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本文在系统梳理市场结构与企业盈利能力关系的经典理论的基础上,以中国工业企业数据库1998~2007年的装备制造企业微观数据为样本,研究了我国装备制造业市场结构、效率与企业盈利能力之间的关系。本文利用国际前沿的ACF法测算了企业的全要素生产率,将企业效率和市场势力同时引入研究框架,有效地区分了效率结构假说和相对市场力量假说。研究发现:企业效率和市场势力是促进中国装备制造企业盈利能力不断提高的主要原因,企业盈利能力的增强是企业市场竞争力提升的表现,而非垄断的结果,结论支持修改的效率结构假说。
Based on the classical theory of systematically combing the relationship between market structure and corporate profitability, taking the micro-data of equipment manufacturing enterprises in China’s industrial enterprises database from 1998 to 2007 as samples, this paper studies the market structure, efficiency and profitability of equipment manufacturing industry in China The relationship between. In this paper, we use the international frontier ACF method to calculate the total factor productivity of enterprises, and introduce the enterprise efficiency and market power into the research framework at the same time, effectively differentiating the hypothesis of efficiency structure and the relative market power. The result shows that enterprise efficiency and market power are the main reasons to promote the profitability of equipment manufacturing enterprises in China. The enhancement of profitability of enterprises is the manifestation of the enhancement of market competitiveness of enterprises, not the result of monopoly. The conclusion supports the hypothesis of efficiency structure revision.