中国生产性服务企业利润率差异性及贡献度分解

Profit Margin Differences of Chinese Producer Service Enterprises and Decomposition of Their Contribution

研究中国生产性服务企业赢利能力的差异性及其来源的产业效应和企业效应,探讨在具有不同行业行政进入壁垒的行业和市场化差异较大的各地区间产业效应和企业效应是否产生较大波动,以2008年中国生产性服务企业统计数据库的大样本数据为研究对象,运用利润率决定模型进行估计,基于回归的夏普里值分解框架对利润率差异来源的产业效应和企业效应的贡献度进行分解。研究结果表明,中国生产性服务企业赢利能力差异存在不可忽视的强产业效应特征,其主要由行业市场规模的扩张和市场结构引起;在企业效应中,企业所有制、非生产性支出和融资渠道的贡献度排在前三位;在行政进入壁垒较高的行业中,赢利能力差异的产业效应较大;而在市场化程度较高的地区中,赢利能力差异的企业效应较大。

The paper studies the profitability difference of Chinese producer service enterprises and the industry effect and enter- prise effect of sources, as well as their volatility in industries with different administrative barriers and regions with different mar- ketization. We employ the large sample database of producer service enterprises in 2008, and then use models of profit margin determination to estimate and employs Shapley value decomposition framework to estimate the contribution of industry effect and enterprise effect for the enterprises with profitability difference sources based on regression. The paper finds that producer service enterprise profitability presents strong industry effect characteristics, which cannot be ignored and mainly caused by industry mar- ket expansion and market structure. However, for the profit margin differences mainly caused by enterprise effect, the enterprise ownership, unproductive expenditure and financing channels are the three most influential factors. In the industries with high ad- ministrative barriers to entry, the profitability difference has a great industry effect, while profitability difference has a great en- terprise effect in the industries with high marketization level.