上市公司实证2011-2015数字化转型出口增长与低加成率陷阱资本劳动比行业市场份额国家双边距离
含原始数据及计算结果、计算代码、参考文献
数据来源:基于上市公司年报、公告数据,中国统计年鉴、及各地区统计年鉴数据的整理计算
数据期间:2011-2015
数据范围:沪深上市公司及所属的省市
参考文献:
数字化转型、出口增长与低加成率陷阱
主要指标:
证券简称(补全) 年份 商品HS编码 出口总额 产品价格 国家双边距离 目的地国人口数量(百万人) 外商直接投资 地区GDP 企业所有制 总资产周转率 前十大股东持股比例集中度 内部控制是否存在重大缺陷 上市板块 总资产净利润率 净资产收益率 ln(Year-上市年份) 出口总额对数 企业规模 数字化转型 目的地国GDP 市场汇率 赫芬达尔指数 信息披露质量指数 深交所信息披露考核等级 资本劳动比 竞争策略虚拟变量 产品价格对数 行业市场份额 管理费用
附录 1:基准回归结果
表 1:数字化转型与企业出口
变量 | Lnexport (1) | Lnexport (2) | Lnexport (3) | Lnexport (4) | Lnexport (5) |
Digital | 0.0644*** | 0.0751*** | 0.0581*** | 0.0705*** |
|
| (0.0208) | (0.0215) | (0.0209) | (0.0216) |
|
Digital_F
|
|
|
|
| 0.0535** (0.0314) |
Atr |
|
| 0.0863** | 0.0863** | 0.0808* |
|
|
| (0.0407) | (0.0419) | (0.0419) |
Roe |
|
| 0.0071 | 0.0222** | 0.0216** |
|
|
| (0.0074) | (0.0108) | (0.0108) |
Size |
|
| 0.0791*** | 0.0680*** | 0.0736*** |
|
|
| (0.0165) | (0.0171) | (0.0171) |
Lnage |
|
| 0.0448 | 0.0449 | 0.0384 |
|
|
| (0.0286) | (0.0297) | (0.0297) |
GDP |
| -0.8171*** |
| -0.7705*** | -0.7461*** |
|
| (0.1864) |
| (0.1889) | (0.1891) |
Fdi |
| -0.0147*** |
| -0.0146*** | -0.0151*** |
|
| (0.0036) |
| (0.0037) | (0.0037) |
EO |
| 0.0013 |
| 0.0020* | 0.0020* |
|
| (0.0012) |
| (0.0012) | (0.0012) |
GDP_O |
| 0.4181*** |
| 0.4197*** | 0.4197*** |
|
| (0.0570) |
| (0.0571) | (0.0572) |
XR |
| 0.0197 |
| 0.0203 | 0.0201 |
|
| (0.0197) |
| (0.0197) | (0.0197) |
固定效应 | 控制 | 控制 | 控制 | 控制 | 控制 |
Obs | 370,732 | 354,259 | 370,314 | 353,879 | 353,879 |
𝑅2 | 0.8251 | 0.8247 | 0.8252 | 0.8247 | 0.8247 |
注:括号内为目的地—产品层面的聚类稳健标准误,***、**、*分别表示在1%、5%、10%的水平上显著,下表同。
附录 2:稳健性检验
表 2 稳健性检验:替换核心变量、工具变量检验、样本选择偏差问题
变量 | 替换核心变量 | 工具变量检验 | Heckman’s Two-Step (5) | ||
Score (1) | Digital_I (2) | IV1 (3) | IV2 (4) | ||
Digital |
|
| 1.6119*** | 0.6163** | 0.0356** |
|
|
| (0.3133) | (0.2628) | (0.0565) |
Digital_I
|
| 0.0936*** (0.0212) |
|
|
|
Score
| 1.8642** (0.8068) |
|
|
|
|
LM statistic |
|
| 1513.829*** | 2236.540*** |
|
Wald F statistic |
|
| 1035.837*** | 1534.938*** |
|
Imr
|
|
|
|
| 0.3245*** (0.0313) |
Atr | 0.0820* | 0.1261*** | 0.1758*** | 0.0428 | 0.0394*** |
| (0.0419) | (0.0428) | (0.0434) | (0.0436) | (0.0016) |
Roe | 0.0216** | 0.0188* | 0.0349*** | 0.0194** | 0.5911*** |
| (0.0108) | (0.0108) | (0.0094) | (0.0094) | (0.0094) |
Size | 0.0710*** | 0.1475*** | -0.0423 | 0.0651* | 0.3056*** |
| (0.0171) | (0.0240) | (0.0277) | (0.0340) | (0.0055) |
