反垄断法与中国科技企业技术创新——基于不同市场地位企业的微观分析

Anti-Trust Law and Technological Innovation of Chinese Science and Technology Enterprises:Micro Analysis of Enterprises with Different Market Positions

本文首先构建理论模型分析企业反竞争行为与技术研发之间存在的相互替代关系,揭示加强反垄断措施将促进行业内市场力量较强企业的创新,同时降低市场力量较弱企业的创新激励;且反垄断政策的创新效应强弱依产业的竞争性强弱呈“倒U”型,即竞争强度适中的行业中,反垄断政策对市场力量较强(弱)厂商的创新促进(遏制)最为显著。其次,以2004~2016年A股上市公司为研究样本,以2008年《反垄断法》的实施作为准自然实验,采用倍差法对模型假说进行了实证检验。研究发现,《反垄断法》的实施显著扩大了市场力量较强企业群体相对于较弱企业群体的创新优势,并且这一影响在竞争性适中的行业最为显著,在垄断性强的行业内为其次,在竞争性最强的行业内为最差。影响渠道检验表明,企业市场势力减弱和研发投入增加是反垄断促进市场力量较强企业进行创新的重要途径。本文最后在客观准确地评估《反垄断法》对中国企业创新影响的基础上,对国家反垄断监管政策调整提出建议。

This study first analyzes the substitution relationship between anti-competitive behavior and technology research and development with a theoretical model.It reveals that strengthening antitrust policy promotes the innovation of enterprises with strong market power and reduces the innovation incentives of enterprises with weak market power.Moreover,the innovation incentive effect of antitrust policy has an inverted U shape from the perspective of the competitiveness of the industry.Thus,in industries with moderate competition intensity,antitrust policies promote(strangle)the innovation of manufacturers with strong(weak)market power most significantly.In this study,taking the implementation of the Anti-Trust Law in 2008 as a quasi-natural experiment,we use the difference-in-differences(DID)method and the data of A-share listed companies from 2004 to 2016 to empirically test the model hypothesis.The results reveal that compared with enterprises with weak market power,the number of patents granted by enterprises with strong market power increases significantly.The implementation of the Anti-Trust Law helps to promote the innovation of enterprises with strong market power.After further distinguishing patent types,we found that compared with enterprises with weak market power,the number of invention patent grants,utility patent grants,and weighted patent citation grants of enterprises with strong market power increased significantly,but the number of design patent grants did not change significantly.Moreover,the promotion effect of the implementation of the Anti-Trust Law on the amount of invention patent authorization and patent citation weighting authorization existed in the lag period but began to promote the amount of utility patent authorization in the year of implementation.The influence channel test reveals that decreasing market power and increasing RD investment are important ways for the Anti-Trust Law to promote innovation of firms with strong market power.Finally,we also carried out heterogeneity analysis and found that the implementation of the policy is more likely to generate innovation incentives for enterprises in mediumintensity competitive industries,industries with strong original market power,and non-high-tech industries.The findings of this paper are helpful for assessing the impact of the antitrust policy on the innovation of Chinese enterprises objectively and accurately,and it has an important policy reference for the adjustment of China's antitrust regulatory policy.The research contribution of this paper is mainly reflected in the following three aspects.First,it has enriched and expanded research on the relationship between the Anti-Trust Law and enterprise innovation.This study takes the implementation of the Anti-Trust Law in 2008 as the research object and uses Lerner's index to divide,thereby effectively avoiding the problem of concentration data collection scope.Thus,this study tests the impact of the implementation of the Anti-Trust Law on enterprise innovation.Second,in terms of theoretical analysis,it establishes a theoretical model of monopoly and RD.We examine the changes in innovation incentives of enterprises with different market positions in the industry under the condition of antitrust policy.Through theoretical analysis,we found that the implementation of the Anti-Trust Law will promote the innovation of enterprises with strong market power and reduce the innovation incentive of enterprises with weak market power.Third,this study not only examines the influence of antitrust on the innovation of firms with strong market power at the micro level but also further discusses the impact mechanism of antitrust on firm innovation.Then,it studies the influence of antitrust on the innovation of different types of Chinese firms.We found that the decrease in market power and the increase in RD investment are important mechanisms through which antitrust promotes innovation.In addition,the antitrust policy will generate stronger innovation incentives for China's medium-intensity competitive industries and non-high-tech enterprises.