并购对医药制造业创新绩效的影响——基于CDM模型的实证分析
刘伟 陈晨
摘 要:并购作为快速获取技术的重要手段,逐渐成为企业提高竞争力的途径。本文首先建立双寡头古诺模型,从理论上分析了企业并购前后的创新投入和利润变化,然后针对我国医药制造业企业2013-2017年的技术并购数据,利用CDM模型实证分析近年来并购对该行业创新绩效的影响,并进一步将企业分为国有与非国有进行研究,然后用PSM-DID模型进行稳健性检验。最终发现在医药制造业,长期内并购增加了创新投入,但是不会通过创新投入这一中介变量提高企业的创新产出,虽然企业利润提高,但是没有提高企业的创新绩效,同时国有企业的并购表现要优于非国有企业。
关键词:并购 创新投入 创新产出 创新绩效
The Impact of Mergers and Acquisitions on Innovation Performance of Pharmaceutical Manufacturing Industry——Empirical Analysis Based on CDM Model
Wei Liu Chen Chen
Absrtact: As an important means to acquire technology quickly, M & A has gradually become a way for enterprises to improve their competitiveness. In this paper, we first establish a duopoly Cournot model to analyze the changes of innovation investment and profit before and after M & A in theory. Then we use CDM model to analyze the impact of M & A on innovation performance of Chinese pharmaceutical manufacturing enterprises in 2013-2017, and further divide the enterprises into state-owned and non-state-owned enterprises. Then we use PSM-DID model Conduct robustness test. Finally, it is found that in the pharmaceutical manufacturing industry, M & A increases the innovation input in the long term, but it will not improve the innovation output of enterprises through the intermediary variable of innovation input. Although the profits of enterprises are improved, it does not improve the innovation performance of enterprises. At the same time, the M & A performance of state-owned enterprises is better than that of non-state-owned enterprises.
Keywords: M&A Innovation Input Innovation Output Innovation Performance
JEL Classification: L25 L80
混合所有制企业的产能选择与国有股最优比例
——基于产能决策主体的视角
陈晓珊
摘 要:在混合所有制改革与化解产能过剩的背景下,对企业产能水平的决策主体及混合所有制企业的国有股比例进行研究,可以提高改革路径的导向性和改革方案的精准性。本文构建混合寡占模型对比分析了由政府同时决定混合所有制企业和民营企业的产能水平、民营企业自主决定其产能水平等两种情形下的结果。研究表明:1)国有产权并不是产能过剩的根本原因,存在一个最优的国有股比例使得混合所有制企业实现产能与产量相等的均衡状态,并且该最优比例仅取决于产品替代性;2)民营企业始终存在产能过剩,相较于由民营企业自主决定产能水平的情形,在由政府确定民营企业的产能水平的情形下,民营企业产能过剩幅度更大。本文的研究结论一方面综合了“市场失灵论”和“体制扭曲论”两种观点,佐证了产能过剩的形成机理并不是单方面的因素,要消除产能过剩需要同时强化政府、市场、企业等多方面的综合调节力量;另一方面对于后续关于民营企业产能过剩模型的合理性设定亦存在一定的启示意义。
关键词:国有股比例 产能选择 混合所有制改革 混合寡占模型 产能决策主体
Capacity Choice of Mixed Ownership Firms and Optimal State-Owned Shares
——Based on the Perspective of Capacity Decision-maker
Xiaoshan Chen
Abstract: Under the background of mixed ownership reform and overcapacity resolving, studying on the capacity decision-maker and state-owned shares of mixed ownership firms can improve the orientation of the reform path and the accuracy of the reform plan. This paper constructs a hybrid oligopoly model and compares the results of the government's simultaneous decision on the production capacity of mixed-ownership enterprises and private enterprises, and the independent decision-making capability of private enterprises. Research shows that: 1) State-owned shares are not the root cause of excess production capacity, and there exists an optimal state-owned share ratio that allowing mixed-owned enterprises to achieve an equal balance between production capacity and output. Besides, the optimal ratio depends only on product substitution; 2) Private enterprises always have excess capacity. Compared to the case where private enterprises independently determine the capacity level, they have a larger excess capacity under the case that the government determines capacity level. On one hand, conclusions of this paper combine two viewpoints of “market failure theory” and “system distortion theory”, which proves that the formation mechanism of excess capacity is not a unilateral factor. It is necessary to eliminate excess production capacity while strengthening comprehensive forces from the government, market, and enterprises; on the other hand, there is also some enlightenment significance for the follow-up on the rationality of the overcapacity model setting of private enterprises.
