中间品贸易自由化与多产品出口企业的产品加成率

Input Trade Liberalization and Product Markup of Multi-product Exporters

本文借鉴De Loecker et al.(2016)的方法 ,解决了产品层面要素投入不可观测的问题,测度了中国多产品出口企业的产品加成率;在归纳特征性事实的基础上,从成本降低效应与质量升级效应等方面阐述了中间品贸易自由化影响多产品企业加成率的机制,特别是基于质量升级效应,分析了中间品贸易自由化对于多产品企业核心和非核心产品加成率的差异化影响机制;进一步构建计量模型,使用企业—产品面板数据,实证研究了中间品贸易自由化对多产品出口企业产品加成率及其差异化调整的影响,并进行了机制检验。结果发现,中间品贸易自由化提高了多产品出口企业的产品加成率,并且对核心产品加成率的促进效应要显著大于非核心产品。机制检验表明,中间品贸易自由化通过成本降低效应和质量升级效应提高企业产品加成率;但由于中国多产品出口企业采取质量竞争的核心产品策略,且中间品贸易自由化导致核心产品质量升级幅度显著大于非核心产品,所以中间品贸易自由化对多产品出口企业核心和非核心产品加成率的影响存在差异。本文研究结论对于揭示多产品出口企业内产品绩效调整和资源配置行为、培育外贸企业竞争新优势具有重要的政策启示。

With reference to De Loecker et al.（2016）, this paper measures export markup of Chinese multi-product exporters, resolving the problem of unobservable factor amount at the product level. Based on stylized facts, the paper elaborates the mechanism underlying input trade liberalization＇s effect on multi-product exporters＇ product markup. Marginal cost downward effect and quality upgrading effect are the two main channels. Notably, input trade liberalization may have heterogeneous effects on markup adjustment between core and non-core products within multi-product exporters. Further, this paper puts forward econometric models based on above mechanisms. Using finn-product level data, this paper investigates empirically the overall and heterogeneous impact of input trade liberalization on firm-product markup adjustment. The results show input trade liberalization significantly raisesoverall products＇ export markup, and its effects on markup adjustment are more profound among core products with highest export value than non-core products. The mechanism empirical tests prove the two channels of marginal cost downward effect and quality upgrading effect. Chinese multi-product exporters invest more in enhancing the quality of their core products. This quality-based competence also leads to a more significant quality upgrade for core products than non-core products. Therefore, firms adjust markup of core products more than non-core products. The above results have important policy implications for uncovering product performance adjustment and resource reallocation within multi-product firms, and developing new competitive advantages for Chinese exporters.