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Contagious exporting and foreign ownership: Evidence from firms in Shanghai using a Bayesian spatial bivariate probit model

机译:传染性出口和外国所有权:来自上海公司的证据,使用贝叶斯空间生物等级概率模型

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摘要

Whether a firm is able to attract foreign capital and whether it may participate at the export market depends on whether the fixed costs associated with doing so are at least covered by the incremental operating profits. This paper provides evidence that success for some firms in attracting foreign investors and in exporting appears to reduce the associated fixed costs with exporting or foreign ownership in other firms. Using data on 8,959 firms located in Shanghai, we find that contagion and spillovers in exporting and in foreign ownership decisions within an area of 10 miles in the city of Shanghai amplify fixed-cost reductions for both exporting as well as foreign ownership of neighboring firms. Contagion among exporters and among foreign-owned firms, respectively, amplify shocks to the profitability of these activities to a large extent. These findings are established through the estimation of a spatial bivariate probit model.
机译:公司是否能够吸引外资,是否可能参与出口市场取决于与之相关的固定成本是否至少由增量营业利润涵盖。本文提供了有证据表明,一些公司吸引外国投资者和出口方面的成功似乎将在其他公司的出口或外国所有权降低相关的固定成本。使用位于上海8,959家公司的数据,我们发现出口和外国所有权决策的传染和溢出效应在上海市的一个地区放大了出口的固定成本以及邻近公司的外国所有权。出口商和外资企业之间的蔓延分别在很大程度上放大了这些活动的盈利能力。这些发现是通过估计空间二元概率模型来建立的。

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