Keywords: State-owned Shares Capacity Choice Mixed Ownership Reform Mixed Oligopoly Model Capacity Decision-maker
JEL Classification: C70 D43 L16
歧视性纵向控制策略实施动因与中间产品市场垄断机理研究
——兼论基带芯片市场垄断成因与反垄断
李相辰 李凯
摘 要:基带芯片市场垄断问题近年来受到各界广泛关注,也成为反垄断部门的重点规制对象。从理论层面来看,基带芯片市场垄断折射出产业链纵向关系下,跨国制造商实施歧视性纵向控制策略导致的中间产品市场垄断问题。本文构建纵向古诺博弈模型,从跨国制造商对下游中资企业与外资企业实施歧视性纵向控制策略的角度入手,探究中间市场垄断的内在机理。研究发现:跨国制造商利用歧视性纵向控制策略以“长臂干预效应”、“横向关闭效应”、“循环依赖效应”这3种途径垄断了中间产品市场。基于3种效应的模型化讨论,本文结合基带芯片市场垄断案例,深入探讨了当前基带芯片市场垄断的作用机理,并提出相应的反垄断规制建议。
关键词:中间产品市场 歧视性纵向控制策略 基带芯片市场 反垄断
Research on the Motivation of Discriminatory Vertical Control Strategy and the Monopolistic Mechanism of Intermediate Product Market
——On the Cause of Monopoly and Anti-Monopoly in the Baseband Chip Market
Xiangchen Li Kai Li
Abstract: The monopoly problem in the baseband chip market has received widespread attention in recent years and has also become a key regulatory object of antitrust authorities. From a theoretical perspective, the monopoly of the baseband chip market reflects the monopoly problem of the intermediate product market caused by the implementation of discriminatory vertical control strategies by multinational manufacturers under the vertical relationship of the industrial chain. In this paper, a vertical Cournot game model is constructed to explore the internal mechanism of intermediate market monopoly from the perspective of multinational manufacturers implementing discriminatory vertical control strategies for downstream Chinese enterprises and foreign enterprises. The study found that multinational manufacturers use discriminatory vertical control strategies to monopolize the intermediate product market in three ways: "long-arm intervention effect", "horizontal closing effect", and "circular dependence effect". Based on the modeled discussion of the three effects, this article combines the monopoly case of the baseband chip market, deeply discusses the impact and mechanism of the current monopoly in the baseband chip market, and puts forward corresponding antitrust regulations.
Keywords: Intermediate Product Market Discriminatory Vertical Control Strategies Baseband Chip Market Antitrust
JEL Classification: L12 L22 L42
增加值视角下中国产业结构升级:国内价值链还是全球价值链?
刘培青
摘 要:产业结构升级是中国经济增长由量向质转变的内在要求,然而国内价值链和全球价值链给中国产业结构升级提供了不同的环境和条件。以世界投入产出模型为基础,在统一框架中区分国内价值链和全球价值链,利用世界投入产出数据库提供的数据,测算了三个不同时期中国服务业增加值占总产出比重的变化。结果显示,中国存在以增加值标准衡量的产业结构升级趋势但不明显,而且也存在波动。国内价值链对产业结构升级的拉动作用明显高于全球价值链。国内价值链中的服务业增加值比重大于全球价值链,在经济波动的年份这种差距更明显。采用结构分解方法实证分析增加值标准的产业结构升级演变的影响因素发现,在国内价值链和全球价值链中,行业增加值率的影响都比较小,国内产业关联的影响最大,最终需求的变化影响不大。在全球济深度调整时期,中国应更加重视国内价值链的构建和完善,实现产业结构的转型升级。
关键词:产业结构升级 国内价值链 全球价值链 增加值
Upgrading of China's Industrial Structure from the Perspective of Added Value: National Value Vhain or Global Calue Chain?
