Market concentration construction and high - quality development of enterprises: Empirical evidence from Chinese A - share listed companies

The construction of market concentration is the fundamental support and inherent requirement for China to establish a new development pattern. Persisting in promoting the construction of a unified large market has a significant impact on driving the high-quality development of Chinese enterprises. Using the data of Chinese A-share listed companies from 2007 to 2020, this paper examines the impact of market concentration construction on the high-quality development of enterprises and its action mechanism. The research shows that: Firstly, the construction of market concentration promotes the high-quality development of enterprises. Secondly, the construction of market concentration promotes the high-quality development of enterprises by improving the allocation efficiency of credit resources and human resources, as well as optimizing the production cost structure of enterprises. Thirdly, the promoting effect of market concentration on the high-quality development of enterprises is more remarkable in enterprises located in regions with a low degree of development of factor markets, regions where the legal and institutional environment needs to be improved, the central and western regions of China, and in larger enterprises. Therefore, it is necessary to further accelerate the construction of market concentration. By breaking local protection and clearing the key blockages that restrict economic circulation, the overall high-quality development of Chinese enterprises can be promoted.