Lnage | 0.0433 | 0.0239 | 0.0954*** | 0.0114 | -0.3303*** |
| (0.0296) | (0.0299) | (0.0289) | (0.0302) | (0.0302) |
GDP | -0.7832*** | -0.7671*** | -1.0845*** | -1.2846*** | -0.0120 |
| (0.1894) | (0.1891) | (0.1780) | (0.2488) | (0.2488) |
Fdi | -0.0146*** | -0.0146*** | -0.0070* | -0.0111*** | 0.0003 |
| (0.0037) | (0.0037) | (0.0040) | (0.0043) | (0.0001) |
EO | 0.0021* | 0.0014 | 0.0066*** | -0.0003 | -0.0036*** |
| (0.0012) | (0.0012) | (0.0014) | (0.0016) | (0.0007) |
GDP_O | 0.4200*** | 0.4248*** | 0.3975*** | 0.2425*** |
|
| (0.0572) | (0.0574) | (0.0496) | (0.0560) |
|
XR | 0.0205 | 0.0182 | 0.0223 | 0.0148 |
|
| (0.0197) | (0.0197) | (0.0172) | (0.0177) |
|
固定效应 | 控制 | 控制 | 控制 | 控制 |
|
Obs | 353,879 | 352,889 | 353,875 | 302,656 | 4,010 |
R2 | 0.8247 | 0.8246 | -0.0233 | -0.0020 | 0.1509 |
注:同表2。需要指出的是,在Heckman两阶段回归时,由于不需要运用企业产品层面数据,因此样本量会大幅减少,观测值只有4010个。
表 3 稳健性检验:企业信息披露偏误
变量 | Lnexport (1) | Lnexport (2) | Lnexport (3) | Lnexport (4) |
Digital | 0.0471** | 0.1132*** | 0.0728*** | 0.4197*** |
| (0.0370) | (0.0251) | (0.0217) | (0.1407) |
Atr | 0.3972*** | 0.0786 | 0.0863** | 0.1114 |
| (0.0992) | (0.0538) | (0.0427) | (0.2554) |
Roe | 0.4497*** | 0.0354*** | 0.0305 | 1.5982 |
| (0.1594) | (0.0132) | (0.0355) | (1.0687) |
Size | 0.0198 | 0.1179*** | 0.0690*** | 0.1121 |
| (0.0320) | (0.0258) | (0.0172) | (0.1023) |
Lnage | 0.0318 | 0.0155 | 0.0506* | -0.1622 |
| (0.0689) | (0.0351) | (0.0297) | (0.2181) |
GDP | -0.8700** | -0.6331*** | -0.7297*** | -2.7608* |
| (0.4151) | (0.2322) | (0.1900) | (1.6142) |
Fdi | 0.0338*** | -0.0162*** | -0.0153*** | -0.0555* |
| (0.0131) | (0.0044) | (0.0037) | (0.0288) |
EO | -0.0099*** | 0.0008 | 0.0022* | -0.0232*** |
| (0.0027) | (0.0015) | (0.0012) | (0.0062) |
GDP_O | 0.7684*** | 0.3928*** | 0.4166*** | 0.8246*** |
| (0.0900) | (0.0651) | (0.0575) | (0.1266) |
XR | 0.0025 | 0.0337 | 0.0211 | 0.1275** |
| (0.0325) | (0.0227) | (0.0198) | (0.0580) |
固定效应 | 控制 | 控制 | 控制 | 控制 |
Obs | 139,326 | 278,903 | 351,503 | 47,491 |
𝑅2 | 0.8180 | 0.8357 | 0.8250 | 0.8470 |
表 4 稳健性检验:其他问题的考虑
变量 | 遗漏变量检验 | 遗漏变量工具变量检验 IV1 | 遗漏变量工具变量检验 IV2 | 保留出口产品不少于 5 种 | 剔除核心变量极端值 |
(1) | (2) | (3) | (3) | (4) | |
Digital | 0.0974*** | 1.5958*** | 0.5017* | 0.0656*** | 0.0986*** |
| (0.0222) | (0.3088) | (0.2652) | (0.0224) | (0.0257) |
Atr | -0.1165** | -0.0480 | -0.1102** | 0.0668 | 0.0825* |
| (0.0491) | (0.0474) | (0.0496) | (0.0444) | (0.0422) |
