管制下的市场分割与租值耗散——基于企业集团跨地区经营的视角  

Market Segmentation under Regulation and Rent Dissipation:Based on the Perspective of Trans-regional Operation of Business Groups

作　　者：朱凯[1,2] 潘怡麟 张舒怡 陈信元[1,2] Zhu Kai;Pan Yilin;Zhang Shuyi;Chen Xinyuan

机构地区：[1]上海财经大学会计学院,上海200433 [2]上海财经大学会计与财务研究院,上海200433

出　　处：《复印报刊资料（财务与会计导刊）（理论版）》2019年第9期63-74,共12页FINANCE & ACCOUNTING GUIDE

基　　金：国家自然科学基金重点项目(71632006);教育部人文社会科学重点研究基地项目(14JJD630005)。

摘　　要：地区市场分割对经济效率的影响不容忽视。文章通过分析企业集团的跨地区经营行为,研究了我国地区市场分割形成的管制租值及其耗散过程。管制下的地区市场分割固然增加了企业的交易成本,但如果企业能通过设立异地子公司突破这种管制,就可以在商品市场竞争中获得超额收益。实证结果表明,通过在市场分割程度高的地区设立异地子公司,企业集团能够扩大销售规模、提升毛利率,但需要承担额外的非生产性支出和税负,总体上能够改善经营业绩。进一步研究发现,与国有企业相比,民营企业集团克服市场分割更能提升经营业绩;在竞争程度高的行北中,企业集团克服市场分割更能提升经营业绩。因此,企业的竞争性寻租行为是地区市场分割造成经济效率损失的一条重要路径,消除地方保护主义有助于促进企业和经济的良性发展。By examining the trans-regional operation of Chinese business groups,this paper studies the rent formed by regional market segmentation and its dissipation process.For local interests,Chinese local governments restrict inter-regional circulation of resources,and thus create regional market segmentation.Nowadays,the Chinese market is becoming increasingly integrated,but the problem of segmentation still cannot be ignored.Prior studies show that regional market segmentation forms barriers and brings costs to firms,so in pursuit of long-term development,firms have to resort to export trade while avoiding domestic markets.However,in practice,trans-regional operation is fairly comm o n for firms.Although market segmentation entails huge costs,firms enter regional markets in various ways.What are firms'benefits from trans-regional operation?Where do these benefits come from?These are the main research questions of this paper.We believe that regional market segmentation caused by local governments increases the transaction costs that firms bear,hence non-exclusive rents are formed.Firms can realize abnormal returns in the commodity market if they can avoid regulation related to market segmentation.For business groups,remote subsidiaries help to co-ordinate the interests of local governments and the groups,so it is probably a low-cost approach to overcome market segmentation.With market accesses acquired through remote subsidiaries,business groups can lower the costs of goods sold,approach the market,expand sales and eventually increase profits,but in the meantime,the groups need to pay rent-seeking costs such as non-productive expenditures and extra taxes to establish and maintain remote subsidiaries.To empirically test the benefits and costs of overcoming market segmentation,we first calculate the interprovincial degree of market segmentation using the relative price method,and then business groups'degree of overcoming market segmentation.Empirical results show that business groups that overcome market segmentation enj

关 键 词：市场分割 租值耗散 经营业绩 

分 类 号：F27[经济管理—企业管理]