分类号F124密级
U D C 编号10486
武汉大学
硕士学位论文
上游垄断对企业全要素生产率的影
响——来自中国制造业企业的微观
证据
研究生姓名：杨玥
学号：2018201050091
指导教师姓名、职称：江春教授
学科、专业名称：应用经济学金融学专业
研究方向：金融发展
二〇二一年六月
The Influence of Upstream Monopoly on
Total Factor Productivity——Evidence from
Chinese Manufacturing Enterprises
By Yue Yang
Jun ,2021
中文摘要
自中国经济步入新常态以来，国内经济增速明显放缓，粗放型经济增长模式
的增长空间逐渐缩小。近年来国内外经济形势的变化进一步表明，不断提高中国
的全要素生产率是实现经济高质量发展的关键。与此同时，虽然中国长期的市场
化改革使下游行业已基本实现自由竞争，但上游行业仍处于较高的垄断水平，这
种中国特有的行业非对称性竞争结构无疑使上游垄断的低效率会通过行业间的
投入产出关联影响下游行业发展，进而对中国的全要素生产率产生影响。因此，
在当前构建国际国内“双循环”的要求下，探讨上游垄断如何作用于下游行业的
全要素生产率，具有充分的现实意义和理论价值。
本文将从行业竞争程度这一角度深入分析影响中国全要素生产率的因素，为
此，本文使用1998-2007年中国工业企业数据库，测算企业所处行业的上游垄断
程度，系统考察了上游垄断对制造业企业全要素生产率的影响。实证结果显示：
（1）上游垄断显著降低了中国制造业企业的全要素生产率，这一核心结论在替
换变量衡量方式、考虑地区效应和处理内生性后具有充分的稳健性；（2）分样本
回归结果显示，上游垄断对全要素生产率的负面效应主要集中于非国有企业、行
业竞争激烈的企业和资本配置不足的企业；（3）机制检验进一步指出，上游垄断
主要通过阻碍下游企业的创新活动和加剧企业融资约束这两条渠道来抑制其生
产率的提高。上述研究结果表明，低效率的上游垄断不仅不利于上游行业的产品
质量升级和效率提升，还会通过中间品市场对下游企业提高全要素生产率产生拖
累作用。因此，在中国构建“双循环”新发展格局的背景下，为巩固市场化改革既
有成果、转变工业经济发展方式和激发市场活力，应在上游垄断行业中引入市场
竞争机制、持续深化下游行业的市场化改革，使中国产业链上下游之间形成良好
互动，通过上游产业链升级和核心竞争力提升以促进中国经济高质量发展。
关键词：上游垄断；全要素生产率；创新；融资约束
I
Abstract
Since China's economy entered the New Normal,the domestic economic growth
rate has slowed down significantly,and the growth space of extensive economic
growth mode has gradually narrowed.Recent years,the changes of domestic and
international economic situation further show that continuously improving China's
total factor productivity (TFP)is the key to achieve high-quality economic
development.At the same time,although long-term market-oriented reform has
basically achieved free competition in the downstream industry,the upstream
industry in China is still at a high level of monopoly.This unique industry asymmetric
competition structure in China undoubtedly leads to the influence of upstream
monopoly’s low efficiency on the development of downstream industry through the
inter industry input-output correlation,thus affecting China's TFP.Hence,in the
current construction of international and domestic "double cycle"requirements,it has
full practical significance and theoretical value to explore how the upstream
monopoly affects the TFP of the downstream industry.
This paper will deeply analyze the factors that affect China's TFP from the
perspective of industry competition.To this end,using Chinese Industrial Enterprises
Database from 1998to 2007,this paper measures the degree of upstream monopoly
in the industry in which the enterprise is located,and systematically investigate the
impact of upstream monopoly on the TFP of manufacturing enterprises.Empirical
results show that:(1)upstream monopoly significantly reduces the TFP of
manufacturing enterprises in China.And this core conclusion is sufficiently robust
after replacing the measurement method of variables,considering regional effects and
dealing with endogenous.(2)Group testing indicates that the negative effect of
upstream monopoly on TFP is much stronger in the case of non-state-owned
enterprises,enterprises with fierce industry competition and with insufficient capital
allocation.(3)Moreover,mechanism tests identify that upstream monopoly exerts
influence on TFP mainly through restraining the innovation activities and
intensifying the financial constraints of downstream enterprises.The above results
demonstrate that the low efficiency of upstream monopoly is not only conducive to
the improvement of product quality and efficiency of the upstream industry,but also
has a drag effect on the downstream enterprises to develop TFP through the
intermediate product market.Therefore,with the aim to build a new development
pattern of "double cycle",China should introduce market competition mechanism
into the upstream monopoly industries and continuously deepen the trade
liberalization reform of downstream industries,which is helpful to consolidate the
achievements of reform,change the mode of industrial economic development and
stimulate market vitality.There should be positive interaction between the upstream
and downstream of China's industrial chain,thus upgrading the upstream industrial
chain and enhancing the core competence so as to promote the high-quality
development of China's economy.
Keywords:Upstream Monopoly;Total Factor Productivity;Innovation;Financial
Constraints
II
目录
1绪论.........................................................................................................3
1.1研究背景与意义...............................................................................3
1.2研究内容与方法...............................................................................4
1.3论文创新点与不足...........................................................................6
1.3.1可能的创新点.............................................................................6
1.3.2不足之处.....................................................................................7
2文献综述与理论机理............................................................................8
2.1文献综述...........................................................................................8
2.1.1垄断对生产率影响研究.............................................................8
2.1.2上游垄断经济影响研究.............................................................8
2.1.3上游垄断对企业生产率影响研究.............................................9
2.1.4文献评述...................................................................................11
2.2影响机理.........................................................................................11
3模型设立、变量度量及数据说明......................................................14
3.1模型构建.........................................................................................14
3.2变量度量.........................................................................................14
3.3数据来源和处理.............................................................................16
4实证结果及稳健性检验......................................................................17
4.1基准回归结果.................................................................................17
4.2稳健性检验.....................................................................................20
4.3内生性问题的再检验.....................................................................23
5进一步研究...........................................................................................27
5.1异质性分析.....................................................................................27
5.1.1区分不同所有制.......................................................................27
5.1.2区分不同行业竞争度...............................................................28
5.1.3区分行业资本错配状况...........................................................29
5.2机制检验.........................................................................................31
5.2.1创新渠道...................................................................................31
5.2.2融资约束渠道...........................................................................34
6结语.......................................................................................................37
6.1研究结论.........................................................................................37
6.2政策建议.........................................................................................37
6.3研究展望.........................................................................................38
参考文献...................................................................................................39