Roe | 0.0021 | 0.0139 | 0.0041 | 0.0203* | 0.0242** |
| (0.0108) | (0.0095) | (0.0095) | (0.0111) | (0.0104) |
Size | 0.2095*** | 0.1200*** | 0.1815*** | 0.0671*** | 0.0626*** |
| (0.0231) | (0.0278) | (0.0342) | (0.0182) | (0.0171) |
Lnage | -0.0178 | -0.0299 | -0.0342 | 0.0419 | 0.0549* |
| (0.0310) | (0.0287) | (0.0313) | (0.0316) | (0.0297) |
GDP | -0.7665*** | -1.2631*** | -0.9913*** | -0.7614*** | -0.6942*** |
| (0.1933) | (0.2000) | (0.2781) | (0.2068) | (0.1901) |
Fdi | -0.0113*** | -0.0034 | -0.0097** | -0.0177*** | -0.0128*** |
| (0.0037) | (0.0041) | (0.0043) | (0.0040) | (0.0037) |
EO | 0.0017 | 0.0071*** | 0.0011 | 0.0014 | 0.0015 |
| (0.0012) | (0.0016) | (0.0017) | (0.0012) | (0.0012) |
GDP_O | 0.4335*** | 0.4173*** | 0.2683*** | 0.3967*** | 0.3857*** |
| (0.0580) | (0.0500) | (0.0568) | (0.0588) | (0.0567) |
XR | 0.0273 | 0.0285 | 0.0228 | 0.0229 | 0.0217 |
| (0.0200) | (0.0173) | (0.0179) | (0.0211) | (0.0194) |
Top10_HHI | 0.3548*** | 0.9570*** | 0.3890*** |
|
|
| (0.0784) | (0.1444) | (0.1261) |
|
|
Tfp_op | 0.3136*** | 0.3286*** | 0.2923*** |
|
|
| (0.0312) | (0.0287) | (0.0305) |
|
|
KL | 0.0000*** | 0.0000*** | 0.0000*** |
|
|
| (0.0000) | (0.0000) | (0.0000) |
|
|
Gov | -0.1371* | -0.1386* | -0.0399 |
|
|
| (0.0746) | (0.0718) | (0.0812) |
|
|
LM statistic |
| 1541.211*** | 2154.201*** |
|
|
Wald F statistic |
| 1051.147*** | 1474.612*** |
|
|
固定效应 | 控制 | 控制 | 控制 | 控制 | 控制 |
Obs | 340,850 | 340,846 | 291,644 | 328,832 | 340,147 |
𝑅2 | 0.8275 | -0.0215 | -0.0002 | 0.8244 | 0.8188 |
附录 3:机制检验
表 5 机制检验:竞争效应
变量 | Threshold (1) | Num (2) | Lnshare (3) | Lnprice (4) | Firmprice (5) |
Digital | -0.0142*** | 0.7627*** | -0.1315*** | -0.0259* | -0.1214*** |
| (0.0022) | (0.0612) | (0.0229) | (0.0150) | (0.0045) |
Atr | 0.0560*** | 0.7475*** | -0.0454 | 0.1088*** | 0.0766*** |
| (0.0042) | (0.1023) | (0.0449) | (0.0290) | (0.0042) |
Roe | -0.0008** | 0.0299 | 0.0210* | 0.0101 | 0.0009*** |
| (0.0004) | (0.0200) | (0.0108) | (0.0088) | (0.0003) |
Size | 0.0525*** | -0.9176*** | 0.0912*** | 0.0182 | 0.0230*** |
| (0.0018) | (0.0523) | (0.0196) | (0.0129) | (0.0018) |
Lnage | 0.0839*** | 0.0087 | 0.0389 | 0.0050 | 0.0747*** |
| (0.0051) | (0.0841) | (0.0317) | (0.0207) | (0.0056) |
GDP | -0.3260*** | 5.7183*** | -0.6153*** | -0.6185*** | 0.2458*** |
| (0.0233) | (0.5131) | (0.2051) | (0.1333) | (0.0248) |
Fdi | 0.0059*** | -0.1383*** | -0.0275*** | -0.0082*** | -0.0051*** |
