公司治理与中国企业高质量出口——基于企业内部控制“准自然实验”的经验证据  

Corporate Governance and High-quality Exports of Chinese Enterprises——Empirical Eviden ce Based on“Quasi-natural Experiment”of Enterprise Internal Control

作　　者：张莹[1] 鲍丙朋 符大海[3] ZHANG Ying;BAO Bingpeng;FU Dahai

机构地区：[1]中国社会科学院经济研究所 [2]对外经济贸易大学国际经济贸易学院 [3]中央财经大学国际经济与贸易学院

出　　处：《国际贸易问题》2025年第4期108-124,共17页Journal of International Trade

基　　金：中央财经大学科研创新团队支持计划项目“‘双循环’新发展格局下我国对外贸易高质量发展研究”(20210033)。

摘　　要：加强公司治理能否促进企业高质量出口?回答这一问题将有助于从微观层次理解中国对外贸易高质量发展的内在动力。本文利用2009—2015年中国上市公司与海关出口统计匹配数据,以2012年关于中国主板上市公司“内控通知”的出台作为一项准自然实验,通过构建双重差分模型研究了加强公司内部治理对企业高质量出口的影响,并识别了内在的影响机制。研究发现,加强公司内部治理显著提高了企业出口产品质量,该促进效应对于中西部地区企业、劳动密集型和技术密集型企业以及出口到发展中国家或地区的产品更为明显。机制检验显示,加强公司内部治理主要通过提高研发强度、提升生产率和降低融资约束这三条途径来提高企业出口产品质量。在拓展分析中,本文进一步验证了加强公司内部治理在推动企业出口二元边际层面的积极意义。本文不仅拓展了有关加强公司治理的经济效应研究,也丰富了企业高质量出口的影响因素分析,对进一步从微观企业层面推动中国出口高质量发展具有重要的政策启示。Can strengthening corporate governance enhance the quality of enterprise exports?Addressing this question helps clarify the internal drivers of China's high-quality foreign trade development at the micro level.Using matched export data from China's listed companies and customs records(2009-2015),this study exploits The 2012 Notice on the Classified and Batch Implementation of the Standard System of Enterprise Internal Control by Main Board Listed Companies as a quasi-natural experiment.A difference-indifferences model is employed to examine the causal impact of improved corporate governance on high-quality exports and to identify underlying mechanisms.The results show that stronger corporate governance significantly enhances export product quality,with more pronounced effects for firms in central and western regions,labor-intensive and technology-intensive enterprises,and exports to developing countries and regions.Mechanism tests reveal that governance improvements boost export quality by increasing R&D intensity,enhancing productivity,and alleviating financing constraints.Further analysis confirms that corporate governance also positively influences both the extensive and intensive margins of exports.This study contributes to the literature on the economic effects of corporate governance and the determinants of high-quality exports,and also offers policy insights for promoting high-quality export development at the firm level in China.

关 键 词：公司治理 内部控制 出口产品质量 高质量出口 

分 类 号：F746.12[经济管理—国际贸易]