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題名 中國進口競爭對定價能力與創新之影響：以美國製造業廠商為例
The Impact of Chinese Import Competition on Markups and Innovation: Evidence from U.S. Manufacturing Firms
作者 王炯麟
Wang, Chiung-Lin
貢獻者 李浩仲<br>李文傑
Li, Hao-Chung<br>Lee, Wen-Chieh
王炯麟
Wang, Chiung-Lin
關鍵詞 競爭
定價能力
創新
Competition
Markup
Innovation
日期 2024
上傳時間 4-Sep-2024 14:39:13 (UTC+8)
摘要 本研究分析中美貿易對廠商帶來的影響，使用 1991 年到 2015 年美國製造業廠商層級資料來分析中國進口競爭帶來的影響，結果顯示中國進口滲透增加對美國廠商定價能力帶來顯著負面影響，對廠商 Tobin’s q 與新穎組合指標比率 (Novelty in Recombination Ratio, NR Ratio)沒有顯著影響，但對廠商創新、廠商新穎技術起源指標比率(Novel Technological Origins Ratio, NTO Ratio)與新穎科學起源指標比率(Novel Scientific Origins Ratio, NSO Ratio)帶來顯著正向影響。當廠商屬於創新型廠商時，他可以抵抗部分對定價能力的負面影響，同時加強對創新帶來的正面影響。總結來說中國進口滲透增加有促進競爭(pro-competitive)的效果，且廠商更有意願投入創新來逃離競爭。
This article investigates the effect of Chinese import competition using U.S. manufacturing firm-level data from 1991 to 2015. The results indicate that increased Chinese import penetration has a significant negative effect on firms' markups. It does not have a significant effect on firms' Tobin's q or the Novelty in Recombination Ratio (NR Ratio). However, it has a significant positive effect on firms' innovation, the Novel Technological Origins Ratio (NTO Ratio), and the Novel Scientific Origins Ratio (NSO Ratio). Innovative firms can mitigate the negative effects on markups and enhance the positive effects on innovation. In summary, increased Chinese import penetration has a pro-competitive effect, encouraging firms to invest more in innovation to escape competition.
參考文獻 羅佳真 (2024)。利用專利新穎性指標衡量汽車產業的技術創新。國立政治大學碩博士生論文。 Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2005). Competition and Innovation: an Inverted-U Relationship. The Quarterly Journal of Economics, 120(2), 701-728. Aghion, P., Bergeaud, A., Boppart, T., Klenow, P. J., & Li, H. (2023). A Theory of Falling Growth and Rising Rents. The Review of Economic Studies, 90(6), 2675-2702. Aghion, P., Bergeaud, A., Lequien, M., Melitz, M. J., & Zuber, T. (2024). Opposing Firm-Level Responses to the China Shock: Output Competition versus Input Supply. American Economic Journal: Economic Policy, 16(2), 249–269. Amiti, M., Dai, M., Feenstra, R. C., & Romalis, J. (2020). How Did China's WTO Entry Affect U.S. Prices? Journal of International Economics, 126, 103339. Arora, A., Belenzon, S., & Sheer, L. (2021). Knowledge Spillovers and Corporate Investment in Scientific Research. American Economic Review, 111(3), 871-898. Autor, D., Dorn, D., & Hanson, G. H. (2013). The China Syndrome: Local Labor Market Effects of Import Competition in the United States. American Economic Review, 103(6), 2121-2168. Autor, D., Dorn, D., Hanson, G. H., Pisano, G., & Shu, P. (2020a). Foreign Competition and Domestic Innovation: Evidence from US Patents. American Economic Review: Insights, 2(3), 357-374. Autor, D., Dorn, D., Katz, L. F., Patterson, C., & Van Reenen, J. (2020b). The Fall of the Labor Share and the Rise of Superstar Firms. The Quarterly Journal of Economics, 135(2), 645-709. Bai, L., & Stumpner, S. (2019). Estimating US Consumer Gains from Chinese Imports. American Economic Review: Insights, 1(2), 209–224. Becker, R. A., Gray, W. B., & Marvakov, J. (2021). NBER-CES Manufacturing Industry Database (1958-2018, version 2021a). In: National Bureau of Economic Research. Bernard, A. B., Eaton, J., Jensen, J. B., & Kortum, S. (2003). Plants and Productivity in International Trade. American Economic Review, 93(4), 1268-1290. Bernard, A. B., Jensen, J. B., Redding, S. J., & Schott, P. K. (2007). Firms in International Trade. Journal of Economic Perspectives, 21(3), 105-130. Bloom, N., Draca, M., & Van Reenen, J. (2016). Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity. The Review of Economic Studies, 83(1), 87-117. Bond, S., Hashemi, A., Kaplan, G., & Zoch, P. (2021). Some Unpleasant Markup Arithmetic: Production Function Elasticities and Their Estimation from Production Data. Journal of Monetary Economics, 121, 1-14. Brandt, L., Van Biesebroeck, J., Wang, L., & Zhang, Y. (2017). WTO Accession and Performance of Chinese Manufacturing Firms. American Economic Review, 107(9), 2784–2820. Brandt, L., Van Biesebroeck, J., Wang, L., & Zhang, Y. (2019). WTO Accession and Performance of Chinese Manufacturing Firms: Corrigendum. American Economic Review, 109(4), 1616–1621. Cavenaile, L., Roldan-Blanco, P., & Schmitz, T. (2023). International Trade and Innovation Dynamics with Endogenous Markups. The Economic Journal, 133(651), 971-1004. Cusolito, A. P., Garcia-Marin, A., & Maloney, W. F. (2023). Proximity to the Frontier, Markups, and the Response of Innovation to Foreign Competition: Evidence from Matched Production-Innovation Surveys in Chile. American Economic Review: Insights, 5(1), 35–54. De Loecker, J., Eeckhout, J., & Unger, G. (2020). The Rise of Market Power and the Macroeconomic Implications. The Quarterly Journal of Economics, 135(2), 561-644. De Ridder, M. (2024). Market Power and Innovation in the Intangible Economy. American Economic Review, 114(1), 199-251. De Ridder, M., Grassi, B., & Morzenti, G. (2024). The Hitchhiker’s Guide to Markup Estimation: Assessing Estimates from Financial Data (Working Paper). Demirer, M. (2022). Production Function Estimation with Factor-augmenting Technology: An Application to Markups (Working Paper). Doraszelski, U., & Jaumandreu, J. (2023). Reexamining the De Loecker & Warzynski (2012) Method for Estimating Markups (Working Paper). Estevadeordal, A., & Taylor, A. M. (2013). Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s–2000s. The Review of Economics and Statistics, 95(5), 1669-1690. Fieler, A. C., & Harrison, A. E. (2023). Escaping Import Competition in China. Journal of International Economics, 145, 103835. Gao, H., Hsu, P.-H., & Li, K. (2018). Innovation Strategy of Private Firms. Journal of Financial and Quantitative Analysis, 53(1), 1-32. Gu, G., Malik, S., Pozzoli, D., & Rocha, V. (2024). Worker Reallocation, Firm Innovation, and Chinese Import Competition. Journal of International Economics, 151, 103951. Hall, R. E. (1988). The Relation between Price and Marginal Cost in U.S. Industry. Journal of Political Economy, 96(5), 921-947. He, Z., & Wintoki, M. B. (2016). The Cost of Innovation: R&D and High Cash Holdings in U.S. Firms. Journal of Corporate Finance, 41, 280-303. Hombert, J., & Matray, A. (2018). Can Innovation Help U.S. Manufacturing Firms Escape Import Competition from China? The Journal of Finance, 73(5), 2003-2039. Jaravel, X., & Sager, E. (2024). What are the Price Effects of Trade? Evidence from the U.S. and Implications for Quantitative Trade Models (Working Paper). Kim, I. S., & Osgood, I. (2019). Firms in Trade and Trade Politics. Annual Review of Political Science, 22(Volume 22, 2019), 399-417. Krugman, P. (1980). Scale Economies, Product Differentiation, and the Pattern of Trade. American Economic Review, 70(5), 950-959. Liu, Q., Lu, R., Lu, Y., & Luong, T. A. (2021). Import Competition and Firm Innovation: Evidence from China. Journal of Development Economics, 151, 102650. Lu, Y., & Yu, L. (2015). Trade Liberalization and Markup Dispersion: Evidence from China's WTO Accession. American Economic Journal: Applied Economics, 7(4), 221–253. Melitz, M. J. (2003). The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity. Econometrica, 71(6), 1695-1725. Melitz, M. J., & Ottaviano, G. I. P. (2008). Market Size, Trade, and Productivity. The Review of Economic Studies, 75(1), 