国有垄断性资源产业与竞争性消费产业企业价值比较

A Comparison between the Values of State-Owned Monopolistic and Competitive Consumer Goods Sectors

本文构建了股权结构、市场结构和企业价值模型,分析十年横截面数据,证实了我国垄断和竞争两极并存、国有企业向资源产业集中的市场结构特征;得出资源产业的企业价值十年来迅速增加,并超过消费产业;发现股权和企业价值存在理论上的倒U型曲线,但资源产业的股权结构超过理论上的最优企业价值股权区间,而消费产业的股权结构低于最优企业价值区间,市场结构对企业价值存在负影响。本文政策建议是:政府降低对资源产业的垄断程度同时引入竞争机制、加强对消费产业的监管时增加集中度,促使我国的市场结构由垄断与竞争两极并存格局向垄断竞争市场结构转化,为技术创新提供最佳的产业组织形式。

This article constructs a model with equity structure,market structure and firm value.We con- firm that market structure is characterized by concurrence of monopoly and competition,and concentration of resource sector from state-owned enterprises.We conclude that the value of resource sector has been rapidly in- creasing and over-passing consumer goods sector.The article finds that the equity and firm value is character- ized by inverse'U'shaped curve,with the equity structure of resource sector being beyond the conceptual op- timal value interval while that of consumer goods sector being below the conceptual optimal value interval.We recommend that competition should be introduced into resource monopolistic sector,that consumer goods sector should be given more supervision and concentration,that monopolistic competition should be encouraged to re- place the bipolar monopoly and competition coexistence to form optimal industrial organization form for techno- logical innovation.