Does Market Segmentation Boost State-owned Enterprises' Competitive Position in Product Market？
CAO Chunfang, ZHANG Tingting, LIU Xiumei
Center for Accounting,Finance and Institutions/Business School,Sun Yat-sen University; School of Accounting, Southwestern University of Finance and Economics; Business School, Sun Yat-sen University
Abstract:
There is not enough attention paid to government actions in the literature on enterprises' product market competition. Using the regional differences in relative commodity prices to measure the market segmentation, and the proportion of non-local subsidiaries as a modifying factor to amend the regional influence of market segmentation, this paper shows that market segmentation boosts state-owned enterprises' especially local state-owned enterprises' competitive position in product market, this conclusion is robust but does not exist among private enterprises. These results show that market segmentation functions like a “helping hand”, which promotes especially local state-owned enterprises' competitive position. Further analysis reveals that market segmentation increases state-owned enterprises' long-term loan, and reduces firms' selling expenses, but then it is found that this “helping hand” also plays a role of “resource curse” in the long run, market segmentation is unfavorable for firm innovation. This paper expands and enriches the research on the product market competition, and provides a micro-explanation for market segmentation's long-term existence, which can help to understand the real function of market segmentation on state-owned enterprises and evaluate Chinese enterprises' competitive position more objectively.
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