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題名 進口滲透對八個已開發國家企業財務表現的影響
The Impact of Import Penetration on the Financial Performance of Companies in 8 Developed Countries作者 洪裕惀
Hung, Yu-Lun貢獻者 張元晨
Chang, Yuan-Chen
洪裕惀
Hung, Yu-Lun關鍵詞 進口滲透
中國出口
研究發展費用
已開發國家企業獲利
Import penetration
Import from China
Research and development expense
Profitability of companies in developed countries日期 2019 上傳時間 12-Feb-2019 15:41:17 (UTC+8) 摘要 中國的經濟在近20年來高速發展，大量的人口以及便宜的勞動力成為許多製造業設廠的首選，因此中國出口全球的影響力也越來越大。然而中國較低的人工成本，會使人工成本較高的已開發國家製造業受到影響。Hombert and Matray（2015）研究1991到2007年間的美國製造業資料，發現美國在面對來自中國的進口競爭時，受到進口滲透（Import Penetration）影響較大的產業，企業的營收成長會下降、利潤率也較小；但如果企業有投入研究發展費用（Research and Development），此負面影響會明顯減少。本研究欲探討此現象是否普遍存在於其他已開發國家中，抑或是因為各個國家的產業結構或其他條件差異，所受到中國的進口影響和美國有所差別。本文利用澳洲、德國、日本、西班牙、丹麥、瑞士、芬蘭與紐西蘭8個已開發國家的資料，驗證Hombert and Matray（2015）的研究結果。實證結果發現，在澳洲、西班牙、芬蘭、紐西蘭4國中，進口滲透對於企業獲利沒有明顯的影響；德國、丹麥兩國則和美國有相似的結果，企業的獲利會被來自中國的競爭所侵蝕；瑞士以及日本的結果與其他幾國都相反，進口滲透越大，企業的獲利表現反而越佳。另外，澳洲與德國的實證結果發現，投入研究發展確實可以為企業的營利帶來正面的效益；在西班牙、丹麥、芬蘭、瑞士、紐西蘭5國中，我們發現企業投入研究發展對企業的獲利能力的關聯性不明顯；而在日本，企業投入越多研究發展，卻會降低獲利表現。上述結果顯示中國進口滲透對企業獲利表現的影響，會因為各國產業結構差異的影響而不同。
The economy of China has been soaring in the past two decades. The large population and the cheap labor made China the most popular country for manufacturing products. Due to the fact that China has bigger influence on global export, manufacturing industries with higher labor costs in developed countries were seriously affected. Hombert and Matray（2015）studied the data of manufacturing firms in U.S. between 1991 and 2007, and found that the sales growth and the profitability of the companies in U.S. decreased if they were facing higher import penetration from China, but Research and Development (R&D) spending could mitigate this negative effect.We examine whether the effects are the same in other industrialized countries because of diverse industrial structures. In our empirical results, we find that the effects of import penetration on profitability of firms in Germany and Denmark decreased due to import competition from China. In contrast, the profitability of firms in Switzerland and Japan rose as import penetration became more severe. In Australia, Spain, Finland and New Zealand, we find no significant evidence for the effects of import penetration on companies’ profitability. Furthermore, the results from Australia and Germany showed that investing in R&D could benefit companies. On the contrary, companies investing more on R&D had lower profitability in Japan. Our results show that higher import penetration from China affected our sample countries with diverse industrial structures differently.參考文獻 Aghion, Philippe, Nick Bloom, Richard Blundell, Rachel Griffith, Peter Howitt, 2005, "Competition and innovation: An inverted-U relationship."The Quarterly Journal of Economics 120.2 (2005): 701-728.Ahn, JaeBin., Hyoungmin Han, and Yi Huang, 2018,"Trade with Benefits: New Insights on Competition and Innovation. " No. 07-2018. Economics Section, The Graduate Institute of International Studies.Arrow, Kenneth Joseph, 1972, "Economic welfare and the allocation of resources for invention."Readings in Industrial Economics. Palgrave, London, 219-236.Autor, David, David Dorn, Gordon Hanson, Gary P. Pisano, Pian Shu, 2017 "Competition from China reduced innovation in the US. " VOX CEPR`s Policy Portal.Autor, David, David Dorn, and Gordon Hanson, 2013, "The China syndrome: Local labor market effects of import competition in the United States."American Economic Review 103.6 (2013): 2121-68.Bernard, Andrew B., J. Bradford Jensen, and Peter K. Schott, 2006, "Survival of the best fit: Exposure to low-wage countries and the (uneven) growth of US manufacturing plants." Journal of international Economics 68.1 (2006): 219-237.Feenstra, Robert C., and Gordon H. Hanson, 2005, "Ownership and control in outsourcing to China: Estimating the property-rights theory of the firm."The Quarterly Journal of Economics120.2 (2005): 729-761.Feenstra, Robert C., Robert E. Lipsey, Haiyan Deng, Alyson C. Ma, and Hengyong Mo, 2005 "World trade flows: 1962-2000" (No. w11040). National Bureau of Economic Research.Frésard, Laurent, and Philip Valta, 2016,"How does corporate investment