摘要
本文从服务业中间品市场开放的视角,研究了我国服务业外资参股的政策调整对下游制造企业出口的影响。首先,我们构建一个企业贸易理论框架,从理论上证明了服务业中间品的开放通过成本渠道影响制造业企业的出口,并且企业的管理效率对服务业的作用发挥存在显著影响。接着,本文基于《中华人民共和国服务贸易具体承诺减让表》和国家发改委颁布"关于外资参股服务业"的相关文件,通过量化外资参股的政策变化,刻画出1997—2007年我国服务业的外资开放和限制变化程度,并进一步通过服务业中间品投入产出比例,匹配的企业信息,检验了对出口的影响。结果和理论基本吻合:首先,服务业允许外资参股的政策显著提高了下游制造业的出口倾向和出口额;其次,服务业开放对企业出口的积极作用在管理效率高的企业表现更为显著;在考虑内生性以及使用替换变量等检验后,结果仍然稳健。因此,服务中间品市场的开放改革,可以进一步优化我国出口市场结构,提高出口绩效。
Summary ： China has been pursuing an opening-up policy focused on the manufacturing sector for more than 30 years. The opening of services started after China＇s WTO accession with the elimination of foreign equity restrictions. Because services are important intermediate goods in manufacturing, the impact on downstream manufacturing firms＇ behavior is important to measure when considering the gains brought by service opening. This paper investigates the heterogeneous effects of services opening on downstream manufacturing export performance both theoretically and empirically. It constructs a firm-level trade model to clarify the export effect of upstream service opening and then measures the impact of the foreign equity restriction policy adjustment. Recent studies focus on the trickle-down effects of services opening on downstream manufacturing firms＇ productivity （Bas ＆ Causa, 2013; Blour^s et al., 2013; Arnold et al., 2016）. We extend this topic by exploring the relationship between service opening and manufacturing firms＇ export performance. From a theoretical perspective, the export promotion effects of service opening result from not only improvements in productivity but also reductions in export costs. This paper is the first to investigate how service opening affects firms＇ export performance with different levels of managerial efficiency. On the one hand, firms with a high level of managerial efficiency tend to choose the most suitable service input when facing the same opening in services （Lev ＆ Radhakrishnan, 2005）. On the other hand, firms with a high level of managerial efficiency use their service inputs better （ Lev ＆ Radhakrishnan, 2005 ; Bloom et al., 2008 ）. Firm heterogeneity in managerial efficiency is therefore key to understanding the different gains from service opening at the firm level. This paper develops a firm-level theoretical framework to prove that service sector opening has affected manufacturing firms＇ export performance by reducing costs. The effect of service opening on firm export performance depends on firms＇ managerial efficiency. Using the Schedule of Specific Commitments on Services of China and official documents about foreign equity in the service sector issued by the Chinese government, we measure the opening of services from the perspective of foreign equity restrictions, which removed the full prohibition of foreign investment, restrictions on majority holdings and limits on total foreign ownership. Next, we use input-output tables to measure the openness of the upstream service sector between 1997 and 2007 and match manufacturing firm-level data provided by the National Bureau of Statistics of China to test the relationship between the openness of the service sector and downstream firms＇ export performance. The results show that removing restrictions on foreign equity limits in the service sector significantly increases the probability of exporting and the extent of export sales by downstream manufacturing firms. However, the effect weakens with increasing openness to foreign equity. We also find that the effect from service sector opening is stronger for firms with greater managerial efficiency. The core findings are robust to alternative measures of service openness, excluding processing firms and specifications that deal with potential reverse causality concerns. The results suggest that removing foreign equity limits in the service sector improves the export performance of downstream manufacturing firms by reducing both variable and fixed export costs. To sustain the growth in Chinese export and optimize the export structure, services should be further opened, especially in service sectors that are very important inputs for the manufacturing sector. At the same time, tools such as the prohibition of monopolies and the introduction of market mechanisms are needed to keep the effects of opening services from decreasing. Downstream manufacturing firms should improve managerial efficiency to maximize their gains from opening services.
作者
孙浦阳
侯欣裕
盛斌
SUN Puyang;HOU Xinyu;SHENG Bin(Research Center on Multinational Corporations,Nankai University;School of Economics and Collaborative Innovation Center for China Economy,Nankai University)
出处
《经济研究》
CSSCI
北大核心
2018年第7期136-151,共16页
Economic Research Journal
基金
本文为中国特色社会主义经济建设协同创新中心的阶段性成果.作者感谢教育部高校人文社会科学重点学科骨干人才资助项目“全球价值链背景下国际贸易资规则的重构以及对中国的影响研究”,教育部重点研究基地重大研究项目“外资政策自由化、产业动态演化及其竞争力研究”(编号16JJD790026)以及霍英东教育基金会高等院校青年教师研究课题“外资政策调整、产业升级与出口竞争力”(编号161080)的支持,感谢匿名评审人的宝贵意见和建议,文责自负.
关键词
服务业开放
企业出口
外资参股开放
管理效率
Service Opening
Firm Export
Foreign Equity Openness
Managerial Efficiency
