出口模式与企业加成率效应研究:基于中国企业层面数据的理论与实证
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摘要
文章基于扩展的MO模型,将企业出口模式选择和出口动态效应引入该模型加以讨论,论证了不同出口模式选择下加成率的效应,并进一步探究不同出口模式可能对企业加成率动态的异质性影响及作用渠道。文章认为出口模式选择通过"出口中学效应"和"需求冲击适应效应"分别从成本渠道和价格渠道影响企业加成率。在此基础上,基于中国工业企业和海关数据库再进行实证研究,结果显示:(1)静态来看,直接出口企业加成率高于间接出口企业;(2)动态来看,企业间接出口后加成率下降,而直接出口后企业加成率提升;(3)东部地区、资本密集型行业和民营企业表现出更大的动态"加成率效应";(4)针对理论模型中影响渠道的检验显示,直接出口企业的正向"出口中学效应"和"需求冲击适应效应"均显著超过间接出口企业。
Based on the extended MO model,this paper introduces the export mode selection and export dynamic effects of the firms to the model.It proves the decision of markups under different export mode and the role of channels.This paper argues that the export mode choice will influence firm-level markups from the cost channel and the price channel through the " learning by exporting effects" and the "demand shock adjusting effects" respectively.On that basis,the empirical research on Chinese industrial firms and customs database shows that:(1) the static markups of direct export firms are higher than that of indirect export ones;(2)dynamically,markups of indirect firms decrease while direct firms increase;(3) the eastern region,capital-intensive industries and private domestic firms show greater dynamic markup effects;(4) empirical test of potential channel shows that both positive " learning by exporting effects" and " demand shock adjusting effects" of the direct export firms are significantly higher than those of the indirect export ones.The above conclusion means that,we should focus on export mode selection to promote export firms achieving higher prices and better quality.
Based on the extended MO model,this paper introduces the export mode selection and export dynamic effects of the firms to the model.It proves the decision of markups under different export mode and the role of channels.This paper argues that the export mode choice will influence firm-level markups from the cost channel and the price channel through the " learning by exporting effects" and the "demand shock adjusting effects" respectively.On that basis,the empirical research on Chinese industrial firms and customs database shows that:(1) the static markups of direct export firms are higher than that of indirect export ones;(2)dynamically,markups of indirect firms decrease while direct firms increase;(3) the eastern region,capital-intensive industries and private domestic firms show greater dynamic markup effects;(4) empirical test of potential channel shows that both positive " learning by exporting effects" and " demand shock adjusting effects" of the direct export firms are significantly higher than those of the indirect export ones.The above conclusion means that,we should focus on export mode selection to promote export firms achieving higher prices and better quality.
引文
[1]Abadie A,Imbens G..Large Sample Properties of Matching Estimators for Average Treatment Effects[J].Econometrica,2006,74(1):235-267.
[2]Abel-Koch J..Who Uses Intermediaries in International Trade?Evidence from Firm-level Survey Data[J].World Economy,2013,36(8):1041-1064.
[3]Ackerberg D,Caves K,Frazer G..Identification Properties of Recent Production Function Estimators[J].Econometrica,2015,83(6):2411-2451.
[4]Ahn J,Khandelwal A,Wei S..The Role of Intermediaries in Facilitating Trade[J].Journal of International Economics,2011,84(1):73-85.
[5]Akerman A..A Theory on the Role of Wholesalers in International Trade Based on Economies of Scope[J].Research Papers in Economics from Stockholm University,Department of Economics,2010.
[6]Antoniades A..Heterogeneous Firms,Quality,and Trade[J].Journal of International Economics,2015,95(2):263-273.
[7]Aw B Y,Roberts M J,Xu D..R&D Investment,Exporting,and Productivity Dynamics[J].American Economic Review,2011,101(4):1312-1344.
[8]Bai X,Krishna K,Ma H..How You Export Matters:Export Mode,Learning and Productivity in China[J].Journal of International Economics,2017,104(1):122-137.
[9]Bellone F,Musso P,Nesta L,et al..International Trade and Firm-Level Markups When Location and Quality Matter[J].Journal of Economic Geography,2016,16(1):67-91.
