要素价格扭曲阻碍了企业有效市场退出吗?--来自中国制造业企业的微观证据  

Does factor price distortion hinder enterprises’effective market exit?Micro-evidence from Chinese manufacturing enterprises

作　　者：邹涛 李沙沙 ZOU Tao;LI Shasha(School of Public Administration and Policy,Shandong University of Finance and Economics,Jinan 250014,China;School of Economics,Shandong Normal University,Jinan 250358,China)

机构地区：[1]山东财经大学公共管理学院,山东济南250014 [2]山东师范大学经济学院,山东济南250358

出　　处：《产业经济研究》2021年第6期87-100,共14页Industrial Economics Research

基　　金：国家社会科学基金青年项目(18CJL027);山东省社会科学规划研究青年项目(18DJJJ16);山东省自然科学基金青年项目(ZR2020QG051)。

摘　　要：要素价格市场化是有效发挥市场竞争选择机制、实现企业优胜劣汰和优化资源配置的重要前提。基于中国经济转型时期要素价格扭曲和企业剧烈更替并存的特征事实,利用1998—2007年中国制造业企业数据实证研究了要素价格扭曲对企业有效市场退出的影响效应及其内在机制。研究发现,要素价格扭曲显著阻碍了企业有效市场退出,在考虑内生性问题和进行稳健性检验后研究结论依然成立。异质性检验结果显示,要素价格扭曲对企业有效市场退出的阻碍效应在所有制、规模、行业、地区和生产率等异质性企业间呈现出显著差异。基于中介效应模型的影响机制检验结果进一步表明,要素价格扭曲主要通过资本偏向效应、收益扭曲效应、融资约束缓解效应和寻租激励效应等途径显著阻碍了企业有效市场退出。研究结论不仅有助于深化理解要素价格扭曲和企业市场退出之间的内在关系,而且为加快推进要素市场化改革、矫正要素价格扭曲、完善市场退出机制提供了有益的政策参考。The marketization of factor price is an important premise for fully executing the selection mechanism of market competition,realizing the"survival of the fittest"and optimizing allocation of resources.Based on the fact that factor price distortion coexists with extreme turnover of enterprises during China’s economic transition,this paper analyzes the effect and the internal influence mechanism of factor price distortion on enterprises’effective market exit by using data from Chinese manufacturing companies from 1998 to 2007.The research shows that factor price distortion significantly hinders enterprises’effective market exit.After considering endogenous problems and conducting a series of robustness tests,the research conclusion is still valid.The results of tests for heterogeneity show that the obstructive effect of factor price distortion on enterprises’effective market exit is significantly varied among enterprises with differences in ownership,scale,industry,region and productivity.In addition,the results of the influence mechanism test based on the mediation model,further show that factor price distortion significantly hinders enterprises’effective market exit through the effect of capital bias,income distortion,financing constraints mitigation,and rent-seeking incentives.These conclusions not only help to deepen the understanding of the internal relationship between factor price distortion and enterprises’market exit,but also provide a valuable policy reference for accelerating market-oriented reform of factors,correcting factor price distortion,and improving market exit mechanisms.

关 键 词：要素价格扭曲 企业有效市场退出 影响机制 异质性 中介效应 

分 类 号：F425[经济管理—产业经济] F062.9