定价异质性与多产品进出口企业生产率——基于企业-产品层面的研究

Pricing Heterogeneity and the Productivity of Multi-Product Import and Export Firms: A Study Based on Firm-Product Level

以往的研究使用行业或者地区价格指数平减货币变量时忽视了企业定价异质性,可能导致价格偏误。通过匹配2007-2010年中国海关进出口数据库和工业企业数据库,合并企业财务层面的数据和进出口产品层面的交易信息,计算企业层面的价格指数,以考虑定价异质性。以此重新分析国际贸易与多产品进出口企业生产率的关系,分别考察国际贸易的生产率溢价、自我选择效应和学习效应,结果发现,使用行业价格指数平减低估了国际贸易的生产率溢价;相对于使用行业价格指数平减,使用企业价格指数平减时的出口自我选择效应更明显,但无论采用何种价格指数,进口自我选择效应都不存在;只有在使用企业价格指数平减时,出口学习效应才存在,但使用两种价格指数平减时都存在进口学习效应。

The previous researches usually neglected the corporate pricing heterogeneity when using the industrial or local price index to deflate monetary variables, which would lead to price bias.Through matching China＇s customs import and export database and the industrial enterprises database over the period of 2007-2010, this paper combines the data at the corporate financial level and the trade information at the import and export level to calculate the price index at the enterprise level, so as to consider the pricing heterogeneity. Based on this calculation, it re-analyzes the relationship between international trade and the productivity of the multi-product import and export enterprises, and it also investigates the productivity premium, the self-selection effect and the learning effect of international trade. The results show that the use of industrial price index deflator will underestimate the productivity premium of international trade. Compared with the use of the industrial price index deflator, the export self-selection effect is more obvious when using the corporate price index deflator. But no matter which price index is used, the import self-selection effect does not exist; only when the corporate price index deflator is used, does the export learning effect exist. However, the import learning effect exists when either of the two price index deflators is used.