出口企业受重创

中国经济增长对出口过分依赖,全球金融风暴使中国的出口企业面临一次毁灭性打击,中国实体经济又怎能置身事外金融风暴席卷全球,对中国实体经济影响如何?各方观点不一。有人比较乐观,认为影响有限;也有人忧心忡忡,认为危机才刚刚开始,会进一步向纵深蔓延。     

人民币升值对中国船舶出口的影响

文章利用2008年第三季度与2013年第三季度之间人民币实际有效汇率数据与中国船舶出口交货值数据,以中国船舶贸易为中心,从汇率视角实证了人民币实际有效汇率提高如何对中国船舶出口产生影响。结果显示,人民币实际有效汇率每上升1个百分点,中国船舶出口交货值会上升32.25917个百分点。实证表明,人民币实际有效汇率的上升在现阶段对中国船舶出口是促进作用。     

Reconsidering the International Comovement of Inflation

In this paper we reconsider the degree of international comovement of inflation rates. We use a dynamic hierarchical factor model that is able to decompose Consumer Price Index (CPI) inflation in a panel of countries into (i) a factor common to all inflation series and all countries, (ii) a factor specific to a given sub-section of the CPI, (iii) a country group-factor and (iv) a country-specific component. With its pyramidal structure, the model allows for the possibility that the global factor affects the country-group factor and other subordinated factors but not vice versa. Using quarterly data for industrialized and emerging economies from 1996 to 2011 we find that about two thirds of overall inflation volatility is due to country-specific determinants. For CPI inflation net of food and energy, the global factor and the CPI basket-specific factor account for less than 20 % of inflation variation. Only energy price inflation in industrial economies is dominated by common factors.     

Firm-level interactions between exporting and productivity: Industry-specific evidence

This paper investigates interactions between exporting and productivity at the firm level, using a panel of firms in the UK chemical industry. This is both highly technology intensive and the UK’s largest exporting sector. We find exporters are more productive than non-exporters, but are also on average smaller. This superior productivity performance among exporters appears to be caused by both self-selection and learning-by-exporting effects. In contrast to other studies, we find learning effects are significantly positive among new entrants, weaker for more experienced exporters and negative for established exporters. JEL no. F14, D21, L65     

Firm-level interactions between exporting and productivity: Industry-specific evidence

This paper investigates interactions between exporting and productivity at the firm level, using a panel of firms in the UK chemical industry. This is both highly technology intensive and the UK’s largest exporting sector. We find exporters are more productive than non-exporters, but are also on average smaller. This superior productivity performance among exporters appears to be caused by both self-selection and learning-by-exporting effects. In contrast to other studies, we find learning effects are significantly positive among new entrants, weaker for more experienced exporters and negative for established exporters. JEL no. F14, D21, L65     

Multi-product firms and exporting: a developing country perspective

In this paper we make the distinction between single-product and multi-product firms to contribute to our understanding of the complex relationship between multinational enterprises (MNEs), exporting and economic development. Using firm-level data for Thailand we show that the number of goods produced causes a larger variation in exports volumes than production volumes. Whilst the number of products and the total volume of exports are positively correlated we find, in contrast to US studies, a negative correlation between the number of products produced and the volume of production per product. We then investigate the characteristics associated with multi-product firms and find a distinction between foreign-owned and domestic firms. The presence of foreign firms producing single products solely for the domestic market as well as those producing many products for export demonstrates the diversity of behaviour of foreign-owned firms in developing countries.     

Innovation and exporting: evidence from Spanish manufacturing firms

This paper investigates the relationship between innovation and the export behavior of firms using data from a representative panel of Spanish firms over 1991–2002. It presents a simple theoretical model of the firm decision to export and innovate that guides the econometric analysis. Consistent with the predictions of the theoretical model, the econometric results suggest a positive effect of firm innovation on the probability of participation in export markets. The results further reveal the heterogeneous effects of different types of innovations on the firm export participation. In particular, product upgrading appears to have a larger effect on the firm export participation than the introduction of cost-saving innovations. These findings are robust to firm unobserved heterogeneity, dynamic specifications, and to the use of instrumental variables to control for the potential endogeneity between innovation and exporting.     

Financial development, exporting and firm heterogeneity in Chile

Using plant-level data from the manufacturing sector of Chile for the period 1990–2000, this paper examines the effect of financial development on the probability of exporting at the plant level, with a special focus on the heterogeneous responses of plants with different characteristics. The main results are that an improvement in financial development increases the probability of exporting of more productive plants and those with foreign ownership operating in manufacturing sectors that are more dependent on external finance. Our estimates also show that financial development does not appear to improve the probability of exporting for relatively smaller and younger plants. This result suggests that, at least for the case of exporting in Chile, smaller and younger plants are not necessarily more likely to benefit than larger and older plants from improvements in access to credit.     

Importing,exporting and performance in sub-Saharan African manufacturing firms

This paper examines productivity differences between internationally trading and non-trading firms using data on a sample of firms from 19 sub-Saharan African countries. The paper provides the first evidence of whether exporters, importers and two-way traders perform better than non-traders, and whether there are differences in performance between different types of trading firms in sub-Saharan Africa. Our results indicate that exporters, importers and two-way traders perform better than non-exporters, non-importers and non-two-way traders. We further find that two-way traders perform better than importers only or exporters only, results largely consistent with recent results for other countries and regions. Considering information on export starters, continuers and exiters we also present some evidence suggesting that there is no significant difference in performance between export continuers and starters.     

