An Empirical Study On The Market Power Of Listed Companies In China’s Industrial Internet Industry

With the continuous development and innovation of technology,great changes have taken place in the global industrial pattern in the past few years.A fourth industrial revolution from traditional industry to intelligent industry has come.As the product of highly integration of information technology and industry,industrial Internet is the core of this industrial revolution,which realizes the functions from demand forecasting to resource scheduling,from product design to product service,from production optimization to operation management,the whole system and whole chain intelligent application can realize the comprehensive and systematic optimization of manufacturing industry.Although the development of industrial Internet in China lags behind the developed countries,with the support of national policies,it develops rapidly and presents a good situation of coordinated and deep development of industry and active integration and application.This paper analyzes the degree of market competition through the measurement of its market power,combined with the analysis of external factors,so as to provide the basis and suggestions for enterprises to better understand national policies and formulate strategies.In this paper,Klette model is chosen to measure the market power of industrial Internet industry.Klette model is one of Solow’s residual value methods in the New Empirical Industrial Organization(NEIO).Based on Hall model,the assumption of constant returns to scale is modified,so the results can be used in a wide range,and can also be compared with other industries.The sample enterprises select the listed companies in the concept stock of"industrial Internet" in tonghuashun,the data comes from the corporate panel data of 2015-2019 in the financial statement database of guotai’an database,and then classify all the listed companies according to the industry classification issued by the CSRC,mainly including two categories and four sub sectors,and obtain the industrial Internet production through regression model Market premium rate and scale elasticity of industries and classified industries.The results show that industrial Internet industry and classification industry have certain market power,most of the market premium rate are between 0.6-0.8,there is no monopoly power,manufacturing industry has formed scale economy(scale elasticity is greater than 1),and the market power is positively related to scale economy,but the software information industry does not show this correlation.In addition,from the perspective of resources,system,economic development,life cycle and demand,most of these external factors are conducive to the formation and improvement of the market power of industrial Internet enterprises.The application prospect and ultimate goal of industrial Internet is social production,but at present,the-development of industrial Internet in various industries is relatively independent.Although the practice paths of industrial Internet in various industries are different,the technical support and development logic behind them are similar.Therefore,in order to develop the industrial Internet for more industries and enterprises,this paper puts forward the following suggestions:(1)enterprises actively try to understand the changes brought about by the industrial Internet as soon as possible.(2)Multi enterprise cross industry cooperation promotes development.(3)The development of industrial Internet takes data analysis as the main line to strengthen the depth and security application.