Research On The Impact Of Export On The Profit Of Chinese Enterprises

This paper takes the enterprise data in the Chinese industrial enterprise database from 2005 to 2007 as a sample.Trying to reveal whether there is a real causal relationship between corporate exports and corporate profitability.First of all,this paper combs and summarizes the domestic and international research on the impact of corporate internationalization on corporate performance,the factors affecting corporate performance,and the relationship between corporate exports and corporate profits,and then breaks the previous assumptions about corporate homogeneity,which is more realistic.From the perspective of enterprise heterogeneity,combined with the related theories of export self-selection effect and export learning effect,this paper analyzes and discusses the mechanism and path of influence of enterprise exports on corporate profits.Inspired by the previous discussion,we divide all the samples into two groups of export enterprises and non-export enterprises,and select the Return on Assets(ROA)and the Total Profit as the result variables of the model,and whether the enterprise exports as the processing variable,enterprise R&D investment,the average salary of the enterprise,the enterprise scale,enterprise labor productivity,enterprise age,enterprise ownership,and foreign capital ratio of enterprises are covariates.Firstly,the micro-characteristics of exporting and non-exporting enterprises are descriptively analyzed,and then the export pair is firstly examined by least squares(OLS).The impact of corporate profitability,and then eliminate the endogenous impact through the PSM model,compare the difference in profit rate between the two groups through empirical test,and explore the impact of corporate exports on corporate profits from the perspective of heterogeneity.The study found that both the initial least squares method and the PSM model after eliminating endogenous effects show that exports have a positive and significant impact on corporate profits,but less than the size of firms and labor productivity.Through further heterogeneity analysis,we find that the impact of exports on the profits of enterprises in different regions of China is different,which has the greatest impact on the profits of central enterprises,followed by the west,with the least impact on the east.In addition,we divide enterprises into state-owned enterprises and private enterprises and find out whether the positive impact of exports on state-owned enterprises' profits is greater than that of private enterprises.