Market Selection And Firm Exit

Throughout the year of 2015,China's economic growth for the first time "seven",in the first quarter of 2016 to new lows,marked the our country economy has entered a downward channel,structural slowdown trend emerging,caused the social from all walks of life to our country economic development model of reflection and concern.Accelerated after the financial crisis of our country economy enters the new normal,this is determined by the inherent law of economic development,also is many years accumulation in China's economic system is the inevitable result of the contradiction in development.From the point of internal contradictions,the current technical advantage backwardness to narrow,pareto type reform dividends tend to disappear,severe overcapacity and "zombie" companies to run;From the point of the external environment,the crisis after the global economic uncertainty cause of weak external demand,the western developed countries start the entity economic revitalization plan,calling for manufacturing backflow.In the development of China's economy in the past been schooled by investment-driven model is unsustainable."Capacity" become the primary task of the central economic work conference planning.I according to the new normal.According to the above three question for study: first,using the micro data of industrial enterprises in our country,by adopting the mainstream semiparametric model of OP the micro enterprise's total factor productivity(TFP),at the same time in order to ensure the robustness of the measured results,the article use the LP model of TFP measured again,then according to the principle of the assumptions and measuring the two models to explore differences of measured results,and then analysis the distribution of enterprise and industry productivity.Secondly,on the basis of the results from the TFP,in order to differentiate the source of the TFP growth in our country,this paper use of BHC,FHK two kinds of decomposition methods on TFP decomposition,it is concluded that the enterprise itself productivity growth,resource redistribution between enterprises,enterprises to enter and exit the four part of contribution to the overall growth of total factor productivity,found that the industry has its technology investment insufficiency,the enterprise resource problems such as mismatch between,also found that enterprises to enter and exit the bigger contribution to the overall productivity growth.Finally,we found that the existing research mainly focused on the choice of enterprises to enter the market effect on its survival,enterprises exit of each variable on its exit,however enterprise through into the selection effect might already have some qualities for its exit the seeds,in order to further proved the mechanism,this paper constructs the Cox proportional hazards model focuses on enterprises enter the market of their own characteristics and the effect of macro environment to the exit and mechanism.Results show that the characteristics of enterprises into the market and the external environment can have a certain influence to enterprise exit,the greater the scale of enterprise,the stronger financing ability,and the higher the business productivity will exit to the enterprise risk produce negative influence,that to some extent,the enterprise into the trait will have certain persistent effect.In addition,when enterprises enter the market boom will increase the risk of enterprise exit,the possible reason is that markets will reduce the barriers to entry,more low quality enterprises will increase the industry's overall risk of exit.