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首页> 外文期刊>Journal of International Economics >Globalization and state capitalism: Assessing Vietnam's accession to the WTO
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Globalization and state capitalism: Assessing Vietnam's accession to the WTO

机译：全球化与国家资本主义：评估越南加入世贸组织

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摘要

What do state-owned enterprises (SOEs) do? How do they respond to market incentives? Can we expect substantial efficiency gains from trade liberalization in economies with a strong presence of SOEs? Using a new dataset of Vietnamese firms we document a set of empirical regularities distinguishing SOEs from private firms. Then we empirically study the effect of the 2007 WTO accession on selection, competition, and productivity. Our results show that WTO entry is associated with higher probability of exit, lower firm profitability, and substantial increases in productivity for private firms but not for SOEs. Our estimates suggest that the overall productivity gains would have been about 40% larger in a counterfactual Vietnamese economy without SOEs. We highlight some economic mechanisms possibly driving these findings through the lenses of a model of trade with heterogeneous private and state-owned firms. The model suggests that political/regulatory barriers to entry and access to credit are key drivers of the different response of SOEs to trade liberalization. Further empirical tests broadly validate these insights. (C) 2019 Elsevier B.V. All rights reserved.
机译：国有企业（SOE）做什么？他们如何应对市场激励措施？我们可以期望拥有大量国有企业的经济体从贸易自由化中获得实质性的效率提高吗？使用越南企业的新数据集，我们记录了一组将国有企业与私人企业区分开的经验规律。然后，我们以实证研究2007年加入WTO对选择，竞争和生产力的影响。我们的结果表明，加入WTO与退出的可能性更高，企业的利润率较低以及私有企业而不是国有企业的生产率大幅提高相关。我们的估计表明，在没有国有企业的情况下，在反事实的越南经济中，整体生产率增长将高出约40％。我们重点介绍了一些经济机制，这些经济机制可能通过与异类私营和国有企业进行贸易的模型来推动这些发现。该模型表明，进入和获得信贷的政治/监管障碍是国有企业对贸易自由化做出不同反应的主要驱动力。进一步的经验检验广泛地验证了这些见解。 （C）2019 Elsevier B.V.保留所有权利。

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