跨境电子商务综合试验区设立与中小企业成本加成——来自中小上市公司的证据

Establishment of Cross-Border E-Commerce Comprehensive Pilot Zones and Markup of Small and Medium-sized Enterprises: Evidence from Small and Medium-sized Listed Companies

中文关键词:  跨境电子商务综合试验区  中小企业  成本加成  生产率  市场竞争

英文关键词:cross-border e-commerce comprehensive pilot zones  small and medium-sized enterprises  markup  productivity  market competition

中文摘要:

      跨境电子商务综合试验区的设立为中国中小企业进入外贸市场破除了体制机制障碍,帮助中小企业提升了竞争力。基于2010—2019年A股中小上市公司数据,以跨境电子商务综合试验区设立为准自然实验,构建多期双重差分模型识别了跨境电子商务综合试验区设立对中小企业成本加成的影响及其机制。研究发现:(1)跨境电子商务综合试验区设立能显著提升中小企业成本加成,具体表现为跨境电子商务综合试验区设立使中小企业成本加成平均提高了3.6%；(2)生产率提升是跨境电子商务综合试验区设立提高中小企业成本加成的重要渠道,但市场竞争加剧也对中小企业成本加成产生了消极影响；(3)跨境电子商务综合试验区设立对初始融资约束较高的中小企业以及服务型和外贸型中小企业成本加成的积极影响更显著。因此,中国应继续鼓励跨境电子商务综合试验区扩围发展,结合企业实际情况制定差异化、动态化的支持政策体系,实现跨境电子商务和中小企业的协同高质量发展。

英文摘要:

      The establishment of cross-border e-commerce comprehensive (CBEC) pilot zones has removed the institutional barriers for small and medium-sized enterprises (SMEs) in China to get access to foreign markets, and enhanced their competitiveness. Based on the data of A-share listed SMEs in 2010—2019, this paper takes the establishment of CBEC pilot zones as a quasi-natural experiment and builds a multi-period difference-in-differences (DID) model to identify the impact of the establishment of CBEC pilot zones on the markup of SMEs and its mechanism. The results are as follows. (1) The establishment of CBEC pilot zones significantly increases the markup of SMEs, that is, the establishment of CBEC pilot zones increases the markup of SMEs by an average of 3.6%. (2) Productivity improvement is an important channel for the establishment of CBEC pilot zones to increase the markup of SMEs, but the intensification of competition has a negative impact on the markup of SMEs. (3) A more significant impact of the establishment of CBEC pilot zones on the markup of SMEs is found in those with higher initial financing constraints, and service-type and foreign trade-oriented SMEs. Therefore, China should continue to encourage the expansion of CBEC pilot zones and formulate differentiated and dynamic policy support systems in accordance with the actual situations of enterprises to achieve the coordinated and high-quality development of cross-border e-commerce and SMEs.