Resource Allocation Premium For International Management:Learning By Export Or OFDI?

Based on the Industrial Enterprise Database and the Customs Trade Database from 2000 to 2009,the model of De Loecker(2012)was used to estimate the rate of enterprise's markup and variable productivity.On this basis,the relationship between the two main modes of international operation and the company's cost-plus rate was examined to analyze the effect of its elemental wedge distortion,and then the dispersion of the enterprise's cost-plus rate-was used as a measure of the distorted resource allocation.Indicators,and examine the impact of both export and foreign direct investment on resource allocation premiums to analyze their efficiency wedge distortion effects.This paper further analyzes the differences in heterogeneity between firms,and examines the learning effects of international operations between firms with different corporate characteristics,different firm sizes,different trade patterns,and different levels of origin,as well as a distortion of the cost-plus rate and resource allocation.The impact of the difference.This paper uses five different models to estimate the company's cost-plus rate,and uses three kinds of calculation methods to calculate the dispersion of each variable to ensure the robustness of the model.Because the model may have endogenous problems,this paper uses the geographical location discrete variables and delivery months as instrumental variables to further test the robustness of the model,and conducts a double differential analysis on a number of policies issued in 2003 that address overseas investment to test.Its policy effect.The results of the study show that international operations have significantly increased the rate of bonuses and distorted resources allocation of Chinese companies.In addition,there are significant differences in the disparities in resource allocation distortions between exports and foreign direct investment under different corporate natures,firm size,trade patterns,and origin development levels.Non-state-owned holding companies are relatively opposed to state-controlled enterprises and above-scale enterprises.For companies below the scale,general trade relative to processing trade,the increase in the rate of addition and dispersion of export enterprises is even more pronounced;the rate of increase in companies with high origin countries is higher and their dispersion is lower.In 2003,a series of policies on overseas investment issued by China had a significant policy effect on the increase of the rate of increase of export enterprises and foreign direct investment enterprises.