贸易自由化与多产品企业内产品加成率离散度

Trade Liberalization and Product Markup Dispersion within Multi-product Firms

本文从多产品出口企业的视角,采用企业内产品间加成率分布离散度表示企业内资源配置效率,实证研究贸易自由化对企业内资源配置效率的影响效应和可能的机制渠道。研究表明:(1)最终品贸易自由化和中间品贸易自由化均显著降低企业内产品间加成率分布离散度,亦即有利于提升企业内资源配置效率。考虑内生性、改变关键变量度量、使用行业层面关税变量、控制遗漏变量和改变估计方法等系列稳健性检验均成立。(2)相对而言,贸易自由化对出口中的外资和民营企业、高生产率企业、低市场竞争度行业的企业以及资本技术密集型企业的资源配置效率具有更强的影响效应。(3)机制检验表明,贸易自由化通过缩小产品范围、提高出口产品集中度降低企业内产品间加成率离散度。以上发现进一步丰富了资源配置效率和贸易自由化利得的相关研究,并为进一步推进贸易自由化和改善资源错配提供了实证依据。

From the perspective of multi-product exporters,this paper,using markup dispersion across products within firms as a proxy for within-firm resource allocation efficiency,empirically studies the effects of trade liberalization on markup dispersion across products within firms and the possible mechanism channels.First,the main results show that both output trade liberalization and intermediate input trade liberalization significantly reduce markup dispersion,which is also beneficial to resource allocation efficiency within firms.Robustness tests,such as considering endogeneity issue,replacing measurements for key variables,using industry-level tariffs,controlling omitted variables,and changing estimation ways all conform to the benchmark results.Second,Heterogeneity tests show that the above effects are comparatively more profound among foreign,private,high-productivity firms,and the firms in industries with higher market concentration or capital-intensive industries.Third,the mechanism tests find that narrowing the scope of products and increasing the concentration of export products are major channels through which trade liberalization affect markup dispersion within firms.The above findings have further enriched the relevant research on resource allocation efficiency and the gains of trade liberalization,and provided empirical evidence for further promoting trade liberalization and improving resource misallocation.