The role of FDI in domestic exporting: Evidence from China

This paper investigates the impact of FDI on domestic exporting firms. We show that domestic firms respond to an increase in the presence of FDI by increasing their exports even though the increase in foreign presence can drive up production costs and make the domestic market more profitable. Our test case for this hypothesis is China, where we confirm the significant positive impact of FDI on domestic firms’ exports. This finding sheds light on the massive exports and rapid inflow of foreign investment that have been observed in China in the past three decades.     

新形势下西部外贸中小企业的发展策略

在外贸环境发生重大变化、竞争压力空前加剧的新形势下，地处我国西部，资金少、规模小的外贸中小企业将面临着如何生存和持续发展的严峻问题。本文立足于西部外贸中小企业的实际情况，围绕着如何发掘与培育企业核心竞争力，提出了适合西部外贸中小企业自身条件的可持续性发展策略。     

培育湖南家具业出口的“动态比较优势”

事物是动态发展的,湖南家具业对外贸易目前的比较优势并不是永恒的。只有升华静态比较优势,并从产品、品牌、人才及多元化的外贸方式上培育动态的比较优势,方可培植未来的核心竞争力。     

知识资产计量方法述评与反思

知识资产的计量问题一直被认为是知识资产会计推行中的最大障碍,目前管理学和会计学界探索研究的平衡记分卡法、知识记分卡法、斯堪的亚浏览器法、知识资产指数法、无形资产监视器法等,大都陷入了为了计量而创造计量方法的困境,探寻一条能够反映知识资产价值,满足知识资产报告有用性与相关性的计量方法,仍然是知识资产会计的一大难题。     

Impact of employment protection legislation on employment and exporting in select African countries

Labour market flexibility is an important issue in both development and labour economics. More flexibility in the labour market is believed to facilitate job creation, but also makes it easy for employers to terminate employment contracts and may be in conflict with the notion of decent jobs as promoted by the International Labour Organization and workers' unions. It is therefore not surprising that labour market flexibility or inflexibility has received a lot of attention in the extant literature. Using a sample of about 4700 firms from six African countries, we investigate the impact of restrictive labour regulation on a number of economic outcomes and find that more restrictive labour market regulations are detrimental to export propensity, export intensity, investment and employment. Policy-makers must be cautious, however, when implementing employment regulations as too flexible regulations may benefit employers at the expense of employees.     

Strategic R&D policy in a quality-differentiated industry with three exporting countries

We examine strategic research and development (R&D) policy for quality-differentiated products in a third-market trade model. We extend the previous work by adding a third exporting country, so that the market structure is international triopoly. We show that the presence of the third exporting country affects strategic R&D policies. With three exporting countries, the lowest-quality exporting country gains from taxing domestic R&D and the middle-quality exporting country gains from subsidizing domestic R&D under both Bertrand and Cournot competition. As in the duopoly case, however, the optimal unilateral policy for the highest-quality exporting country depends on the mode of competition. Various cases of policy coordination by exporting countries are also examined.     

Exchange rate exposure and risk management: The case of Japanese exporting firms

This paper investigates the relationship between Japanese firms’ exposure to the exchange rate risk and their risk management. Following Dominguez (1998) and others, we first estimate the firms’ exposure to the exchange rate risk by regressing their stock prices on the exchange rate and the market portfolio. We next investigate possible influences of various risk management measures on the firms’ foreign exchange exposure. Risk management variables include financial and operational hedging, the invoice currency choice, and the price revision strategy (pass-through) of 227 listed firms in 2009, which were collected from a questionnaire survey of Japanese firms listed in the Tokyo Stock Exchange. Our main findings are as follows: First, firms with greater dependency on sales in foreign markets have greater foreign exchange exposure, judged by the market. Second, the higher the US dollar invoicing share, the greater the foreign exchange exposure is, which can be reduced by both financial and operational hedging. Third, yen invoicing reduces foreign exchange exposure. These findings indicate that Japanese firms use a combination of risk management tools to mitigate the degree of exchange rate risk.     

Cooperation between Russia and the European Union: From importing to exporting technology

This article analyzes the trade and economic relations between Russia and European Union. It has been shown that the existing substantial qualitative imbalance in the mutual trade f lows is largely due to the level of development of innovation systems in Russia and the European Union. Arguments have been presented for implementing an import substitution strategy in regions of Russia in the existing political and economic situation (the sanctions against Russia and the depreciation of the ruble). Proposals have been presented for the development of import substitution in regions of Russia (in the case of the Vologda oblast).     

The impact of exporting on firm productivity: a meta-analysis of the learning-by-exporting hypothesis

We conduct a meta-analysis of more than 30 papers that study the causal relationship between exporting and firm productivity. Our main result, robust to different specifications and to different weights for each observation, indicates that the impact of exporting upon productivity is higher for developing than developed economies. We also find that the export effect tends to be higher (1) in the first year that firms start exporting (compared to later years); and (2) when the sample used in the paper is not restricted to matched firms. Moreover, we find no evidence of publication bias.