| Competition is the cornerstone of the market economy.Antimonopoly law and its policy are the effective tools to maintain the order of the market economy and ensure the fairness of market competition.The results of full market competition include the improvement of production efficiency,the acceleration of technology change,the improvement of social welfare and the growth of national economy.China is in the period of economic transformation.The existence of economic monopoly,monopoly caused by bureaucracy and bureaucratic enterprise's monopoly in the transitional economy result in market access barriers,distorted pricing of factors and restriction of fair competition,which leads to the change and deterioration of market competition.As the "economic constitution" of our country,the anti-monopoly law has a decisive influence on breaking bureaucratic monopoly and restricting the economic monopoly.Does the function of antimonopoly law,namely protecting the market competition environment and continuously optimizing the business environment have an impact on the factor allocation and technological progress of enterprises?In order to explore the micro effect of the implementation of the anti-monopoly law,this paper uses the implementation of the anti-monopoly law as a natural experiment to carry out research.For a long time,the research on competition mainly focuses on correlation,which has a lot of endogenous problems,many research conclusions are not consistent.As an external policy shock,the implementation of the anti-monopoly law has profoundly changed the market competition pattern and provided rich research opportunities for further research on both competition and R&D.At the same time,the quantitative research of anti-monopoly is still a blank.The research of this paper will,to a certain extent,fill in some gaps in the quantitative research of China's competition policy and anti-monopoly theory,and provide important literatures for the construction of China's socialist market economy theoretical system,the improvement of the rule of law for competition policy,the reform of anti-monopoly law enforcement and judicial reform.This research will have both high theoretical value and practical implications.In this paper,the background of China's anti-monopoly system and the theoretical research of regulation are thoroughly discussed.Results indicate that,unlike the developed economy and the concept of liberalization in western countries,there are not only monopoly behaviors in the economic sense,but also derivative control problems caused by administrative monopoly in China.These two effects are difficult to separate and caused differences in law enforcement.Therefore,this paper explores the mechanism and path of the impact of anti-monopoly policy on R&D decision-making from three different perspectives and markets: First of all,in the factor market,enterprises need to invest in basic production factors,such as labor,capital,land,etc.to organize production and operation.However,originating from the planned economy,the market-oriented transformation process of factor market is far slower than that of product market.The core factors are still in the hands of the government.The long-term distorted pricing mechanism of factors and the distortion of factor price have a great impact on factor allocation and output efficiency.Enterprises often follow a growth model driven by extensive capital."Becoming bigger rather than stronger" has become an obstacle to the development of enterprise's innovation.It is worthy of studying whether anti-monopoly can change the micro factor allocation mode of enterprises,gradually change enterprise's growth model driven by extensive capital and pay attention to R&D investment.Second,technology market.The basic objective of anti-monopoly is to prevent and stop monopolistic behavior,protect fair competition in the market,improve the efficiency of economic operation and increase social welfare.Anti-monopoly can produce competition inducing effect by weakening market entry barriers and restricting competition damaging behavior.After the implementation of anti-monopoly policy,does competition inducing effect play a role in the enterprise technology markets? Does the competition among enterprises gradually penetrate from the direct competition of product market to the competition of technology market? Does the disordered competition of technology market spillover to the competition of innovation? The spatial effect of R&D spillover is an interesting topic to research.Third,intermediate market.For a long time,anti-monopoly administrative law enforcement cannot solve the problem of resource mismatch brought by the economic monopoly position caused by administrative monopoly power to the market,which leads to serious industry tendency of anti-monopoly law enforcement,that is,it tends to focus on the downstream industry with competitive conditions,and it is difficult to change the powerful administrative monopoly power of the upstream industry.Although anti-monopoly aims to promote and protect competition,this law enforcement may have a negative impact on the vertical market of intermediate goods.Whether vertical monopoly price transmission and horizontal fierce competition will lead to the downstream industry enterprises' corresponding weakening of long-term R&D investment in order to alleviate survival difficulties,the answer to this question will point out the way forward for the anti-monopoly law enforcement and future law enforcement focus.The perspectives