傳統產業經濟學認為高度寡占產業之廠商所以能獲得超額利潤，實肇因於廠商的勾結行為（Bain, 1951, 1956）。Demsetz（1973, 1974）則提出效率假說，認為高度寡占的產業之廠商所以獲得超額利潤，是因為有較高效率的大廠商存在所致。然而高度寡占市場的廠商有可能具有較佳的成本效率（cost efficiency），但同時亦可能濫用市場力量（market power）（Martin, 2006, pp.148-149）。本文根據Azzam（1997）所提出的產業計量模型，來估計與驗證台灣水泥業者所可能具有的市場力量與成本效率。實證所採用的月資料涵蓋期間為民國90年1月至民國100年12月，實證結果發現台灣水泥產業廠商的市場力量與成本效率對於市場價格的影響相近。當市場集中度增加1％，廠商因市場力量增加會導致市場價格上升0.49％；在此同時亦會因成本效率的提升而導致市場價格減少0.48％。因此當集中度增加1％，將會導致市場價格微增0.01％。

Traditional industrial economics assume that highly oligopolistic industry firms were able to gained excess profits due to firm collusion（Bain, 1951, 1956）. The efficiency hypothesis（Demsetz, 1973, 1974）argues that the excess Economic rents gained by the highly oligopolistic industry firms were due to the higher efficiency of large firms. However, the highly oligopoly market firms may have better cost efficiency, but they may also abuse market power（Martin, 2006, pp.148-149）. This paper used the industry econometric model developed by Azzam（1997）to evaluate the potential market power and cost efficiency that the cement industries in Taiwan may have.
This study used the data collected from January of 2001 to December of 2011 from the cement industries in Taiwan. Empirical results indicated that if the market concentration increases by 1%, the firms will be able to increase the market price by 0.49% due to the increased in market power. However, at the same time, this phenomenon will cause a 0.48% decrease in market price due to the increased in cost efficiency. Therefore, the overall conclusion is, with 1% increase in market concentration will only increases the market price by 0.01%.

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