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| Resource Misallocation and Firms’ Exporting Behavior: An Empirical Study Based on the Chinese Industrial Firms Data |
| ZHU Shujin, ZHAO Yulong
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| School of Economics and Trade,Hunan University;Zhengzhou Central Sub-branch,PBC |
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Abstract Based on Hsieh and Klenow (2009), this paper put forwards the index of overall resources misallocation within firm, and uses the database of Chinese industrial enterprises in 1998-2007 to measure the resource misallocation and factor distortion of the firms. Further this paper introduces “productivity effect” and “factor substitution effect” through which the misallocation affects the firms’ export behavior, and proposes the Heckman two-stage model to explore the effect of the misallocation on the firms’ export. It is found that “factor substitution effect” plays a determinant role. Due to the factor substitution effect, the overall misallocation within firm would increase the probability of export and the export scale. The labor distortion can depress the firms’ export, while the capital distortion promotes the firms’ export behavior due to the characteristics of foreign trade mainly based on processing trade. The tighter financial constraints would increase firms’ export probability and export intensity. There exists the significant interaction effect between financial constraints and resource misallocation on the firms’ export.
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Published: 10 January 2018
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