中国对外开放的市场势力效应研究——来自总体与细分产业的经验证据

Market Power Effect of China's Opening-up——Empirical Evidence Based on Data of Aggregate and Individual Industries

大规模对外市场开放是把"双刃剑",既引入竞争活力又输入垄断势力。本文从实证产业组织视角构建中国对外开放市场势力效应的评价模型,并采用中国加入WTO前后年份总体和细分产业数据进行了实证,同时用金融危机前后年份细分产业数据进行稳健性检验。研究发现:中国产业总体与细分产业存在显著的市场势力;总体和细分产业对市场开放以及伴生的贸易体系转型的敏感程度存在差异。中国对外开放具有显著的市场势力效应:在两位数代码产业层面,对外开放提高了总体产业市场势力溢价水平,表明对外开放输入了垄断势力;而四位数代码产业层面,对外开放却显著降低了市场势力溢价水平,表明对外开放引入了竞争活力。本文研究结论对构建开放型经济新体制有着重要政策含义:对外开放政策体系需要兼顾竞争政策;"负面清单管理"制度下,外资监管应注意总体与细分产业开放的层次性;同时,外资政策与产业政策的关注重心宜"下移"至细分产业层面。

Domestic market opening-up on a large scale is a ‘double-edged sword’ which brings into intensive competition along with potential monopolistic power. Based on empirical industrial organization theory, this paper develops a model which can measure the market power effect of China＇s opening market process. Then, the paper employs a data set of the year both before and after China＇s accession into WTO to conduct the empirical test, and the robust test is based on a sub-data set covering the period of global financial crisis. The empirical results show that there is significant market power in both aggregate and individual industries; industries of different levels own different sensitiveness to the opening market process and trade system transition. The market power effect of China＇s opening market process is significant. China＇s opening market process has raised the premium level with aggregate industry data which means opening market has brought into monopolistic power. We do find that opening market has lowered the premium level with data of individual industries, which means that opening market has brought into competition. These results have policy implications on the construction of a new open market system. Opening market policies should coordinate with industrial and antitrust policy. Under the ＂Negative List＂ management system, more attention should be paid on industries＇ opening level. Meanwhile, both foreign investment policy and industrial policy should expand their focus to individual industries.