摘要
本文使用2010-2019年中国沪深A股上市公司数据,采用多期双重差分法,具体研究我国跨境电商改革对试验区企业出口的影响和作用机制。研究发现,我国跨境电商改革显著提升了试验区企业出口。作用机制检验发现,跨境电商改革的减税政策显著降低了企业的税收负担,企业税率下降是跨境电商改革提升企业出口的直接作用机制;减税政策降低了企业的融资约束程度,融资约束下降是跨境电商改革提升企业出口的间接作用机制;伴随企业融资约束下降,跨境电商改革提高了企业出口决策概率(拓展边际),但是对出口企业出口规模的影响有限(集约边际)。进一步检验发现,跨境电商改革提高了出口企业的市场进入概率,市场进入是跨境电商改革提升企业出口的具体路径。异质性检验发现,跨境电商改革主要提高了东部地区、高互联网普及率地区和第二产业、第三产业的企业出口。
Using the data of China’s Shanghai and Shenzhen A-share listed companies from 2010 to 2019 and using the multi-period double difference method, this paper specifically studies the impact and mechanism of China’s cross-border e-commerce reform on the export of enterprises in the pilot zone. The research found that China’s cross-border e-commerce reform has significantly improved the export of enterprises in the pilot zone. The mechanism test found that: first, the tax reduction policy of cross-border e-commerce reform significantly reduced the tax burden of enterprises, and the decline of enterprise tax rate is the direct mechanism of cross-border e-commerce reform to improve enterprise exports. Second, the tax reduction policy reduces the degree of financing constraints of enterprises, which is an indirect mechanism for cross-border e-commerce reform to improve enterprise exports. Finally, with the decline of enterprise financing constraints, cross-border e-commerce reform improves the export decision probability of enterprises(expansion margin), but has limited impact on the export scale of export enterprises(intensive margin). Further inspection found that the cross-border e-commerce reform has improved the market entry probability of export enterprises, and market entry is the specific path for the cross-border e-commerce reform to improve the export of enterprises. The heterogeneity test found that the cross-border e-commerce reform mainly improved the export of enterprises in the eastern region, high Internet penetration areas and the sample group of secondary and tertiary industries.
作者
宋颜群
胡浩然
SONG Yan-qun;HU Hao-ran(School of Public Finance&Taxation,Shandong University of Finance&Economics,Jinan 250014,China;School of Economics,Shandong University,Jinan 250100,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2022年第4期20-35,共16页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
山东省自然科学青年基金项目(ZR2021QG011)
国家社会科学基金重大项目(20&ZD169)。
关键词
跨境电商
企业出口
减税
融资约束
市场进入
cross-border e-commerce
export of enterprises
tax reduction
financing constraints
market entry
