融资约束、产品排序与多产品出口企业产品加成率

Financing Constraints,Product Ranking and Product Markup of Multi-product Exporters

本文基于2000—2007年中国工业企业数据库与中国海关数据库的匹配数据,测度了中国多产品出口企业的产品加成率,探究了融资约束对多产品出口企业产品加成率及其差异化调整的影响与作用机制。研究结果表明:融资约束降低了多产品出口企业的产品加成率,并且对核心产品加成率的抑制效应显著大于非核心产品;考虑内生性问题、改变关键变量度量、剔除加成率极端值和改变产品范围等稳健性检验依然成立;作用机制检验表明,融资约束通过生产率和质量升级抑制效应降低了企业产品加成率;但由于中国多产品出口企业采取质量竞争的核心产品策略,且融资约束抑制核心产品质量升级的强度大于非核心产品,引致融资约束对核心和非核心产品加成率的差异化影响效应。本文的研究结论对进一步改善企业融资环境以及多产品出口企业面临不同融资环境时如何进行内部资源配置,提供了经验依据和政策启示。

Based on China’s industry enterprise database and Chinese longitudinal firm trade transaction data from 2000 to 2007,this paper measured product markup of Chinese multi-product exporters according to De Locker et al.(2016),and analyzed the overall and heterogeneous impact of financing constraints on firm-product markup adjustment.The results show that financing constraints significantly reduce overall products’export markup,and its effects on markup adjustment are more profound among core products with highest export value as compared to non-core products.Robustness tests were performed to address endogeneity,using other measures of key variables,eliminating markup extremes,and changing product ranges.The empirical tests for mechanism prove the two channels of productivity and quality.Chinese multi-product exporters invest more in enhancing the quality of their core products.This quality-based competence also leads to lower quality for the core products than non-core products when facing financing constraints.Therefore,firms adjust markup of core products more than non-core products.The conclusions of this paper provide evidence and policy implications of optimizing financing environment and resource reallocation for multi-product exporters facing financing constraints.