数字服务贸易开放与制造业企业加成率:来自A股上市公司的经验证据

The Digital Services Trade Opening and Enterprises'Markups:Evidence from A-share Listed Companies

本文基于异质性企业理论框架,构建了包含数字服务贸易开放在内的企业生产决策模型,使用2014—2022年上市公司数据库中的制造业企业样本实证检验了数字服务贸易开放对制造业企业加成率的影响及内在机理。研究结论表明:数字服务贸易开放对企业加成率具有显著的正向提升作用;机制检验表明,数字服务贸易开放通过推动企业数字化转型和提高企业生产率提升制造业企业加成率;异质性检验表明,数字服务贸易开放对不同特征企业的加成率具有非对称影响,数字服务贸易开放主要提升了非国有、东部及中部地区、成长期及成熟期制造业企业的加成率;调节效应检验表明,企业所在地区的制度环境强化了数字服务贸易开放对制造业企业加成率的促进作用。本文的政策意蕴是中国应积极推动数字服务贸易体制改革和创新发展,以更好发挥数字经济对实体经济高质量发展的赋能作用,在奋力实现制造业总量跨越的同时,力求“质效提升”。

Based on the theoretical framework of heterogeneous firms,this paper constructs an enterprise production deci-sion model including the opening of digital service trade,and empirically tests the impact of the opening of digital service trade on the markup rate of manufacturing enterprises and its internal mechanism using the sample of manufacturing enterprises in the database of listed companies from 2014 to 2022.The results show that the opening of digital service trade has a significant posi-tive effect on the enterprise markup rate.The mechanism test shows that the opening of digital service trade promotes the markup rate of manufacturing enterprises by promoting the digital transformation of enterprises and improving the productivity of enter-prises.Heterogeneity test shows that the opening of digital service trade has an asymmetric effect on the markup rate of enter-prises with different characteristics,and the opening of digital service trade mainly improves the markup rate of non-state-owned,eastern and central regions,growth and mature manufacturing enterprises.The regulatory effect test shows that the institu-tional environment of the region where the enterprises are located strengthens the promotion effect of the opening of digital ser-vice trade on the markup rate of manufacturing enterprises.The conclusion of this paper means that China should actively pro-mote the reform and innovative development of the digital service trade system,so as to better play the enabling role of the digital economy on the high-quality development of the real economy,and strive to"improve the quality and efficiency"while striving to achieve the total number of manufacturing industries.