[10]Berman N,Berthou A,Héricourt J..Export Dynamics and Sales at Home[J].Journal of International Economics,2015,96(2):298-310.
[11]Bernard A,Grazzi M,Tomasi C..Intermediaries in International Trade:Products and Destinations[J].Review of Economics and Statistics,2015,97(4):916-920.
[12]Bernard A,Jensen J,Redding S,Schott P..Wholesalers and Retailers in US Trade[J].American Economic Review,2010,100(2):408-413.
[13]Blum B,Claro S,Horstmann I..Facts and Figures on Intermediated Trade[J].American Economic Review,2010,100(2):419-423.
[14]Brandt L,Van Biesebroeck J,Zhang Y..Creative Accounting or Creative Destruction?Firm-Level Productivity Growth in Chinese Manufacturing[J].Journal of Development Economics,2012,97(2):339-351.
[15]Crozet M,Lalanne G,Poncet S..Wholesalers in International Trade[J].European Economic Review,2013,58(2):1-17.
[16]Dai M,Maitra M,Yu M..Unexceptional Exporter Performance in China?The Role of Processing Trade[J].Journal of Development Economics,2016,121:177-189.
[17]Das S,Roberts M J,Tybout J R..Market Entry Costs,Producer Heterogeneity,and Export Dynamics[J].Econometrica,2007,75(3):837-873.
[18]Dasgupta C,Mondria J..Quality Uncertainty and Intermediation in International Trade[J].University of Toronto Department of Economics Working Paper,No.462,2012.
[19]De Loecker J..Product Differentiation,Multiproduct Firms,and Estimating the Impact of Trade Liberalization on Productivity[J].Econometrica,2011,79(5):1407-1451.
[20]Du J,Lu Y,Tao Z,Yu L..Do Domestic and Foreign Exporters Differ in Learning by Exporting?Evidence from China[J].China Economic Review,2012,23(2):296-315.
[21]Fan H,Li Y A,Yeaple S R..Trade Liberalization,Quality,and Export Prices[J].Review of Economics and Statistics,2015,97(5):1033-1051.
[22]Felbermayr G,Jung B..Trade Intermediation and the Organization of Exporters[J].Review of International Economics,2011,19(4):634-648.
[23]Fernandes A P,Tang H..Learning To Export From Neighbors[J].Journal of International Economics,2014,94(1):67-84.
[24]Heckman J J,Ichimura H,Todd P E..Matching as an Econometric Evaluation Estimator[J].Review of Economic Studies,1998,65(2):261-294.
[25]Helpman E,Melitz M J,Yeaple S R..Export Versus FDI with Heterogeneous Firms[J].American Economic Review,2004,94(1):300-316.
[26]Hottman C,Redding S J,Weinstein D E..Quantifying the Sources of Firm Heterogeneity[J].Quarterly Journal of Economics,2016,131(3):1291-1364.
[27]Hummels D,Klenow P J..The Variety and Quality of a Nation's Exports[J].American Economic Review,2005,95(3):704-723.
[28]Koenker R,Bassett G..Regression Quantiles[J].Econometrica,1978,46(1):33-50.
[29]Kugler M,Verhoogen E..Prices,Plant Size,and Product Quality[J].Review of Economic Studies,2012,79(1):307-339.
[30]Levinsohn J,Petrin A..Estimating Production Functions Using Inputs to Control for Unobservables[J].Review of Economic Studies,2003,70(2):317-341.
[31]Manova K..Credit Constraints,Heterogeneous Firms,and International Trade[J].Review of Economic Studies,2013,80(2):711-744.
[32]Mc Cann F..Indirect Exporters[J].Journal of Industry Competition and Trade,2013,13(4):519-535.
[33]Melitz M J,The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity[J].Econometrica,2003,71(6):1695-1725.
[34]Melitz M J,Ottaviano G I P..Market Size,Trade,and Productivity[J].Review of Economic Studies,2008,75(1):295-316.
[35]Poncet S,Xu M..Quality Screening and Trade Intermediaries:Evidence from China[J].CEPII Working Paper,No.2015-20,2015.
[36]Powell D..Quantile Regression with Nonadditive Fixed Effects[J].RAND Labor and Population Working Paper,2015.
[37]Tang H,Zhang Y..Quality Differentiation and Trade Intermediation[J].University of Milano Working Papers,No.340,2012.