of the above three markets are related and different.Factor market represents the organization and allocation of enterprises' input production factors,which is the change of R&D investment strategy brought about by the structural change of internal input resources;technology market represents the spillover effect of technology competition between external enterprises and enterprises,which is the change of internal R&D investment strategy caused by technology competition of external enterprises;intermediate market represents that enterprises are both closer to the relationship between horizontal and vertical competition.It is the change of internal R&D investment strategy caused by the practical defects of anti-monopoly administrative law enforcement.Therefore,factor market,technology market and intermediate product market not only represent the anti-monopoly effect of factor,technology and intermediate product on enterprise's R&D,but also represent effect of endogenous,exogenous and realistic influence of anti-monopoly on enterprise's R&D.The result not only reflects the competition induced effect of anti-monopoly,but also explores the practical problems existing in anti-monopoly law enforcement,and explores the anti-monopoly's effect on R&D from both theoretical and practical dimensions.Conclusions can be drawn by the empirical test:First,factor market.Anti-monopoly law plays a very important role in establishing competition neutrality,creating high-quality business environment and making fair competition for enterprises possible.Based on the data of A-share listed companies,this chapter uses the implementation of the anti-monopoly law as the policy impact time point,and uses the DID model design to empirically test the overall impact of the implementation of the anti-monopoly law on enterprise level factor price distortion,as well as the heterogeneity differences and economic consequences.Result shows that the implementation of anti-monopoly law will reduce the degree of distortion of factor price of listed companies,and it plays a greater role in rectifying the degree of distortion of overall factor price of vulnerable enterprises in the market.After dividing the elements into capital elements and labor elements,it is found that the anti-monopoly law has an asymmetric impact on the price distortions of the two elements,and the reduction of the whole factor price distortions mainly comes from the reduction of the degree of the price distortions of the capital elements.The effect of anti-monopoly law on the whole and the element price distortion of capital is affected by the heterogeneity of industry characteristics,government enterprise environment and bank enterprise environment,that is,the enterprises with higher capital concentration,enterprises that rely more on government subsidies and enterprises that get bank credit resource inclination are more affected by the implementation of anti-monopoly law.Further research shows that the decrease of the distortion degree of capital factor price does not come from the increase of capital factor input price,but from the decrease of marginal output of capital factor.At this time,on the basis of no obvious change of enterprise investment efficiency,the R&D investment is continuously increasing.This phenomenon shows that due to the improvement of competition environment brought about by the implementation of anti-monopoly law,the more vulnerable enterprises are more motivated and willing to carry out innovation and change their excessive dependence on capital elements and turn to the "innovation driven" mode.In other words,through reducing the output efficiency of capital elements,the anti-monopoly law stimulates the motivation and willingness of enterprises' research and development,so as to change the growth mode of enterprises.Second,technology market.With the gradual promotion of China's anti-monopoly policy and the gradual improvement of the business environment,the optimization of the market environment has created favorable conditions for enterprise R&D.Enterprises gradually pay attention to the formulation of R&D strategies and the maintenance and accumulation of R&D achievements,and actively participate in the R&D competition in the technology market.This chapter examines the R&D competition behavior among enterprises,and whether there is spillover effect of spatial competition between R&D imitation and competition among enterprises,so as to promote the interactive growth of R&D investment among enterprises.This chapter analyzes the spatial autocorrelation coefficient of R&D investment of listed companies.Via the process of experience model judgment,Fisher portfolio test based on bootstrap,spillover effect test,nested weight matrix regression and other series of analysis,this paper empirically tests the R&D competitive effect from horizontal competitors and the leading effect from vertical industry leaders.It is found that the competition of R&D investment between competitors is generated after the implementation of the anti-monopoly law,and there is significant spatial correlation.The horizontal competitor R&D competition effect and vertical industry leader leading effect exist at the same time and maintain a positive spatial correlated relationship.This result indicates that the R&D strategy between enterprises has changed from internal decision-making to external benchmarking,from R&D input to innovation output,and the way of R&D competition between enterprises has changed profoundly.Therefore,breaking the