跨国公司进入与中国本土企业成本加成--基于水平溢出与产业关联的实证研究

Multinational Corporation Entry and Chinese Indigenous Firms 'Price-Cost Markups:Empirical Study Based on Horizontal Spillovers and Industrial Linkages

跨国公司进入究竟会如何影响本土企业的成本加成定价能力？本文基于水平溢出与产业关联视角，利用2000～2007年中国工业企业微观数据进行研究发现：（1）跨国公司进入通过水平溢出渠道降低了本土企业成本加成率，而通过垂直溢出（包括前向关联和后向关联）显著提高了本土企业成本加成率，在总体上有益于提升本土企业的成本加成定价能力。（2）来自OECD国家的跨国公司进入显著提高了本土企业成本加成率，而来自港澳台地区的跨国公司进入对本土企业成本加成率的正向作用相对较弱；另外，出口导向型跨国公司进入对本土企业成本加成率的促进作用总体上大于市场寻求型跨国公司。（3）在制度越完善的地区，跨国公司进入对本土企业成本加成率的提升作用越大。（4）跨国公司进入在总体上显著降低了行业成本加成率分散度，有利于改善行业资源配置效率。进一步的影响机制检验表明，一方面，跨国公司进入促进了本土企业尤其是民营企业向外资企业成本加成率的追赶；另一方面，跨国公司进入通过促进低成本加成率的本土企业退出市场，进而也降低了行业成本加成率分散度。本文为客观评估跨国公司进入对东道国经济的影响提供了一个来自转型发展中国家的微观证据，同时对中国今后引资政策的调整具有重要的政策启示意义。

How does multinational corporation(MNC) entry affect indigenous firms 'markups ? From the perspectives of horizontal spillovers and industrial linkages, this paper uses Annual Survey of Industrial Enterprises(ASIE) to conduct empirical study, and finds that:(1)MNC entry reduces indigenous firms 'markups through horizontal spillovers, while raises indigenous firms 'markups through vertical spillovers(including both forward linkages and backward linkages).MNC entry overall helps to raise indigenous firms 'markups.(2)The entry of MNC from OECD countries significantly raises indigenous firms 'markups, while the entry of MNC from Hong Kong-Taiwan-Macao regions has a weaker positive effect. In addition, the positive impact of export-oriented MNC entry on indigenous firms 'markups is larger than that of domestic-market-oriented MNC entry.(3)The positive effect of MNC entry on indigenous firms 'markups is greater in institution-developed regions.(4)MNC entry significantly reduces markup dispersion, which helps to improve the resource allocation efficiency. Further mechanism analysis shows that, on the one hand, MNC entry promotes indigenous firms, especially the private firms to catch up with the foreign firms 'markups. On the other hand, MNC entry forces the low-markup firms to exit, which helps to reduce markup dispersion. This paper provides micro evidence from a transitional developing country to objectively assess the effect of MNC entry on host country 's economy, and it also has important implications for the adjustment of China 's FDI policy in the future.