Research On The Asymmetric Effects Of 'Entry' And 'Exit' Of Industrial Capital On The Hog Prices Fluctuation

The issue of enterprise entry and exit behavior has always been an important focus of researchers who are interested in industrial organization theory.It is an important proposition of industrial economic research to study how the entry and exit behavior of enterprises in related industries affects industrial development.For the hog industry,hog prices are an important dimension to characterize the health of the industry.Therefore,it is more important to explore the impact of the entry and exit behavior on the hog price in the hog industry.From the perspective of factor flow,this paper takes industrial capital as the starting point,and specifically examines the impact of industrial capital's entry and exit behavior on hog price fluctuations.This paper takes industrial capital as the starting point,and systematically analyzes the impact of'entry' and 'exit'of industrial capital on the price fluctuation of live pigs through the combination of theory and empirical.By consulting relevant literature and combining the research focus of the article,the concept of industrial capital,industrial capital entry and industrial capital withdrawal is defined,which makes the research perspective clearer.Based on the theory of industrial organization and the theory of firm equilibrium,this paper sorts out the capital incentives of hog price fluctuations,and finds that the asymmetry of capital entry barriers and capital exit barriers causes four forms of capital entry and exit,slow entry,fast entry,slow exit and quit quickly.The difference in the form of 'entry' and 'exit'of industrial capital has led to differences in the impact of hog price fluctuations.By constructing the hog industry capital entry exit state recognition model to identify the capital entry effect and capital exit effect,on this basis,construct a PVAR model to test whether the influence of the 'entry' and 'exit' of industrial capital on the price fluctuation of hog is asymmetric.Through empirical analysis,the following conclusions are drawn:the stable effect of capital entry effect on price fluctuations presents the right-tailed 'M' type,and the capital exit effect has a 'U' type effect on the price fluctuation.There is an asymmetry in the impact of hog price fluctuations.There are different asymmetries in the effects of 'entry' and 'exit' of capital on the price fluctuation of hog in different periods.In the short term,the impact of industrial capital has a negative effect on the price fluctuation of hog.The exit of industrial capital has a positive effect on the price fluctuation of hog,and the stabilizing effect of capital entry on price fluctuations is greater than the amplification effect of capital exits on price fluctuations.In the long run,the impact of industrial capital entry has a positive effect on the price fluctuation of hog.The exit of industrial capital has a negative effect on the price fluctuation of hog,and the amplification effect of capital entry on price fluctuation is greater than the stability effect of capital exit on price fluctuation.In general,the effect of capital entry shock on price volatility is greater than the effect of capital exit shock on price volatility.Finally,on the basis of nonnative analysis and empirical analysis,it puts forward suggestions for establishing and improving the information disclosure mechanism of the hog industry,speeding up the transformation and upgrading of the hog industry,guiding individual farmers to transform to large-scale aquaculture,and speeding up the process of listing the hog futures.