摘要
对企业投资行为的研究是解释钢铁行业重复建设的微观基础。由于制度和技术的路径依赖,中国钢铁工业形成了区域寡占型市场结构,大型国有企业和中小民营企业并存,前者在国家兼并政策下以扩大市场份额为目标,后者以利润为目标且通过大型企业的投资来形成市场需求预期。大型钢铁企业之间的投资趋同,以及中小企业的跟风行为产生了羊群效应。文章对上市钢铁企业的实证研究证实了这种效应。政策建议是减轻制度和技术的路径依赖,加强企业之间的信息交流。
To study the investment behavior of industry is fundamental to the research of repeated construction problem in steel industry.Because of institutional and technical path dependency,there appears a kind of regional oligopolic structure in Chinese steel industry,in which state owned giant companies and private small and medial size ones coexist.Giant companies tend to increase their market share because of the Q&A policy,while the others follow them as the demand information is incomplete.When investing conv...
出处
《大连理工大学学报（社会科学版）》
CSSCI
2010年第3期14-19,共6页
Journal of Dalian University of Technology(Social Sciences)
基金
国家社会科学基金项目(07CJY004)
关键词
钢铁行业
重复建设
投资趋同
羊群效应
steel industry
repeated construction
investing convergence
herding effect
