共同机构持股与企业市场势力——基于中国上市公司的实证证据  

Common Ownership and Firms’Market Power——Empirical Evidence from Chinese Listed Firms

作　　者：韩汉君[1] 吴婕 HAN Hanjun;WU Jie(Institute of Economics,Shanghai Academy of Social Science,Shanghai 200020)

机构地区：[1]上海社会科学院经济研究所,上海200020

出　　处：《哈尔滨商业大学学报（社会科学版）》2024年第4期79-96,共18页Journal of Harbin University of Commerce:Social Science Edition

基　　金：上海市哲学社会科学一般项目“平台经济的劳动者福利效应研究”(2021BJB009)。

摘　　要：共同机构持股现象在我国证券市场愈发普遍,引发了各界对其经济影响的讨论。以2007—2020年A股上市公司为样本,考察共同机构持股对企业市场势力的影响。研究发现,共同机构持股对企业市场势力有显著的正向影响;既能通过成本节约、创新协同和缓解融资约束的渠道发挥“协同治理”效应,也能通过“竞争合谋”减弱市场竞争程度来提升企业市场势力。异质性分析表明,共同机构持股对国有制、中低技术水平、制造业以及东部地区的企业影响更为显著。The phenomenon of common ownership has become more and more popular in China’s securities market,triggering discussions and concerns about its economic impact.Based on the data of listed firms in China from 2007 to 2020,this paper examines the impact of common ownership on firms’market power.The results show that common ownership can significantly enhance firms’market power through cost savings,innovation synergies,and alleviation of financing constraints,as well as by reducing market competition through competitive collusion.Further heterogeneity analysis shows that common ownership has a more significant effect on state-owned enterprises,low-and medium-technology enterprises,manufacturing enterprises,and enterprises in the eastern region.This paper not only provides a reference for firms to enhance their market power,but also provides policy recommendations to reasonable regulate market monopoly.

关 键 词：共同机构持股 市场势力 价格加成 

分 类 号：F832.51[经济管理—金融学]