IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-01-01 Epub Date: 2025-12-18 DOI: 10.1016/j.chieco.2025.102637

Songrui Liu , Xiaokun Yu , Wenkang Zhang , Zhongwen Zhang

{"title":"The lifespan of small and medium-sized enterprises in China: Stylized facts and influencing factors","authors":"Songrui Liu , Xiaokun Yu , Wenkang Zhang , Zhongwen Zhang","doi":"10.1016/j.chieco.2025.102637","DOIUrl":"10.1016/j.chieco.2025.102637","url":null,"abstract":"<div><div>Small and medium-sized enterprises (SMEs) are crucial to China's economic development and the lifespan of SMEs matters both for entrepreneurs and policy makers. The Business Registry Database (BRD), China's most comprehensive firm-level administrative dataset, offers unique opportunities for analysis but lacks variables required by the official SME definition. We address this gap by introducing a new classification standard based on registered capital, setting the SME threshold at less than 32 million yuan—the first such approach in the literature. Using this definition, we examine firms registered between 2001 and 2013 and estimate SME's lifespan via the Kaplan–Meier method. Median lifespan is 10.67 years across all SMEs and 5.03 years among exited firms, providing the first large-scale benchmark for China. We then provide a comprehensive analysis of both regional and firm-level determinants of SME exit. Favorable regional environments significantly reduce exit risks, while firm-level characteristics—particularly smaller scale and state ownership—remain key sources of vulnerability. Our findings underscore the importance of both institutional and structural conditions in shaping firm survival. By establishing a workable SME definition for the BRD and identifying key regional and firm-level drivers of exit, this study provides a new empirical basis for research on China's private sector dynamics. Policy implications point to the need for a balanced approach: while market forces can spur competition, regional development policies and institutional support are critical for sustaining SME growth and longevity.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"95 ","pages":"Article 102637"},"PeriodicalIF":5.5,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145839896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Spillover effects of fertility on married women's employment: Evidence from China 生育率对已婚妇女就业的溢出效应：来自中国的证据

IF 5.5 1区经济学

中国经济评论 Pub Date : 2026-01-01 Epub Date: 2025-12-18 DOI: 10.1016/j.chieco.2025.102640

Chang Hong Li , Min Qiang Zhao

引用次数: 0

Equity diversification as a catalyst for Artificial Intelligence innovation: Evidence from Chinese state-owned enterprises 股权多元化是人工智能创新的催化剂：来自中国国有企业的证据

IF 5.5 1区经济学

中国经济评论 Pub Date : 2025-12-01 Epub Date: 2025-07-30 DOI: 10.1016/j.chieco.2025.102519

Zhi Su, Chen Zhao, Ying Li, Zhimeng Sun

{"title":"Equity diversification as a catalyst for Artificial Intelligence innovation: Evidence from Chinese state-owned enterprises","authors":"Zhi Su, Chen Zhao, Ying Li, Zhimeng Sun","doi":"10.1016/j.chieco.2025.102519","DOIUrl":"10.1016/j.chieco.2025.102519","url":null,"abstract":"<div><div>China’s newly revised Company Law (2024) expands the regulatory scope in Chapter 7 from solely state-owned to all state-funded enterprises and aims to optimize their governance through various measures. This shapes the reform trajectory of equity structures in State-Owned Enterprises (SOEs), offering SOEs—typically viewed as weaker innovators—an opportunity to keep pace in the era of Artificial Intelligence (AI). Against this backdrop, we investigate the role of equity diversification in shaping SOEs’ AI innovation performance. Using the patent and equity structure data of Chinese listed SOEs during 2007–2023, we find that a 1% increase in equity diversification is associated with a 0.05% boost in AI patent applications filed by SOEs in the next year. This positive effect is achieved through: (i) reducing managerial short-termism and encouraging long-term strategic investments, (ii) directing managerial attention to emerging technologies like AI, and (iii) facilitating external learning and improving innovation efficiency. SOEs in the growth or maturity stage, operating in high-tech or competitive industries, and characterized by financial adequacy and commercial orientations benefit more from equity diversification. Additionally, this benefit is limited to AI innovation output, without affecting its quality or traditional innovation.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102519"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144772502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Founder control and breakthrough innovation: Evidence from high-tech firms in China 创始人控制与突破性创新：来自中国高科技企业的证据

IF 5.5 1区经济学

中国经济评论 Pub Date : 2025-12-01 Epub Date: 2025-10-11 DOI: 10.1016/j.chieco.2025.102572

Zi-Qi Zhang , Bao-Jun Tang , Zhi Su , Yongji Zhang

引用次数: 0

Long-term direct and spillover effects of early childhood immunization 儿童早期免疫接种的长期直接和溢出效应

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-12-01 Epub Date: 2025-07-19 DOI: 10.1016/j.chieco.2025.102509

Yongming Luo, Liqiu Zhao

引用次数: 0

Does party organization construction improve chinese banks' stability? Evidence from a new textual index 党组织建设对银行稳定性有促进作用吗？来自新文本索引的证据

IF 5.5 1区经济学

中国经济评论 Pub Date : 2025-12-01 Epub Date: 2025-09-09 DOI: 10.1016/j.chieco.2025.102541