market barriers,optimizing the business environment,creating a better competition stage for the R&D competition of enterprises,and achieving a benign competition situation will help to improve the R&D and innovation capabilities of Chinese enterprises.Third,intermediate market.With the gradual promotion of market-oriented reform and the gradual exertion of the competition effect of anti-monopoly policies,China's downstream industry has basically achieved the market state of complete competition or close to complete competition,while the upstream industry still has the state of oligopoly.Because the anti-monopoly law enforcement can't reach the source of monopoly power in the upstream industry,the phenomenon of law enforcement tendentiousness appears,which leads to the difference of law enforcement in the downstream and upstream industries.Based on the trend of anti-monopoly law enforcement,this chapter empirically tests how downstream enterprises make R&D decisions in the environment of upstream monopoly price increase and downstream competition intensification.It is found that the difference of anti-monopoly law enforcement exists between the upstream and downstream industries.The downstream enterprises are under the double pressure of vertical force and horizontal competition,facing the rising product cost and unable to transfer to the consumer terminal,and at the same time facing more severe uncertainty of operating income,which leads to the reduction of enterprise profits,the increase of business risk and the loss of capital support for R&D investment accordingly.Cross-sectional heterogeneity analysis shows that the inhibition of anti-monopoly law enforcement on R&D investment is affected by upstream monopoly forces,product cost structure and external financial support.When the enterprise is in the environment of upstream strength,high proportion of intermediate cost and lack of external support,the inhibition of R&D investment is stronger.Further research shows that vertical power comparison,cost dependence,capital constraint and other heterogeneous factors all play role by increasing the business risk of enterprises.The tendency of anti-monopoly law enforcement leads to the increase of the business risk of downstream enterprises,which leads to the R&D inhibition effect by crowding out the R&D capital,which proves the negative economic consequences of the structural imbalance of anti-monopoly law enforcement at this stage.The possible contributions of this paper are as follows: first,it enriches the literature in the field of anti-monopoly's micro impact.This paper tests the impact of anti-monopoly on the R&D investment strategy of enterprises,which not only fills the research gap of anti-monopoly's impact on enterprise's micro behavior using quantitative research method,but also supplements and enriches the literatures of R&D strategy of enterprises,and provides empirical evidence for evaluating the micro implementation effect of anti-monopoly law.Secondly,it enriches the theoretical lens of influencing mechanism of anti-monopoly.This paper analyzes the essence of monopoly behavior and anti-monopoly policy from the perspective of market resource flow,and holds that monopoly behavior is a process of centralizing market resources to powerful subjects through pricing power,while anti-monopoly is a process of re equalizing and releasing market resources to the market,and a process of resource flow guided by efficiency.This paper systematically shows how the market subjects change their behavior patterns under the role of anti-monopoly and gradually improve to the "efficiency oriented" pattern,which is not investigated by the previous researchers.Third,this paper expands the application scope of spatial measurement method.In the field of industrial economics and regulatory economics,spatial measurement method is less used,most of which focus on geospatial measurement.This paper creatively constructs the economic weight distance,studies the R&D spillover effect in the way of economic spatial measurement,and develops Fisher's permutation test by developing spatial measurement test based on the self-extracting method of spatial correlation group differences' test.Therefore,this paper expands the scope of application of spatial measurement method.The limitation of this paper lies in that,due to the limitation of data,the general absence of variables and the limitation of paper length,the research conclusions and contents of this paper may be deficient in comprehensiveness and integrity.At the same time,the spatial measurement time-varying spatial model lacks the software implementation tools,which also brings some limitations to the spatial spillover effect of the technical market part of this paper.This paper holds that the future research directions of anti-monopoly and R&D investment strategies can be continued:(1)the tendency of anti-monopoly law enforcement not only exists in the downstream and upstream enterprises,but also can be examined in multiple aspects by looking for different research situations;(2)more scientific,stable and conclusive research methods(such as breakpoint regression)can be found and applied(3)in the application of spatial measurement method,spatial time-varying model and DID model can be further studied to clearly examine the differences of spatial spillover effects at different time points and different groups,so as to clarify the exact impact of anti-monopoly on spatial correlation. |
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