中国制造业高生产率企业低加成率出口之谜——基于制造业上市公司数据的证据

The Mystery of Low Markup Rate Export of High productivity Enterprises of China’s Manufacturing Enterprises——Evidence Based on Data from Listed Manufacturing Companies

成本加成率是度量企业市场竞争能力和获利能力的重要指标。基于中国制造业上市公司数据的实证研究发现:与国外理论与经验研究的结论不同,中国高生产率的出口企业反而比低生产率的非出口企业具有更低的成本加成率,企业出口陷入“低加成率、低利润、低创新能力”的恶性循环。为此,可采取发展质量阶梯较长的产业、提高中间投入品的自主生产能力、推动创新发展等措施促进企业出口成本加成率溢价。

Cost plus rate is an important indicator to measure the market competitiveness and profitability of enterprises.Based on the data of listed manufacturing companies in China,this paper finds that:export enterprises with high productivity have lower markups than non-export enterprises with low productivity,the export of enterprises falls into the vicious circle of low markup,low profit and low innovation ability,which is different from the conclusions of foreign theoretical and empirical studies.Therefore,measures such as developing industries with a long quality ladder,improving the independent production capacity of intermediate inputs,and promoting the innovation and development of enterprises can be taken to promote the markup premium of export enterprises.