Can Digital Transformation Definitely Improve Firms'Markups?

In this paper,digital transformation is included in the heterogeneity model of firms.Based on a general equilibrium analysis,we find that under the effect of diminishing marginal productivity,digital transformation does not always have a positive impact on firms'markups,but has an"inverted U-shaped"nonlinear influence,which first promotes and then inhibits markups.Firm innovation and firm productivity are the key micro-mechanisms for the above effects to play a role.Based on the analysis of typical facts and empirical data of listed companies,the measurement test yields the following results.First,digital transformation can significantly improve firms'markups when it is below a specific threshold value,but it will have a negative impact when it exceeds this value.That is,there is an"inverted U-shaped"nonlinear relationship between digital transformation and firms'markups.Second,the heterogeneity analysis shows that digital transformation has a greater effect on the markups of state-owned firms,export firms and technology-intensive firms than on the markups of other firms.Third,digital transformation has an impact on firms'markups through two key mechanisms:firm innovation ability and production eficiency.The quantitative empirical results confirm the correctness of the theoretical expectations.Therefore,firms need to grasp the strategic opportunities brought by the progress of digital technology and accelerate the process of promoting the digital transformation.Firms should make proper choices in the selection and arrangement of key areas,as well as avoid possible problems such as"too much".In this way,we can better consolidate the micro foundation of China's high-quality economic development.

China's Low Export Markups Puzzle: Competition Effect and Selection Effect

Based on China's industrial enterprises-customs matched data, this paper utilizes two-tier stochastic frontier analysis method to estimate and verify the extent to which selection effect and competition effect influence exporting firms' markup. Our findings suggest that the interaction between selection effect and competition effect ultimately causes actual firm markup to be higher than the baseline markup by 7.11%. Exporting firms' actual markup is higher than the baseline markup by different degrees. In terms of the decomposition of selection effect, TFP explains for 28.05% of selection effect, and nonproductivity factors explain for the rest 71.95%. By controlling for the type of firms' export,the export-productivity paradox only exists for processing trade firms, which shows that with increasing trade facilitation, the policy incentives to encourage firms to export are major contributors to the low export markups.

The “productivity paradox” of Chinese export firms: Review and assessment

This paper represents an attempt to test the relationship between the exports and productivity of Chinese firms using the data set of nearly 3 million industrial firms in 20 industrial sectors over the period 1998-2007. Our test finds that non-export firms were more productive than export firms, and exports were negatively related to productivity-namely that the lower the productivity of a firm, the higher its exports. This finding is in contradiction with the hypothesis of new-new trade theory. The contradiction is referred to as the "productivity paradox" in this paper. Further tests find that firm size is a key factor affecting firm exports, but the impact of exports on firm productivity is insignif icant. This paper reckons that the "productivity paradox" of Chinese export firms may be attributed to the disproportionate share of processing trade in export trade.

Effects of E-Commerce Platforms on Firm Export——Evidence from China’s Industrial Enterprises

With deepening digital technology applications in international trade, e-commerce platforms have become a major avenue for firm export. Based on a multicountry, multi-product heterogeneous firms trade theory model, this paper investigates the firm export effects of e-commerce platforms, and empirically tests the inferences from the model using data from Alibaba China Station, China industrial enterprises data, and China customs data from 2000 to 2009. Our estimation result shows that overall, e-commerce platforms significantly increase firm export probability and volume;e-commerce platforms enable firms to export products of different types to more countries by reducing the cost of information and export markets threshold while raising trade efficiency. Further analysis of enterprise heterogeneity reveals that SMEs, firms in China's eastern region, and general exporters benefit more from e-commerce platforms than other types of firms do.

Effects of China’s Manufacturing Exports on Firm Innovation in the US

Based on the market segmentation theory,this paper employed data on China-US trade and firm R&D,innovation and TFP to investigate the long-term effects of China’s manufacturing exports on firm innovation in the US from an heterogeneity perspective,and tested the underlying mechanism.The authors found that in the long run,China’s manufacturing exports had to some extent increased manufacturing firm innovation in the US.The effect is highly heterogeneous across various manufacturing sectors.While Chinese exports affect the innovation output of non-core manufacturing firms in the US,they did little on the innovation of core manufacturing firms in the US.In the long run,the cumulative R&D input of core manufacturing firms in the US has not decreased significantly,and factors of production had migrated from non-core to core manufacturing sectors.Such a reallocation of production factors has increased specialization and overall innovation output from US manufacturing firms.By demonstrating that the rise of developing countries is consistent with the theory of comparative advantages,this paper refutes the“China threat”narrative touted by some developed countries,and provides scientific basis for rational resource allocation and international division of labor.

土地财政如何影响中国企业出口?

