出口对A股公司经营绩效影响的经验检验
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摘要
对外出口是企业进行国际化经营、参与国际市场竞争的重要方式,也是全球经济融合与资源配置跨国化的重要纽带,其对企业经营能力、投资行为、企业价值的影响一直受到政府官员、企业家、投资者以及学术研究者的密切关注。本文以2001-2008年中国A股公司为样本,采用大样本、多指标和多维度考察出口对公司经营绩效的影响,试图主要用经验检验的方式探求出口对A股公司经营绩效的影响。研究发现:(1)以财务业绩、市场价值和经营风险三个维度分别衡量公司经营绩效,出口公司的财务业绩与非出口公司没有显著性差异,甚至弱于非出口公司,市场价值整体上要大于非出口公司,经营风险要高于非出口公司,但随着出口收入比例的提高,出口公司的财务业绩提高,经验风险降低,投资价值下降;(2)以投资行为、生产效率和管理效率三个维度分别考察出口对公司经营绩效的影响途径,出口公司的生产效率和管理效率要高于非出口公司,但随着出口比例的提高,出口公司过度投资的程度要大于非出口公司;(3)以出口方式进行国际化经营虽然提高了公司的生产效率和管理效率,但并没有提高我国公司的经营绩效,这一结果与我国企业处于国际产业链相对低端的竞争格局相符,也与国内产能过剩和大多数公司采“低价市场进入”策略有关。
Export which is not only an important way to participate in international market competition and to carry out international marketing but also is a lifeline between golbal ecnomic integration and global resources allocation. It is kept tabs by the goverment offcier, the entrepreneur, the investor and the researcher that its impact on operation capacity investment behavior and corporation value. The paper chooses the listed companies both in shanghai and shenzhen security exchange market from 2001to 2008 as the sample,and adopts large-sample ,multicriteria, multi-dimension to discuss the impact of export on firm performance trying to find the influence on the listed company value of export and channels to the listed company value influence. This investigation founds that export company’s financial performance and the company’s (without export business) are no significant differences,and even the export company’s is weaker. Marketable value and business risks are higher than the company’s (without export business). But with a higher proportion of export earnings,the export companys financial performance is gonna higher ,marketbale value is gonna reduce and business risk is gonna lower too.The paper chooses three dimensions to measure the channels to the listed company value influence,that is investment behavior,production efficiency,management efficiency. But with the increasing of the ratio of export revenue,export company’s over-investment is worse than the company without export business.This investigation shows that by exporting to carry out international marketing can enhance production efficiency and management efficiency,but it can’t increase company value. This result is answerable to our relative low competition pattern in the global industrial chain also is relate to domestic markets surplus production and our country export commodities adopt tactics that price competition export at a low price promptly generally.
Export which is not only an important way to participate in international market competition and to carry out international marketing but also is a lifeline between golbal ecnomic integration and global resources allocation. It is kept tabs by the goverment offcier, the entrepreneur, the investor and the researcher that its impact on operation capacity investment behavior and corporation value. The paper chooses the listed companies both in shanghai and shenzhen security exchange market from 2001to 2008 as the sample,and adopts large-sample ,multicriteria, multi-dimension to discuss the impact of export on firm performance trying to find the influence on the listed company value of export and channels to the listed company value influence. This investigation founds that export company’s financial performance and the company’s (without export business) are no significant differences,and even the export company’s is weaker. Marketable value and business risks are higher than the company’s (without export business). But with a higher proportion of export earnings,the export companys financial performance is gonna higher ,marketbale value is gonna reduce and business risk is gonna lower too.The paper chooses three dimensions to measure the channels to the listed company value influence,that is investment behavior,production efficiency,management efficiency. But with the increasing of the ratio of export revenue,export company’s over-investment is worse than the company without export business.This investigation shows that by exporting to carry out international marketing can enhance production efficiency and management efficiency,but it can’t increase company value. This result is answerable to our relative low competition pattern in the global industrial chain also is relate to domestic markets surplus production and our country export commodities adopt tactics that price competition export at a low price promptly generally.
