企业进入阻止行为与市场绩效关系的实证研究——基于中国29个四位数制造业产业的面板数据

Empirical Study on the Relationship between Firm Entry Deterrence and Market Performance——Based on 29 Four - digit Manufacturing Industry Panel Data of China

本文利用中国2003～2007年29个四位数制造业产业的数据考察了企业进入阻止行为对市场势力及净进入率,进而对市场绩效产生的影响。本文的主要发现及结论是:过剩生产能力的存在确实提高了限制性价格,市场需求增长率对价格成本差也会造成一定的侵蚀,然而这两个发现并没有支持企业主动利用过剩生产能力实施进入阻止的假设,却支持了我国产业普遍存在的过度进入及退出壁垒过高引致的过度竞争的推测;较高的过剩生产能力导致了较高的价格成本差,这支持了企业利用限制性价格维持其市场势力的假设;广告支出可能会侵蚀企业的超额利润,这会降低潜在企业进入的激励,较高的广告密度还会增加新的进入者进入的困难;研发支出使得在位企业得以维持较高的价格成本差,保证了在位企业的市场势力,而研发支出对净进入的影响却是不显著的。

Based on 29 four - digit manufacturing＇s panel data of China from the year 2003 to 2007, this paper investigates the impacts that the behavior of firm entry deterrence imposes on market power and net entry rates, thereby on market performance. The main findings and conclusions are stated by this paper as follows ： the existence of excess production capacity did increase the limit pricing ; what＇s more, the growth rate of market demand can erode the price cost margin. However, the hypothesis that finns intentionally take advantage of their excess production capaeity to deter entry is not supported by these two findings; on the contrary, the speculation that excessive competition which is caused by excessive entity and high exit barriers prevails in China＇s industries is supported. It was the higher level of excess production capacity that led to the relatively higher difference of price cost margin, which in favor of the postulation that firms used limit pricing to maintain their market power. Advertising expenditures might erode firms＇excess profits, which may also weaken the incentive to firm entry; besides, high advertising density can impose difficulties on new entrants. It appears that, R＆D expenditures, which can help firms maintain relatively high price cost margin, assure the market power of incumbent firms. However, in our mod- el, the effect of R＆D expenditure on net entry is insignificant.