文章从分税制改革后地方政府财政激励模式转变的视角,首次考察了充当辖区间竞争“新”工具的土地财政对企业出口的影响。研究发现:土地财政通过引发地方政府的支出竞争、税收竞争和补贴竞争不仅提高了企业出口概率和出口强度,还抑制了企业出口退出和延长了出口持续期。但由于存在与税收竞争、补贴竞争相关的企业寻租、“政治包袱”以及与支出竞争相关的公共品偏向性扭曲配置,土地财政也使出口企业长期被锁定于低质量、低附加值和低技术复杂度的低端竞争方式。概括而言,地方政府过度依赖土地财政开展辖区间竞争的策略性行为在促成出口繁荣的同时也付出了出口企业核心竞争力丧失的代价,对中国“大而不强”出口模式产生了“土地财政诅咒”。

汇率变动与出口产品加成率:影响机制和资源配置效应

利用2000—2013年中国工业企业数据和海关进出口数据,基于样本期间人民币汇率持续升值的事实,考察人民币汇率变动对中国出口产品加成率的影响。研究结果显示:人民币实际有效汇率的上升显著提高了企业出口产品加成率,并且该影响效应在异质性产品、竞争型行业、外资企业以及存在进口行为的企业中更大。机制分析表明,人民币升值通过产品质量效应、边际成本效应、价格竞争效应和市场选择效应影响出口产品加成率,其中产品质量升级和进口成本降低造成的影响占据主导,这是人民币升值显著提高出口产品加成率的重要原因。进一步研究显示,人民币升值的市场选择效应降低了产品内企业间的加成率离散度,提升了企业间的资源配置效率,但在市场选择效应和企业内加成率调整的共同影响下,其对企业内的资源配置效率没有显著影响。

企业出口国内附加值率提升与企业杠杆率

去杠杆是防范和化解重大债务风险的关键举措,而利用实体经济的力量以市场化、法治化方式积极稳妥地降低企业杠杆率是新时期稳步推进结构性去杠杆的重要方向。基于2000—2013年中国工业企业数据库和中国海关进出口数据库的匹配数据,从全球价值链视角探讨企业出口国内附加值率提升影响企业去杠杆的方向和内在机理。结果表明:企业出口国内附加值率提升会显著降低企业的杠杆率。异质性分析结果显示,企业出口国内附加值率提升对不同所有制、不同贸易方式、不同行业企业去杠杆都有积极的影响。进一步的机制检验结果显示,由企业出口国内附加值率提升带来的盈利能力提高、外资弱化效应以及商业信用增加效应是主要影响渠道。因此,政府和企业可从市场角度特别是企业自身竞争力提高方面探索降低和化解金融风险的路径。

信息化建设与企业出口行为--基于“两化融合试验区”的准自然实验

信息化建设是促进经济发展方式转变、培育新兴产业和经济增长点的强大引擎,与微观企业的出口行为亦息息相关。然而关于政府以产业政策的形式主导推动的信息化建设是否存在贸易促进效应,现有研究往往语焉不详。文章基于2004—2013年我国工业企业数据,以2009年首批两化融合试验区的设立作为准自然实验,构建双重差分模型,考察以两化融合试验区表示的信息化建设对企业出口行为的影响。研究结果表明:两化融合试验区虽然促进了城市信息化水平提高,但对企业的出口概率和出口规模均具有显著的抑制效应;进一步机制检验发现,两化融合试验区主要通过“抑制生产率提升”和“拓展国内市场”两条渠道影响企业出口行为。最后,基于异质性分析发现,两化融合试验区对非国有企业、大中型企业、成长期和成熟期企业及东部地区企业的出口抑制作用更大。本文的研究结论有助于深化对两化融合试验区经济效果和微观企业出口行为的理解,为政府进一步合理推进两化融合战略提供了重要的政策启示。

区域公用品牌认证对中国食品出口上市公司价格加成的影响——基于多期双重差分模型的实证研究

基于2008—2022年中国上市公司数据,构建多时点双重差分模型,实证检验区域公用品牌认证对中国食品出口企业价格加成的影响效应及作用机制。研究表明:区域公用品牌认证显著提升了中国食品出口上市公司的价格加成;对价格加成的提升作用呈现异质性。对于产品异质性更高的行业以及宣传水平更低的企业而言,区域公用品牌认证导致食品行业出口上市公司价格加成率增加更多。从质量信息不对称视角出发,为发挥区域公用品牌对农业企业出口绩效和产品竞争力的提升作用、提高企业出口利润水平、实现农业高质量发展提供了新证据。

