Research On The Influence Of Export On The Profit Margin Of Home Appliance Enterprises And Its Action Mechanism

As one of the earliest industries in my country to participate in export trade,my country’s home appliance enterprises have shown strong competitiveness in today’s international market.However,as the home appliance industry has entered the stock market,the home appliance industry has been faced with the development dilemma of low profit margins for a long time in recent years,and this phenomenon is particularly prominent in the group of export home appliance enterprises.The generally low profit level not only limits the innovation activities of home appliance companies,but also is not conducive to the high-quality development of the home appliance industry.Therefore,starting from the general fact that the profit rate of exportoriented home appliance enterprises is generally lower than that of pure domestic sales enterprises,this paper studies the determinants of the profit rate of home appliance enterprises under the background of open trade and the internal mechanism of the impact of export on the profit rate.Improving profitability in the process of export trade has important guiding significance.Firstly,this paper selects 10,672 observations of 2,077 companies in the household appliance industry from 2011 to 2015 and 3,591 observations of 57 listed companies from 2018 to 2020 from the "China Industrial Enterprise Database" and "Wind Financial Terminal".Data were analyzed for descriptive statistics and typical facts.The results show that the overall profit rate of home appliance export enterprises is much lower than that of pure domestic sales enterprises,and the degree of profit concentration is higher than that of pure domestic sales enterprises;in general,there is a negative correlation between export intensity and enterprise profit rate;the analysis of the data of listed enterprises shows that The profit rate of export business is significantly higher than that of domestic sales,and the difference in profitability among enterprises comes from the difference in profit rate at the business level,and is affected by the adjustment effect of export intensity.Secondly,on the basis of literature review and descriptive statistics,this paper constructs a productivity model that introduces export characteristic variables,and empirically tests the relationship between export or not,export intensity and corporate profitability.The model regression results show that the export behavior of home appliances is negatively correlated with the profit rate,and the negative effect expands with the increase of export intensity.The mixed effect regression method is further used to explore the determinants of the profit rate of export enterprises and pure domestic sales enterprises.The results show that the profitability advantage of home appliance export enterprises only comes from the effect of scale production,while the profitability characteristics of domestic sales enterprises are more diversified.However,it has not been able to get rid of its dependence on labor-intensive factors.In general,the profitability of the two types of enterprises in capital operation,cost control,and product sales is significantly different.Thirdly,this paper confirms the significant export “paradox of self-selection” effect of the initial export enterprises by comparing the profit margin difference between the two types of enterprises before the export behavior occurs,indicating that the spontaneous entry of the home appliance enterprises with lower profitability into the export market is the cause of the profit rate.important reasons for the difference.In terms of the export learning effect,the multi-time point double difference method from the perspective of enterprise size heterogeneity is used for empirical analysis.The regression results show that there is a significant "export learning paradox" effect in small-scale household appliance enterprises,while the export of large enterprises and medium-sized enterprises has a significant "paradox" effect.The learning effect is not significant,indicating that the impact of initial trade fixed costs on the profitability of small firms is more pronounced.Finally,on the basis of summarizing the research conclusions of the full text,relevant policy suggestions are put forward from the perspectives of government,industry and enterprises,in order to help home appliance export enterprises to improve their profitability and promote the high-quality development of home appliance enterprises.