贸易自由化、私人收益与管理效率:理论及中国经验  

Trade Liberalisation,Private Benefits and Managerial Efficiency:Theory and China's Evidence

作　　者：谢红军 陈骁 张正出 Xie Hongjun;Chen Xiao;Zhang Zhengchu

机构地区：[1]对外经济贸易大学国际经济贸易学院,北京市100029 [2]对外经济贸易大学国际商学院 [3]香港科技大学跨学科课程事务处,中国香港

出　　处：《世界经济》2023年第1期216-244,共29页The Journal of World Economy

基　　金：国家自然科学基金青年项目(72003026,72003028);教育部人文社会科学研究青年基金项目(20YJC790150);中央高校基本科研业务费专项资金(19QD01)的支持。

摘　　要：本文将管理者的代理问题嵌入两国一般均衡模型,从理论上讨论了贸易自由化对企业管理效率的影响。由于代理成本的存在,企业所有者无法实现完美监督,由中间品自由化引起的“成本效应”与“贸易条件效应”会强化管理者的私人动机,最终品自由化对管理效率的影响则取决于“商业偷窃效应”和“贸易条件效应”的相对强弱。本文利用微观数据构建有效的管理效率指标,证实了中间品自由化会降低企业管理效率,最终品自由化则作用相反;贸易自由化主要通过利润和价格机制影响管理效率。研究结论揭示了开放环境下决定管理效率的内在机理,对提升企业治理效率,激发微观经济活力具有启示意义。This paper first analyses the heterogeneous effects of intermediate and final goods trade liberalisation on firms'managerial efficiency by incorporating the agency problem between owners and managers into a two-country general equilibrium model.With a non-zero agency cost,owners cannot perfectly monitor managers'behaviour,The"cost effect"and the"terms-of-trade effect"of intermediate goods liberalisation reinforce managers'private incentives,while the impact of final goods liberalisation on managerial efficiency depends on the relative strength of the"beggar-thy-neighbour effect"and the"terms-of-trade effect".Empirically,this paper uses firm-level data from China to construct valid indicators for managerial efficiency,which not only confirm that liberalisation of intermediate goods is significantly reduced,while liberalisation of final goods enhances managerial efficiency,but also reveal the mechanism by which trade liberalisation affects managerial efficiency through profits and prices.This study theoretically and empirically investigates the managerial efficiency decisions in an open economy,which has policy implications for understanding the corporate governance role in trade liberalisation,improving firms managerial efficiency,and strengthening the foundation of microeconomic growth.

关 键 词：管理效率 贸易自由化 代理成本 私人收益 

分 类 号：F752.6[经济管理—国际贸易] F425[经济管理—产业经济]