Firm investment and exporting: Evidence from China's value-added tax reform

被引：292
|
作者：
Liu, Qing [1 ]
Lu, Yi [2 ]
机构：
[1] Univ Int Business & Econ, Sch Int Trade & Econ, Beijing 100029, Peoples R China
[2] Natl Univ Singapore, Dept Econ, Singapore 117570, Singapore
来源：
JOURNAL OF INTERNATIONAL ECONOMICS | 2015年 / 97卷 / 02期
关键词：
Value-added tax reform; TRADE LIBERALIZATION; HETEROGENEOUS FIRMS; LEVEL PRODUCTIVITY; IMPACT;
D O I：
10.1016/j.jinteco.2015.07.003
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper contributes to the literature by identifying the causal effect of firm investment on exporting behavior. The identification hinges on regional variations in the 2004 value-added tax pilot reform in China, which generated positive investment shocks. The instrumental variable estimation results show that firm investment significantly and substantially increases the likelihood of exporting, and this effect is largely due to the positive effect of firm investment on firm productivity. Finally, the paper documents some heterogeneity of the effect across industries with different degrees of competition and financial constraints. (C) 2015 Elsevier B.V. All rights reserved.
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页码：392 / 403
页数：12
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