拥挤的民企:民营企业一般均衡效率研究

Crowded Private Enterprises: General Equilibrium Efficiency of Private Enterprises

文章引入国企市场份额变动作为外生冲击,从理论与实证的角度分析和检验了市场规模变动对均衡条件下民营企业组内生产率分布的影响,研究发现:(1)国企市场份额上升会提高民企生产率分布的离散程度,降低民企组内的资源配置效率;(2)国企市场份额上升提升了存活民企的利润率水平,使得低效率民企不被竞争所淘汰。理论分析和进一步的检验发现造成上述结果的机制在于:市场规模缩小,减少了均衡时企业数目,降低了企业固定成本,进而提升了利润率水平。文章的研究为异质性企业模型一般均衡理论提供了实证检验,为理解国有企业与民营企业的关系提供了新视角,也为提升行业生产率提供了有益参考。

By introducing the change of market share of state-owned enterprises as an exogenous impact on the private enterprise market,this paper analyzes and tests the influence of the market scale change on the distribution of intra-group productivity under equilibrium conditions from theoretical and empirical perspectives.This research has two contributions to the literature:First,it provides empirical tests for the general equilibrium of heterogeneous firm models.Second,it provides a different perspective to understand the relationship between state-owned enterprises and private enterprises.Our research finds that:(1)Increasing market share of state-owned enterprises will increase the dispersion of productivity distribution of private enterprises and reduce the efficiency of resource allocation within the group of private enterprises.(2)Increasing market share of state-owned enterprises will raise the level of profit margin of surviving private enterprises,making inefficient private enterprises not eliminated by competition.Theoretical analysis and further tests show that the mechanism of the above results lies in the reduction of the market size,the reduction of the number of enterprises in equilibrium,the reduction of fixed costs and the improvement of profit margin.The conclusion of the study provides a useful perspective for understanding the interaction between state-owned enterprises and private enterprises and enhancing the productivity of the industry.When we observe that private enterprises in the industry have a better performance level,we cannot deny that there is no mismatch of resources within private enterprises.In fact,this kind of crowding-out of the market scale of private enterprises by state-owned enterprises formed by policies and institutional advantages will deepen the mismatch of inter-group resources between the two types of enterprises and the mismatch of intragroup resources within private enterprises.The latter has not been noticed in the research literature.An important reason is that the performance premium of private enterprises will cover up this feature.This theoretical transmission mechanism is applicable not only to the analysis of the economic impact of the interaction between state-owned enterprises and private enterprises defined in this paper(i.e.'crowding out'market share),but also to the analysis of the impact of exogenous changes in the market size on the distribution of enterprise productivity in the industry.