关税削减如何影响企业存货调整——基于中国制造业企业的经验分析  

How Tariff Reduction Affects the Enterprises’ Adjustment of Inventory: An Empirical Analysis Based on Chinese Manufacturing Enterprises

作　　者：罗奇[1] 刘猛[2] 赵永亮[1] Luo Qi;Liu Meng;Zhao Yongliang(School of Economics,Jinan University,Guangzhou;Institute for Global Health and Development,Peking University,Beijing)

机构地区：[1]暨南大学经济学院 [2]北京大学全球健康发展研究院

出　　处：《经济社会体制比较》2022年第6期15-28,共14页Comparative Economic & Social Systems

基　　金：国家社会科学基金青年项目“粤港澳大湾区人口流动及空间结构动态优化研究”(项目编号:19CRK022)。

摘　　要：面对进口关税大幅削减造成的冲击,国内企业应该如何调整存货策略对提升经济发展质量至关重要。文章构建进口关税影响企业存货调整的理论框架,首次采用双重差分法评估了中国加入WTO带来的中间品关税削减对国内制造业企业存货调整的影响。研究发现:中间品关税削减显著降低了企业非产成品存货,该结论在考虑其他影响因素后仍成立;机制检验表明,中间品关税削减带来的企业存货下降主要来源于缩短企业订购提前期、降低提前期不确定性以及提高市场竞争程度;异质性分析发现,中间品关税削减对高生产率企业和东部企业的“去库存”效果更突出。文章研究结论为当前中国深化供给侧结构性改革背景下有序地推进“去库存”的工作提供了政策启示。Given the impact caused by the significant reduction in import tariffs, how domestic enterprises adjust their inventory strategies is essential for improving the quality of economic development. This paper proposes a theoretical framework to investigate the impact of import tariffs on enterprises’ adjustment of inventory, and uses the difference-in-differences method for the first time to assess the impact of the intermediate tariffs reduction resulting from China’ s accession to the WTO on domestic manufacturing enterprises’ adjustment of inventory. The findings are as follows: the reduction of intermediate tariffs significantly reduces enterprises’ non-finished product inventory, and this finding remains valid when other influencing factors are considered;the mechanism test shows that the decline in inventory caused by tariff reduction mainly comes from shortening procurement leading time, reducing leading time uncertainty and improving market competition;the heterogeneity analysis reveals that the destocking effect stemming from the intermediate tariffs reduction is more remarkable for high productivity enterprises and eastern enterprises. The findings of this paper provide policy insights for China’s current efforts to promote an orderly destocking process in the context of deepening supply-side structural reform.

关 键 词：中间品关税 非产成品存货 提前期 市场竞争 去库存 

分 类 号：F752.61[经济管理—国际贸易]