| As a traditional industry,light industry is closely related to the production and life of the people.In addition,the importance of its stable development to the national economy is self-evident.Ensuring the prosperity and development of light industry is of great significance to meet domestic demand,increase jobs,maintain social stability,and help to overcome poverty at the current stage of social and economic development in China.It plays an important role in expanding exports,stabilizing foreign exchange and strengthening China’s international influence.At present,China has become a big light industrial country in the world,no matter in the production,export or consumption of light industrial products.However,most of China’s light industrial products are located in the lower reaches of the industrial chain.Besides,they also belong to relatively low-end products in the international market.Moreover,the basic technology and equipment of some industries still need to be imported from abroad.The continuous growth of consumer demand has caused the phenomenon of "overcapacity" and "insufficient domestic demand" while the supply system is backward.In the future,the innovation and development of China’s light industry must change from a "big country of light industry" to a "powerful country of light industry".We must attach importance to scientific and technological innovation in order to realize this transformation and upgrading.The scientific and technological innovation of the light industry needs to rely on the R&D behavior of the light industry enterprises in the industry.There are different views on which type of market structure is more conducive to R&D behavior in the theory of industrial organization.Besides,there are few studies on how R&D behavior affects market structure and market performance.As a consequence,taking China’s light industry as the research object and mainly relying on the theory of industrial organization,this paper will systematically analyze the relationship between R&D behavior and market structure and market performance of light industrial enterprises.It is not only the continuation and deepening of relevant theories,but also of great significance to promote the transformation and upgrading of China’s light industry.The main ideas and methods of this paper by focusing on the relationship between the R&D behavior of light industrial enterprises and market structure and market performance are as follows:Firstly,measuring the core elements of the research framework:research and development behavior,market structure and market performance.Based on the intensity of R&D investment and the rate of technological progress,this paper measures the R&D behavior of enterprises respectively.The intensity of R&D investment is the proportion of the enterprise’s R&D investment to its operating income.The technological progress rate is measured by the DEA-Malmquist method,which is most widely used in the non-parametric production frontier method.It is not only suitable for macro data,but also for enterprise micro data.In addition,the industry technology progress rate data are obtained by weighted summary method.The HHI index method is used to measure the market structure of China’s light industry from 2007 to 2018.The measurement of market performance uses the profit margin index,which refers to the economic profit,that is,the ratio of net profit to self-owned capital in the theory of industrial organization.The higher the profit margin ratio is,the worse the market performance is.Secondly,a Tobit model is established to investigate the action mechanism of market structure on enterprise R&D behavior,taking into account the diversified intermediary mechanism of market structure acting on R&D behavior and the regulation mechanism of executive power.Moreover,the impact of technological progress on the market structure is also analyzed based on each subdivision of light industry.Finally,the impact of technological progress brought about by R&D behavior on industry market performance is analyzed.Besides,the nonlinear relationship between them is verified by threshold regression model.Moreover,it is found that there is a threshold effect of market structure.The main contents and innovations of this paper are as follows:(1)The principal-agent theory and corporate governance theory are brought into the analytical paradigm of "market structure-market behavior".The degree of competition of market structure in China’s light industry is positively affecting the R&D investment of enterprises.The degree of enterprise diversification will increase with the enhancement of market structure monopoly.The intensity of R&D investment decreases with the increase of firm diversification.The greater the power of senior executives,the higher the degree of market competition,the greater the promoting effect on the intensity of R&D investment.(2)This paper constructs a complete analysis framework of R&D behavior,market structure and market performance of light industry enterprises.This paper not only analyzes the impact of market structure on market behavior R&D behavior,but also analyzes the impact of R&D behavior on market structure and market performance.The intensity of R&D investment will decrease with the enhancement of market monopoly.It is concluded that when the technological progress rate of China’s light industry increases,the monopoly degree of the market structure increases.It indicates that the improvement of the technological progress rate will enable enterprises to gain more market share,or even monopoly position.A nonlinear model is constructed and the threshold value of single market structure is found in the analysis of the market performance of R&D behavior.When the HHI index of market structure is greater than 0.146,the R&D behavior characterized by technological progress makes the market performance characterized by profit margin worse.(3)It comprehensively measures the market structure,R&D behavior and market performance of light industrial enterprises.The light industry covers a wide range of industries.This paper comprehensively investigates the market structure,R&D behavior and market performance of the light industry by using the relevant data of 18 listed light industry enterprises from 2007 to 2018.It is of great significance to grasp the present situation of light industry in China.China’s light industry R&D investment intensity is not high.The rate of technological progress plays an active role in promoting the change of light industry productivity.There is still room for improvement in the application of existing technology,optimal allocation of resources and enterprise management level of light industry enterprises.The HHI index of China’s light industry as a whole shows a downward trend in the statistical year.The instrument manufacturing industry has the highest monopoly,followed by wood processing and wood,bamboo,rattan,brown,grass products industry.The plastic products industry is the most competitive,followed by the special equipment manufacturing industry.There are differences in profit margins in the light industry.The profit margins of wine,beverage and refined tea manufacturing industry and instrument manufacturing industry are in the lead,which means that the market performance level of the industry is low.The profit margins of agricultural and non-staple food processing industry,food manufacturing,wood processing and wood,bamboo,rattan,brown,grass products,paper and paper products,chemical raw materials and chemical products,non-metallic mineral products,general equipment manufacturing,bicycles,scooters and off-road recreational vehicles are all lower than the average profit margins of light industry and have a higher level of market performance. |
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