金融市场化、融资约束与企业成本加成:来自中国制造业企业的证据

融资约束和成本加成亟需提升是中国制造业企业面临的双重难题,在经济转轨的宏观背景下,能否藉由中国金融市场化改革来破解这一困境?本文以2001—2007年中国制造业企业为样本的实证研究显示:融资约束阻碍了企业成本加成提升,而金融市场化能够有效缓解融资约束对企业成本加成的抑制效应;以工具变量、分样本及替代变量回归等方法进行的稳健性检验进一步证明了本文结论的稳健性。本文的研究结论为进一步推进金融市场化改革,以此作为融资难背景下中国制造业企业成本加成提升的有效路径提供了理论支撑。     

制造业投入服务化与中国出口企业加成率

本文将制造业投入服务化纳入扩展的M-O模型,分析了制造业投入服务化对出口企业加成率的影响及其作用机制,制造业投入服务化水平的提高通过促进产品质量升级进而提升出口企业加成率;在此基础上,本文利用世界投入产出表、中国工业企业数据和海关进出口数据的匹配数据,实证分析了制造业投入服务化对出口企业加成率的影响,证实了本文的理论命题;回归结果显示制造业投入服务化对于劳动密集型行业、竞争行业、非国有企业、退出企业和持续出口企业的加成率的影响尤为显著;本文构建中介效应模型,检验了二者的作用机制。     

贸易成本、异质性企业与扩大内需:理论框架与中国经验

扩大内需是现阶段稳定我国经济增长的关键因素之一。在现有异质性企业模型的基础上,本文通过建立一个异质性企业选择模型阐述了贸易成本对内部需求的影响机制。该模型表明贸易成本是影响企业国内外市场选择行为的关键因素,政府可以通过调节企业的相对贸易成本来实现扩大内部需求的目标。同时利用我国工业企业层面的数据,对模型进行了实证检验,检验结果符合理论模型的基本预测。     

Firms size and R&D spillovers: Evidence from Italy

The recent emergence in the industrial organization literature of a wave of studies identifying small firms as more innovative than their larger counterparts poses something of a paradox? Where do small firms get their knowledge generating inputs? The purpose of this paper is to link innovative inputs to innovative outputs. This enables the identification of the extent to which spillovers exist from major sources generating new economic knowledge, such as the research and development (R&;D) laboratories of private and public firms, as well as universities, to the innovative activity of large and small enterprises. Based on twenty Italian regions over a period of nine years, the emprical evidence suggests that, while firm R&;D expenditures contribute to the generation of innovative output for all firms, as well as for large and small firms, the spillovers from university research are apparently more important for small-firm innovation than for large-firm innovation.     

The Interaction Between Suppliers and Fraudulent Customer Firms: Evidence from Trade Credit Financing of Chinese Listed Firms

Journal of Business Ethics - This study investigates the interaction between suppliers and fraudulent customer firms from the perspective of reputation damage and reputation recovery. Specifically,...     

Origin of Foreign Direct Investment and Firm Performance: Evidence from Foreign Acquisitions of Chinese Domestic Firms

Using a newly created panel of domestic Chinese firms who receive foreign direct investment (FDI), this paper finds that Organisation of Economic Cooperation and Development (OECD)‐acquired firms outperform those acquired by investors from Hong Kong, Macao and Taiwan (HMT). To control for possible endogeneity of the FDI decision, I employ propensity score matching combined with a difference‐in‐differences approach. The results indicate that relative to HMT‐acquired firms, OECD‐acquired firms experience significantly higher productivity in the initial year of acquisition and this productivity differential persists in subsequent years, reaching 27.8 per cent by the third year. Further, OECD‐acquired firms exhibit higher profits, average wages and capital per worker compared to HMT‐acquired firms. These results suggest that the origin of the foreign investor differentially affects target firm performance.     

