Abstract: By using the pilot of negative list system as a quasi-natural experiment, and by adopting the data on listed firms in China from 2008 to 2021 and a staggered difference-in-difference approach, this paper examines the impact of market access deregulation induced by the negative list system on firms' price mark-ups. The study finds that market access deregulation significantly reduces firms' price mark-ups, which holds true after taking account of a range of factors that may interfere with the estimation results. Mechanism tests show that market access deregulation reduces firms' price mark-ups through pro-competitive effects, while increasing firms' price mark-ups through productivity-enhancing effects. However, negative pro-competitive effects dominate, thus reducing firm price mark-ups overall. Heterogeneity analysis shows that the negative effect of market access deregulation on price mark-ups is significantly larger for industries with lower natural barriers, regions with lower institutional barriers, firms with higher levels of financing constraints, and private firms. The research work in this paper is of practical significance for a deeper understanding of the economic effects of market access deregulation and the direction of socialist market economy reform.

Key words: Market Access, Price Mark-ups, Negative List System, Pro-competitive Effects, Productivity-enhancing Effects

摘要： 本文将负面清单制度试点作为准自然实验,采用2008—2021年中国上市企业数据和渐进双重差分方法,考察负面清单制度引致的市场准入管制放松对企业价格加成的影响。研究发现,市场准入管制放松显著降低企业价格加成,该结论在考虑一系列可能干扰估计结果的因素后仍然成立;市场准入管制放松通过促进竞争效应和生产率提升效应两种渠道影响企业价格加成,但负向的促进竞争效应占主导,因而总体上降低了企业价格加成;对自然壁垒较低的行业、制度壁垒较少的地区、融资约束水平较高的企业及民营企业而言,市场准入管制放松对价格加成的负向影响更大。本文的研究工作对深入理解市场准入管制放松的经济效果和社会主义市场经济改革方向具有一定的现实意义。

关键词: 市场准入, 价格加成, 负面清单制度, 促进竞争效应, 生产率提升效应