A Study on How the Expansion of State-Owned Monopolies Impacts Their Performances—The Empirical Data of Listed Companies of Our Country

本文以经济增加值为公司绩效的度量指标，采用面板数据模型研究企业绩效与企业垄断扩张间的关系。并应用我国沪深上市公司数据样本，对国有企业的不断扩张和企业绩效的关系进行实证。寻求国企垄断扩张的适度规模，给政策制定者提供参考。实证结果表明：国企垄断扩张使企业绩效呈显著地下降趋势。同时存在非线性的“U型”效应，即较低程度的垄断限制了企业的创新能力，导致企业绩效降低。随着垄断扩张为企业带来的超额垄断利润弥补了创新能力的不足，又使企业绩效与垄断呈现正向关系。In this paper, we choose economic value added (EVA) as the measurement indicator of company’s performance and use the panel data model to study the relationship between the enterprise per-formance and the industry monopoly. We focus on China listing corporations covering various in-dustries and find out that there is a negative linear relation and non-linear “U” effect between the monopoly expansion of state-owned enterprises and EVA; that is to say, the monopoly decreases EVA of the company. However, when the monopoly expansion of state-owned enterprises increases to a certain transition point, EVA begins to increase, indicating that the excess monopoly profit compensates for the negative effect to enterprise. The firm performance and monopoly begin to show a positive relationship.