[38]Tian W,Yu M..Firm R&D,Processing Trade and Input Trade Liberalisation:Evidence from Chinese Firms[J].World Economy,2017,40(2):297-313.
[39]Yu M..Processing Trade,Tariff Reductions and Firm Productivity:Evidence from Chinese Firms[J].Economic Journal,2015,125(585):943-988.
[40]Zhang H,Zhu L..Markups and Exporting Behavior of Foreign Affiliates[J].Journal of Comparative Economics,2017,45(3):445-455.
[41]黄先海,诸竹君,宋学印.中国出口企业阶段性低加成率陷阱[J].世界经济,2016(3):95-117.
[42]黄先海,诸竹君,宋学印.中国中间品进口企业“低加成率之谜”[J].管理世界,2016(7):23-35.
[43]简泽,段永瑞.企业异质性、竞争与全要素生产率的收敛[J].管理世界,2012(8):15-29.
[44]蒋冠宏.融资约束与中国企业出口方式选择[J].财贸经济,2016(5):106-118.
[45]刘啟仁,黄建忠.异质出口倾向、学习效应与“低加成率陷阱”[J].经济研究,2015(12):143-157.
[46]马林梅.企业规模异质性与出口模式选择:间接、混合与直接出口[J].当代财经,2014(9):98-109.
[47]马林梅,张群群.企业生产率与出口模式选择---零出口、间接出口与直接出口[J].国际经贸探索,2016(6):33-47.
[48]毛毅.企业间接出口方式选择的影响因素研究---基于中国微观企业的实证分析[J].国际贸易问题,2014(12):48-56.
[49]盛丹,王永进.中国企业低价出口之谜---基于企业加成率的视角[J].管理世界,2012(5):8-23.
[50]诸竹君,黄先海,宋学印.中国企业对外直接投资促进了加成率提升吗?[J].数量经济技术经济研究,2016(6):77-93.
(1)国内销售额(home rev.)和出口交货值(export rev.)均为对数值。
(2)εijrt中r表示出口目的国,根据相关文献可知需求冲击包含两部分:一是出口目的国特定冲击,二是企业-出口目的国特定冲击(Fernandes和Tang,2014),前者可以通过引入出口目的国-年份固定效应进行控制,后者则是出口目的国对企业产品的偏好程度(Appeal),可以通过企业出口产品质量作为代理变量(Hottman等,2016)。基准模型中本文重点研究不同出口模式加成率效应的异质性,因此控制市场层面需求冲击,渠道检验时将会研究企业层面需求冲击的影响。
(3)参考黄先海等(2016b)的测算方法,本文通过企业的外源融资情况(利息率)作为融资约束的代理变量。利息率=利息合计/固定资产合计。
(4)本文通过计算各企业实收资本中境外资本占比作为外资比例(forshare)的代理变量。
(1)根据本文对间接出口企业的界定,间接出口企业仅出现在工业企业数据库,无法通过海关数据库直接测算出口产品质量。
(1)这部分具体的处理过程是:第一,筛选2004年7月由间接出口转为直接出口的企业,根据2004年修订通过的《中华人民共和国对外贸易法》自2004年7月1日起取消对自营出口权限制,因此当年不满足注册资本要求的企业可进行直接出口,本文假定企业无法准确预测政策改变,并且在半年内产品质量并未发生明显变动,此时可通过2004年7月至12月的出口量测算当年“替代产品质量”;第二,以2004~2006年检验上述直接出口企业产品质量的动态变化。
[2]Abel-Koch J..Who Uses Intermediaries in International Trade?Evidence from Firm-level Survey Data[J].World Economy,2013,36(8):1041-1064.
[3]Ackerberg D,Caves K,Frazer G..Identification Properties of Recent Production Function Estimators[J].Econometrica,2015,83(6):2411-2451.
[4]Ahn J,Khandelwal A,Wei S..The Role of Intermediaries in Facilitating Trade[J].Journal of International Economics,2011,84(1):73-85.
[5]Akerman A..A Theory on the Role of Wholesalers in International Trade Based on Economies of Scope[J].Research Papers in Economics from Stockholm University,Department of Economics,2010.