Trade Liberalisation and Economic Performance: Theory and Evidence for Developing Countries

The last five decades have witnessed a profound evolution of economic policy in developing countries, particularly in the case of trade strategies. Both internal, as well as external, factors have prompted the need for more outward‐oriented (or liberalised) trade policy regimes. The creation of the General Agreement on Tariffs and Trade (GATT) in 1947 and the World Trade Organisation (WTO) in 1995 have been important driving forces for free trade. Since then, the major quantitative barriers to trade, i.e. tariffs and non‐tariff barriers (quotas, licences and technical specifications, among other restrictions), have substantially been reduced or dismantled. Also, the progress towards more liberalised trade regimes, mainly in developing countries, has been manifested in the trade and development literature. Major studies suggest that the performance of more outward‐oriented economies is superior to that of those countries pursuing more inward‐looking trade practices (Greenaway and Nam, 1988; Dollar, 1992; Sachs and Warner, 1995; and Rodríguez and Rodrik, 2000). Recent developments in the international trade literature focus on the potential dynamic effects of trade liberalisation, i.e. simplification of tariff structures and elimination of non‐tariff barriers, in reducing the incentives to rent seeking and in accelerating the flow of technical knowledge from the world market. Moreover, there have been important advances regarding the study of trade liberalisation and its impact on exports, imports and the balance of payments, largely neglected in the literature, often driven by supply‐side considerations.     

Firm R&D,Absorptive Capacity and Learning by Exporting: Firm‐level Evidence from China

The absorptive capacity of firms developed through R&D promotes learning by exporting. In this paper, we estimate the instantaneous and long‐run productivity effects of exporting on the universe of Chinese manufacturing firms. We find that exporting has very different productivity effects for firms with different pre‐export R&D status. It has large and lasting productivity effects for firms with pre‐export R&D, while it has little effects for firms without pre‐export R&D. Furthermore, the effect of exporting increases with the number of years of pre‐export R&D investment.     

地区市场化进程、相对谈判能力与商业信用——来自中国制造业上市公司的经验证据

基于2003-2009年中国制造业上市公司,考察地区市场化进程不同的情况下,企业相对于主要供应商/客户的谈判能力对企业商业信用行为的影响。研究发现,企业的供应商和客户集中度越高,相对谈判能力越低,更可能提供商业信用,进一步发现在市场化进程较低地区,公司相对主要客户的谈判能力更弱,更有动机提供商业信用,而公司相对主要供应商的谈判能力增强,更可能获取商业信用。这不仅从企业的相对谈判能力视角拓展和深化了商业信用的竞争假说,而且从制度环境上,为更好理解转型经济环境下企业利用信用方式作为市场竞争手段以促进企业发展提供了一种可能的解释。     

Unemployment and Trade Liberalisation

In contrast to the focus of the public debate over trade liberalisation on job losses there is a widespread view among economists that unemployment and trade issues should be considered separately. This view cannot be justified theoretically, and ignores the growing number of general equilibrium trade models with unemployment. In a simple model with an exogenous wage floor, trade liberalisation can lead to either gains or losses depending on the production technology, severity of the factor market distortion, factor intensities of the industries and conditions in trading partners. Definite results can be derived about gains from liberalising trade with lower wage floors, about relative abundance of the unemployed factor dampening losses when trade is liberalised, and about gains when the good which uses the unemployed factor is exported. The theoretical models are then linked to the policy modelling literature, using the example of recent Australian controversies over liberalisation of trade in automobiles and textiles. It is argued that trade liberalisation would be better advanced by including endogenous employment in trade policy simulation exercises and by discussing employment effects rather than brushing them aside as temporary adjustment problems or regional difficulties.     

