Does higher market power necessarily reduce efficiency? Evidence from Chinese rice processing enterprises
Does higher market power necessarily reduce efficiency? Evidence from Chinese rice processing enterprises
复制标题
更高的市场力量一定会降低效率吗？
DOI：
10.22434/ifamr2020.0119
复制
发表时间：
2021-01-01
影响因子：
1.5
通讯作者：
Yuan, Guang
中科院分区：
文献类型：
--
作者：
Dai, Jiawu;Feng, Yuchen;Yuan, Guang
本研究通过随机前沿成本函数对中国所在的大米加工企业的市场力量和成本效率进行了评价。利用两阶段最小二乘法和Hausman-Taylor工具变量检验了市场力对成本效率的影响。平均而言，该行业的公司市场力量较弱，但成本效率较高，自2008年全球金融危机以来，成本效率一直在下降。市场力量越强的企业表现出更高的成本效率，这与平静生活假说相矛盾。这一效应对全球金融危机后市场力量较弱的企业更为显著。增强市场力量有助于节约资源，提高我国大米加工业的管理水平和效益。
This study evaluates the market power and cost efficiency of China's rice processing firms through a stochastic frontier cost function. The effect of market power on cost efficiency is tested using the two-stage ordinary least squares method and a Hausman-Taylor type instrumental variable. On average, firms in the industry have weak market power but high cost efficiency, which has been declining since the 2008 global financial crisis. Firms with stronger market power exhibit higher cost efficiency, contradicting the quiet life hypothesis. This effect is more significant for firms with weaker market power after the global financial crisis. The enhancement of market power may help save resources for improving management and efficiency for Chinese rice processing industry.