市场化改革与企业成本加成:异质性与影响机制
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摘要
选取中国工业企业数据,从成本加成视角实证检验市场化改革与企业盈利能力之间的关系,得到如下结论:市场化改革显著促进了企业成本加成的提高。在此基础上,针对企业异质性进行深入分析,发现市场化改革对于民营企业、中小型企业和高融资约束企业的成本加成促进作用更为突出。基于中介效应模型的作用机制检验表明,市场化改革既提高了企业的生产率水平,又缓解了企业的融资约束程度,两种渠道综合作用共同提升企业成本加成。
This paper empirically tests the relationship between market-oriented reform and firms' profitability from the perspective of markups using the Data of Chinese Industrial Firms, and arrives at the following conclusions: market-oriented reform significantly promotes firms' markups. On the basis, we analyze the firms' heterogeneity and find that the above promotion of market-oriented reform has a greater role in private, small and medium and high financial constraint firms. As for the specific mechanisms, the test based on mediating effect model shows that market-oriented reform not only improves firms 'productivity, but also alleviates firms' financial constraint, which jointly enhance firms' markups.
This paper empirically tests the relationship between market-oriented reform and firms' profitability from the perspective of markups using the Data of Chinese Industrial Firms, and arrives at the following conclusions: market-oriented reform significantly promotes firms' markups. On the basis, we analyze the firms' heterogeneity and find that the above promotion of market-oriented reform has a greater role in private, small and medium and high financial constraint firms. As for the specific mechanisms, the test based on mediating effect model shows that market-oriented reform not only improves firms 'productivity, but also alleviates firms' financial constraint, which jointly enhance firms' markups.
引文
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[3]吕健.市场化与中国金融业全要素生产率---基于省域数据的空间计量分析[J].中国软科学,2013(2):64-80.
[4]樊纲,王小鲁,马光荣.中国市场化进程对经济增长的贡献[J].经济研究,2011(9):4-16.
[5]吕朝凤,朱丹丹.市场化改革如何影响长期经济增长?---基于市场潜力视角的分析[J].管理世界,2016(2):32-44.
[6]IRADIAN G.What explains the rapid growth in transition economies?[J].IMF Staff Papers,2009,56(4):811-851.
[7]赵文军,于津平.市场化进程与我国经济增长方式---基于省际面板数据的实证研究[J].南开经济研究,2014(3):3-22.
[8]S謡SU JAN A,REDEK T.Uncertainty and growth in transition economies[J].Review of Social Economy,2008,66(2):209-234.
[9]姜付秀,黄继承.市场化进程与资本结构动态调整[J].管理世界,2011(3):124-134.
[10]彭星,李斌,黄治国.存款利率市场化会加剧城市商业银行风险吗---基于中国24家城市商业银行数据的动态GMM检验[J].财经科学,2014(12):1-10.
[11]安辉,张芳.创新驱动、利率市场化与银行业效率提升[J].改革,2017(3):141-151.
[12]LOECKER J D,WARZYNSKI F.Markups and firm-level export status[J].American Economic Review,2012,102(6):2437-2471.
[13]钱学锋,潘莹,毛海涛.出口退税、企业成本加成与资源误置[J].世界经济,2015(8):80-106.
[14]黄先海,诸竹君,宋学印.中国出口企业阶段性低加成率陷阱[J].世界经济,2016(3):95-117.
[15]盛丹,王永进.中国企业低价出口之谜---基于企业加成率的视角[J].管理世界,2012(5):8-23.
[16]ALTOMONTE C,BARATTIERI A.Endogenous markups,international trade,and the product mix[J].Journal of Industry Competition&Trade,2015,15(3):205-221.
[17]耿晔强,狄媛.中间品贸易自由化、制度环境与企业加成率---基于中国制造业企业的实证研究[J].国际经贸探索,2017(5):52-69.
[18]祝树金,钟腾龙,李仁宇.中间品贸易自由化与多产品出口企业的产品加成率[J].中国工业经济,2018(1):41-59.
[19]MELITZ M J,OTTAVIANO G I P.Market size,trade,and productivity[J].Review of Economic Studies,2008,75(1):295-316.
[20]LEVINSOHN J,PETRIN A.Estimating production functions using inputs to control for unobservables[J].Review of Economic Studies,2003,70(2):317-341.
[21]KONINGS J,CAYSEELE P V,WARZYNSKIF.The effects of privatization and competitive pressure on firms’price-cost margins:micro evidence from emerging economies[J].Review of Economics and Statistics,2005,87(1):124-134.
