《反垄断法》、市场结构与上市公司的经济绩效——来自2003—2010年的经验数据

Anti-monopoly Law,Market Structure and Economic Performance of Listed Companies

运用统计和计量分析工具,验证"《反垄断法》通过改变市场集中度影响上市公司经济绩效"这一具有理论和实践意义的命题。运用行业面板数据方法实证检验,研究表明,《反垄断法》提案和实行在一定程度上降低市场集中度或市场集中的加剧程度;市场集中度与公司经济绩效呈现正相关关系;《反垄断法》通过改变市场结构进而影响公司绩效,起初并未显示出具有促进公司绩效的效果,但有理由相信,其效果将逐渐显露。

Using the statistical and quantitative analysis tools, this paper verifies the proposition that ＂anti-monopoly law＂ will impact the economic performance of listed companies through changing market concentration, which has both theoretical and practical significance. By using the industrial panel data method, the author carries out the empirical analysis and the results show that the proposal and implementation of ＂anti-monopoly law＂ has reduced the market concentration degree to a certain extent, and there is a positive correlation between market concentration degree and corporate economic performance, and thus affect the company＇s performance by changing the market structure. Although the effect promoting corporate performance of ＂ anti-monopoly law＂ doesnlt show in the beginning, there is reason to believe that such effect will gradually revealed.