非对称开放对异质性企业的影响——基于中国加入WTO的事件研究

The Impact of Asymmetric Opening-up on Heterogeneous Firms——An Event Study of China’s WTO Accession

中国加入WTO多边贸易体制是一种非对称开放,这种非对称开放一方面表现为发展中国家与发达国家之间的开放,另一方面表现为WTO后加入者与先加入者之间的开放。本文基于中国制造业A股上市公司的股票价格日数据,利用事件研究法检验非对称开放对异质性企业利润的差异影响。研究结果表明:高劳动密集度企业在加入WTO过程中获益相对更多,原因在于其充分利用了当时中国的劳动力成本优势;生产率、生产规模不同的企业获益多寡也往往与其要素投入组合相联系,说明要素密集度是企业在加入WTO过程中获益多寡的决定性因素。这意味着企业的生存和发展离不开国家比较优势,特别是对于贸易自由化的后行国家,能够充分利用国家比较优势的企业会成为贸易自由化的最大受益者。

China’ s WTO accession is a kind of asymmetric opening-up,which is manifested as opening-up between developing countries and developed countries as well as between WTO later joiners and earlier joiners. Based on stock price daily data of China’s manufacturing A-share listed firms,this paper investigated the differential effect of asymmetric opening-up on heterogeneous firms’ profit by using event study method. The results show that firms with high labor-intensity benefit more from the process of WTO accession,because they make full use of China’ s labor cost advantage at that time. The profitability of firms with different productivities and scales is associated with their input portfolio,indicating that factor density is the decisive factor for firms’ profitability during the period of China’ s WTO accession. This means that the survival and development of firms are inseparable from a country’ s comparative advantage. It is more obvious in the country that has realized trade liberalization late,the firms which take full advantage of the country’ s comparative advantage will benefit more.