反垄断与经济发展质量——基于《反垄断法》实施的经验证据

竞争是市场运行的核心,有效发挥市场职能是推动经济发展的关键。文章借助《反垄断法》实施的准自然实验,研究发现《反垄断法》实施后,企业的全要素生产率提高,但是与竞争企业相比,垄断企业增加的全要素生产率显著更少。机制检验表明,《反垄断法》促使垄断企业削弱要素投入影响全要素生产率,具体表现为垄断企业的研发投入和研发部门员工比例下降、员工薪酬和高学历员工比例下降、并购金额降低。上述影响仅在国有企业中显著。进一步分析发现,《反垄断法》也会影响垄断企业的产品市场表现和资本市场表现。文章研究表明《反垄断法》不仅能够提高企业经营效率、促进经济增长,更能够打破垄断企业的优势地位、助力经济均衡发展。文章为评价《反垄断法》实施效果补充了宏观层面的经验证据,也有助于认识政府在弥补市场失灵中的重要角色,为如何充分发挥市场的资源配置功能带来启示。

Antitrust and the Quality of Economic Development: Evidence Based on the Implementation of the Anti-Monopoly Law

Competition is the core of market operation, and giving full play to market function is the key to promote economic development. Based on the quasi-natural experiment of the implementation of the Anti-monopoly law, this paper finds that after the implementation of the Anti-monopoly law, the total factor productivity of enterprises increases, but compared withcompetitive enterprises, the total factor productivity of monopoly enterprises increases significantly less. The mechanism test shows that the Anti-monopoly law promotes monopoly enterprises to weaken factor input and affect total factor productivity, which is reflected in the decrease of R&D investment and the proportion of employees in R&D department, the decrease of employee salary and the proportion of highly educated employees, and the decrease of M&A amount. The above effects are only significant in state-owned enterprises. Further analysis shows that the Anti-monopoly law will also affect the performance of product market and capital market of monopoly enterprises. This study shows that the Anti-monopoly law can not only improve the operating efficiency of enterprises and promote economic growth, but also break the dominant position of monopoly enterprises and help the balanced economic development. This paper supplements the macro level empirical evidence for the evaluation of the implementation effect of the Anti-monopoly law, helps to understand the important role of the government in making up for market failure, and brings enlightenment for how to give full play to the resource allocation function of the market.