市场势力与规模效应的直接测度——运用新产业组织实证方法对中国钢铁产业的研究

An Estimation of Market Power and Scale Economies of Chinese Steel Industry——An Application of NEIO Framwork

在反垄断与管制过程中,最核心的问题就是对产业市场势力给出直接有效的测定。本文引进近年来发展的新产业组织实证方法(New Empirical IndustrialOrganization),根据中国产业数据的实际进行调整,引入动态的技术进步模型结构,允许企业之间存在生产率差异和规模效应,采用2004—2007年间的面板数据,运用双向随机效应模型GMM估计方法,直接估计了中国钢铁业的市场势力溢价和规模弹性。通过计量得到结论:①目前中国的钢铁产业不存在系统性的市场势力。钢铁产业依然处于完全竞争状态,竞争十分激烈;②传统意义上认为钢铁业所具有的规模效应在中国上市钢铁企业中没有体现,相反中国钢铁产业存在规模不经济的重要特征。

According to the characteristics of Chinese industrial data, we improved the NEIO framework donated by Klette. We applied it simultaneously to estimate price-cost margins and scale economies in the steel industry of China from a panel of establishment data. The sample covers almost all listed companies for the period of 2004 till 2007. After analyzing the final statistics we found that the results reveals a statistically significant, but negative, margin between price and marginal cost in the Chinese steel industry. Marginal cost exceeds price by 0.11 percent in the Chinese steel industry. Also, the increasing returns to scale did not exist among the listed company in steel industry＂ of China in the report period. Rather, the average firm in the industry seems to face moderately decreasing return to scale.