Lu Wei , Mingye Wei , Yifei Wu , Zhongbo Jing

{"title":"Does party organization construction improve chinese banks' stability? Evidence from a new textual index","authors":"Lu Wei , Mingye Wei , Yifei Wu , Zhongbo Jing","doi":"10.1016/j.chieco.2025.102541","DOIUrl":"10.1016/j.chieco.2025.102541","url":null,"abstract":"<div><div>According to China's newly revised Company Law (2024), companies are required to establish Communist Party of China (CPC; also, Party) organizations because Party-related activities are crucial for banks' stability. This study innovatively constructs a textual indicator to measure the development, governance, and education of the CPC organization based on annual reports. Then, we investigate the impact of Party organization construction on bankruptcy risk in 16 publicly listed banks from 2017 to 2022. Statistical analysis reveals that banks are gradually making efforts to enhance and improve internal Party organization construction. Moreover, overall Party organization construction reduces bank failure risk by inhibiting banks from engaging in high-risk business, such as interbank and shadow banking business. Compared with the Party organization construction dimensions of development and governance, the education of Party organization can better reduce bankruptcy risk. Furthermore, this reduction effect is more pronounced for state-owned banks, bigger banks, banks with profitability pressures and under financial distress, and during the pandemic period. This study expands the study of bank failure risk from the corporate governance perspective, showing that the Party organization construction contributes to safeguarding financial stability.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102541"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Inside job, Chinese style: Suspicious use of public funds under fiscal pressure 中国风格的内奸：在财政压力下可疑地使用公共资金

IF 5.5 1区经济学

中国经济评论 Pub Date : 2025-12-01 Epub Date: 2025-08-08 DOI: 10.1016/j.chieco.2025.102532

Qun Bao , Rui Huang , Guoqin Pan , Laixun Zhao

引用次数: 0

Limited liability, piercing the corporate veil and pollution abatement: Evidence from China 有限责任、揭开企业面纱和减少污染：来自中国的证据

IF 5.5 1区经济学

中国经济评论 Pub Date : 2025-12-01 Epub Date: 2025-08-06 DOI: 10.1016/j.chieco.2025.102529

Qiyangfan Feng , Ziyue Zhang

引用次数: 0

Climate change, electricity reliability, and energy structure: County-level evidence from China 气候变化、电力可靠性和能源结构：来自中国的县级证据

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-12-01 Epub Date: 2025-07-12 DOI: 10.1016/j.chieco.2025.102500

Mingwei Yu , Fang Xia , Li Su , Feng Song

{"title":"Climate change, electricity reliability, and energy structure: County-level evidence from China","authors":"Mingwei Yu , Fang Xia , Li Su , Feng Song","doi":"10.1016/j.chieco.2025.102500","DOIUrl":"10.1016/j.chieco.2025.102500","url":null,"abstract":"<div><div>Anecdotal evidence suggests that climate change and the widespread adoption of renewable energy may negatively impact power reliability, potentially causing significant economic damage. However, rigorous quantitative studies exploring the relationship among climate change, energy structure, and power reliability remain scarce, primarily due to the lack of reliable measures for assessing power reliability. Using county-level data from China between 2013 and 2019, we propose a novel method to construct a proxy variable that measures electricity reliability at a broad geographic scale and high temporal frequency using satellite data. This innovative approach enables us to empirically investigate the effects of climate change on electricity reliability and the heterogeneous impacts based on local energy structure. Our findings provide strong evidence that hot weather, precipitations, and wind power generation compromise electricity reliability, consistent with theoretical predictions, whereas the impacts of solar energy are not robust due to low penetration rate. Furthermore, our heterogeneity analysis reveals that thermal power and solar energy could exacerbate the adverse effects of climate change, underscoring the need for enhanced services to ensure electricity security.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102500"},"PeriodicalIF":5.2,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144661952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Centralized procurement authority and corporate innovation 集中采购权与企业创新

IF 5.5 1区经济学

中国经济评论 Pub Date : 2025-12-01 Epub Date: 2025-09-09 DOI: 10.1016/j.chieco.2025.102544

Xiao Jia , Xiaoxi Li , Boluo Liu , Nan Shao

{"title":"Centralized procurement authority and corporate innovation","authors":"Xiao Jia , Xiaoxi Li , Boluo Liu , Nan Shao","doi":"10.1016/j.chieco.2025.102544","DOIUrl":"10.1016/j.chieco.2025.102544","url":null,"abstract":"<div><div>Leveraging the establishment of the National Healthcare Security Administration (NHSA) in China as an external policy change, we demonstrate that the government's centralized control over drug procurement platform and insurance coverage catalog significantly enhances the innovation activities of pharmaceutical companies. By manually adjusting for expenditures of passing consistency evaluation, we accurately measure effective research and development inputs. Further tests reveal two key mechanisms driving our result: first, NHSA policies negatively impact firms' financial performance and stock returns, leading affected firms to invest more in innovation; second, increased competition further incentivizes innovation, especially among firms that lose more market shares. Importantly, companies with stronger internal resources are more successful in translating these pressures into effective innovation. Our results show that the NHSA not only redefines competitive dynamics but also acts as a powerful catalyst for pharmaceutical innovation, contributing to the understanding of the policy implications of centralized public procurement.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102544"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145157609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

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