市场关系、交易成本与实体企业“第四利润源”——基于2007—2011年370家民营上市公司的实证研究  

Market Relations, Transaction Costs and Firm’s Fourth Profit Source——An Empirical Research Based on 370 Private Listed Companies in 2007—2011

作　　者：吴海民[1] 

机构地区：[1]五邑大学经济管理学院,广东江门529020

出　　处：《中国工业经济》2013年第4期107-119,共13页China Industrial Economics

基　　金：国家社会科学基金项目"当前中国农村多维贫困的测度与反贫困政策研究"(批准号11BJL040);教育部人文社会科学青年基金项目"通货膨胀对我国工业经济运行效率的影响机制;效应与对策研究"(批准号11YJC790205);广东省自然科学基金博士启动项目"通货膨胀对广东工业经济运行效率的影响与对策研究"(批准号S2011040000414)

摘　　要：本文着重分析了以"政企关系"、"银企关系"、"渠道关系"为代表的企业外部市场关系,发现这些市场关系被人为扭曲或异化后所引起的交易成本显著影响到实体企业经营利润的高低。进一步利用中国A股市场2007—2011年370家民营上市公司的面板数据,实证检验了市场关系、交易成本和企业利润之间的内在联系与作用机制,结果支持和证实了本文的理论假说——降低特定市场关系中的交易成本可以成为实体企业一个新的利润源泉,从而为有关"第四利润源"的理论探讨提供了实际证据。由此得到的政策启示是:实体企业既要重视生产力中蕴涵的三大传统利润源泉,也要关注生产关系尤其是市场关系中潜藏的"第四利润源"。而获取这一利润源泉的关键在于以"简政限权"为核心的系列变革,以及政府对"市场关系红利"的营造和金融生态环境、营商交易环境、市场法治环境的改善。This article analyzes the outside market relations between government, bank, channel firm and enterprise, finds these market relations can lead to lots of transaction costs and significantly affect the profit of real business firms when they are artificially distorted. By use of panel data of 370 private listed companies in China＇s A-share market from 2007 to 2011, this article empirically researches the intrinsic links between market relation, transaction cost and corporate profit, and results support the theoretical hypothesis that reducing transaction costs caused by specific market relation can become a new profit source for real business firms, thus provide an evidence for theoretical discussion about the fourth profit source. The policy recommendations of this article is that business entities not only pay attention to three traditional profit sources, but also concern about potential profit source from production relations especially market relations. So, streamlining administrative agency, limiting government right, creating market relation bonus, improving financial ecological environment and business trading environment as well as market legal environment is the key to obtain this profit source.

关 键 词：市场关系 交易成本 “第四利润源” “市场关系红利” 

分 类 号：F270[经济管理—企业管理]