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中国出口企业的盈利能力一直备受质疑。我们使用2005年-2009年中国工业企业的微观面板数据,将中国的制造业企业分为内资企业和外资企业两个子样本,考察出口贸易与企业盈利的关系。研究发现:首先,外资企业出口行为降低了其资产报酬率和盈利可能性,内资企业与之相反;其次,与其他形式的外资企业相比,出口显著降低了外商独资企业的资产报酬率和盈利可能性;最后,在纯出口企业和劳动密集型行业中,外资企业出口行为显著降低了企业资产报酬率。这可能是由于外资企业在出口过程中,通过转移定价进行避税,造成账面利润的降低。
The profitability of Chinese exporters has been questioned. Using the micro-panel data of Chinese industrial enterprises from 2005 to 2009, we divide the Chinese manufacturing enterprises into two sub-samples: domestic-funded enterprises and foreign-funded enterprises and examine the relationship between export trade and corporate profits. The findings are as follows: First, the export behavior of FIEs reduces the ROA and profitability of their assets, while domestic-funded enterprises are the opposite. Secondly, compared with other forms of FIEs, exports significantly reduce the return on assets and earnings of wholly foreign-owned enterprises The possibility; finally, in pure export-oriented and labor-intensive industries, the export behavior of foreign-funded enterprises significantly reduces the return on corporate assets. This may be due to foreign-funded enterprises in the export process, through the transfer of tax avoidance, resulting in reduced book profit.