295-316. Melitz, M. J., & Redding, S. J. (2023). Trade and Innovation. In The Economics of Creative Destruction. Harvard University Press. Miller, N. H. (2024). Industrial Organization and the Rise of Market Power (NBER Working Paper No. 32627). National Bureau of Economic Research. Pierce, J. R., & Schott, P. K. (2012). A Concordance Between Ten-Digit US Harmonized System Codes and SIC/NAICS Product Classes and Industries. Journal of Economic and Social Measurement, 37(1-2), 61-96. Raval, D. (2023). Testing the Production Approach to Markup Estimation. The Review of Economic Studies, 90(5), 2592-2611. Reinbold, B., & Wen, Y. (2019). Historical U.S. Trade Deficits. Economic Synopses, 13. Ricardo, D. (1817). On the Principles of Political Economy and Taxation. Rosen, S. (1981). The Economics of Superstars. American Economic Review, 71(5), 845-858. Schott, P. K. (2008). The Relative Sophistication of Chinese Exports. Economic policy, 23(53), 6-49. Verhoeven, D., Bakker, J., & Veugelers, R. (2016). Measuring Technological Novelty with Patent-based Indicators. Research Policy, 45(3), 707-723. Yang, M.-J., Li, N., & Lorenz, K. (2021). The Impact of Emerging Market Competition on Innovation and Business Strategy: Evidence from Canada. Journal of Economic Behavior & Organization, 181, 117-134.
描述 碩士
國立政治大學
經濟學系
111258027
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111258027
資料類型 thesis
dc.contributor.advisor 李浩仲<br>李文傑zh_TW
dc.contributor.advisor Li, Hao-Chung<br>Lee, Wen-Chiehen_US
dc.contributor.author (Authors) 王炯麟zh_TW
dc.contributor.author (Authors) Wang, Chiung-Linen_US
dc.creator (作者) 王炯麟zh_TW
dc.creator (作者) Wang, Chiung-Linen_US
dc.date (日期) 2024en_US
dc.date.accessioned 4-Sep-2024 14:39:13 (UTC+8)-
dc.date.available 4-Sep-2024 14:39:13 (UTC+8)-
dc.date.issued (上傳時間) 4-Sep-2024 14:39:13 (UTC+8)-
dc.identifier (Other Identifiers) G0111258027en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/153295-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經濟學系zh_TW
dc.description (描述) 111258027zh_TW
dc.description.abstract (摘要) 本研究分析中美貿易對廠商帶來的影響，使用 1991 年到 2015 年美國製造業廠商層級資料來分析中國進口競爭帶來的影響，結果顯示中國進口滲透增加對美國廠商定價能力帶來顯著負面影響，對廠商 Tobin’s q 與新穎組合指標比率 (Novelty in Recombination Ratio, NR Ratio)沒有顯著影響，但對廠商創新、廠商新穎技術起源指標比率(Novel Technological Origins Ratio, NTO Ratio)與新穎科學起源指標比率(Novel Scientific Origins Ratio, NSO Ratio)帶來顯著正向影響。當廠商屬於創新型廠商時，他可以抵抗部分對定價能力的負面影響，同時加強對創新帶來的正面影響。總結來說中國進口滲透增加有促進競爭(pro-competitive)的效果，且廠商更有意願投入創新來逃離競爭。zh_TW
dc.description.abstract (摘要) This article investigates the effect of Chinese import competition using U.S. manufacturing firm-level data from 1991 to 2015. The results indicate that increased Chinese import penetration has a significant negative effect on firms' markups. It does not have a significant effect on firms' Tobin's q or the Novelty in Recombination Ratio (NR Ratio). However, it has a significant positive effect on firms' innovation, the Novel Technological Origins Ratio (NTO Ratio), and the Novel Scientific Origins Ratio (NSO Ratio). Innovative firms can mitigate the negative effects on markups and enhance the positive effects on innovation. In summary, increased Chinese import penetration has a pro-competitive effect, encouraging firms to invest more in innovation to escape competition.en_US
dc.description.tableofcontents 第一章 緒論 1 第二章 文獻回顧 4 第一節 貿易理論 4 第二節 中國進口滲透 5 第三章 研究方法 7 第一節 進口滲透 7 第二節 定價能力 8 第三節 專利新穎性指標 9 第四節 迴歸模型 11 第四章 資料 13 第五章 結果 16 第一節 敘述性統計 16 第二節 實證結果 22 第六章 結論 37 參考文獻 38zh_TW
dc.format.extent 1286435 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111258027en_US
dc.subject (關鍵詞) 競爭zh_TW
dc.subject (關鍵詞) 定價能力zh_TW
dc.subject (關鍵詞) 創新zh_TW
dc.subject (關鍵詞) Competitionen_US
dc.subject (關鍵詞) Markupen_US