稳健外交关系如何影响企业出口国内增加值率

本文利用2000~2013年中国工业企业数据库与海关贸易数据库的合并数据测度了企业出口国内增加值率,在此基础上研究双边外交关系发展对中国企业出口国内增加值率的影响。研究发现,双边外交关系发展会提高企业出口国内增加值率,该结果经过变量替换、更换回归方法等稳健性检验后依旧成立。机制检验表明,双边外交关系发展对企业出口国内增加值率的影响主要通过降低国内外中间品相对价格和提高企业加成率两条途径实现。异质性分析发现,双边外交关系发展会显著提高低技术企业出口国内增加值率,但对高技术企业出口国内增加值率却表现为抑制作用;与“一带一路”沿线国家相比,双边外交关系发展对企业出口国内增加值率的提升作用在非“一带一路”沿线国家更大。进一步分析表明,金融危机、加征关税和经济政策不确定性会削弱双边外交关系发展对企业出口国内增加值率的提升作用。

外部市场需求规模对企业出口国内附加值率的影响研究——基于企业生命周期视角

企业作为贸易活动的主体,详细考察外部市场需求规模对企业出口国内附加值率的影响有助于更好地理解国际市场需求环境变化会如何影响企业出口贸易水平。基于理论层面的分析和相应研究假说,以2000—2013年中国工业出口企业为样本数据,探讨外部市场需求规模变化对企业出口国内附加值率的影响和作用机制,并着重从企业生命周期异质性视角对该影响与机制进行详细研究发现:外部市场需求增加能够提升企业出口国内附加值率,机制检验表明出口规模效应的促进作用占主导,缓解了竞争效应的抑制作用;由于这两种效应对不同生命周期阶段企业出口国内附加值率的影响存在差异,进而外部市场需求冲击对企业出口国内附加值率的提升作用程度依次为成熟期企业、成长期企业、衰退期企业,这个结论在一系列稳健性检验下依然成立;同时,外部市场需求增加对低技术、加工贸易以及出口到发达国家或地区的企业的出口国内附加值率会产生更明显的积极影响。

贸易政策不确定性如何影响出口企业经营风险?

在“逆全球化”趋势加剧及贸易保护主义抬头的背景下,我国政策当局应考虑贸易政策的意外调整对于出口企业的风险冲击。利用中国工业企业与海关贸易匹配数据,对贸易政策不确定性与出口企业经营风险之间的关系进行实证检验。研究结果表明:贸易政策不确定性会显著增大出口企业经营风险,这一结果在进行了一系列稳健性检验后依然成立。机制分析发现:商业信用紧缩、生产成本上升以及融资约束加剧是上述影响的作用渠道;同时,金融市场化与贸易自由化能够显著调节两者间的正向关系。异质性分析发现:贸易政策不确定性对于进行一般贸易、贸易依存度较高以及出口目的地非贸易协定国的出口企业的风险冲击更大。基于此,我国政府部门应进一步夯实“稳外贸”与“防风险”工作,同时积极推进金融市场化与贸易自由化进程。

工业机器人应用促进了制造业企业出口吗?——基于陕西省上市公司的实证研究

以人工智能技术赋能企业出口是培育我国制造业国际竞争新优势的重要战略抓手。文章以陕西省制造业企业为例,就工业机器人应用对企业出口规模的影响及作用机制进行经验研究。研究结果表明,在样本中,工业机器人应用显著促进了企业出口规模的提升;异质性分析发现,工业机器人应用对非国有企业、规模较大、数字经济发展程度较高、劳动力成本较高企业的出口促进效应更为显著;机制分析发现,工业机器人应用通过提升企业研发创新水平和全要素生产率,进而实现了企业出口规模的提升。

Officials'Foreign Experience and Firms'Exports:Evidence from China

This study examines how the foreign experience of local oficials affects firms'exports in China.Using a matched sample from 2000 to 2012,we found that the foreign experience of municipal Party secretaries had a significant impact on the promotion of firms'exports,especially for private firms.This positive impact was more pronounced when officials went abroad at a younger age,stayed abroad for a longer period,returned to China for a longer time,and had greater promotion incentives.We found that officials'foreign experience helped to mitigate the negative impact of institutional distance and provided firms with better access to export subsidies,both of which could promote exporting.There was also a complementary effect when officials and executives both had foreign experience.Overall,our study provides some insights into the economic outcomes of officials'foreign experience and sheds light on the export performance of Chinese firms.

Impact of Controllable Factors on Export Performance of SMEs in Jordan

Exporting is of great interest for SMEs in Jordan from both microeconomic and macroeconomic perspective.The objective of this study was to identify to what extent specific internal factors contribute to export success of SMEs in Jordan.This study hypothesized that export performance of SMEs is directly affected by three groups of internal factors.These include firm characteristics,managerial characteristics,and marketing strategy.A multiple case approach is used to conduct this research and a structured interview is developed to collect the data directly from the participants.A pattern matching approach was used to test the hypotheses.The results show that export performance is positively affected by firm characteristics,managerial characteristics,and marketing strategy.Additionally,the demographic characteristics of managers and adaptation of distribution channels are unlikely to have an influence on export performance.This was unexpected,because of the plenty of empirical evidences in the literature that support the impact of these variables on export success.

