反垄断与企业金融化——基于资本无序扩张视角

Antitrust and Financialization of Enterprises-Perspective from Capital Disorderly Expansion

本文基于资本无序扩张视角,建立理论模型以刻画《中华人民共和国反垄断法》作用于微观企业金融化的作用机理。以2005~2013年非公有制上市公司为样本,使用DID法实证发现,《反垄断法》实施后,实验组企业金融化程度显著降低。其作用机制为限制了资本流入,提高了垄断企业的融资约束。异质性检验发现,在资本密集度较高行业、城市层级较高及市场化进程较高地区的样本企业政策效果更好,并且《反垄断法》的实施最终能够抑制垄断企业绩效与弱化行业垄断势力。本文丰富了《反垄断法》政策效果评估的相关文献,为国家达成防止企业脱实向虚、防止资本无序扩张的目标提供了政策启示。

Based on the perspective of capital disorderly expansion,this paper establishes a theoretical model to describe the mechanism of the effect of Anti-monopoly Law of the People's Republic of China on the financialization of enterprises.Taking non-public listed companies as samples from 2005 to 2013,this paper uses the DID method to find that after the implementation of the Anti-monopoly Law,the degree of financialization of the experimental group is significantly reduced.The mechanism is to restrict the capital inflow and improve the financing constraints of monopoly enterprises.Heterogeneity inspection found that the effect is better in the sample firms that in industries with higher capital intensity,cities with higher levels and areas with higher marketization process.The implementation of the Anti-monopoly Law can eventually restrain the.performance of monopoly enterprises and weaken the monopoly power of the industry.This research has enriched the relevant literature on the evaluation of the policy effect of the Anti-monopoly Law,and provided policy enlightenment for the country to achieve the goal of preventing enterprises from being disreal to virtual and avoiding the disorderly expansion of capital.