贸易摩擦背景下政府补助对企业出口的影响--基于反倾销调查视角

The Impact of Government Subsidies on Corporate Export under Frequent Trade Friction:From the Perspective of Antidumping Investigation

自1995年以来,中国连续26年成为遭遇反倾销调查最多的国家。为分析贸易摩擦背景下政府补助对企业出口的影响,利用2009—2019年具有出口贸易行为的沪深两市上市公司数据,从微观企业的角度基于反倾销调查剖析政府补助负向作用于企业出口的路径。研究发现,在国外对华滥用贸易救济措施的背景下,政府补助可通过增加反倾销调查风险抑制企业出口;基于补贴强度、竞争强度和技术强度的行业异质性分析进一步验证了该负向作用路径的存在。该发现为他国滥用反倾销调查提供了微观证据,同时表明政府补助是触发反倾销调查的重要因素。后续研究显示,企业倾向于采取降低销售价格、控制期间费用和抢占国内市场份额的方式应对反倾销调查。为了防范政府补助对企业出口产生负面影响,切断负向作用路径尤为关键,为此应尽可能降低由政府补助引发反倾销调查的可能性。

China has been the largest target of anti-dumping(AD)investigations since 1995.Using a sample of Chinese listed firms from 2009 to 2019,this paper analyzes the impact of government subsidies on enterprises export volume under the background of severe trade frictions.It is found that government subsidy can restrain enterprises export volume by increasing exporters risk of being subject to AD investigation.Industry heterogeneity analysis based on subsidy intensity,competition intensity and technology intensity further verifies the existence of the negative mechanism.These findings provide micro-level evidence for the abuse of AD laws by foreign competitors,and also indicate that government subsidy is an effective trigger of AD investigations.Subsequent studies show that targeted exporters tend to lower sales prices,control period expenses and seize domestic market shares as responses to AD.It is crucial to cut off the negative mechanism to prevent government subsidies from reducing export volume.The possibility of triggering AD investigation should be reduced as much as possible.