出口行为、边际成本与销售波动——基于中国工业企业数据的研究

Journal of Financial Research

2015, Vol. 423

Issue (9): 159-173 DOI:

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Do Firms' Exports Matter for Sales Volatility in China？ Evidence from Firm-level Data

SUN Puyang, ZHANG Yan, HUANG Jiuli

School of Economics / Center for Transnational' Studies , Nankai University

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Abstract It is important for China to optimize the model of openness after economics crisis. We assume that firms facing increasing marginal cost have the substitution effect between different markets. Using the Industrial Enterprise Statistics Database from 1998~2007, we decompose the sales volatility in different markets and find the following regularities. Firstly, foreign and domestic markets are negatively related due to the increasing marginal cost. Secondly, the volatility of export sales increase with export share, while the volatility of domestic sales decrease with export share. The total volatility falls at first and then rises as export share increases. Third, firms engaged in processing trade or with higher inventory accumulation have a stronger substitution effect between different markets.

Key words： Firm-level volatility Export share Market linkage

Received: 06 June 2015 Published: 19 April 2018

JEL分类号:	F10
	F12
	O12

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SUN Puyang,ZHANG Yan,HUANG Jiuli. Do Firms' Exports Matter for Sales Volatility in China？ Evidence from Firm-level Data[J]. Journal of Financial Research, 2015, 423(9): 159-173.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2015/V423/I9/159

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