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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

Labor productivity shock, wage stickiness and real business cycle in China

DENG Hongliang;CHEN Leyi

China Industrial Economics,2019,No. 01

Impact of business groups on innovation outputs: evidence from Chinese manufacturing firms

CAI Weixing;NI Xiaoran;ZHAO Pan;YANG Tingting

China Industrial Economics,2019,No. 01

Research on bank credit and enterprise innovation dilemma

XU Fei

China Industrial Economics,2019,No. 01

Bank credit is an important external source of capital for enterprise innovation activities. However, banks do not share the benefits of successful innovation, but bear the risk of failure of enterprise innovation. The asymmetry of risks and benefits inhibit banks’ enthusiasm to support enterprise innovation and may even inhibit enterprises’ continuous innovation input. Therefore, based on the existing research on the relationship between bank credit and enterprise innovation, this paper constructs an analytical framework for banks’ preference for less innovative enterprises before lending and restraining enterprise innovation input after lending, and further puts forward the hypothesis that bank credit may cause enterprises to fall into the dilemma of continuous low innovation. Based on the sample of A-share non-financial listed companies from 2007 to 2017, this paper verifies the relationship between bank credit intensity and the frequency of continuous low innovation of enterprises. The research has findings as follows: Bank credit prefers enterprises with low innovation in the early stage. Bank credit intensity will restrain enterprises’ innovation reinvestment. Bank credit ultimately increases the frequency of enterprises’ continuous low innovation and restrains the frequency of enterprises’ continuous high innovation, which aggravates the dilemma of enterprises’ continuous low innovation. Further tests show that strengthening bank competition and reducing the oligopoly of the four major state-owned banks may help alleviate the low innovation preference of bank credit for enterprises. According to the conclusion of this study, the government cannot simply require banks to support enterprise innovation under normal credit conditions or even low-interest credit conditions through administrative means. On the contrary, administrative intervention results in the failure of bank credit market. The government should make use of measures such as risk compensation, policy support and bank competition to build a sustainable innovation system with multi-dimensional interaction among the government, banks and enterprises.

Could analysts reduce stock price synchronicity: a textual analysis based on analyst report

YI Zhihong;YANG Shengzhi;CHEN Qinyuan

China Industrial Economics,2019,No. 01

Stock price synchronicity is a crucial indicator to measure the efficiency of resource allocation in the stock market. The report of the 19th National Congress of the Communist Party of China proposed to “deepen institutional reform in the financial sector, make it better serve the real economy.” Under this requirement, it is of great significance to explore how to reduce stock price synchronicity and improve the ability of financial markets to allocate resources reasonably. This paper adopted a textual classification method based on machine learning which called support vector machine to measure the firm-specific information in analyst reports of Chinese A-share listed firms from 2009 to 2015, and to study their impact on the stock price synchronicity. This paper finds that there is a negative correlation between the firm-specific information of analyst reports and the stock price synchronicity. The negative correlation is more significant when information asymmetry is more severe between firms and investors and when the reports are more influential. This paper further finds that there will be more firm-specific information in the report if the analysts are more skilled. Moreover, the earning forecast will be more accurate if the report contains more firm-specific information. Finally, this paper finds that the mechanism for analysts reducing stock price synchronicity is that investors pay more attention to reports with more firm-specific information, and thus they spur additional market reaction and lead to the integration of information. The results are still significant after controlling the sample selection bias, changing the measurements for main variables, and changing the empirical model. Based on the information classification of analyst reports for the first time, this paper has studied the impact of specific information transmitted by analysts on stock price synchronicity, This not only enriches the research on the factors that affect stock prices, but also enriches the research on the information content of analyst reports from the perspective of firm-specific information, having important theoretical and practical significance.

Effect of the deviation from optimal ratio of public investment to private investment on economic growth in China

CHEN Fei;HE Shouchao;WU Qingshan;KANG Song

China Industrial Economics,2019,No. 01