficiency of the supply and demand for value; by platform interface, reconstruct the two-sided user community network from the traditional multi-subgroup production network and then occupy the spherical structural holes to become the platform leader for value. Cluster ecological governance needs to form a new platform governance mechanism different from the market and bureaucracy, including border governance and openness governance. Different from the traditional consumption e-commerce platform, the industrial cluster platform tends to adopt an openness governance strategy with high integration and low efficiency. ④ The process mechanism of cluster ecosystem upgrading aims to build the dual platform architecture of trade and innovation based on the cross-border entrepreneurship of leading firms for growth and ecological governance of platform enterprises. It will promote the dual balance of trade and innovation platforms and eventually achieve the improvement of productivity, diversity, and robustness of the cluster ecosystem. The managerial implications include thinking change of cluster upgrading, cross-border entrepreneurial framework of leading firms, innovation, and entrepreneurship promotion by industrial cluster and incubator-oriented park investment attraction mode.
Tourism economy is considered to be the green driving force of regional economic growth and industrial upgrading. In order to promote the development of tourism economy, governments often present the local scenic spots to the outside world through “Selection Activities of Scenic Spots” (SASS). Do these activities promote rapid development of the local tourism economy? With the help of quasi-natural experiment from China’s National Scenic Areas (CNSA), this paper uses panel data of 283 prefecture-level cities from 2002 to 2015 and difference-in-differences method to study the influence of SASS on regional tourism economic development. The results of the study are as follows. After being selected as CNSA, the tourism economic indicators have not been significantly promoted. Further mechanism analysis shows that CNSA lack of the assessment and evaluation from the higher departments. As a result, the development of supporting public services in the scenic area lags behind, and the promotion effects on the tourism economy failed. Since 2012, the Ministry of Housing and Urban-Rural Development started to examine and assess the CNSA, and the role of scenic spots in driving tourism economy has started to rise. The above logic has been supported and strengthened after a series of robustness tests. This paper provides not only empirical support for the assessment of scenic spots by relevant departments, but also important inspiration for the development of tourism economy in the future.
Platform leadership is platform creator and ecological moderator. In the pan-platform era, platform leadership with high strategic flexibility is to quickly identify, analyze and use the turbulent and uncertain environment and create a business legend beyond the power of pipelines. The reason why platform leadership has strong vitality lies in the process of platform leadership constructing strategic flexibility and acquiring asymmetric profits against environmental uncertainty. This paper summarized five basic types of real options in platform leadership and discussed the definition, value form and boundary conditions of each option. Based on the strategic choice of platform leadership, we analyzed the inherent mechanism of embedded real options in platform leadership. We suggested that real options of platform leadership create strategic flexibility by asymmetric decisions in construction of multisided markets, platform leadership’s multiple complementary roles, platform modular architecture, and platform curation system, so it can promote market effectiveness, enlarge positive network effect, improve dependence advantage, strengthen system lockup, and finally acquire specific asymmetric profits. We insist that “leverage,” contingency, and value appropriation logics are not only the essence of application of real option but the theoretical core for rapid growth of platform leadership and platform ecosystem.
By using CES production function to combine factor price distortion and technological progress bias into a unified theoretical framework, this paper analyzes the impacts of factor price distortion on international competitiveness of the manufacturing industry, and empirically studied the direct influence of price distortion on competitiveness of the manufacturing industry and its indirect influence resulting from technological progress bias using dynamic panel model. The research revealed that both capital and labor factor prices of China are negatively distorted, absolute price distortion of capital is more severe, and relative price distortion of labor is more serious. Overall technological progress shows capital-biased characteristic, and price distortion is the main factor affecting technological progress bias. Effects of price distortion on international competitiveness of the manufacturing industry have significant industrial heterogeneity, and its indirect impact by influencing technological progress bias is also closely related to industrial factor intensity. Accelerating market-oriented reform of factors, rationalizing formation mechanism of factor prices, and absorbing technology appropriate to the stage of economic development should be effective measures to speed up transformation and upgrading, to improve quality and efficiency of the manufacturing industry.
Using the Quasi-Natural Experiment of establishing administrative approval center and combined with Chinese micro enterprise data, this paper studies the impacts of administrative approval system reform on enterprise innovation with the difference-in-differences and triple difference methods. We find that administrative approval center significantly improved the level of enterprise innovation and after a series of robustness tests, the conclusion remains valid. However, there are differences in policy effect between the type of patents and firms. Specially, patent for utility models and design patent, domestic-funded enterprises, firms close to the international technological frontier and firms in low external financial dependence and non-patented intensive industries benefitted more from the institutional reform. Finally, from the perspective of influence mechanism, administrative approval center obviously reduced institutional transaction cost and fostered R&D and technological innovation for enterprises on the one hand. Yet, on the other hand, the improvement of administrative approval efficiency promoted enterprises entering and squeezed the living space of incumbent enterprises, which discouraged innovation.
Accompanied by the establishment of earnings forecast, the management earnings forecast revision is a crucial constitution of the information disclosure system of listed companies. The management has the tendency to select the disclosure strategy by the advantage of information within an allowable range. The investors with the disadvantage of information will read the strategy by themselves and make investment choices leading to price fluctuations. To this end, the paper studies the disclosure strategy and market reaction of management earnings forecast revision based on the practice of listed companies in China from 2007 to 2016. The results show that: when the forecast revision is a good news compared with the early forecast, the management inclines to release forecast revision of higher precision early, otherwise, the reverse. When the forecast revision is positive, the width of the earnings forecast has a negative effect on the market reaction of the forecast revision and the market reaction of the forecast revision which releases later than January 1st is weaker. When the forecast revision is negative, the market reaction of the forecast revision with lower precision released after the end of the fiscal year is fiercer. Further study shows that the management inclines to increase the precision of the disclosure of positive reductions and release the news of negative reductions later. Based on these, the paper puts forward some suggestions to improve the management earnings forecast revision from the dimension of securities regulatory authorities.