| (0.0003) | (0.0072) | (0.0039) | (0.0027) | (0.0003) |
EO | 0.0015*** | -0.0055* | 0.0051*** | 0.0022** | 0.0033*** |
| (0.0001) | (0.0031) | (0.0013) | (0.0009) | (0.0002) |
GDP_O | -0.0385*** | 1.2850*** | 0.0827 | 0.0601 | -0.1676*** |
| (0.0096) | (0.1124) | (0.0571) | (0.0429) | (0.0129) |
XR | -0.0133*** | 0.1686*** | -0.0114 | 0.0212 | -0.0204*** |
| (0.0014) | (0.0352) | (0.0198) | (0.0130) | (0.0013) |
固定效应 | 控制 | 控制 | 控制 | 控制 | 控制 |
Obs | 353,879 | 353,879 | 353,879 | 350,034 | 276,163 |
R2 | 0.9892 | 0.9984 | 0.8569 | 0.9060 | 0.9894 |
表 6 机制检验:企业价格加成率与边际成本
变量 | Markup (1) | LnMC (2) | Markup (3) | LnMC (4) | Markup (5) | Markup (6) | Markup (7) |
Digital | 0.0161*** | -0.3145*** | -0.0008*** | 0.1109*** | 0.0375*** | -0.3006*** | -0.1214*** |
| (0.0048) | (0.0138) | (0.0007) | (0.0374) | (0.0035) | (0.0142) | (0.0045) |
Atr | 0.7778*** | 0.0864 | 0.0128*** | 0.1255*** | 0.6442*** | 0.0363*** | 0.0766*** |
| (0.0179) | (0.0545) | (0.0012) | (0.0424) | (0.0138) | (0.0114) | (0.0042) |
Roe | 0.5407*** | 0.0106 | 0.0145*** | 0.5436*** | 0.0276*** | 0.0006 | 0.0009*** |
| (0.0497) | (0.0876) | (0.0021) | (0.0766) | (0.0015) | (0.0218) | (0.0003) |
Size | 0.5242*** | 0.0741*** | 0.0064*** | -0.0138 | 0.4997*** | 0.0384*** | 0.0230*** |
| (0.0158) | (0.0193) | (0.0004) | (0.0119) | (0.0075) | (0.0042) | (0.0018) |
Lnage | 0.2153*** | 0.3391*** | 0.0089*** | -0.4265*** | 0.2268*** | 0.0536** | 0.0747*** |
| (0.0133) | (0.0390) | (0.0016) | (0.0616) | (0.0090) | (0.0220) | (0.0056) |
GDP | 0.1139** | -5.6585*** | -0.0183*** | 0.4619*** | -0.1473*** | 1.2681*** | 0.2458*** |
| (0.0502) | (0.1855) | (0.0068) | (0.1595) | (0.0398) | (0.0821) | (0.0248) |
Fdi | -0.0132*** | 0.0028 | 0.0013*** | 0.0174 | -0.0048*** | -0.0063*** | -0.0051*** |
| (0.0009) | (0.0019) | (0.0004) | (0.0114) | (0.0005) | (0.0011) | (0.0003) |
EO | -0.0004 | -0.0196*** | -0.0005*** | 0.0016 | -0.0002 | 0.0095*** | 0.0033*** |
| (0.0004) | (0.0011) | (0.0000) | (0.0013) | (0.0002) | (0.0006) | (0.0002) |
GDP_O | 0.0400*** | 0.1827*** | -0.0000 | 0.0656** | 0.0277*** | -0.4883*** | -0.1676*** |
| (0.0080) | (0.0173) | (0.0010) | (0.0305) | (0.0064) | (0.0383) | (0.0129) |
XR | 0.0000 | 0.0171*** | 0.0002 | -0.0141 | -0.0055*** | -0.0477*** | -0.0204*** |
| (0.0022) | (0.0056) | (0.0002) | (0.0100) | (0.0020) | (0.0042) | (0.0013) |
Competition | 4 | 4 | 3 | 3 | 4&2 | 3&1 | All |
