沉没成本、制度环境与企业出口地理动态

本文使用2002-2011年中国海关出口数据，探究成本视角下企业出口地理动态和作用机制。实证结果表明企业出口活动和邻近企业溢出均对企业在出口市场上的进入和退出存在显著双面性影响：企业出口活动不利于企业进入新市场，但利于企业继续留在国外已有市场中；邻近企业溢出为企业进入新市场创造了有利条件，但加快了企业从已有市场退出。本文还发现在市场化程度较低和政府干预程度较高的地区，企业出口活动和邻近企业溢出发挥的“双面性”影响明显。这意味地方制度环境能影响中国企业出口地理动态，塑造了企业出口的动机和策略。

SUNK COST,INSTITUTIONAL ENVIRONMENT AND GEOGRAPHICAL DYNAMICS OF FIRM EXPORTS

In order to understand the geographical dynamics of firm exports shaped by firms' export decisionmaking and export strategies, it is an important prerequisite to clarify why firms choose to export and the logic of choosing export markets. This paper agrees with the fact that small and medium-sized firms are the main force shaping the export dynamics of China. The main features of these firms include insufficient competitiveness and weak financial situation. From the perspective of cost relevance, this paper mainly uses the China Customs export data from 2002 to 2011 to explore the geographical dynamics and mechanism of firm exports from the perspective of cost. The empirical results illustrate that both the firms' export activity and the spillover of neighboring firms have significant double-sided effects on the entry and exit dynamics of firms in the export markets. On the one hand, firms' export activities are not conducive to firms entering new markets, however, help firms to remain in the existing markets; on the other hand, the spillover of neighboring firms creates favorable conditions for firms to enter new markets, but at the same time, it also accelerates the exiting process. What's more, in many areas, the market-oriented restructuring is relatively lagging behind, and government intervention is still a powerful factor leading the market dynamics, which has shaped China's unique system and market environment. The findings in this paper proves this assumption, that is, in the regions with lower marketization and higher degree of government intervention, the double-sided effects of firms' export activities and spillovers of neighboring firms are more significant and stronger. This means that the local institutional environment can influence the geographical dynamics of Chinese firms' exports, and also shape the motives and strategies of firms' exports.