引文
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[3]沈娜,赵国杰.企业国际化测评指标体系的构建.中国软科学,2001,(10):108-112
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[7] Clerides,S.K.Laeh,J.R.Tybout.Learning by Exporting ImPortant? Mieroynamie Evidence fromColombia,Mexieo,and Moroeeo.Quarterly Journal of Eeonomics,19- 98,113(3):903-47
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[9]Helpman,E.M.J.Melitz,S.R.YeaPle.Export Versus FDI with Heterogeneou Firms. American Eeonomie Review,2004,94(l):300-316
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[11]Yeaple, StephenRoss. A Simple Model of Firm Heterogeneity, International Trade, and Wages. Journal of International Economics, 2005, (65): 1-20
[12]Arrow,K.The Eeonomic Implieation of learning by Doing.Review of Economic Studies,1962,29(3):155-173
[13]Grossman,Gene.Helpman.Integration versus Outsourcing in Industry Equilibrium. Quarterly Joumalof Eeonomies,2002,117(l):26-29
[14]Bemard,A.B.&J,Wagner.Exports and Sueeess in German Manufacturing.Weltwirt schaftliehes Archiv,1997,133:134-157
[15]Westbrook.M.D.,J.R.Tybout.Estimating Returns to Seale with Large, Imperfect Panels:An APPlication toChilean Manufaeturing Industries.TheWorld Bank Eeono- mic Review,1993,7:85-112
[16]Grossman,E.HeIPman.”Innovatino and Gorwth in the Global Economy”.MIT Press, 1991:59-83
[17]Rhee Y,Ross Larson B,Pursell G.Korea’s competitive edge: managing the entry into world markets.Baltimore,MD. Johns Hopkins University Press for the World Bank, 1984:12-18
[18]Kraay,Aart. Exportationset performances economiques: etude d’unpaneld’entre- prises Chinoises, Revue d’Economie du Developpement.1999:183-207 (English title: exports and economic performance: evidence from a panel of Chinese enterprises)
[19]Verhoogen,Eric. Trade quality upgrading and wage inequality in the Mexican manufacturing sector: theory and evidence from an exchange rate shock, mimeo, Columbia University.2004:8-13
[20]Albert Park,Dean Yang,Xinzheng Shi, Yuan Jiang. Exporting and Firm Performan- ce:Chinese Exporters and the Asian Financial Crisis. Research Seminar In Internat - ional Economics Discussion Paper No.549
[21]Zhang,Yifan.Exporting and performance: firm-Level evidence from China, mimeo, University of Pittsburgh,2005:23-25
[22]Bernard, J.B.Jensen,S.J.Redding.Finus in Internatioal Trade. Joumal of Economie Perspectives,2004:16-23
[23]Alvarez,R.A.LoPez.Exporting and Performance:Evidenee from Chilean Plants. Canadian Journal of Eeonomies,2005,38(4):1384-1400
[24]Pavcnik,N.Trade liberalization,exit,and Productivity improvements:Evidence from Chilean Plants”.Review of Economic Studies,2002:245-276
[25]Fernandez,Ana, Alberto Isgut. Learning by doing, learning by exporting and productivity: evidence from Columbia, mimeo,2005
[26]Girma,S.,D.Greenaway,R.Kneller.Does exporting increase productivity?: a microec- onometric analysis of matched firms, Review of International Economics,2004,12 (5): 855-866
[27]Tybout,James, M.Daniel Westbrook.Trade Liberalization and Dimensions of Effici- ency Change in Mexican Manufacturing Industries, Journal of International Econo- mics,1995: 53-78
[28]Feder.G.”On Exports and Economics Growth”, Journal of Development Economics, 198: 59-73
[29]Melitz,Ottaviano.”Market Size, Trade,and Productivity,”Nber Working Paper, 2005: 93-113
[30]Rober, Alvarez, A.Lopez.Entry and Exit in International Markets: Evidence from Chilean Data,2009
[31]Gilboy,G.J.Myth behind China’s Miracle.Foreign Affairs,2004 ,83(4):33-48
[32]刘力群.出口导向型经济发展模式不适合中国国情.对策研究,1994:43-46
[33]王宏新,刘长庚.存在”贸易顺差悖论”吗-改革开放以来我国对外贸易与经济增长关系探析.上海经济研究,2000,(8):45-49
[34]刘晓鹏.我国进出口与经济增长关系的实证分析--从增长率看外贸对经济增长的促进作用.当代经济科学,2001,(3):12-14
[35]刘卫江.中国出口收入不稳定性成因的实证分析.世界经济文汇,2002,(2):37-42
[36]张少霞.进出口与经济增长关系的总需求和总供给模型分析.国际经贸探索, 2002,(6):15-18
[37]官建成,马宁.我国工业企业技术创新能力与出口行为研究.经济研究,2002,(2): 103-106
[38]石传玉,王亚菲,王可.我国对外贸易与经济增长的实证分析.南开经济研究,2003, (1):53-56
[39]包群,许和连,赖明勇.贸易开放度与经济增长:理论及中国的经验研究.世界经济,2003,(2):10-19
[40]吴汉嵩.进出口贸易对经济增长贡献的比较分析--基于中国对外贸易的实证研究.价值工程,2008,(7):41-45
[41]赖明勇,王华,黄菁.”出口中学”效应与中国企业的国际化战略.中南大学学报(社会科学版),2009,(6):372-377
[42]章艳红.外部需求冲击对中国出口的影响.经济理论与经济管理,2009,(1):69-74
[43]杨忠,张骁.企业国际化程度与绩效关系研究.经济研究,2009,(2):32-42
[44]周政.温州外贸出口对当地经济增长作用的实证分析.温州职业技术学院学报, 2004,(3):18-20
[45]郑晶.对外贸易对广东省经济增长作用的实证研究.国际贸易问题,2006,(4): 60-66
[46]孙楚仁,沈玉良,赵红军.加工贸易和其他贸易对经济增长贡献率的估计.国际贸易,2006,(3):54-62
[47]李练军,冯中朝.我国中部地区对外贸易与经济增长关系的实证研究生态经济,2007,(7):116-119
[48]程桂云.对外贸易与经济增长:基于辽宁省的实证分析和检验国际贸易问题, 2007,(2):62-66
[49]黄上国,胡舜.次贷危机对中国高技术产品出口的影响与对策.湖南财经高等专科学校学报,2009,(6):72-75
[50]谢军,徐青.产品多元化与企业出口绩效的实证研究--对广东浙江两地A股上市公司的对比分析.商业经济与管理,2009,(10):23-28
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