固定效应 | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 |
Obs | 78,893 | 78,893 | 30,933 | 30,933 | 164,522 | 98,829 | 276,163 |
𝑅2 | 0.9986 | 0.9912 | 0.9998 | 0.9961 | 0.9981 | 0.9927 | 0.9894 |
附录 1:基准回归结果
表 1:数字化转型与企业出口
变量 | Lnexport (1) | Lnexport (2) | Lnexport (3) | Lnexport (4) | Lnexport (5) |
Digital | 0.0644*** | 0.0751*** | 0.0581*** | 0.0705*** |
|
| (0.0208) | (0.0215) | (0.0209) | (0.0216) |
|
Digital_F
|
|
|
|
| 0.0535** (0.0314) |
Atr |
|
| 0.0863** | 0.0863** | 0.0808* |
|
|
| (0.0407) | (0.0419) | (0.0419) |
Roe |
|
| 0.0071 | 0.0222** | 0.0216** |
|
|
| (0.0074) | (0.0108) | (0.0108) |
Size |
|
| 0.0791*** | 0.0680*** | 0.0736*** |
|
|
| (0.0165) | (0.0171) | (0.0171) |
Lnage |
|
| 0.0448 | 0.0449 | 0.0384 |
|
|
| (0.0286) | (0.0297) | (0.0297) |
GDP |
| -0.8171*** |
| -0.7705*** | -0.7461*** |
|
| (0.1864) |
| (0.1889) | (0.1891) |
Fdi |
| -0.0147*** |
| -0.0146*** | -0.0151*** |
|
| (0.0036) |
| (0.0037) | (0.0037) |
EO |
| 0.0013 |
| 0.0020* | 0.0020* |
|
| (0.0012) |
| (0.0012) | (0.0012) |
GDP_O |
| 0.4181*** |
| 0.4197*** | 0.4197*** |
|
| (0.0570) |
| (0.0571) | (0.0572) |
XR |
| 0.0197 |
| 0.0203 | 0.0201 |
|
| (0.0197) |
| (0.0197) | (0.0197) |
固定效应 | 控制 | 控制 | 控制 | 控制 | 控制 |
Obs | 370,732 | 354,259 | 370,314 | 353,879 | 353,879 |
𝑅2 | 0.8251 | 0.8247 | 0.8252 | 0.8247 | 0.8247 |
注:括号内为目的地—产品层面的聚类稳健标准误,***、**、*分别表示在1%、5%、10%的水平上显著,下表同。
附录 2:稳健性检验
表 2 稳健性检验:替换核心变量、工具变量检验、样本选择偏差问题
变量 | 替换核心变量 | 工具变量检验 | Heckman’s Two-Step (5) | ||
Score (1) | Digital_I (2) | IV1 (3) | IV2 (4) | ||
Digital |
|
| 1.6119*** | 0.6163** | 0.0356** |
|
|
| (0.3133) | (0.2628) | (0.0565) |
Digital_I
|
| 0.0936*** (0.0212) |
|
|
|
Score
| 1.8642** (0.8068) |
|
|
|
|
LM statistic |
|
| 1513.829*** | 2236.540*** |
|
Wald F statistic |
|
| 1035.837*** | 1534.938*** |
|
Imr
|
|
|
|
| 0.3245*** (0.0313) |
Atr | 0.0820* | 0.1261*** | 0.1758*** | 0.0428 | 0.0394*** |
| (0.0419) | (0.0428) | (0.0434) | (0.0436) | (0.0016) |
Roe | 0.0216** | 0.0188* | 0.0349*** | 0.0194** | 0.5911*** |
| (0.0108) | (0.0108) | (0.0094) | (0.0094) | (0.0094) |
Size | 0.0710*** | 0.1475*** | -0.0423 | 0.0651* | 0.3056*** |
| (0.0171) | (0.0240) | (0.0277) | (0.0340) | (0.0055) |
Lnage | 0.0433 | 0.0239 | 0.0954*** | 0.0114 | -0.3303*** |
| (0.0296) | (0.0299) | (0.0289) | (0.0302) | (0.0302) |
GDP | -0.7832*** | -0.7671*** | -1.0845*** | -1.2846*** | -0.0120 |
