摘要
本文通过拓展Kee和Tang(2016)模型揭示了金融业开放对企业出口国内增加值率的影响机理,并利用中国工业企业与海关贸易匹配数据进行检验。研究发现:金融业开放显著提高了中国企业出口国内增加值率,这一结果在进行一系列稳健性检验后依然成立;从分企业类型来看,金融业开放对出口国内增加值率的正向效应随着加工贸易类型企业出口比重的提高而减弱,对民营和外资企业以及高技术企业的促进作用明显;从地区差异来看,金融业开放对东中部地区企业的影响显著,并且地区金融发展水平进一步强化了金融业开放的促进作用;中间机制检验结果表明,金融业开放带来的融资约束纾解通过成本加成和研发创新两个渠道影响企业出口国内增加值率。本文结论不仅有助于深入理解扩大金融业开放对中国企业转型升级的重要推动作用,同时也为政府部门持续推进金融市场改革以及促进制造业高质量发展提供有益参考。
This paper extended the Kee and Tang(2016)model to explore the impact mechanism of the financial openness on the firms’domestic value-added rate in exports(EDVAR),and conducted an empirical test by employing matched Chinese Industrial Enterprises data and Customs Trade data.The result shows that the financial openness has significantly improved the firms’EDVAR,which is still stable after a series of robustness tests.In view of enterprise types,the positive effect of financial openness on EDVAR diminishes by the increasing proportion of processing firms’export,and it is more prominent in private and foreign firms as well as high-tech firms.From the perspective of regional differences,the effect is more significant on firms in the eastern and central regions,and the regional financial development further strengthens such positive impact.The mediating effect indicates that the financial constraint relief brought by the financial openness affects the firms’EDVAR through two channels:mark-up promotion and innovation.These findings not only help us to understand the important role of the financial openness in promoting the transformation and upgrading of Chinese firms,but also provide useful references for the government to continuously push on the financial market reform and promote the high-quality development of manufacturing.
作者
李宏亮
谢建国
杨继军
LI Hongliang;XIE Jianguo;YANG Jijun
出处
《国际贸易问题》
CSSCI
北大核心
2021年第7期54-73,共20页
Journal of International Trade
基金
国家自然科学基金面上项目“国际贸易网络的拓扑结构及其对经济周期同步化的影响研究”(编号:71973059)
国家社会科学基金青年项目“人工智能推动中国制造业全球价值链攀升的影响机理与路径研究”(19CGL021)
教育部人文社会科学研究项目基金“比较优势迁移、生产重构与大国贸易利益分配研究:机制、影响与评估”(20YJA790074)