respond to increased entry threat?." The Review of Corporate Finance Studies 5.1 (2016): 1-35.Hall, Bronwyn H., Adam Jaffe, and Manuel Trajtenberg, 2005, "Market value and patent citations." RAND Journal of economics, (2005): 16-38.Hombert, Johan, and Adrien Matray, 2015, "Can Innovation Help US Manufacturing Firms Escape Import Competition from China?", HEC Paris Research Paper No. FIN-2015-1075, 2015.Kogan, Leonid, Dimitris Papanikolaou, Amit Seru, Noah Stoffman, 2017, “Technological innovation, resource allocation, and growth." The Quarterly Journal of Economics132.2 (2017): 665-712..Lesser, Caroline,2009, "Market Openness, Trade Liberalisation and Innovation Capacity in the Finnish Telecom Equipment Industry." OECD Journal: General Papers 2008.4 (2009): 65-107.Lie, Erik, and Keyang Daniel Yang, 2017, "Enter the Dragon: Import Penetration and Innovation.(2017) " Available at SSRN: https://ssrn.com/abstract=3012918Peltonen, Tuomas A., Martin Skala, Alvaro Santos Rivera, and Gabor Pula, 2008, "Imports and profitability in the euro area manufacturing sector: the role of emerging market economies.", ECB Working Paper Series, No 918Xu, Jin., 2012, "Profitability and capital structure: Evidence from import penetration."Journal of Financial Economics106.2 (2012):427-446.Yamashita, Nobuaki, and Isamu Yamauchi, 2017, "Innovation Responses of Japanese Firms to Chinese Import Competition.", RIETI Discussion Paper Series,17-E-126 描述 碩士
國立政治大學
財務管理學系
105357004資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105357004 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.advisor Chang, Yuan-Chen en_US dc.contributor.author (Authors) 洪裕惀 zh_TW dc.contributor.author (Authors) Hung, Yu-Lun en_US dc.creator (作者) 洪裕惀 zh_TW dc.creator (作者) Hung, Yu-Lun en_US dc.date (日期) 2019 en_US dc.date.accessioned 12-Feb-2019 15:41:17 (UTC+8) - dc.date.available 12-Feb-2019 15:41:17 (UTC+8) - dc.date.issued (上傳時間) 12-Feb-2019 15:41:17 (UTC+8) - dc.identifier (Other Identifiers) G0105357004 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/122256 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 105357004 zh_TW dc.description.abstract (摘要) 中國的經濟在近20年來高速發展，大量的人口以及便宜的勞動力成為許多製造業設廠的首選，因此中國出口全球的影響力也越來越大。然而中國較低的人工成本，會使人工成本較高的已開發國家製造業受到影響。Hombert and Matray（2015）研究1991到2007年間的美國製造業資料，發現美國在面對來自中國的進口競爭時，受到進口滲透（Import Penetration）影響較大的產業，企業的營收成長會下降、利潤率也較小；但如果企業有投入研究發展費用（Research and Development），此負面影響會明顯減少。本研究欲探討此現象是否普遍存在於其他已開發國家中，抑或是因為各個國家的產業結構或其他條件差異，所受到中國的進口影響和美國有所差別。本文利用澳洲、德國、日本、西班牙、丹麥、瑞士、芬蘭與紐西蘭8個已開發國家的資料，驗證Hombert and Matray（2015）的研究結果。實證結果發現，在澳洲、西班牙、芬蘭、紐西蘭4國中，進口滲透對於企業獲利沒有明顯的影響；德國、丹麥兩國則和美國有相似的結果，企業的獲利會被來自中國的競爭所侵蝕；瑞士以及日本的結果與其他幾國都相反，進口滲透越大，企業的獲利表現反而越佳。另外，澳洲與德國的實證結果發現，投入研究發展確實可以為企業的營利帶來正面的效益；在西班牙、丹麥、芬蘭、瑞士、紐西蘭5國中，我們發現企業投入研究發展對企業的獲利能力的關聯性不明顯；而在日本，企業投入越多研究發展，卻會降低獲利表現。上述結果顯示中國進口滲透對企業獲利表現的影響，會因為各國產業結構差異的影響而不同。 zh_TW dc.description.abstract (摘要) The economy of China has been soaring in the past two decades. The large population and the cheap labor made China the most popular country for manufacturing products. Due to the fact that China has bigger influence on global export, manufacturing industries with higher labor costs in developed countries were seriously affected. Hombert and Matray（2015）studied the data of manufacturing firms in U.S. between 1991 and 2007, and found that the sales growth and the profitability of the companies in U.S. decreased if they were facing higher import penetration from China, but Research and Development (R&D) spending could mitigate this negative effect.We examine whether the effects are the same in other industrialized countries because of diverse industrial structures. In our empirical results, we find that the effects of import penetration on profitability of firms in Germany and Denmark decreased due to import competition from China. In contrast, the profitability of firms in Switzerland and Japan rose as import penetration became more severe. In Australia, Spain, Finland and New Zealand, we find no significant evidence for the effects of import penetration on companies’ profitability. Furthermore, the results from Australia and Germany showed that investing in R&D could benefit companies. On the contrary, companies investing more on R&D had lower profitability in Japan. Our results show that higher import penetration from China affected our sample countries with diverse industrial structures differently. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景及動機 1第二節 研究架構 3第二章 文獻回顧 4第三章 樣本與研究方法 8第一節 樣本蒐集及樣本描述 8第二節 研究方法與工具變數 16第三節 模型建立 21第四章 實證結果 23第五章 結論與後續研究 49第一節 結論 49第二節 後續研究 50第六章 參考文獻 54附錄1：各國企業員工數成長率、企業市值與進口滲透、R&D之最小平方法迴歸分析結果 57附錄2：各國企業員工數成長率、企業市值與進口滲透、R&D之二階段最小平方法迴歸分析結果 61 zh_TW dc.format.extent 2278403 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105357004 en_US dc.subject (關鍵詞) 進口滲透 zh_TW dc.subject (關鍵詞) 中國出口 zh_TW dc.subject (關鍵詞) 研究發展費用 zh_TW dc.subject (關鍵詞) 已開發國家企業獲利 zh_TW dc.subject (關鍵詞) Import penetration en_US dc.subject (關鍵詞) Import from China en_US dc.subject (關鍵詞) Research and development expense en_US dc.subject (關鍵詞) Profitability of companies in developed countries en_US dc.title (題名) 進口滲透對八個已開發國家企業財務表現的影響 zh_TW dc.title (題名) The Impact of Import Penetration on the Financial Performance of Companies in 8 Developed Countries en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Aghion, Philippe, Nick Bloom, Richard Blundell, Rachel Griffith, Peter Howitt, 2005, "Competition and innovation: An inverted-U relationship."The Quarterly Journal of Economics 120.2 (2005): 701-728.Ahn, JaeBin., Hyoungmin Han, and Yi Huang, 2018,"Trade with Benefits: New Insights on Competition and Innovation. " No. 07-2018. Economics Section, The Graduate Institute of International Studies.Arrow, Kenneth Joseph, 1972, "Economic welfare and the allocation of resources for invention."Readings in Industrial Economics. Palgrave, London, 219-236.Autor, David, David Dorn, Gordon Hanson, Gary P. Pisano, Pian Shu, 2017 "Competition from China reduced innovation in the US. " VOX CEPR`s Policy Portal.Autor, David, David Dorn, and Gordon Hanson, 2013, "The China syndrome: Local labor market effects of import competition in the United States."American Economic Review 103.6 (2013): 2121-68.Bernard, Andrew B., J. Bradford Jensen, and Peter K. Schott, 2006, "Survival of the best fit: Exposure to low-wage countries and the (uneven) growth of US manufacturing plants." Journal of international Economics 68.1 (2006): 219-237.Feenstra, Robert C., and Gordon H. Hanson, 2005, "Ownership and control in outsourcing to China: Estimating the property-rights theory of the firm."The Quarterly Journal of Economics120.2 (2005): 729-761.Feenstra, Robert C., Robert E. Lipsey, Haiyan Deng, Alyson C. Ma, and Hengyong Mo, 2005 "World trade flows: 1962-2000" (No. w11040). National Bureau of Economic Research.Frésard, Laurent, and Philip Valta, 2016,"How does corporate investment respond to increased entry threat?." The Review of Corporate Finance Studies 5.1 (2016): 1-35.Hall, Bronwyn H., Adam Jaffe, and Manuel Trajtenberg, 2005, "Market value and patent citations." RAND Journal of economics, (2005): 16-38.Hombert, Johan, and Adrien Matray, 2015, "Can Innovation Help US Manufacturing Firms Escape Import Competition from China?", HEC Paris Research Paper No. FIN-2015-1075, 2015.Kogan, Leonid, Dimitris Papanikolaou, Amit Seru, Noah Stoffman, 2017, “Technological innovation, resource allocation, and growth." The Quarterly Journal of Economics132.2 (2017): 665-712..Lesser, Caroline,2009, "Market Openness, Trade Liberalisation and Innovation Capacity in the Finnish Telecom Equipment Industry." OECD Journal: General Papers 2008.4 (2009): 65-107.Lie, Erik, and Keyang Daniel Yang, 2017, "Enter the Dragon: Import Penetration and Innovation.(2017) " Available at SSRN: https://ssrn.com/abstract=3012918Peltonen, Tuomas A., Martin Skala, Alvaro Santos Rivera, and Gabor Pula, 2008, "Imports and profitability in the euro area manufacturing sector: the role of emerging market economies.", ECB Working Paper Series, No 918Xu, Jin., 2012, "Profitability and capital structure: Evidence from import penetration."Journal of Financial Economics106.2 (2012):427-446.Yamashita, Nobuaki, and Isamu Yamauchi, 2017, "Innovation Responses of Japanese Firms to Chinese Import Competition.", RIETI Discussion Paper Series,17-E-126 zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.Finance.001.2019.F07 en_US