| (0.1894) | (0.1891) | (0.1780) | (0.2488) | (0.2488) |
Fdi | -0.0146*** | -0.0146*** | -0.0070* | -0.0111*** | 0.0003 |
| (0.0037) | (0.0037) | (0.0040) | (0.0043) | (0.0001) |
EO | 0.0021* | 0.0014 | 0.0066*** | -0.0003 | -0.0036*** |
| (0.0012) | (0.0012) | (0.0014) | (0.0016) | (0.0007) |
GDP_O | 0.4200*** | 0.4248*** | 0.3975*** | 0.2425*** |
|
| (0.0572) | (0.0574) | (0.0496) | (0.0560) |
|
XR | 0.0205 | 0.0182 | 0.0223 | 0.0148 |
|
| (0.0197) | (0.0197) | (0.0172) | (0.0177) |
|
固定效应 | 控制 | 控制 | 控制 | 控制 |
|
Obs | 353,879 | 352,889 | 353,875 | 302,656 | 4,010 |
R2 | 0.8247 | 0.8246 | -0.0233 | -0.0020 | 0.1509 |
注:同表2。需要指出的是,在Heckman两阶段回归时,由于不需要运用企业产品层面数据,因此样本量会大幅减少,观测值只有4010个。
表 3 稳健性检验:企业信息披露偏误
变量 | Lnexport (1) | Lnexport (2) | Lnexport (3) | Lnexport (4) |
Digital | 0.0471** | 0.1132*** | 0.0728*** | 0.4197*** |
| (0.0370) | (0.0251) | (0.0217) | (0.1407) |
Atr | 0.3972*** | 0.0786 | 0.0863** | 0.1114 |
| (0.0992) | (0.0538) | (0.0427) | (0.2554) |
Roe | 0.4497*** | 0.0354*** | 0.0305 | 1.5982 |
| (0.1594) | (0.0132) | (0.0355) | (1.0687) |
Size | 0.0198 | 0.1179*** | 0.0690*** | 0.1121 |
| (0.0320) | (0.0258) | (0.0172) | (0.1023) |
Lnage | 0.0318 | 0.0155 | 0.0506* | -0.1622 |
| (0.0689) | (0.0351) | (0.0297) | (0.2181) |
GDP | -0.8700** | -0.6331*** | -0.7297*** | -2.7608* |
| (0.4151) | (0.2322) | (0.1900) | (1.6142) |
Fdi | 0.0338*** | -0.0162*** | -0.0153*** | -0.0555* |
| (0.0131) | (0.0044) | (0.0037) | (0.0288) |
EO | -0.0099*** | 0.0008 | 0.0022* | -0.0232*** |
| (0.0027) | (0.0015) | (0.0012) | (0.0062) |
GDP_O | 0.7684*** | 0.3928*** | 0.4166*** | 0.8246*** |
| (0.0900) | (0.0651) | (0.0575) | (0.1266) |
XR | 0.0025 | 0.0337 | 0.0211 | 0.1275** |
| (0.0325) | (0.0227) | (0.0198) | (0.0580) |
固定效应 | 控制 | 控制 | 控制 | 控制 |
Obs | 139,326 | 278,903 | 351,503 | 47,491 |
𝑅2 | 0.8180 | 0.8357 | 0.8250 | 0.8470 |
表 4 稳健性检验:其他问题的考虑
变量 | 遗漏变量检验 | 遗漏变量工具变量检验 IV1 | 遗漏变量工具变量检验 IV2 | 保留出口产品不少于 5 种 | 剔除核心变量极端值 |
(1) | (2) | (3) | (3) | (4) | |
Digital | 0.0974*** | 1.5958*** | 0.5017* | 0.0656*** | 0.0986*** |
| (0.0222) | (0.3088) | (0.2652) | (0.0224) | (0.0257) |
Atr | -0.1165** | -0.0480 | -0.1102** | 0.0668 | 0.0825* |
| (0.0491) | (0.0474) | (0.0496) | (0.0444) | (0.0422) |
Roe | 0.0021 | 0.0139 | 0.0041 | 0.0203* | 0.0242** |
| (0.0108) | (0.0095) | (0.0095) | (0.0111) | (0.0104) |
Size | 0.2095*** | 0.1200*** | 0.1815*** | 0.0671*** | 0.0626*** |
| (0.0231) | (0.0278) | (0.0342) | (0.0182) | (0.0171) |
