An Comparative Study on the Competition Power of China's Firms

利用引力模型，我们的实证结果表明，中国从人口较少的国家进口更多的土地密集型商品。与国际贸易理论一致，中国在劳动密集型产品方面具有较强的比较优势。因此，中国的廉价和高质量劳动力是中国最重要的来源。其次，对中国的直接投资微弱地增加了中国对东道国的出口。对中国的直接投资更有可能增加亚洲国家和地区之间的三角贸易，而不是与东道国的直接贸易。然而，我们也研究了在中国，由于公司治理结构失调，大公司更有可能以牺牲盈利能力为代价扩大公司规模。本文的研究为宏观经济良好与中国上市公司盈利能力低下之间的矛盾提供了一个解释。毫无疑问，外国对中国的直接投资是中国竞争力的另一个来源。中国吸引外国直接投资的政策对经济发展具有重要的借鉴意义。从理论上讲，我们表明限制在某些国内行业（如汽车、电信、银行、保险等）控制外资股份可能会以效率损失为代价，因为它消除了整合所有权结构的可能性，这可能会产生更高的总盈余（效率）。将所有权安排留在公司手中可能会产生互利的结果。通过使用日本电子公司的数据，我们发现，由于包括中国在内的亚洲市场的高度不确定性和/或需求增加，在建立制造子公司时，分销子公司很重要。

Using gravity models, our empirical results suggest that China imports more land-intensive goods from countries with less population. Consistent with international trade theories, China has strong comparative advantages in labor-intensive goods. Thus, cheap and high-quality labor forces in China are the most important source of China's Next, direct investments to China weakly increase exports from China to host countries. It is more likely that direct investments to China increase triangle trades among Asian countries and areas rather than direct trades with host countries. However, we also examined that it is more likely for in China large firms to expanse firm sizes at the sacrifice of profitability, due to dysfunctional corporate governance structures. Our study provides an explanation for the conflict between good performance of macro economy and low profitability of listed firms in China. Without doubt, foreign direct investments to China are another sources of China's competition power. China's policies to attract foreign direct investments have important lessons for economic development. Theoretically, we show that restrictions on controlling foreign shares in certain domestic industries (such as automobile, telecommunications, banking, insurance, etc) might be at the expense of efficiency loss by eliminating the possibility of an integrated ownership structure, which may generate the higher total surplus (efficiency). Leaving ownership arrangements in the hands of firms may result in a mutually beneficial outcome. By using data on Japanese electronics firms, we find that distribution affiliates are important when setting up manufacturing affiliates because of the high uncertainty and/or demand increases in Asian markets including China.