| Since the reform and opening up,the number of enterprises involved in export trade in China has surged,and the total export volume has also been soaring,creating the miracle of export trade development.Export has become one of the three carriages driving China’s economic growth.However,with the acceleration of globalization and the deepening of international division of labor,a product is no longer completed independently by a country,but jointly manufactured by many countries.As a result,measuring a country’s trade level by the total amount of exports will overestimate its real trade gains,thus giving birth to the statistical index of export domestic value-added rate.At present,although China’s total export volume is huge,the domestic value-added ratio of export is still at a low level compared with developed countries.Therefore,it is of great practical significance to study how to improve the export domestic value-added ratio of enterprises.Many export enterprises will encounter the same problem--financing constraint when they try to improve their export domestic value-added rate.However,the establishment of local financial institutions,city commercial bank,opens up new loan channels for enterprises and alleviates the financing constraint faced by enterprises.Based on this,this paper attempts from a new perspective to study the establishment of city commercial bank,a new channel that may promote the increase of enterprises’ export domestic value-added rate,and further study the mechanism through which it transmits this effect and whether it has different impact on different enterprises.This is the problem to be solved in this paper.This paper reviews relevant literature at home and abroad,establishes a theoretical model of how the establishment of urban commercial banks affects the export domestic value-added rate of enterprises,and puts forward corresponding hypotheses.Then,based on the differential difference model,the natural experiment takes the establishment of urban commercial banks as the criterion.Empirical regression analysis was conducted using the combined data of Chinese industrial enterprise data,customs trade data and urban business establishment data from 2000 to2007.The main conclusions of this paper are as follows :(1)the establishment of urban commercial firms promotes the increase of enterprises’ export domestic value-added rate,and the conclusion is still valid after the robustness test.(2)The establishment of urban commercial banks can promote the increase of export domestic value-added rate of enterprises through two channels of increasing enterprise cost plus and the proportion of domestic intermediate goods investment.(3)There is heterogeneity in the effect of the establishment of city firm on the export domestic value-added ratio of different enterprises.Specifically,the establishment of city firm significantly promotes the export domestic value-added ratio of general trade enterprises and mixed trade enterprises,but has no significant influence on the processing trade enterprises;The establishment of urban commercial bank has a significant promotion effect on the export domestic value-added rate of enterprises of all ownership types,among which the promotion effect is the largest for private enterprises,followed by state-owned enterprises,and the smallest for foreign-funded enterprises.In the coastal areas,the establishment of city firms has a significant effect on enterprises’ export domestic value-added rate,but in the inland areas,the effect is not significant.The establishment of city firms significantly promotes the export domestic value added rate of small-scale enterprises and middle-scale enterprises,but has no significant effect on large-scale enterprises.The establishment of city firms has a significant promotion effect on the export domestic value added rate of normal firms,but has no significant effect on zombie firms.The establishment of urban commercial firm has a significant effect on the export domestic value-added rate of enterprises with low market concentration(full competition),but has no significant effect on the export domestic value-added rate of enterprises with high market concentration. |
