企业“内卷式”竞争何以影响全要素生产率

How Does Firms’ Involution-style Competition Affect Total Factor Productivity?

摘要:

新质生产力是以全要素生产率显著跃升为核心标志,是突破传统经济增长模式与传统生产力演进路径的新形态。目前“内卷式”竞争在我国制造业、服务业等多个行业和领域均有不同程度显现,造成了企业产能过剩和内控弱化。基于2009—2024年A股上市公司数据,实证分析了企业“内卷式”竞争对全要素生产率的影响。基准回归结果显示,内卷式竞争对全要素生产率存在显著的抑制作用,且对高融资约束、高供应链风险、成熟期以及衰退期企业的危害更加显著。机制检验表明,内卷式竞争对全要素生产率的抑制作用是通过加剧产能过剩、弱化内部控制两个路径实现。进一步研究发现,内卷式竞争对全要素生产率的影响存在非线性的U型关系；内卷式竞争的负面影响随着全要素生产率的提高而增强。研究结论为综合治理内卷式竞争,助力企业新质生产力的培育提供了理论依据和政策指导。

Abstract:

New quality productive forces are mainly characterized by a significant improvement in total factor productivity, and represent a new form that breaks through the traditional economic growth model and the traditional path of productivity evolution. At present, involution-style competition has appeared, to different degrees, in many industries and fields in China, such as manufacturing and services, resulting in overcapacity and weakened internal control. Based on the data of Chinese A-share listed companies from 2009 to 2024, this paper empirically examines the impact of firms’ involution-style competition on total factor productivity. The benchmark regression results show that involution-style competition significantly inhibits total factor productivity, and this negative effect is more pronounced in firms with high financing constraints, high supply chain risks, and those in the maturity and decline stages. The mechanism test shows that involution-style competition inhibits total factor productivity by aggravating overcapacity and weakening internal control. Further research finds that the impact of involution-style competition on total factor productivity has a nonlinear U-shaped relationship, and its negative effect becomes stronger as total factor productivity increases. The conclusions of this paper provide a theoretical basis and policy guidance for comprehensively addressing involution-style competition and facilitating the cultivation of new quality productive forces.