dc.subject (關鍵詞) Innovationen_US
dc.title (題名) 中國進口競爭對定價能力與創新之影響：以美國製造業廠商為例zh_TW
dc.title (題名) The Impact of Chinese Import Competition on Markups and Innovation: Evidence from U.S. Manufacturing Firmsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 羅佳真 (2024)。利用專利新穎性指標衡量汽車產業的技術創新。國立政治大學碩博士生論文。 Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2005). Competition and Innovation: an Inverted-U Relationship. The Quarterly Journal of Economics, 120(2), 701-728. Aghion, P., Bergeaud, A., Boppart, T., Klenow, P. J., & Li, H. (2023). A Theory of Falling Growth and Rising Rents. The Review of Economic Studies, 90(6), 2675-2702. Aghion, P., Bergeaud, A., Lequien, M., Melitz, M. J., & Zuber, T. (2024). Opposing Firm-Level Responses to the China Shock: Output Competition versus Input Supply. American Economic Journal: Economic Policy, 16(2), 249–269. Amiti, M., Dai, M., Feenstra, R. C., & Romalis, J. (2020). How Did China's WTO Entry Affect U.S. Prices? Journal of International Economics, 126, 103339. Arora, A., Belenzon, S., & Sheer, L. (2021). Knowledge Spillovers and Corporate Investment in Scientific Research. American Economic Review, 111(3), 871-898. Autor, D., Dorn, D., & Hanson, G. H. (2013). The China Syndrome: Local Labor Market Effects of Import Competition in the United States. American Economic Review, 103(6), 2121-2168. Autor, D., Dorn, D., Hanson, G. H., Pisano, G., & Shu, P. (2020a). Foreign Competition and Domestic Innovation: Evidence from US Patents. American Economic Review: Insights, 2(3), 357-374. Autor, D., Dorn, D., Katz, L. F., Patterson, C., & Van Reenen, J. (2020b). The Fall of the Labor Share and the Rise of Superstar Firms. The Quarterly Journal of Economics, 135(2), 645-709. Bai, L., & Stumpner, S. (2019). Estimating US Consumer Gains from Chinese Imports. American Economic Review: Insights, 1(2), 209–224. Becker, R. A., Gray, W. B., & Marvakov, J. (2021). NBER-CES Manufacturing Industry Database (1958-2018, version 2021a). In: National Bureau of Economic Research. Bernard, A. B., Eaton, J., Jensen, J. B., & Kortum, S. (2003). Plants and Productivity in International Trade. American Economic Review, 93(4), 1268-1290. Bernard, A. B., Jensen, J. B., Redding, S. J., & Schott, P. K. (2007). Firms in International Trade. Journal of Economic Perspectives, 21(3), 105-130. Bloom, N., Draca, M., & Van Reenen, J. (2016). Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity. The Review of Economic Studies, 83(1), 87-117. Bond, S., Hashemi, A., Kaplan, G., & Zoch, P. (2021). Some Unpleasant Markup Arithmetic: Production Function Elasticities and Their Estimation from Production Data. Journal of Monetary Economics, 121, 1-14. Brandt, L., Van Biesebroeck, J., Wang, L., & Zhang, Y. (2017). WTO Accession and Performance of Chinese Manufacturing Firms. American Economic Review, 107(9), 2784–2820. Brandt, L., Van Biesebroeck, J., Wang, L., & Zhang, Y. (2019). WTO Accession and Performance of Chinese Manufacturing Firms: Corrigendum. American Economic Review, 109(4), 1616–1621. Cavenaile, L., Roldan-Blanco, P., & Schmitz, T. (2023). International Trade and Innovation Dynamics with Endogenous Markups. The Economic Journal, 133(651), 971-1004. Cusolito, A. P., Garcia-Marin, A., & Maloney, W. F. (2023). Proximity to the Frontier, Markups, and the Response of Innovation to Foreign Competition: Evidence from Matched Production-Innovation Surveys in Chile. American Economic Review: Insights, 5(1), 35–54. De Loecker, J., Eeckhout, J., & Unger, G. (2020). The Rise of Market Power and the Macroeconomic Implications. The Quarterly Journal of Economics, 135(2), 561-644. De Ridder, M. (2024). Market Power and Innovation in the Intangible Economy. American Economic Review, 114(1), 199-251. De Ridder, M., Grassi, B., & Morzenti, G. (2024). The Hitchhiker’s Guide to Markup Estimation: Assessing Estimates from Financial Data (Working Paper). Demirer, M. (2022). Production Function Estimation with Factor-augmenting Technology: An Application to Markups (Working Paper). Doraszelski, U., & Jaumandreu, J. (2023). Reexamining the De Loecker & Warzynski (2012) Method for Estimating Markups (Working Paper). Estevadeordal, A., & Taylor, A. M. (2013). Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s–2000s. The Review of Economics and Statistics, 95(5), 1669-1690. Fieler, A. C., & Harrison, A. E. (2023). Escaping Import Competition in China. Journal of International Economics, 145, 103835. Gao, H., Hsu, P.-H., & Li, K. (2018). Innovation Strategy of Private Firms. Journal of Financial and Quantitative Analysis, 53(1), 1-32. Gu, G., Malik, S., Pozzoli, D., & Rocha, V. (2024). Worker Reallocation, Firm Innovation, and Chinese Import Competition. Journal of International Economics, 151, 103951. Hall, R. E. (1988). The Relation between Price and Marginal Cost in U.S. Industry. Journal of Political Economy, 96(5), 921-947. He, Z., & Wintoki, M. B. (2016). The Cost of Innovation: R&D and High Cash Holdings in U.S. Firms. Journal of Corporate Finance, 41, 280-303. Hombert, J., & Matray, A. (2018). Can Innovation Help U.S. Manufacturing Firms Escape Import Competition from China? The Journal of Finance, 73(5), 2003-2039. Jaravel, X., & Sager, E. (2024). What are the Price Effects of Trade? Evidence from the U.S. and Implications for Quantitative Trade Models (Working Paper). Kim, I. S., & Osgood, I. (2019). Firms in Trade and Trade Politics. Annual Review of Political Science, 22(Volume 22, 2019), 399-417. Krugman, P. (1980). Scale Economies, Product Differentiation, and the Pattern of Trade. American Economic Review, 70(5), 950-959. Liu, Q., Lu, R., Lu, Y., & Luong, T. A. (2021). Import Competition and Firm Innovation: Evidence from China. Journal of Development Economics, 151, 102650. Lu, Y., & Yu, L. (2015). Trade Liberalization and Markup Dispersion: Evidence from China's WTO Accession. American Economic Journal: Applied Economics, 7(4), 221–253. Melitz, M. J. (2003). The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity. Econometrica, 71(6), 1695-1725. Melitz, M. J., & Ottaviano, G. I. P. (2008). Market Size, Trade, and Productivity. The Review of Economic Studies, 75(1), 295-316. Melitz, M. J., & Redding, S. J. (2023). Trade and Innovation. In The Economics of Creative Destruction. Harvard University Press. Miller, N. H. (2024). Industrial Organization and the Rise of Market Power (NBER Working Paper No. 32627). National Bureau of Economic Research. Pierce, J. R., & Schott, P. K. (2012). A Concordance Between Ten-Digit US Harmonized System Codes and SIC/NAICS Product Classes and Industries. Journal of Economic and Social Measurement, 37(1-2), 61-96. Raval, D. (2023). Testing the Production Approach to Markup Estimation. The Review of Economic Studies, 90(5), 2592-2611. Reinbold, B., & Wen, Y. (2019). Historical U.S. Trade Deficits. Economic Synopses, 13. Ricardo, D. (1817). On the Principles of Political Economy and Taxation. Rosen, S. (1981). The Economics of Superstars. American Economic Review, 71(5), 845-858. Schott, P. K. (2008). The Relative Sophistication of Chinese Exports. Economic policy, 23(53), 6-49. Verhoeven, D., Bakker, J., & Veugelers, R. (2016). Measuring Technological Novelty with Patent-based Indicators. Research Policy, 45(3), 707-723. Yang, M.-J., Li, N., & Lorenz, K. (2021). The Impact of Emerging Market Competition on Innovation and Business Strategy: Evidence from Canada. Journal of Economic Behavior & Organization, 181, 117-134.zh_TW