| With the rapid development of economic globalization,the worldwide industrial structure adjustment and products value-added progressive movement has brought unprecedented development opportunity to China.Meanwhile the unstable factors of international trade is increasing,as China's traditional low cost labor comparative advantage is losing its competition.So,how to accelerate the transformation and upgrading of China's export trade?Is there a new comparative advantage in China?Under the circumstances theses questions has become an urgent research issues.Theoretically,the traditional analytical framework of international trade theory consider that the source of comparative advantage is attributed to factor endowment,technological differences and economies of scale,institutional factor is always treated as exogenous factors or simply not involved.In fact,the difference of institutional quality will cause the difference of the relative comparative advantage between countries,and then affect the national economic growth and trade,as well as bilateral trade relations between countries.With the development of micro international trade theory,the existing researches analysis of trade behavior among firms and within multinational companies from the firm level,along with the constraints of institutional quality to emphasizes the role of institutional quality as new sources of comparative advantage.Nevertheless,there are still some shortcomings,such as uncomplete theoretical system,very strict hypothesis on enterprise only consist of closed market or static conditions,relatively few study disscuss the impact of China's institution on its enterprises.Empirically,the unparalleled development of international world labor division causes continuous integration of collision between different political,economic and culture in the unified markets.The differences of institutional quality will play a huge role on affecting economic growth through trade,financial and investment.It is now a critical period of institutional transformation especially for developing countries and transitional countries.Therefore,for China,at first,the most important thing is to inprove the institutional quality,and make the best use of it as a new source of comparative advantage.However,the existing researches show more interests in developed countries,those empirical researches concerns over developing countries are relatively scarce,and did not consider their special circumstances.How to combine the general theory with the actual situation of China,and to construct an enpirical analysis framework to explain the relationship between Chinese institutional quality and the dynamic characteristics of the export behavior of Chinese enterprises,is an urgent problem.Therefore,this paper studies the impact of institutional quality on the export behavior of Chinese enterprises through the combination of theoretical and empirical methods.It mainly consists of the following six parts:The first part is the introduction.First,it introduces the background and significance of the article.Then it introduces the ideas and contents.Moreover,it puts forward the research methods and key points.Finally,it points out the innovations and deficiencies.The second part is literature review.First,it summarize the the related literature about the impact of institutional quality on comparative advantages,the impact of institutional quality on trade patterns,the heterogeneity effect of institutional quality,and effectiveness and stability of the institutional quality.Then,it makes review of the existing literatures.The third part is the construction of theoratical Firm-Heterogeneity Institutional model.It contains six parts.Section one,it introduces the related theoretical basis,elaborates how to embed the institutional factor into the comparative advantage model,gravity model,monopolistic competition model,heterogeneous firm trade theory and incomplete contract model.Section two,it sets up the assunptions about consumers,producers,distributors,and cooperative relations.Section three,based on the consumers'utility maximization,home country producers' cost minimization,and foreign dealers' profit maximization conditions,it links the home country institutional factors to home country firms'productivity,links foreign institutional factors to foreign export dealers' behavior and home country firms'experience,and built up the basic theoretical framework of this paper.Section four,it describes the equilibrium conditions on home market,and discusses the theoretical mechanism of the trade choice of home country producers.Section five,it discusses the theoretical mechanism of the unconditional and conditional survival probability of partnership on export markets.Section six,it discusses the theoretical mechanism of the exports,export growth of home country exporters and the process of establishing foreign dealers'reputation on the export market.The fourth part is the data sources andstylized facts.First,it introduces the database and sample screening rules.Then,it introduces the measurement methods of firms,productivity in China.Moreover,it introduces how to separate institutional factors from productivity,to get institutional distortion index to measure the quality of the Chinese institution.Finally,it introduces the method to measure the international institutional quality.Each of them contains the summary of the existing literature,the measurement of indicators,and the presented results.The fifth part includes the fourth chapters,the fifth chapter and the sixth chapter.According to the theoretical model,it expends the topic from three aspects,it analysis of the home country institution dependent effects on firm productivity and export choice,analysis of the dynamic effect of countries' relative institutional quality on export survival probability,and analysis of the dynamic effect of countries' relative institutional quality on initial export volume and growth rate.Each aspect includes empirical facts based on the theoretical mechanism,robustness test,and the effect of heterogeneity at firm level.The sixth part is conclusion,including the conclusion of the article,policy recommendations,and further research directions.Based on the above analysis,the dissertation draws the following conclusions:First,theoretically the institutional quality of home country can affect domestic firm's market choice by influencing its productivity.Even if there are home institutional constraints,the "survival of the fittest" mechanism of the market will still make the producers with the highest productivity to choose export trade,with the less productivity to choose supply the domestic market,with the lowest productivity be eliminated by the market.Without considering the influence of experience,reduce the institutional quality of home country will distort the productivity of individual home producers,raise the market entering threshold,so that only the more efficient producers can overcome the obstacles caused by institutional distortion to enter the domestic and export markets.In addition,the elevation