要素价格扭曲、内需增长与企业出口竞争力提升
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Factor Price Distortions, Domestic Demand Growth and Export Competitiveness Enhancement of Enterprises
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    摘要:

    企业出口不仅取决于国际市场的供求关系,而且受到国内市场环境的影响。要素价格扭曲导致的资源错配会对出口企业产生不利影响,进而有损其出口竞争力。然而,现有文献较少研究要素价格扭曲对企业出口竞争力的影响及其传导机制,尤其缺乏相关经验分析。本文通过构建一个包含“扭曲税”的理论框架分析要素价格扭曲与企业出口竞争力的关系,认为:要素价格扭曲会阻碍企业间的资源再配置,削弱更替竞争的效率提升效应,使得大量低效率企业不能进行市场出清,同时还会抑制企业的技术创新行为,进而不利于企业通过效率提升和技术进步来提升出口竞争力。同时,国内需求增长产生的本地市场效应、需求引致创新效应、经济集聚效应等不仅能促进企业出口竞争力提升,还会弱化要素价格扭曲对企业出口竞争力的负面影响。采用中国1999—2007年工业企业以及2007—2020年上市公司数据的分析发现:企业的要素价格扭曲(包括资本价格扭曲和劳动价格扭曲)程度与其出口竞争力显著负相关,同时,要素价格扭曲程度与企业的市场退出和技术创新概率也显著负相关,表明要素价格扭曲会显著抑制企业出口竞争力的提升,其中存在阻碍低效率企业市场退出和抑制企业技术创新的传导路径;内需增长对企业出口竞争力具有正向影响,且能显著弱化要素价格扭曲对企业出口竞争力提升的抑制作用;要素价格扭曲对企业出口竞争力的负向影响存在企业异质性和地区异质性,表现为资本价格扭曲对融资约束较低的外资企业和国有企业影响更为显著(相比私营企业),而劳动价格扭曲对劳动报酬占比较低的私营企业和外资企业影响更为显著(相比国有企业),要素价格扭曲对市场化程度较低地区的企业影响更为显著;此外,劳动价格扭曲对企业出口竞争力的负向影响比资本价格扭曲更大。相比于以往文献,本文拓展和深化了要素价格扭曲的经济效应以及企业出口竞争力的影响因素研究,并从内需增长的角度为深入认识要素价格扭曲与企业出口竞争力的关系提供了新思路,也为要素价格扭曲的企业出口竞争力抑制效应及其微观机制提供了经验证据。根据本文的研究结论,各地应持续深化各领域的市场化改革,加快构建全国统一大市场,实施扩大内需战略,切实缓解各类微观经济主体(尤其是私营企业)的融资约束,并持续提高劳动报酬在初次分配中的占比。

    Abstract:

    The export of enterprises not only depends on the relationship between supply and demand in the international market, but also is affected by the domestic market environment. The resource mismatch caused by the distortion of factor prices will have a negative impact on the export enterprises, and then undermine their export competitiveness. However, the existing literature is less likely to examine the effects of factor price distortions on the export competitiveness of enterprises and their transmission mechanisms. In particular, empirical analysis is lacking. This paper analyzes the relationship between factor price distortion and the export competitiveness of enterprises by constructing a theoretical framework including “distortion tax”. It is argued that factor price distortions will hinder resource reallocation among enterprises, weaken the efficiency improvement effect of replacement competition, prevent a large number of inefficient enterprises from clearing the market, and also inhibit technological innovation behavior of enterprises, which will not help enterprises to improve export competitiveness through efficiency improvement and technological progress. Meanwhile, the local market effect, demand-induced innovation effect and economic agglomeration effect generated by domestic demand growth not only promote the export competitiveness of enterprises, but also weaken the negative impact of factor price distortion on the export competitiveness of enterprises. Based on the analysis of the data of China’s industrial enterprises from 1999 to 2007 and listed companies from 2007 to 2020, it is found that the degree of factor price distortions (including capital price distortions and labor price distortions) of enterprises and their export competitiveness are significantly and negatively correlated. Meanwhile, the degree of factor price distortion is negatively correlated with the probability of market exit and technological innovation of enterprises, indicating that factor price distortion will significantly inhibit the improvement of export competitiveness of enterprises, and there is a transmission path to hinder the market exit of inefficient enterprises and inhibit the technological innovation of enterprises; the growth of domestic demand has a positive impact on the export competitiveness of enterprises, and can significantly weaken the inhibiting effect of factor price distortions on the improvement of export competitiveness of enterprises; the negative impact of factor price distortions on the export competitiveness of enterprises is characterized by firm heterogeneity and regional heterogeneity, which shows that the capital price distortion has a more significant impact on foreign-funded enterprises and state-owned enterprises with lower financing constraints (compared with private enterprises). The labor price distortion has a more significant impact on private enterprises and foreign-funded enterprises with a lower share of labor compensation (compared with state-owned enterprises), and factor price distortions have a more significant impact on enterprises in less market-oriented regions; in addition, labor price distortion has a greater negative impact on enterprises’ export competitiveness than capital price distortion. Compared with previous literature, this paper expands and deepens the research on the economic effects of factor price distortions and the factors influencing the export competitiveness of enterprises, and provides new ideas for a deeper understanding of the relationship between factor price distortions and the export competitiveness of enterprises from the perspective of domestic demand growth. It also provides empirical evidence for the inhibiting effect of factor price distortion on enterprises’ export competitiveness and its micro-mechanism. According to the findings of this paper, all regions should continue to deepen market-oriented reforms in various fields, accelerate the construction of a large national unified market, implement the strategy of expanding domestic demand, effectively alleviate the financing constraints of various micro-economic entities (especially private enterprises), and continuously increase the share of labor compensation in the initial distribution.

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安岗,张康.要素价格扭曲、内需增长与企业出口竞争力提升[J].西部论坛,2022,32(5):83-98

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  • 在线发布日期: 2022-12-16