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中国出口企业的“生产率之谜”现象已被经验研究所广泛证实,但至今仍未有理论层面的解释。本文通过修正企业异质性理论假设,加入针对中国转轨经济的特点,构建了两国三区垄断竞争模型,开创性地将市场分割和融资约束纳入到统一框架中,证明了市场分割下会产生出“重出口而轻内销”的中国特有的特殊企业类型,融资约束会加剧贸易扭曲现象,并直接形成过度出口,进而最终导致形成中国出口企业的“生产率之谜”现象。
The “productivity mystery” phenomenon of Chinese exporters has been extensively verified by empirical research institutes, but so far there is no theoretical explanation. By amending the corporate heterogeneity theory assumptions and adding the characteristics of China’s transition economy, this paper constructs a monopolistic competition model between the two regions and three regions, pioneering the market segmentation and financing constraints into a unified framework, proving that market segmentation will produce Export-oriented and light-selling “China-specific types of special enterprises, financing constraints will exacerbate the phenomenon of trade distortions and direct the formation of excessive exports, and eventually lead to the formation of China’s export enterprises ” productivity puzzle "phenomenon.