[22]MACKINNON D P,KRULL J L,LOCK-WOOD C M.Equivalence of the mediation,confounding and suppression effect[J].Prevention Science the Official Journal of the Society for Prevention Research,2000,1(4):173-181.
(1)如果系数a2不显著,说明市场化改革对企业成本加成不存在显著影响,如果仍将研究重点放在“前者如何影响后者”或者“前者作用于后者的机理是什么”上,这样是不符合逻辑的。此时更合理的研究方向是“前者对后者为什么不存在影响”,那么模型构建的方法和分析思路也会相应发生变化。因此,为了更好地与中介效应区分开来,已有文献将这种不存在显著影响的情形称为“遮掩效应”。
[2]GEHRINGER A.Uneven effects of financial liberalization on productivity growth in the EU:evidence from a dynamic panel investigation[J].International Journal of Production Economics,2015,159:334-346.
[3]吕健.市场化与中国金融业全要素生产率---基于省域数据的空间计量分析[J].中国软科学,2013(2):64-80.
[4]樊纲,王小鲁,马光荣.中国市场化进程对经济增长的贡献[J].经济研究,2011(9):4-16.
[5]吕朝凤,朱丹丹.市场化改革如何影响长期经济增长?---基于市场潜力视角的分析[J].管理世界,2016(2):32-44.
[6]IRADIAN G.What explains the rapid growth in transition economies?[J].IMF Staff Papers,2009,56(4):811-851.
[7]赵文军,于津平.市场化进程与我国经济增长方式---基于省际面板数据的实证研究[J].南开经济研究,2014(3):3-22.
[8]S謡SU JAN A,REDEK T.Uncertainty and growth in transition economies[J].Review of Social Economy,2008,66(2):209-234.
[9]姜付秀,黄继承.市场化进程与资本结构动态调整[J].管理世界,2011(3):124-134.
[10]彭星,李斌,黄治国.存款利率市场化会加剧城市商业银行风险吗---基于中国24家城市商业银行数据的动态GMM检验[J].财经科学,2014(12):1-10.
[11]安辉,张芳.创新驱动、利率市场化与银行业效率提升[J].改革,2017(3):141-151.
[12]LOECKER J D,WARZYNSKI F.Markups and firm-level export status[J].American Economic Review,2012,102(6):2437-2471.
[13]钱学锋,潘莹,毛海涛.出口退税、企业成本加成与资源误置[J].世界经济,2015(8):80-106.
[14]黄先海,诸竹君,宋学印.中国出口企业阶段性低加成率陷阱[J].世界经济,2016(3):95-117.
[15]盛丹,王永进.中国企业低价出口之谜---基于企业加成率的视角[J].管理世界,2012(5):8-23.
[16]ALTOMONTE C,BARATTIERI A.Endogenous markups,international trade,and the product mix[J].Journal of Industry Competition&Trade,2015,15(3):205-221.
[17]耿晔强,狄媛.中间品贸易自由化、制度环境与企业加成率---基于中国制造业企业的实证研究[J].国际经贸探索,2017(5):52-69.
[18]祝树金,钟腾龙,李仁宇.中间品贸易自由化与多产品出口企业的产品加成率[J].中国工业经济,2018(1):41-59.
[19]MELITZ M J,OTTAVIANO G I P.Market size,trade,and productivity[J].Review of Economic Studies,2008,75(1):295-316.
[20]LEVINSOHN J,PETRIN A.Estimating production functions using inputs to control for unobservables[J].Review of Economic Studies,2003,70(2):317-341.
[21]KONINGS J,CAYSEELE P V,WARZYNSKIF.The effects of privatization and competitive pressure on firms’price-cost margins:micro evidence from emerging economies[J].Review of Economics and Statistics,2005,87(1):124-134.
[22]MACKINNON D P,KRULL J L,LOCK-WOOD C M.Equivalence of the mediation,confounding and suppression effect[J].Prevention Science the Official Journal of the Society for Prevention Research,2000,1(4):173-181.
(1)如果系数a2不显著,说明市场化改革对企业成本加成不存在显著影响,如果仍将研究重点放在“前者如何影响后者”或者“前者作用于后者的机理是什么”上,这样是不符合逻辑的。此时更合理的研究方向是“前者对后者为什么不存在影响”,那么模型构建的方法和分析思路也会相应发生变化。因此,为了更好地与中介效应区分开来,已有文献将这种不存在显著影响的情形称为“遮掩效应”。