本文针对我国生产性服务业发展中所面临的特殊制度约束,首次利用中国第二次经济普查第三产业的42万余家企业数据,从行业总体与细分行业两个方面系统检验了中国生产性服务业中企业进入市场的先后对其绩效的影响.研究发现,由于中国转轨时期的制度缺陷所导致的先进入企业与后进入企业在资源获取和服务销售方面的非对称,现阶段中国生产性服务业无论是总体还是大部分细分行业,都存在着系统性的先动优势.而且,这种先动优势随时间衰减的很慢,意味着后进入企业将长期无法与先进入的企业进行平等的竞争.对先动优势调节因素的考察还表明,企业人力资本存量的增加、多元化经营程度的上升、非生产性支出的增多、行业市场竞争程度的加剧和区域市场规模的扩大会加大中国生产性服务业先动优势的强度;而企业对外负债、区域市场化水平的提高和区域人力资本存量的增加则会降低先动优势的强度.因为持续存在的先动优势会削弱新进入企业对原有企业的竞争冲击,进而降低新企业进入对产业效率的提升效果,要想在“十二五”期间切实提高中国生产性服务业的发展水平,必须采取措施消除先动优势所导致的效率扭曲.%The first-mover advantage (FMA) specifies the market mechanisms through which first movers can receive pioneer benefits compared with their following peers.It is often argued that FMA as an invisible entry barrier will decrease the competitive shock effect of potential rivals,which has a negative impact on the metabolism of an industry.Identifying the existence of FMA in verified industries thus has been a hot issue among researchers.To date,most of empirical studies associated with FMA have focused on manufacturing industries,and showed these industries usually find significant edge on performance of the forerunners firom market share to financial returns over the belated firms.In this paper,we would like to research whether FMA exists in producer services industry in China.Chinese govemment has imposed numerous preferential policies to support the development of service industry.Producer services industry is considered to have high interactive promoting effect on the manufacturing industry and it has been added into the key-industry list of the Twelfth Five-Year Plan of China.These made large number of entries into the industry constructing a pretty good sample to study the existence of FMA in developing countries.In the first section,we developed a basic theoretical framework consisting of the mechanism of resource disparity and distnibution disparity between earlier movers and later players which help strengthen first movers' dominant status in the market due to institutional imperfection.Taking the scenario of Chinese producer services industry into consideration,we proposed three hypotheses for later tests.We describe the data and estimation model in the second section.Using return on sale,profit per employee,and firm scale as our dependent variables,this study adopts econometric analysis designs,including sample selection,variable construction,and endogeneity relieving method.More than 420,000 firms of the producer services from the Second Economic Census in 2008 is studied.Empirical results are reported in the fourth section including analysis with the whole sample,segmented subsector samples,and controlling variables.We draw the following conclusions in this paper.First,FMA systemically exists in Chinese producer services both in the overall industry and most of its subsectors.Second,the attenuation of FMA of producer services industry in China is really small compared with the edge forerunners acquired.Third,the increase of human capital stock,non-productive expenditure,diversification,market competition and the enlargement of regional market scale would consolidate FMA,while an increase of external debt,regional market development,and human capital stock has an opposite effect on FMA.Findings of this paper have some practical policy implications.By weakening the persistence of FMA and strengthening the impact of new entries,there would be a market of less inequality resulting from institutional imperfection and more competiveness for the belated.Thus,it is important to use effective measures,such as reforming the factor market into a more market-oriented one,developing a better credit evaluation system with minimum quality standard,and enhancing personnel pool especially in regions with lower human capital stock for the producer services industry.
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