Market power and allocative efficiency loss: a comparative analysis on China's tobacco and food industries
Market power and allocative efficiency loss: a comparative analysis on China's tobacco and food industries
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市场支配力与配置效率损失：中国烟草与食品行业比较分析
DOI：
10.1108/jadee-05-2019-0069
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发表时间：
2020-04
影响因子：
2.4
通讯作者：
Guang Yuan
中科院分区：
文献类型：
--
作者：
Jiawu Dai;Xiuqing Wang;Guang Yuan
市场支配力对配置效率的影响是产业组织中最重要的课题之一，自20世纪70年代以来进行了严格的研究。然而，基于企业层面数据的实证研究相对较少，尤其是针对中国烟草和食品行业的实证研究。因此，本研究以企业层面的微观数据衡量了中国主要烟草和食品行业的市场力量和配置效率损失（AEL）。随后，对两者进行了比较分析。设计/方法/方法-本研究采用新实证产业组织（NEIO）模型，该模型由五个定价和需求联立方程组成，用于衡量市场力量，并采用AEL模型来衡量市场力量引起的AEL。为了与企业层面的微观数据相匹配，本研究对传统的NEIO模型进行了改变，放弃了聚合过程。实证结果表明，中国烟草业在五个行业中具有最大的市场支配力，因此AEL程度最高，而其他行业的市场支配力明显较小，AEL水平较低。比较分析表明，在选定的行业中，市场力量与AEL之间存在粗略的正相关关系。总体而言，研究结果与已有的实证结果和实际情况吻合较好。研究局限性/启示-本研究有一些不足。首先，由于高质量数据的限制，本研究所分析的行业不足以总结出中国整个食品行业的所有特征和规律。其次，本研究只分析了卖方市场力量，而忽略了买方市场力量，这可能是未来研究的一个方向。实践启示-有关部门应严格限制企业的垄断行为，建立良好的竞争市场环境，特别是烟草行业。这一建议正是中国供给侧改革的重要内容。原创性/价值——该研究改进了NEIO模型，因为它可以用企业层面的微观数据进行估计。据作者所知，很少有使用微观数据对中国烟草和食品制造商的市场支配力和AEL进行实证和比较分析。
Purpose - The effect of market power on allocative efficiency is one of the most important topics in industrial organization and has undergone rigorous investigation since the 1970s. However, empirical studies based on firm-level data are relatively rare, especially with regard to China's tobacco and food industries. Accordingly, this research measures market power and allocative efficiency loss (AEL) of the main tobacco and food industries in China with micro data at firm level. Subsequently, it conducts a comparative analysis on them. Design/methodology/approach - This research applies the New Empirical Industrial Organization (NEIO) model, consisting of five pricing and demand simultaneous equations to measure market power, and the AEL model to measure AEL induced by market power. To match with the micro data at firm level, the study implements a change in the traditional NEIO model by abandoning the aggregating process. Findings - Empirical results show that China's tobacco industry, among five sectors selected, has the largest market power and thus the highest degree of AEL, whereas other sectors have apparently smaller market power and lower levels of AEL. Comparative analysis demonstrates a coarse positive correlation between market power and AEL in the selected industries. In general, the results accord well with the existing empirical findings and the reality. Research limitations/implications - This study has some deficiencies. First, owing to the limitation of high-quality data, the sectors analyzed in this research are insufficient to sum up all the characteristics and rules of China's whole food industry. Second, this research only analyzes seller market power and leaves out buyer market power, which could be a direction for future research. Practical implications - The relevant administrations should strictly limit the monopoly behaviors of enterprises and establish a favorable and competitive market environment, especially for the tobacco industry. This suggestion is precisely an important content of China's Supply-side Reform. Originality/value - The research improves the NEIO model in that it can be estimated with micro data at firm level. To the best knowledge of the authors, very few empirical and comparative analyses exist on market power and AEL for China's tobacco and food manufacturers using micro data.
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影响因子：
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DOI：
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期刊：
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影响因子：
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