投资与研发行为的外生性市场需求扩张理论及其实证

Theory and Its Empirical Study of the Exogenous Market Demand of Investment and R&D Behaviors

中国经济增长导致市场需求长期持续显著扩张。本文认为市场需求扩张超出了产业组织理论假设市场规模不变的企业行为研究范畴,继而引发了企业市场行为决定机制的改变,使企业投资和研发竞争行为呈现出新特征。针对市场需求扩张的不同诱因,本文提出外生性市场需求扩张概念。外生性市场需求扩张是由需求曲线外移导致的,打破了市场行为分析的产业组织理论研究框架。实证研究采用2006~2016年汽车行业企业上市公司财务报表数据,从企业层面就本文观点进行检验。

China’s economic growth has led to a sustained and significant expansion of market demand.This paper argues that the market demand expansion outside the framework of market behavior analysis of industrial organization theory assuming that the market size is fixed,which in turn causes the change of the enterprise market behavior decision mechanism,and makes the enterprise investment and R&D competition present new characteristics.The concept of exogenous market demand expansion is put forward according to different incentives of market demand expansion.Exogenous market demand expansion is caused by the demand curve shifting out,only exogenous market demand expansion will break the market behavior analysis of industrial organization theory research framework.The empirical research uses the financial statement data of listed companies of automobile manufacturing enterprises from 2006 to 2016 to test the viewpoint of this paper from the enterprise level.The empirical results demonstrate the rationality and validity of the framework of enterprise market behavior analysis for the expansion of exogenous market demand.