Opposing Firm-Level Responses to the China Shock: Output Competition versus Input Supply
American Economic Journal: Economic Policy · 2024 · Philippe Aghion、Antonin Bergeaud、Matthieu Lequien、Marc J. Melitz、Thomas Zuber
中文摘要
我们将“中国冲击”分解为两个组成部分，二者会诱使暴露于中国出口的企业作出不同的调整：一是产出冲击，影响销售与类似进口中国商品相竞争产品的企业；二是投入供给冲击，影响使用与进口中国商品相似投入品的企业。结合法国企业层面的会计、海关和专利信息，我们表明产出冲击不利于企业的销售、就业和创新，且这一负面影响集中在低生产率企业。另一方面，投入供给冲击的影响则恰好相反。（JEL D22, D24, F14, J23, L25, O31, O34）
Abstract
We decompose the “China shock” into two components that induce different adjustments for firms exposed to Chinese exports: an output shock affecting firms selling goods that compete with similar imported Chinese goods, and an input supply shock affecting firms using inputs similar to the imported Chinese goods. Combining French accounting, customs, and patent information at the firm level, we show that the output shock is detrimental to firms’ sales, employment, and innovation. Moreover, this negative impact is concentrated in low-productivity firms. On the other hand, the impact of the input supply shock is reversed. (JEL D22, D24, F14, J23, L25, O31, O34)