Lnage | -0.0178 | -0.0299 | -0.0342 | 0.0419 | 0.0549* |
| (0.0310) | (0.0287) | (0.0313) | (0.0316) | (0.0297) |
GDP | -0.7665*** | -1.2631*** | -0.9913*** | -0.7614*** | -0.6942*** |
| (0.1933) | (0.2000) | (0.2781) | (0.2068) | (0.1901) |
Fdi | -0.0113*** | -0.0034 | -0.0097** | -0.0177*** | -0.0128*** |
| (0.0037) | (0.0041) | (0.0043) | (0.0040) | (0.0037) |
EO | 0.0017 | 0.0071*** | 0.0011 | 0.0014 | 0.0015 |
| (0.0012) | (0.0016) | (0.0017) | (0.0012) | (0.0012) |
GDP_O | 0.4335*** | 0.4173*** | 0.2683*** | 0.3967*** | 0.3857*** |
| (0.0580) | (0.0500) | (0.0568) | (0.0588) | (0.0567) |
XR | 0.0273 | 0.0285 | 0.0228 | 0.0229 | 0.0217 |
| (0.0200) | (0.0173) | (0.0179) | (0.0211) | (0.0194) |
Top10_HHI | 0.3548*** | 0.9570*** | 0.3890*** |
|
|
| (0.0784) | (0.1444) | (0.1261) |
|
|
Tfp_op | 0.3136*** | 0.3286*** | 0.2923*** |
|
|
| (0.0312) | (0.0287) | (0.0305) |
|
|
KL | 0.0000*** | 0.0000*** | 0.0000*** |
|
|
| (0.0000) | (0.0000) | (0.0000) |
|
|
Gov | -0.1371* | -0.1386* | -0.0399 |
|
|
| (0.0746) | (0.0718) | (0.0812) |
|
|
LM statistic |
| 1541.211*** | 2154.201*** |
|
|
Wald F statistic |
| 1051.147*** | 1474.612*** |
|
|
固定效应 | 控制 | 控制 | 控制 | 控制 | 控制 |
Obs | 340,850 | 340,846 | 291,644 | 328,832 | 340,147 |
𝑅2 | 0.8275 | -0.0215 | -0.0002 | 0.8244 | 0.8188 |
附录 3:机制检验
表 5 机制检验:竞争效应
变量 | Threshold (1) | Num (2) | Lnshare (3) | Lnprice (4) | Firmprice (5) |
Digital | -0.0142*** | 0.7627*** | -0.1315*** | -0.0259* | -0.1214*** |
| (0.0022) | (0.0612) | (0.0229) | (0.0150) | (0.0045) |
Atr | 0.0560*** | 0.7475*** | -0.0454 | 0.1088*** | 0.0766*** |
| (0.0042) | (0.1023) | (0.0449) | (0.0290) | (0.0042) |
Roe | -0.0008** | 0.0299 | 0.0210* | 0.0101 | 0.0009*** |
| (0.0004) | (0.0200) | (0.0108) | (0.0088) | (0.0003) |
Size | 0.0525*** | -0.9176*** | 0.0912*** | 0.0182 | 0.0230*** |
| (0.0018) | (0.0523) | (0.0196) | (0.0129) | (0.0018) |
Lnage | 0.0839*** | 0.0087 | 0.0389 | 0.0050 | 0.0747*** |
| (0.0051) | (0.0841) | (0.0317) | (0.0207) | (0.0056) |
GDP | -0.3260*** | 5.7183*** | -0.6153*** | -0.6185*** | 0.2458*** |
| (0.0233) | (0.5131) | (0.2051) | (0.1333) | (0.0248) |
Fdi | 0.0059*** | -0.1383*** | -0.0275*** | -0.0082*** | -0.0051*** |
| (0.0003) | (0.0072) | (0.0039) | (0.0027) | (0.0003) |
EO | 0.0015*** | -0.0055* | 0.0051*** | 0.0022** | 0.0033*** |
| (0.0001) | (0.0031) | (0.0013) | (0.0009) | (0.0002) |
