A Study Of The Impact Of Productive Service Imports Trade On The Performance Of Public Listed Manufacturing Firms

Compared with imports of goods,imports of producer services contain advanced production factors and play an important role in transforming and upgrading manufacturing enterprises.This thesis selects China A-share listed manufacturing enterprises from 2007 to 2020 as a sample,uses relevant data from China’s input-output tables,UNCTAD database,CSMAR and Wind database,and draws on the construction method of FH index to divide the quantity of productive service imports into various manufacturing industries according to different weights,so as to explore the impact of producer service imports on the performance of listed manufacturing enterprises.Besides,according to the theory of comparative advantage and factor endowment theory,imported producers service factors can reduce production costs and improve the independent innovation capability of manufacturing enterprises through specialized division of labor,innovative process mechanisms and technology spill-over effects,which ultimately benefit manufacturing enterprises to improve their business outcomes.Therefore,this thesis examines whether the production cost effect and technology spill-over effect affect the relationship between the import of producer service factors and the performance of listed manufacturing enterprises by constructing relevant indicators.The results of the study indicate that imports of producer services have a positive effect on the performance of listed manufacturing firms,and the findings still hold after various robustness tests.Further findings suggest that-(1)Imports of producer services have a positive impact on the performance of private firms,while the impact on state-owned enterprises is not significant.(2)The regression analysis conducted by after dividing the samples into central,eastern and western regions found that producer service imports are effective in improving the performance of local listed manufacturing firms in eastern China which with higher institutional intensity.However,the effect on manufacturing firms located in the central and western regions is not significant.(3)Imports of producer services,which continually input embedded advanced factors of production into the production chain,have a significant contribution to the performance of capital-intensive and technology-intensive manufacturing firms by virtue of their rich intellectual capital elements.(4)Further,this thesis constructs a measure of production cost and using the LP model respectively to verify that whether producer service imports can significantly improve the performance of manufacturing firms through the production cost effect and the technology spill-over effect.The findings of this thesis have important implications for making good use of both international and domestic markets,firmly expanding the opening-up policy,and vigorously developing trade in producer services to promote the transformation and upgrading of Chinese manufacturing firms.