出口退税、融资约束与企业价格加成

Export Tax Rebate,Financing Constraints and Enterprise Price Markup

将出口退税引入一个包含研发融资的M-O模型中,从理论上分析出口退税通过缓解企业融资约束促进研发从而可获得更高的价格加成。利用2002—2007年的工业企业数据进行了实证检验,研究表明,出口退税促进了企业价格加成,在混合出口企业中出口退税的作用效果更明显,同时行业集中度、资本产出比越高的地方出口退税对于价格加成的作用越大。进一步机制检验发现企业的金融约束抑制了出口退税对于价格加成的促进作用。

This paper introduces the export tax rebate into the M-O model including financing R&D,and theoretically analyzes the export tax rebate to achieve higher price increase by easing corporate financing constraints to promote R&D,and using the industrial enterprise data from 2002 to 2007 to conduct empirical research test.Studies have shown that export tax rebates promote the price increase of enterprises,and in mixed export enterprises,the effect of export tax rebate is more obvious,and the higher the ratio of industry concentration and capital output,the greater the effect of export tax rebates on price mark-up.Further mechanism tests found that the financial constraints of enterprises inhibited the promotion of export tax rebates on price increases.