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ID:
161840
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| Summary/Abstract |
This paper disentangles the effects of export and innovation on firm-level markup and productivity. Based on a large sample of Chinese manufacturing firms, we explicitly account for firms' endogenous export and innovation decisions, and isolate their impacts on firms' future performance, using a propensity score matching approach with multiple treatments. The results indicate that starting to export alone negatively affects firm-level markup and productivity, while starting to innovate alone has a significant positive impact. There is a complementarity between export and innovation in improving firms' performance. The negative effect of starting to export alone on revenue productivity may reflect the decrease of price-cost markup, rather than a change in physical productivity. Our study contributes to explaining puzzling results of exporter performance for China. The results also suggest that firms should establish domestic market power through innovation before turning to export markets.
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| 2 |
ID:
150730
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| Summary/Abstract |
Market distortions can generate resource misallocations across heterogeneous firms and reduce aggregate productivity. This paper measures market distortions and aggregate productivity growth in China's energy sector. We use the wedge between output elasticities and factor shares in revenues to recover a measure of firm-level market distortions. Using data on a large sample of Chinese energy enterprises from 1999 to 2007, our estimations provide strong evidence of the existence of both factor and product market distortions within and across China's various energy industries. The productivity aggregation and decomposition results demonstrate that the estimated aggregate productivity growth (APG) is, on average, 2.595% points per year, of which technological change, resource reallocation, and firm entries and exits account for 1.981, 0.068, and 0.546% points, respectively. The weak contributions of resource reallocation and firm turnover to APG are also found in energy sub-industries, except in the coal industry. Our research suggests that China's energy sector has major potential for productivity gains from resource reallocation through the reduction of market distortions.
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