融资约束对出口企业成本加成的影响研究
首发时间:2018-05-14
摘要:建立了出口贸易环境下融资约束对企业成本加成影响的动态定价模型,利用2000-2007年中国制造业企业层面数据,考察了融资约束对出口企业成本加成的影响。理论研究表明,由于资本市场的不完全,企业在进行出口贸易时会面临融资约束问题,当企业面临的融资约束越大时,价格竞争越激烈,企业的成本加成越小。经验证据也表明,融资约束对出口企业的成本加成呈负向影响。进一步地,对企业所有制类型与市场竞争程度进行了划分,实证结果表明出口企业在融资约束的影响下,民营企业的降价效应最明显,外资企业次之,国有企业最小。从市场竞争程度来看,竞争越激烈,融资约束对企业的降价影响越显著。
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Research on the effect of financial constrains on corporate markup
Abstract:In this paper we establish a dynamic pricing model for the impact of financing constraints on firm markup in this paper, Based on the micro data of manufacturing enterprises from 2000 to 2007, this paper investigates the effect of financing constraints on pricing strategies of export enterprises. Research shows that, because of imperfect capital market, facing liquidity constraints in the export trade enterprises, the enterprises are facing greater financing constraints, the price competition is more intense, the price decreased. Further, we classifieResearch on the effect of financial constrains on corporate markupd the enteResearch on effect of financial constrains on corporate markuprprise economic type and degree of market competition, the empirical results show that export enterprises in the impact of financing constraints, the most obvious reduction effect of private enterprises, foreign-funded enterprise, state-owned enterprises is the minimum; In addition, the more intense market competition, the more significant the impact of financing constraints on the markup, the greater the cost reduction.
Keywords: international trade financial constraints markup dynamic pricing price competition
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融资约束对出口企业成本加成的影响研究
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