Peiqing Liu
Abstract: The upgrading of industrial structure is the inherent requirement of China's constant growth from quantity to quality. However, the national value chain and the global value chain provide different environments and conditions for the upgrading of China's industrial structure. Distinguish between national value chains and global value chains in a unified framework based on the world input-output model, on the method of structure decomposition method, using the the data provided by the world input-output database, measuring the changes of value-added of China's service industry in the proportion of total output in three different periods.The results show that, measured by value-added standards, China's industrial structure has an upgrading trend, but there are also fluctuations. The national value chain plays a more important role in industrial structure upgrading than the global value chain. The value added of the service sector in the national value chain is larger than that of the global value chain. Using the structural decomposition method to empirically analyze the factors affecting the upgrading of the industrial structure of the added value standard, it is found that in national domestic value chain and global value chain, the value added rate of the industry has a relatively small impact, while the correlation of domestic industry has the largest impact, and the change of final demand has little impact. In the period of deep adjustment of global economy, China should pay more attention to the construction and improvement of national value chain and realize the transformation and upgrading of industrial structure.
Key words:Industrial Structure Upgrading National Value Chain Global Value Chain Added Calue
JEL Classfication: O14 F43
高管团队异质性、税收优惠与技术创新
——来自2013-2017年制造业上市央企的证据
姜春海 徐浩然 张巍
摘 要:技术创新是企业的核心成功因素和永恒追求,对中国企业更具有特殊意义。本文采用2013-2017年沪深A股制造业上市央企的专利和财务数据,研究了高管团队异质性和税收优惠对企业技术创新的影响。研究发现,总体上,高管团队身份异质性、工作职能异质性、隐性薪酬差距和税收优惠都与技术创新负相关。进一步分组分析发现,高管团队身份异质性在轻工业与非高新技术产业领域具有显著负向影响,而工作职能异质性的显著负影响体现在重工业与高新技术产业领域,且仅在东部地区成立,在中、西部地区不成立。行业分组和区域分组后,隐性薪酬差距的影响不再确定。税收优惠与技术创新在行业和区域分组后仍然负相关。影响作用由高到低依次为高管团队身份异质性、工作职能异质性、税收优惠和隐性薪酬差距。前期超额实质性创新对后期实质性创新产出具有决定性促进作用,前期超额策略性创新对后期技术创新总产出和策略性创新产出具有决定性促进作用,但对后期实质性创新产出没有促进作用。
关键词:实质性技术创新 策略性技术创新 高管团队异质性 隐性薪酬差距 税收优惠
Top Management Team Heterogeneity, Tax Incentives and Technological Innovation——Empirical Evidence Based on 2013-2017 Manufacturing Listed Central Enterprise Data
Chunhai Jiang Haoran Xu Wei Zhang
Abstract: Technological innovation is the core success factor and eternal pursuit of enterprises which has special significance for Chinese enterprises. This paper uses the patent and financial data of the manufacturing listed central enterprises in Shanghai and Shenzhen A-share market from 2013 to 2017, and studies the impact of executive team heterogeneity and tax incentives on technology innovation. The study found that TMT identity heterogeneity, job-function heterogeneity, implicit pay gaps and tax incentives are negatively related to technological innovation in general. Moreover, group analysis found that the heterogeneity of TMT identity has a significant negative impact in the light industry and non-high-tech industries, while the significant negative impact of job-function heterogeneity is reflected in the heavy industry and high-tech industries, which are only established in the eastern region rather than in the central and western regions. After the industry and regional grouping, the impact of the implicit pay gap is no longer determined. Tax incentives and technological innovations remain negatively correlated after industry and regional grouping. The impacts from high to low are the TMT heterogeneity, job-function heterogeneity, tax incentives and implicit pay gaps. The excessive substantive innovation in the early stage has a decisive role in promoting the substantive innovation output in the later period. In addition, the pre-existing strategic innovation has a decisive role in promoting the total output of technological innovation and strategic innovation output, but it does not promote the substantive innovation output in the later period.
