Export intensity of foreign subsidiaries of multinational enterprises: The role of trade finance availability

We examine the relationship between the role of trade finance availability and the export intensity of foreign subsidiaries of multinational enterprises (MNEs). In developing our hypotheses, we draw upon insights derived from “new” internalisation theory (international business literature) and international trade finance (international economics literature). We empirically test these hypotheses using survey data compiled from subsidiary managers in six ASEAN countries, supplemented with host-country level data. We conceptualise, empirically test, and establish that the subsidiary-level capability in combining and utilising internal and external debts is an important subsidiary-specific advantage to support export intensity. We find that subsidiaries employ intra-firm loans from MNE internal capital markets and, to some extent, bank loans from external financial institutions to boost their export intensity. Subsidiaries may have concerns about foreign exchange risks, but the use of appropriate foreign exchange risk management is positively associated with export intensity. We discuss the implications of our findings for theory and practice.     

The mediating role of export-oriented Japanese foreign direct investment in China

Since the early 1990s, China has become the largest destination of Japanese foreign direct investment （FDI）. Observing this trend, the authors analyzed whether Japanese FDI did promote exports from China to the rest of the world, and more importantly, whether this is a strategy adopted by Japanese multinationals to penetrate not only the Chinese market but also the global market. This analysis takes into account not only the direct effects of FDI on exports, but also the indirect effects, by examining the mediating role of export oriented Japanese FDI in China from 1998 to 2007 through panel analysis. The study contributes to the conceptual framework of indirect relationship among the macroeconomic variables, FDI and exports provides some insights into the strategy of export oriented Japanese FDI in creating a win-win platform for Japan and China.     

当前中国出口退税率调整对出口额的影响研究

随着全球经济的复苏,今年第一季度中国对外贸易恢复性增长势头良好。以中国为应对2008年金融危机造成的出口下滑,国家再度提高出口退税率作为研究背景。通过对出口退税率和出口额关系进行回归分析,得出出口退税率对出口额影响显著,以评价出口退税政策的客观效果。然而,强化提高劳动密集型产业的退税率,不利于中国出口产业结构的调整,而且退税率频繁变动,会干扰企业正常的经营决策。进而提出建立合理的、较为稳定的退税制度,促进中国经济增长方式转变和产业结构的升级,实现党中央可持续性发展的战略方针。     

贸易环境对我国出口影响的实证分析

以我国1995年1月至2009年10月出口贸易的月度数据为基础,实证分析了贸易环境的变化对我国出口的影响,结果显示:实际有效汇率的上升(人民币贬值)对我国一般贸易出口、加工贸易出口和制成品出口具有正面作用;汇率波动率越大,我国的出口贸易额就越少;我国出口贸易的收入弹性较高,一般贸易出口和制成品出口对收入的敏感性也较强;加入WTO、采取出口退税和人民币汇率改革3项贸易政策从长期来看,促进了我国出口贸易的增长。     

沪港服务输出的比较研究

随着全球经济的快速发展,服务贸易在国际经济中的地位迅速提高,并逐渐成为衡量一国或地区国际竞争力的重要标准。沪港作为中国服务贸易发展较快的两个地区,而且又是未来东亚乃至全球经济中心的潜在竞争对手,所以两者在一定程度上具有可比性。因此,从三个方面对沪港两地的服务输出比较研究,发现它们之间存在较大的差异,并从差异原因的分析中总结出两地服务输出发展的成功经验,以期为北京、广州等地提供借鉴。两地在未来关系的发展中,应相互合作,实现共赢。     

Latin American Growth and Exports to China*

ABSTRACT

After 2001, the booming trade between China and Latin American and the Caribbean countries (LAC) has led to concerns about a potential ‘resource curse’ and losses in manufacturing due to rising import competition. Little attention was paid to potential gains to LAC from growing Chinese demand for commodities. I address this issue empirically adopting a difference-in-difference framework and find that China's demand did deliver significantly higher growth rates to LAC exporters over the last decade and a half.     

Impact of exchange rate movements on exports: An analysis of Indian non-financial sector firms

We explore the real effective exchange rate (REER) effects on the share of exports of Indian non-financial sector firms for the period 2000–2010. Our empirical analysis reveals that, on average, there has been a strong and significant negative impact from currency appreciation and currency volatility on Indian firms' export shares. Labor costs are found to intensify the exchange rate effects on trade. Further, there is evidence that the Indian firms considered here respond asymmetrically to exchange rates. For instance, the REER change effect is more likely to be driven by a negative appreciation effect than a depreciation effect. Also, Indian firms that have smaller export shares tend to have a stronger response to both REER change and volatility. Compared with those exporting goods, firms that export services are more affected by exchange rate fluctuations. The findings, especially those on asymmetric responses, have important policy implications.     

Location,internationalization and performance of firms in Italy: a multilevel approach

Competition is increasingly global. However, location still matters: often firms cluster in the same geographic areas in order to exploit locational externalities and improve their competitiveness. This article analyses how Italian firms' performance, proxied by their propensity to export, depends both on geographical and institutional context and on individual characteristics. Using a multilevel approach, we estimate and distinguish the effect of individual (firm level) and context (province level) variables on the performance of internationalized Italian firms. We show that both firms and province heterogeneity shape the results.     

Export Dynamics,Strategies and Performance within Japan's Machine-Tool Industry

Despite increased global market competition, Japan remains a leading producer of metal-cutting machinery. Exporting plays an important role in firm-level strategies, an approach that has occurred with much success in many of Japan's capital goods sectors. This article examines the dynamics of exporting within Japan's machine-tool sector in the context of recent industry changes and in terms of evolving product make-up. Evidence from a recent series of interviews mainly conducted in 2006 suggests that firms use a variety of strategies to succeed in export markets, with an emphasis on increased precision and service. These strategies continue to keep many Japanese producers in prominent market positions, despite spatial redistributions of world manufacturing activities.     

Entry to foreign markets and productivity: Evidence from a matched sample of Turkish manufacturing firms

We examine the effects of international trading activities of firms on creating productivity gains in Turkey by using a recent firm-level data set over the period 2003–2010. We establish treatment models and investigate the productivity improvements of firms through trade by using propensity score matching techniques together with difference-in-difference estimates. Three different groups of treatment are constructed: (1) firms that are involved only with import activities, (2) firms that are involved only with export activities and (3) firms that are involved with both export and import activities. The results of the study suggest that both exporting and importing have positive significant effects on total factor productivity (TFP) and labour productivity (LP) of firms. Importing is found to have a greater impact on productivity of firms compared to exporting. Further, two-way trade is found to have more significant effects than those of one-way trade on firm productivity. Finally, our results indicate that international trade has greater impact on LP rather than TFP of firms.