贸易自由化提升了我国制造业资源配置效率吗——基于贸易政策不确定性的视角

Does Trade Liberalization Improve the Resource Allocation Efficiency of China’s Manufacturing Industry:From the Perspective of Trade Policy Uncertainty

文章以中国加入WTO为背景,基于贸易政策不确定性视角,采用双重差分法考察了贸易自由化对我国制造业资源配置效率的影响。研究结果表明:贸易政策不确定性的下降显著地提升了我国制造业资源配置效率。这一结论在一系列稳健性检验之后依然成立。进一步的机制研究发现,贸易政策不确定性下降对行业内不同生产率水平企业存在非对称性影响,主要通过提升较低生产率企业的生产率水平、促进最低生产率企业退出市场的渠道缩小了行业内生产率离散度,从而提升了行业资源配置效率。此外,上述资源配置效应在行业内国有企业、沿海地区企业以及出口企业样本中更加显著。文章为探究贸易自由化进程如何促进我国制造业转型升级提供了一种新的思路。

Based on the background of China’s accession to the WTO and the perspective of trade policy uncertainty, this paper uses DID method to investigate the impact of trade liberalization on the resource allocation efficiency of China’ s manufacturing industry. The results show that the decline of trade policy uncertainty significantly improves the resource allocation efficiency of China’s manufacturing industry. This conclusion is still valid after a series of robustness tests. Further mechanism research reveals that the decline of trade policy uncertainty has an asymmetric impact on the enterprises with different productivity levels within the industry. It reduces the intra industry productivity dispersion and improves the industry resource allocation efficiency mainly through improving the productivity level of the enterprises with lower productivity and promoting the enterprises with the lowest productivity to withdraw from the market. In addition, the above resource allocation effect is more significant in the samples of the state-owned enterprises, coastal enterprises and export enterprises within the industry. This paper provides a new way of exploring how the process of trade liberalization can promote the transformation and upgrading of China’s manufacturing industry.