多产品企业内部的跨产品与跨市场调整：来自反倾销行动的证据

中文摘要

本文利用详细的企业–产品–国家层面出口数据，考察反倾销（AD）行动——一种针对特定出口目的地特定产品的高度定向贸易政策——如何影响多产品企业对其其他产品及其他出口目的地的价格与数量决策。我们找到稳健的证据，表明多产品企业的各产品与各市场之间存在可观的相互依赖，其中包括一种我们称为“企业内跨产品贸易偏转”（within-firm cross-product trade deflection）的新现象，即针对企业某一出口目的地某一产品的反倾销行动，与该企业其他产品在所有市场上销量的增加相关联。这些效应对于民营（相对于国有）企业和规模较大的企业，以及从企业非核心产品向核心产品的偏转，通常更强。我们高度细化的数据与分析方法使我们能够厘清这些跨产品效应在多大程度上源于多产品企业内部的成本和/或需求相互依赖。

Abstract

This paper uses detailed firm–product–country-level export data to examine how an AD action, a very targeted trade policy against a specific product in a specific export destination, affects a multiproduct firm’s price and quantity decisions across its other products and export destinations. We find robust evidence for substantial interdependencies across a multiproduct firm’s products and markets, including a new phenomenon we call within-firm cross-product trade deflection whereby an AD action against one of the firm’s products in one of its export destinations is associated with increased sales of its other products across all markets. These effects are generally stronger for private (versus state-owned) firms and larger firms, and for deflection from a firm’s non-core products to core product. Our highly detailed data and analytical approach allow us to disentangle the extent to which these cross-product effects stem from cost and/or demand interdependencies within the multiproduct firm.