Foreign Ownership and International Trade Performance in China

IF 2.9 2区 经济学 Q1 ECONOMICS China & World Economy Pub Date : 2024-03-13 DOI:10.1111/cwe.12525
Zhiyuan Li, Yichun Lin, Mingyao Xu
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Abstract

We investigate the causal relationship between foreign ownership and international trade performance by comparing foreign-acquired firms with similar domestic-acquired firms in China with regard to changes in their post-acquisition international trade performance. Our findings indicate that foreign ownership significantly enhanced the probability of both exporting and importing, and strongly increased trade value. Foreign ownership took effect from the year of the acquisition and persisted for at least 2 years. It stimulated both processing trade and ordinary trade, and expanded products and trading partners. Post-acquisition trade performance also exhibited heterogeneity based on the different pre-acquisition and post-acquisition ownership. As for the underlying mechanisms, we show that firms experienced significant output expansion, increased export dependence, and eased financial constraints after foreign acquisition.

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中国的外资所有权与国际贸易绩效
我们通过比较中国的外资并购企业与同类内资并购企业在并购后国际贸易绩效方面的变化,研究了外资所有权与国际贸易绩效之间的因果关系。我们的研究结果表明,外资所有权大大提高了出口和进口的概率,并有力地增加了贸易额。外资所有权从并购当年开始生效,并持续至少两年。外资所有权刺激了加工贸易和一般贸易,扩大了产品和贸易伙伴。根据收购前和收购后所有权的不同,收购后的贸易表现也呈现出异质性。至于内在机制,我们发现企业在外资并购后经历了显著的产出扩张、出口依赖度提高和财务约束缓解。
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来源期刊
CiteScore
4.70
自引率
12.90%
发文量
391
期刊介绍: The bi-monthly China & World Economy was launched in 1993 by the Institute of World Economics and Politics, Chinese Academy of Social Sciences (CASS). It is the only English-language journal in China devoted to the topic of the Chinese economy. The journal aims to provide foreign readers with an objective, impartial, analytical and up-to-date account of the problems faced and progress made by China in its interaction with the world economy. Among its contributors are many distinguished Chinese economists from both academic and government circles. As such, it has become a unique window on China and is essential reading for all those concerned with China"s development.
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