基于内外生关系理论的企业专业化成长机制

A Study of Firm Specialized Growth Based on the Endogenous and Exogenous Relationship Theory

根据企业内生与外生成长理论,基于世界银行对中国企业投资环境的调查数据,利用OLS与分位数回归重点研究市场集中度、融资成本和研发投入对企业专业成长的影响及其影响机制的差异性。融资成本对企业专业成长有显著负向作用,研发投入则正向促进企业专业成长,而市场集中度与企业专业成长呈现明显的"倒U型"关系特征:市场集中度对企业专业化成长的作用存在一个最优的临界水平;在该水平前,市场集中度对企业专业成长有显著正向效应;在该水平后,市场集中度的提升反而不利于企业专业化成长。

Based on the survey data of Chinese finn investment environment in 2005 by the world bank and the method of least squares and quantile regression, this paper focused on the effect mechanism between market concentrafion, R＆D, financial cost and finn specialized growth, meantime analyzed the difference of the effect mechanism from the scale and regional perspective. It found that the financial cost has a significant negative ef- fect on the finn specialized growth, that R＆D accelerates the finn specialized growth significantly, that market concentration and the finn specialized gowth shows a significant inverted ＂U＂ relationship. It means that there exists an optimal critical level on the promoting role of market concentration on finn specialized growth, before the critical level the effect is significantly positive, while after the critical level the effect turns out to be nega- five. Finally, the paper proposed related suggestions according to previous study.