range of threshold in export market is less than that in the domestic market under the same change of institutional quality.The empirical results prove that conclusion:there is a significant export premium of Chinese firms.The improvement of China's institutional quality(or decrease of productivity distortion)will reduce the mean productivity of the survival enterprises both in domestic market and in foreign market(market threshold).This effect will promote new enterprises to participate in the market conpetition or enter new markets,but will weaken the "survival of the fittest" mechanism.The effect in the export market is less than that in domestic market,and the respond of export premium level and the market entring threshold to the change of institutional quality of the higher productivity firms,are lager than that of the low productivity firms.The selected distortion index of China's institution in this paper is very representative,which is rarely affected by the time(instituional fluctuation).Second,once conducting bussiness internationally,home country exporters choose new export markets,build partnerships with foreign distributors,and determine the trade volume of each phase at the beginning of the cooperation period.In the early time of partnership,the initial export volume determined by home country exporters is generally not too high.The optimal export quantity of very period increases over time in an ongoing relationship,this process will continue until the home country producer completely believes his partner.With the passage of time,repeated products exchange and interactions will gradually establish trust,the last-long cooperation can overcome the friction problem caused by incomplete information.Third,theoretically the institutional quality of the partner country can affect foreign distributor's distribution decision by influencing its expected profit.According to the assumptions,institutional quality of the partner country can only have double-edged effect(restrain and protect effect)on the shortsighted foreign distributors.Therefore,foreign distributors with low discount rate are more likely to default in an ongoing partnership,and those with high discount rate may never default.The improvement of the institutional quality of the partner countries,not only restricts the behavior of foreign distributors,but also weaken the“survival of the fittest”mechanism of the market.Fourth,theoretically institutional quality of forgine country,and the exporters experience of home country can both have double-edged effect on survival probability of partnership by influencing the contract quality,but have different functionary mechanism.The unconditional survival probability of partnership is proportional to forgine institutional quality's linear term,the relationship between conditional survival probability of partnership and forgine institutional quality is uncertain,it depends on the net effect of restrain and protect effect.The survival probability of partnership is proportional to home country export experiences,linear term and inverse proportional to its quadriatic term.The empirical results prove that conclusion,all else equal,improve the relative forgine institutional quality will increase the unconditional and conditional survival probability of partnership,it makes greater restrain effect than protect effect on the shortsighted foreign distributors.Home country export experiences' impact on China survival probability has a reverse U shape.This effect is not limited to the extensive margin,but also to the intensive marginal.Fifth,theoretically institutional quality of forgine country and the exporter experience of home country can both have double-edged effect on initial export volume and export growth rate by influencing its expected profit probability,but have different functionary mechanism.The initial export volume is proportional to forgine institutional quality and home country exporter experience's linear term.The export growth rate is proportional to forgine institutional quality;the impact of home country export experience on export growth rate is generally ambiguous,it depends on the the flexibility of contract fulfillment probability to export experience.The empirical results prove that conclusion,all else equal,improve the relative forgine institutional quality will increase the initial volume of trade,and will reduce the export growth rate.However,this negative inpact will dispappear with the deepening of cooperation and trust establishment,so that the average export volume in each period is incrasing.Increase Chinese firms' export experiences will also increase the initial volume of trade.As for the impact on export growth rate depends on the learning effect of Chinese firms,it is effective and strengthened gradually,exporters can obtaine the study effect from the growing export experience in an ongoing partner relationship.This effect is not limited to the extensive margin,but also to the intensive marginal.Sixth,the effect of relative forgine institutional quality on survival probability of partnership,export volume and growth rate is affected by the time,there exist the institutional fluctuation.The longer the time interval,the greater the impact of the effect is.The impact of foreign institutional quality on the dynamic behavior of Chinese enterprises'export sometimes is stagnant.Seventh,both the effect of institutional quality of forgine country and the exporter experience of home country will gradually weakened,or even slowly disappear over cooporation time.The impact of short-term Institutional Shocks is greater,the reason may lie in the establishment of firm's adaptability and trust relationship.Eighth,it uses different methods to regress the benchmark model,proves that the conclusion is robust.Considering the influence of firm heterogeneity,the results are consistent with the basic conclusions of this paper,but the coefficients are different.Based on the above conclusions,this paper gives the following suggestions from macro and micro level for reference.From a macro perspective,the government should improve the following aspects.First,it should pay attention to the function of institution,fully exert the superiority of socialism.Second,it should pay attention to the double double-edged effect of institution,rational enhance and improve macro-economic regulation.Third,it should maximum exertion of the institutional strengths,creat well competitive and cooperative environment for enterprises.Fourth,it should fully consider the Institutional fluctuation and Institutional lag.From the microcosmic aspect,firm should improve the following aspects.First,it should improve the production efficiency,develop diversification strategy,and overcome the institutional distortion.Second,it should improve the adaptability to different institutional environment.Third,it should pay attention to the double double-edged effect of export experience,improve the information discriminating ability.Fourth,it should improve reputation and build trust. |
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