Keywords: Substantial Technological Innovation Strategic Technological Innovation TMT Heterogeneity Implicit Pay Gap Tax Incentives
JEL Classification: O31 O38 M10
排污权交易政策、寻租与企业创新效率
——基于中国不同所有制上市企业的微观数据检验
张红霞 卢超
摘 要:基于中国上市企业的微观数据,利用双重差分法(DID)评估了排污权交易政策对不同所有制企业创新效率的影响,分析了排污权交易政策引致的不同所有制企业的寻租行为,以及寻租对不同所有制企业的创新效率的影响。研究表明:排污权交易政策能够对不同所有制企业的创新效率产生提升效应,但在政策实施过程中,非国有企业相比国有企业具有更强烈的寻租倾向,并由此对非国有企业的创新效率形成挤出效应。建议应完善更具前瞻性和适应性的市场主导型环境政策,持续鼓励不同所有制企业开展自主创新,并建立长期有效的公众监督机制。
关键词:排污权交易政策 企业创新效率 寻租
Emissions trading policy, rent-seeking and corporate innovation efficiency
—Micro-data inspection based on listed companies with different ownership in China
Hongxia Zhang Chao Lu
Abstract: Based on the micro data of listed companies in China, the dual difference method (DID) was used to evaluate the impact of the emission trading policy on the innovation efficiency of enterprises with different ownership, and the rent-seeking behaviors of the enterprises with different ownership caused by the emission trading policy were analyzed. The impact of the innovation efficiency of enterprises with different ownership. Studies have shown that: Emissions trading policies can have an improved effect on the innovation efficiency of enterprises with different ownership, but in the process of policy implementation, non-state-owned enterprises have a stronger rent-seeking tendency than state-owned enterprises, and thus innovations on non-state-owned enterprises Efficiency creates an extrusion effect. It is recommended that market-oriented environmental policies that are more forward-looking and adaptable should be improved, enterprises of different ownership should be continuously encouraged to carry out independent innovation, and a long-term effective public supervision mechanism should be established.
Key words: Emissions Trading Policy Enterprise Innovation Efficiency Rent-seeking
JEL Classification: O14 Q552 D72
城市劳动供给、异质性与企业出口选择
高山 李征 宋顺锋
摘 要:本文在Melitz(2003)模型基础上,将劳动供给因素与间接出口同时纳入到异质性企业模型分析框架中,基于城市层面人口信息和微观层面企业数据,研究了城市劳动参与率以及企业生产率的变动对于我国企业出口选择的影响。研究发现:(1)在考虑间接出口方式选择后,企业三元出口选择行为仍然遵循生产率排序原则,城市劳动参与率的提升对于企业出口选择行为有着正向的促进作用;(2)劳动参与率的提升对于直接出口企业、外资和民营企业、东部地区企业以及劳动密集型企业出口选择的正向促进作用更加明显;(3)更高的城市人力资本储备水平、稳定的劳动市场关系和良好的市场化环境均有助于增强上述的促进作用。本文的研究表明,在当前人口结构转型、中美贸易战爆发的大背景下,重视间接出口方式、推动贸易便利化进程、加大人力资本投入等将成为我们应对“人口红利”消融、出口增速放缓的重要举措。
关键词:人口结构 间接出口 出口选择 异质性
Labor Supply, Heterogeneity and Export Options
Shan Gao Zheng Li Shunfeng Song
Abstract: In this paper, we developed heterogeneous firms model based on the Melitz (2003) model. In our model, the choice of indirect export was considered in addition to direct export. The main purpose is to study the relationship between the city’s labor supply and the export choices of firms in the city. Using city-level and firm-level data, we examined the impacts of urban labor participation rates and firms’ productivity on China's export choices. There are some interesting findings from our research. First, similar with Melitz (2003), firms make decisions of export according to their productivity. That is, firms with highest productivity choose to export directly, while those with lower productivity choose to export indirectly. Firms with lowest productivity choose to serve domestic market or even exit. Second, the increase in labor participation rate has a stronger positive effect on export choices of direct export firms, foreign and private firms, firms in eastern regions, and labor-intensive firms. Finally, high level of human capital and marketization would enhance the effects mentioned above.
Keywords: Labor Participation Rate Indirect Exports Heterogeneity
JEL Classification: F16 J31 R12