中美贸易摩擦冲击企业市场力量的作用机制研究

Research on the Mechanism of China-US Trade Friction in Impacting Chinese Firms'Market Power

中国是世界第一大出口国,也是国际贸易争端中的主要目标国。随着逆全球化思潮和贸易保护主义的盛行,研究贸易摩擦对中国企业的影响,并从中探索中国企业的蓬勃发展之道显得尤为重要。因此,文章利用2000~2022年贸易救济网公布的贸易救济案件数据和中国企业的市场势力数据,衡量中美贸易摩擦强度对于中国企业市场力量的影响。研究发现:第一,中美贸易摩擦所带来的国际贸易环境变化增加了企业市场势力和市场份额下降的风险;第二,中美贸易摩擦通过缩减对外贸易和投资、降低企业创新能力以及削弱企业韧性等渠道对企业市场力量造成负面冲击;第三,基于企业产权性质、行业竞争程度、融资约束程度以及企业要素禀赋的差异,中美贸易摩擦对不同类型企业市场力量的影响存在异质性特征;第四,利用工具变量法、替换核心变量的衡量指标、删除特殊样本等方式进行内生性和稳健性检验后,结果仍然显著。文章丰富了外部经济不确定下企业发展的应用研究,对于提高中国企业的抗冲击能力,重塑中国企业的竞争优势和市场力量具有重要意义。

China is the world's largest exporter and major target country in international trade disputes.With the prevalence of antiglobalisation and trade protectionism,it is particularly important to study the impact of trade friction on Chinese enterprises and explore the way for their vigorous development from it.Therefore,this paper measures the impact of the intensity of US-China trade frictions on the market power of Chinese enterprises by using data on trade remedy cases published by the Trade Remedy Network(TRN)and data on the market power of Chinese enterprises from 2000 to 2022.It is found that:firstly,changes in the international trade environment brought about by U.S.-China trade frictions increase the risk of declining market power and market share.Secondly,U.S.-China trade frictions negatively impact firms'market power through the channels of curtailing foreign trade and investment,decreasing firms'ability to innovate,and weakening firms'resilience.Thirdly,based on the differences in ownership system,degree of competition in the industry,degree of financing constraints,and firms'factor endowment differences,the impact of US-China trade friction on different firms'market power is characterised by heterogeneity.Fourthly,the results remain robust after endogeneity and robustness tests using the instrumental variables approach,changing the measures of core variables,and deleting special samples.The article enriches the applied research on enterprise development under the uncertain economic environment,which is of great significance in improving the shock resistance of Chinese enterprises and reshaping their competitive advantages and market power.