市场环境异质性、过度进入与企业价值——来自中国汽车修理业的证据

Market Environmental Heterogeneity,Excessive Entrance and Enterprise Value:Evidence from China's Auto Repair Industry

本文利用中国汽车修理企业1999-2008年的微观面板数据,对中国各地理市场企业价值及传导机制展开研究。研究结果发现,中国汽车修理企业的存续价值和进入价值增长都较为缓慢(特别是存续价值),不过二者差距呈现逐年缩小的趋势;地理市场中需求因素的改善会引起市场的过度进入,并通过企业数量的中介效应降低了企业的存续价值和进入价值;市场化转轨过程中引发的行政进入壁垒的下降是企业存续价值和进入价值不断缩小的制度因素。此外,市场集中度这一结构并非市场环境异质性与企业价值传导的中介因素,在位的规模制造企业基于大规模的环境改善信号有足够强的内生沉没成本的投资愿望。

Using 1999 -2008 micro panel data of China's auto repair enterprises, the paper studies the enterprise value and its transmission mechanism of China's geographic markets.It finds that the growth of both survival value and entrance val-ue is relatively slow, especially the former, but the gap between them narrows down every year.Improvement in the demand factors of geographic markets can cause excessive market entrance, which, through the intermediary effect of enterprise num-ber, can reduce the enterprise'survival value and entrance value.The decline of administrative barriers to market entrance a-chieved in the process of market transition is the institutional factor shrinking the gap between the two.In addition, it is found that market concentration is not an intermediary factor of market environmental heterogeneity and enterprise value transmission mechanism.Based upon broad market improvement signals, the existing scale-production enterprises have sufficiently strong endogenous desire to make sinking cost investment.