企业市场地位的差序格局研究——以2000-2010年上市公司数据为例

The Differential Sequence of Chinese Enterprises’ Market Status:Evidence from Chinese Listed Companies, 2000-2010

差序格局是费孝通先生用来描述传统中国社会人际关系模式的一个概念。本文把这一概念借用到对企业间关系的分析上。不同企业在市场上的地位究竟是如何分布的?哪些非市场的力量促成了这一格局?传统的市场地位理论忽视了市场地位产生的制度背景,本文对此进行了拓展。本文强调国家在塑造企业地位差序格局中的重要作用,以及这种作用在不同层级政府控制的企业上的差别。基于2000-2010年中国沪深两市的上市公司数据,本文构造了一系列的企业间连锁董事网,并检验了不同产权性质的企业在网络中的位置。结果发现,国家所有或控制的公司更可能居于连锁董事网的核心;政府控制的公司所属行政层级越高,越可能在连锁董事网中居于核心位置。这些结果均表明,中国企业的市场地位也呈现出了一种差序格局,并且这种格局是以产权为基础而产生的。

The differential sequence is a concept put forward by professor Fei Xiao-tong to describe the pattern of interpersonal relationship in traditional Chinese society. This paper borrows this concept to analyze the interfirm relations in contemporary China. What is the status of different companies in the market? What non-economic factors have formed this pattern? The traditional market status theory neglects the institutional background of market status. This paper has expanded this. The paper emphasizes the important role of the state in shaping the pattern of corporate status differences, and the difference of roles in different levels of government-controlled enterprises. Based on the data of listed companies in Shanghai and Shenzhen during 2000-2010, this paper constructs interlocking directorate networks, and examines the position of companies with different property rights in the network. The results show that state-owned or controlled companies are more likely to be at the core of the networks, and the higher the administrative level of government-controlled companies, the more likely they are in the core position of the networks. These results all indicate that the market status of Chinese enterprises also presents a pattern of differential sequence, and this pattern is based on property rights.