| After the financial crisis,the growth rate of China’s exp ort trade has been on a downward trend,and even showed negative growth in 2015 and 2016,which indicates that China’s traditional competitive advantage of relying on low cost,low price and low commission is gradually fading away.Based on this,the 19 th national congress of the communist party of China has pointed out to accelerate the cultivation of new competitive advantage in export.Among them,one of the most important breakthroughs is to improve the market pricing power of export products,that is,the markup.At the same time,China’s financial system is underdeveloped,and most enterprises are subject to financing constraints,especially private enterprises.Existing studies have found that the financing constraints faced by enterprises are closely related to the performance of export enterprises.Therefore,based on the markup,this paper discusses the possible ways to accelerate the development of new competitive advantages of export products from the perspective of easing financing constraints.In addition,most of the existing studies on financing constraints and enterprise markup are based on the assumption of single product,but in fact,multi-product enterprises have already become the dominant force in export trade.Therefore,this paper take s multi-product export enterprises as samples.On the one hand,it is more consistent with the existing facts;on the other hand,it can effectively reflect the difference in markup of different products within enterprises and how to allocate internal reso urces in the face of different financing environments.Based on De Locker et al.(2016)method for calculating product markup,this paper used the matching data of Chinese industrial enterprise database and customs database from 2000 to 2007 to measure the product markup in China.Based on the effect of productivity and quality upgrade,the paper analyzes the effect of financing constraint on product markup.Especially on the basis of the quality upgrading effect,the paper analyzes the differential influence mechanism of financing constraint on the core and non-core product markup in multi-product enterprises.Then,the empirical model of the impact of financing constraints on product mark up and its differentiation adjustment is established,and the panel regression method is used for empirical research,and the possible mechanism is tested.The results show that the financing constraint reduces the product markup of multi-product export enterprises,and the inhibition effect on the core product addition rate is significantly greater than that on non-core products.The results are still robust after tests such as dealing with endogenous problems,replacing measures of key variables,eliminat ing extreme value of addition rate and changing product range.After the test of the influence mechanism,it is confirmed that the financing constraint reduces the product markup of enterprises through the inhibiting effect of productivity and quality upgr ading.In addition,the inhibiting effect of financing constraint on the quality of core products is stronger than that of non-core products,so the inhibiting effect on the addition rate of core products is stronger.Finally,on the basis of the conclusions of this paper,further policy recommendations are given.It is suggested that the state can deepen the reform of financial system,increase the opening of financing and promote the diversification of capital market.In addition,we should also promote the improvement of production efficiency and product quality of enterprises,and actively adopt the strategy of enterprise diversification and core coordinated development to increase the markup and thus cultivate new competitive advantages of Chinese enterprises in export products. |
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