GDP_O | -0.0385*** | 1.2850*** | 0.0827 | 0.0601 | -0.1676*** |
| (0.0096) | (0.1124) | (0.0571) | (0.0429) | (0.0129) |
XR | -0.0133*** | 0.1686*** | -0.0114 | 0.0212 | -0.0204*** |
| (0.0014) | (0.0352) | (0.0198) | (0.0130) | (0.0013) |
固定效应 | 控制 | 控制 | 控制 | 控制 | 控制 |
Obs | 353,879 | 353,879 | 353,879 | 350,034 | 276,163 |
R2 | 0.9892 | 0.9984 | 0.8569 | 0.9060 | 0.9894 |
表 6 机制检验:企业价格加成率与边际成本
变量 | Markup (1) | LnMC (2) | Markup (3) | LnMC (4) | Markup (5) | Markup (6) | Markup (7) |
Digital | 0.0161*** | -0.3145*** | -0.0008*** | 0.1109*** | 0.0375*** | -0.3006*** | -0.1214*** |
| (0.0048) | (0.0138) | (0.0007) | (0.0374) | (0.0035) | (0.0142) | (0.0045) |
Atr | 0.7778*** | 0.0864 | 0.0128*** | 0.1255*** | 0.6442*** | 0.0363*** | 0.0766*** |
| (0.0179) | (0.0545) | (0.0012) | (0.0424) | (0.0138) | (0.0114) | (0.0042) |
Roe | 0.5407*** | 0.0106 | 0.0145*** | 0.5436*** | 0.0276*** | 0.0006 | 0.0009*** |
| (0.0497) | (0.0876) | (0.0021) | (0.0766) | (0.0015) | (0.0218) | (0.0003) |
Size | 0.5242*** | 0.0741*** | 0.0064*** | -0.0138 | 0.4997*** | 0.0384*** | 0.0230*** |
| (0.0158) | (0.0193) | (0.0004) | (0.0119) | (0.0075) | (0.0042) | (0.0018) |
Lnage | 0.2153*** | 0.3391*** | 0.0089*** | -0.4265*** | 0.2268*** | 0.0536** | 0.0747*** |
| (0.0133) | (0.0390) | (0.0016) | (0.0616) | (0.0090) | (0.0220) | (0.0056) |
GDP | 0.1139** | -5.6585*** | -0.0183*** | 0.4619*** | -0.1473*** | 1.2681*** | 0.2458*** |
| (0.0502) | (0.1855) | (0.0068) | (0.1595) | (0.0398) | (0.0821) | (0.0248) |
Fdi | -0.0132*** | 0.0028 | 0.0013*** | 0.0174 | -0.0048*** | -0.0063*** | -0.0051*** |
| (0.0009) | (0.0019) | (0.0004) | (0.0114) | (0.0005) | (0.0011) | (0.0003) |
EO | -0.0004 | -0.0196*** | -0.0005*** | 0.0016 | -0.0002 | 0.0095*** | 0.0033*** |
| (0.0004) | (0.0011) | (0.0000) | (0.0013) | (0.0002) | (0.0006) | (0.0002) |
GDP_O | 0.0400*** | 0.1827*** | -0.0000 | 0.0656** | 0.0277*** | -0.4883*** | -0.1676*** |
| (0.0080) | (0.0173) | (0.0010) | (0.0305) | (0.0064) | (0.0383) | (0.0129) |
XR | 0.0000 | 0.0171*** | 0.0002 | -0.0141 | -0.0055*** | -0.0477*** | -0.0204*** |
| (0.0022) | (0.0056) | (0.0002) | (0.0100) | (0.0020) | (0.0042) | (0.0013) |
Competition | 4 | 4 | 3 | 3 | 4&2 | 3&1 | All |
固定效应 | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 |
Obs | 78,893 | 78,893 | 30,933 | 30,933 | 164,522 | 98,829 | 276,163 |
𝑅2 | 0.9986 | 0.9912 | 0.9998 | 0.9961 | 0.9981 | 0.9927 | 0.9894 |