低碳城市试点政策对出口企业绿色创新的影响

出口企业立足国内国际市场,紧随全球低碳发展趋势,紧贴国际绿色技术前沿,具备开展绿色创新的内在动力和技术资源,在低碳城市试点政策的约束与推动下,可能表现出更为活跃的创新意识与更加积极的创新行为。然而,现有研究大多忽视“出口-非出口”这一异质性视角,导致对于低碳城市试点政策的评估缺乏开放性维度。为此,该研究基于2004—2020年沪深两市A股出口上市公司的绿色专利申请数据,采用多期双重差分模型实证检验低碳城市试点政策对于中国出口企业绿色创新的影响,梳理其中的作用机制,并从所有制属性、污染程度、技术水平等多个维度开展异质性分析。结果表明:①低碳城市试点政策有效地激发了出口企业的绿色创新行为,实现了创新数量、创新质量和创新效率的同步提升。②与非出口企业相比,低碳城市试点政策对于出口企业绿色创新行为的正向激励效应更加显著。③低碳城市试点政策对于出口企业的绿色创新激励效应主要体现在非国有出口企业层面,对于国有出口企业的影响并不显著,同时该绿色创新激励效应在重污染出口企业与高新技术出口企业层面表现得更加显著。④低碳城市试点政策主要通过研发资金投入增加机制和海外业务拓展机制推动出口企业开展绿色创新。鉴于此,中国政府应继续优化低碳城市政策并“因地制宜”地扩大试点范围,同时要积极探索鼓励出口企业绿色创新的举措,如开展精准补贴,发展绿色贸易,加强国内外环境标准的对接等。

股权激励、风险承担与出口产品质量升级

出口产品质量升级过程中面临不确定性,需要企业代理人风险承担,但这一点在已有研究中被忽视。本文结合中国上市企业数据与海关数据,检验了企业股权激励引发的风险承担效应对出口产品质量的影响。基于倾向得分匹配-双重差分法解决内生性问题,结果显示企业股权激励计划对出口产品质量具有显著的促进作用。异质性分析显示,股权激励计划的促进作用在面临不确定性大的企业、出口到不确定性大的国家的产品、异质性产品、机构投资者持股比例低的企业样本中更明显。机制分析表明,企业出口产品质量提升受到了代理人风险承担意愿的影响,股权激励计划有利于企业克服风险规避进而提升出口产品质量。进一步,基于多产品企业,发现股权激励计划通过提升风险承担水平改变了企业的出口经营策略,促使企业出口向最高质量的核心产品进行聚焦。本文对于如何利用资本市场来推进贸易高质量发展提供了政策启示。

集群商业信用与企业出口模式——非正式融资渠道影响贸易高质量发展的微观证据

本文利用2000—2013年中国工业企业数据和海关贸易数据,系统考察了集群商业信用对中国制造业企业出口模式选择的影响及其背后的作用机制。研究结果表明,集群商业信用显著增加了企业的直接出口可能性。机制检验表明,融资约束的缓解是集群商业信用促进企业直接出口的重要渠道,并且在外部融资依赖度越高的行业,集群商业信用对企业选择直接出口模式的促进效应越大。异质性分析显示,集群商业信用对高生产率企业、民营企业以及高资本密集度企业选择直接出口模式的促进效应更强。最后,本文进一步考察了集群商业信用对在位企业出口模式转变的影响及其经济绩效,发现集群商业信用有利于促进间接出口企业向直接出口模式转变,这一转变对于企业出口附加值率、利润率以及产能利用率的提升都产生了明显的促进作用。本文深入探究了集群商业信用与企业出口模式之间的关系,既为全面评估集群商业信用这一非正式融资渠道的经济绩效提供了有力的微观依据,又为我国政府优化贸易模式、促进贸易高质量发展提供了有益的政策建议。

工业机器人应用与企业出口扩展边际

在多产品企业异质性贸易模型框架下,使用2005—2015年微观企业数据考察工业机器人应用对企业出口扩展边际的影响。研究发现,工业机器人应用有助于企业出口新产品、拓展新市场,实现出口扩展边际的增长。作用机制检验结果表明,上述效应主要通过提高企业生产率和促进数字技术应用两条路径实现的。异质性分析结果表明,工业机器人对企业出口扩展边际的促进作用在时间、区域、竞争策略、产品以及贸易方式方面具有异质性,具体体现在:工业机器人对企业出口扩展边际的影响存在时间递减效应与区域梯度差异;工业机器人在促进企业出口扩展边际增长时,既存在成本节约效应也存在产品质量提升作用;工业机器人对边缘产品的出口扩展比核心产品强,对加工贸易的冲击比一般贸易强。