[6]Antoniades A..Heterogeneous Firms,Quality,and Trade[J].Journal of International Economics,2015,95(2):263-273.
[7]Aw B Y,Roberts M J,Xu D..R&D Investment,Exporting,and Productivity Dynamics[J].American Economic Review,2011,101(4):1312-1344.
[8]Bai X,Krishna K,Ma H..How You Export Matters:Export Mode,Learning and Productivity in China[J].Journal of International Economics,2017,104(1):122-137.
[9]Bellone F,Musso P,Nesta L,et al..International Trade and Firm-Level Markups When Location and Quality Matter[J].Journal of Economic Geography,2016,16(1):67-91.
[10]Berman N,Berthou A,Héricourt J..Export Dynamics and Sales at Home[J].Journal of International Economics,2015,96(2):298-310.
[11]Bernard A,Grazzi M,Tomasi C..Intermediaries in International Trade:Products and Destinations[J].Review of Economics and Statistics,2015,97(4):916-920.
[12]Bernard A,Jensen J,Redding S,Schott P..Wholesalers and Retailers in US Trade[J].American Economic Review,2010,100(2):408-413.
[13]Blum B,Claro S,Horstmann I..Facts and Figures on Intermediated Trade[J].American Economic Review,2010,100(2):419-423.
[14]Brandt L,Van Biesebroeck J,Zhang Y..Creative Accounting or Creative Destruction?Firm-Level Productivity Growth in Chinese Manufacturing[J].Journal of Development Economics,2012,97(2):339-351.
[15]Crozet M,Lalanne G,Poncet S..Wholesalers in International Trade[J].European Economic Review,2013,58(2):1-17.
[16]Dai M,Maitra M,Yu M..Unexceptional Exporter Performance in China?The Role of Processing Trade[J].Journal of Development Economics,2016,121:177-189.
[17]Das S,Roberts M J,Tybout J R..Market Entry Costs,Producer Heterogeneity,and Export Dynamics[J].Econometrica,2007,75(3):837-873.
[18]Dasgupta C,Mondria J..Quality Uncertainty and Intermediation in International Trade[J].University of Toronto Department of Economics Working Paper,No.462,2012.
[19]De Loecker J..Product Differentiation,Multiproduct Firms,and Estimating the Impact of Trade Liberalization on Productivity[J].Econometrica,2011,79(5):1407-1451.
[20]Du J,Lu Y,Tao Z,Yu L..Do Domestic and Foreign Exporters Differ in Learning by Exporting?Evidence from China[J].China Economic Review,2012,23(2):296-315.
[21]Fan H,Li Y A,Yeaple S R..Trade Liberalization,Quality,and Export Prices[J].Review of Economics and Statistics,2015,97(5):1033-1051.
[22]Felbermayr G,Jung B..Trade Intermediation and the Organization of Exporters[J].Review of International Economics,2011,19(4):634-648.
[23]Fernandes A P,Tang H..Learning To Export From Neighbors[J].Journal of International Economics,2014,94(1):67-84.
[24]Heckman J J,Ichimura H,Todd P E..Matching as an Econometric Evaluation Estimator[J].Review of Economic Studies,1998,65(2):261-294.
[25]Helpman E,Melitz M J,Yeaple S R..Export Versus FDI with Heterogeneous Firms[J].American Economic Review,2004,94(1):300-316.
[26]Hottman C,Redding S J,Weinstein D E..Quantifying the Sources of Firm Heterogeneity[J].Quarterly Journal of Economics,2016,131(3):1291-1364.
[27]Hummels D,Klenow P J..The Variety and Quality of a Nation's Exports[J].American Economic Review,2005,95(3):704-723.
[28]Koenker R,Bassett G..Regression Quantiles[J].Econometrica,1978,46(1):33-50.
[29]Kugler M,Verhoogen E..Prices,Plant Size,and Product Quality[J].Review of Economic Studies,2012,79(1):307-339.
[30]Levinsohn J,Petrin A..Estimating Production Functions Using Inputs to Control for Unobservables[J].Review of Economic Studies,2003,70(2):317-341.
[31]Manova K..Credit Constraints,Heterogeneous Firms,and International Trade[J].Review of Economic Studies,2013,80(2):711-744.
