Abstract: The paper studies firm value and transmission mechanism of China geographic market which firstly uses China auto repair enterprise 1999-2008 micro panel data. The study finds that: The growth of Surviving value and entrance value is relatively slow, especially the Surviving value, but gap between them narrows year by year. Geographic market demand factor improvement can cause excessive market enter which through the enterprise number of intermediary effect to reduce the enterprise survives value and enter the value. The decline of administrative barriers to entry caused by the process of market transition is institutional factor shrinking the gap between Surviving value and entrance value. Unexpectedly, other structure factor, market concentration is not intermediary factors of transmission mechanism, the scale of the enterprise also have to increase endogenous sunk cost investment based the improvement signal of environment. So, the present micro intervention industry policy ideas need to be discussed.

摘要： 本文使用中国汽车修理企业1999—2008年的微观面板数据首创性的对中国各地理市场企业价值及传导机制展开研究。研究发现：中国汽车修理企业的存续价值和进入价值增长都较为缓慢，特别是存续价值，不过二者差距呈现逐年缩小的趋势；地理市场中需求因素的改善会引起市场的过度进入，这种过度进入通过企业数量的中介效应降低了企业的存续价值和进入价值；市场化转轨过程中引发的行政进入壁垒的下降是企业存续价值和进入价值不断缩小的制度因素；出乎意料的是，市场集中度这一结构并非市场环境异质性与企业价值传导的中介因素，在位的规模制造企业基于大规模的环境改善信号有足够强的内生沉没成本的投资愿望。那么，中国现阶段为优化市场结构改善企业价值而进行的强制性退出、兼并重组等微观干预的产业政策思路有待重新商榷。