长期贸易关系下劳动力成本对出口价格的影响--兼论专用性资产的调节效应

The Impact of Labor Costs on Export Price in the Long-Term Trade Relationship: Also on the Moderating Effects of Specific Asset

面对劳动力成本冲击,出口价格调整的幅度反映了长期贸易关系中双方对风险的承担、分担与转化程度。专用性资产既是连接贸易双方利益的纽带,又是平衡风险的杠杆。利用重复博弈的价格调整模型,采用2000-2015年上市公司出口微观层面数据,分析劳动力成本变动对剔除质量因素的出口价格的影响,并对出口企业投入的专用性资产的调节效应进行探究。研究发现:长期贸易关系中,劳动力成本变动导致出口产品价格同方向调整,但调整的幅度小于成本的变动,这表明劳动力成本上涨的压力是由双方共同承担的。专用性资产对出口价格变动幅度有正向调节效应。通过分样本研究发现,如果出口产品的契约依赖度相对较高、目的国法治体系相对健全和采用加工贸易方式出口,当劳动力成本发生变动时,出口价格调整幅度更大,专用性资产的调节效应更显著。因此,发展长期稳定的贸易关系,科学运用并发挥专用性资产的优势,是企业转化成本压力的重要途径。

Faced with the impact of labor cost,the range of export price adjustment reflects the degree of risk bearing,sharing and transferring of the two parties under their long-term trade relationship.The specific asset is not only the link connecting the interests of both trade parties,but also the leverage to balance the risks.By adopting the?price adjustment model in repeated games,this paper makes use of the data at the export micro-level to analyze the impact of the changes of labor cost on the export prices when quality factors are removed;it also explores the moderating effects of the specific assets invested by export enterprises.The findings show that in the long-term trade relationship,the changes of labor cost will lead to the adjustment of export product prices in the same direction,but the adjustment range is smaller than the changes of cost,which indicates that the pressure of labor cost inflation is jointly borne by both parties.The specific asset has a positive adjustment effect on the adjustment range of export prices.It is found through sub-sample study that when the labor cost changes,the adjustment range of export prices is larger,and the adjustment effect of the specific assets is more significant,if the contract dependence of the export products is relatively higher,the legal system of the destination country is relatively sound and the export is in the way of processing trade.Therefore,to develop a long-term and stable trade relationship and to scientifically use and play the advantages of the specific assets is an important way to transfer the cost pressure of enterprises.