[32]Mc Cann F..Indirect Exporters[J].Journal of Industry Competition and Trade,2013,13(4):519-535.
[33]Melitz M J,The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity[J].Econometrica,2003,71(6):1695-1725.
[34]Melitz M J,Ottaviano G I P..Market Size,Trade,and Productivity[J].Review of Economic Studies,2008,75(1):295-316.
[35]Poncet S,Xu M..Quality Screening and Trade Intermediaries:Evidence from China[J].CEPII Working Paper,No.2015-20,2015.
[36]Powell D..Quantile Regression with Nonadditive Fixed Effects[J].RAND Labor and Population Working Paper,2015.
[37]Tang H,Zhang Y..Quality Differentiation and Trade Intermediation[J].University of Milano Working Papers,No.340,2012.
[38]Tian W,Yu M..Firm R&D,Processing Trade and Input Trade Liberalisation:Evidence from Chinese Firms[J].World Economy,2017,40(2):297-313.
[39]Yu M..Processing Trade,Tariff Reductions and Firm Productivity:Evidence from Chinese Firms[J].Economic Journal,2015,125(585):943-988.
[40]Zhang H,Zhu L..Markups and Exporting Behavior of Foreign Affiliates[J].Journal of Comparative Economics,2017,45(3):445-455.
[41]黄先海,诸竹君,宋学印.中国出口企业阶段性低加成率陷阱[J].世界经济,2016(3):95-117.
[42]黄先海,诸竹君,宋学印.中国中间品进口企业“低加成率之谜”[J].管理世界,2016(7):23-35.
[43]简泽,段永瑞.企业异质性、竞争与全要素生产率的收敛[J].管理世界,2012(8):15-29.
[44]蒋冠宏.融资约束与中国企业出口方式选择[J].财贸经济,2016(5):106-118.
[45]刘啟仁,黄建忠.异质出口倾向、学习效应与“低加成率陷阱”[J].经济研究,2015(12):143-157.
[46]马林梅.企业规模异质性与出口模式选择:间接、混合与直接出口[J].当代财经,2014(9):98-109.
[47]马林梅,张群群.企业生产率与出口模式选择---零出口、间接出口与直接出口[J].国际经贸探索,2016(6):33-47.
[48]毛毅.企业间接出口方式选择的影响因素研究---基于中国微观企业的实证分析[J].国际贸易问题,2014(12):48-56.
[49]盛丹,王永进.中国企业低价出口之谜---基于企业加成率的视角[J].管理世界,2012(5):8-23.
[50]诸竹君,黄先海,宋学印.中国企业对外直接投资促进了加成率提升吗?[J].数量经济技术经济研究,2016(6):77-93.
(1)国内销售额(home rev.)和出口交货值(export rev.)均为对数值。
(2)εijrt中r表示出口目的国,根据相关文献可知需求冲击包含两部分:一是出口目的国特定冲击,二是企业-出口目的国特定冲击(Fernandes和Tang,2014),前者可以通过引入出口目的国-年份固定效应进行控制,后者则是出口目的国对企业产品的偏好程度(Appeal),可以通过企业出口产品质量作为代理变量(Hottman等,2016)。基准模型中本文重点研究不同出口模式加成率效应的异质性,因此控制市场层面需求冲击,渠道检验时将会研究企业层面需求冲击的影响。
(3)参考黄先海等(2016b)的测算方法,本文通过企业的外源融资情况(利息率)作为融资约束的代理变量。利息率=利息合计/固定资产合计。
(4)本文通过计算各企业实收资本中境外资本占比作为外资比例(forshare)的代理变量。
(1)根据本文对间接出口企业的界定,间接出口企业仅出现在工业企业数据库,无法通过海关数据库直接测算出口产品质量。
(1)这部分具体的处理过程是:第一,筛选2004年7月由间接出口转为直接出口的企业,根据2004年修订通过的《中华人民共和国对外贸易法》自2004年7月1日起取消对自营出口权限制,因此当年不满足注册资本要求的企业可进行直接出口,本文假定企业无法准确预测政策改变,并且在半年内产品质量并未发生明显变动,此时可通过2004年7月至12月的出口量测算当年“替代产品质量”;第二,以2004~2006年检验上述直接出口企业产品质量的动态变化。