Trade Liberalisation,Economic Development and Poverty Alleviation

In a distinguished career spanning more than four decades, Jagdish Bhagwati has made numerous contributions to both trade theory and trade policy analysis. The current paper focuses on Bhagwati's major contribution to the ongoing debate surrounding the influence of trade liberalisation upon economic development and its potential to alleviate poverty in the world's poorest economies. In order to highlight Bhagwati's contributions in these fields we focus on the arguments developed in two of his numerous landmark publications; first his seminal 1964 paper on the Pure Theory of International Trade and, second, his 2004 book entitled In Defense of Globalization. Although separated in time by some four decades we argue that these two publications, despite their very different characters, each demonstrate beyond doubt the significance of Bhagwati's work in improving our understanding of the true nature of international trade and its potential to address questions of global poverty.     

贸易便利化对企业出口国内附加值率的影响——来自中国制造业企业的证据

在构建贸易便利化影响企业附加值贸易的理论框架基础上,文章采用中国制造业企业微观数据,实证检验了贸易便利化对企业出口国内附加值率（DVAR）的影响及其作用机制。研究发现：无论是采用贸易便利化综合指数,还是贸易便利化分领域指标,推进贸易便利化会显著提高企业出口DVAR。同时,相对于中西部企业、中低技术行业企业和本土企业而言,贸易便利化对东部企业、高技术行业企业和外资企业出口DVAR的促进作用更大。进一步机制检验发现,贸易便利化的相对价格渠道降低了企业出口DVAR,但通过成本加成渠道提高了企业出口DVAR,贸易便利化总体上对企业出口DVAR的净效应为正。上述结论意味着,推进贸易便利化改革对于提高企业出口DVAR和出口竞争力具有重要的现实意义。     

Trade Growth in a Heterogeneous Firm Model: Evidence from South Eastern Europe

In 2007 a free trade area (BFTA) will be created in the Balkans. In this paper we study BFTA‐induced trade growth in the SEE. Given that welfare impacts associated with trade growth depend on the growth channels, more goods and varieties exported or at higher price or more volume of exported goods and varieties, we study the structure of integration‐induced export growth in the Balkans. Given that no firm‐level trade data is available for the Balkans, we adopt the heterogeneous firm framework, which allows to decompose aggregate trade growth into intensive margin of trade and extensive margin of trade using only aggregate trade data. Our empirical findings predict that the BFTA would primarily increase the export volume through a growing number of shipments (the extensive margin of trade) suggesting that the actual welfare gains from the trade growth in the Balkans might in fact be larger than predicted in previous trade studies. We also found that reducing variable trade costs leads to higher export growth rates compared to reducing fixed trade costs by the same percentage.     

Trade Liberalisation and Economic Growth

There has been a long‐held belief that there is an association between economic growth and increased levels of international trade. However, more recent work has questioned this hypothesis and the re‐opening of the debate has identified two key areas of contention. One is the extent to which the effects of openness are conditional on factors omitted from the core regression relationship and hence how the hypothesis is tested. The other is the meaning and measurement of openness and liberalisation. This paper addresses both these areas by exploring the nature of heterogeneity in growth performance among liberalising countries using a difference‐in‐difference approach. The results show that, while in aggregate there appears to be a positive but small impact of trade liberalisation on growth, this masks a huge range of responses. Empirical analysis of this heterogeneity shows that a one‐size‐fits‐all policy is not necessarily the most effective, and suggests a case‐by‐case approach is more appropriate.     

Institutional Ownership and Private Equity Placements: Evidence from Chinese Listed Firms

This paper examines the impact of institutional ownership on the performance of private equity placements (PEPs) for listed firms in China. We find that the presence of institutional investors can alleviate the information asymmetries between listed firms and the market. The market reaction to PEP announcements is significantly smaller if there is a higher portion of institutional shareholdings. Long‐term firm operational performance after PEPs is positively correlated with institutional shareholdings. Moreover, we find that the relationship between institutional shareholdings and PEP performance is mainly driven by nonlisted corporate investors and mutual funds. Finally, the relationship between PEP performance and institutional shareholdings is stronger in smaller PEP issuers.