Abstract：Based on the extended M-O model, this paper introduces the labor costs in the theoretical model to discuss the dynamic effects of rising labor costs on firm-level markups. The theoretical analysis shows that rising labor costs have negative effects on current markups. The authors empirically verify the theoretical prediction using the data of Chinese industrial firms. The empirical results show that:(1)an increase in the average wages of a firm will cause the decrease of its firm-level markups; (2)the negative effect of labor costs is larger for labor-intensive firms, state-owned enterprises(SOEs) and west-region firms than their counterparts; (3)firms can improve the markups by "process innovation effects" and "quality upgrading effects" after a certain threshold; (4)the technical level of the industry and provincial institutions will affect the firm's innovation behavior.
程晨、王萌萌(2016):《企业劳动力成本与全要素生产率——"倒逼"机制的考察》,《南开经济研究》第3期。
董新兴、刘坤(2016):《劳动力成本上升对企业创新行为的影响——来自中国制造业上市公司的经验证据》,《山东大学学报(哲学社会科学版)》第4期。
樊纲、王小鲁、马光荣(2011):《中国市场化进程对经济增长的贡献》,《经济研究》第9期。
黄先海、胡馨月、刘毅群(2015):《产品创新、工艺创新与我国企业出口倾向研究》,《经济学家》第4期。
黄先海、诸竹君、宋学印(2016a):《中国出口企业阶段性低加成率陷阱》,《世界经济》第3期。
黄先海、诸竹君、宋学印(2016b):《中国中间品进口企业"低加成率之谜"》,《管理世界》第7期。
蒋殿春、张宇(2008):《经济转型与外商直接投资技术溢出效应》,《经济研究》第7期。
李磊、白道欢、冼国明(2016):《对外直接投资如何影响了母国就业?——基于中国微观企业数据的研究》,《经济研究》第8期。
林炜(2013):《企业创新激励:来自中国劳动力成本上升的解释》,《管理世界》第10期。
刘欣、陈松(2015):《工艺创新影响因素研究——基于我国制造业上市公司的实证分析》,《软科学》第4期。
刘啟仁、黄建忠(2015):《异质出口倾向、学习效应与"低加成率陷阱"》,《经济研究》第12期。
盛丹、王永进(2012):《中国企业低价出口之谜——基于企业加成率的视角》,《管理世界》第5期。
许家云、毛其淋(2016):《人民币汇率水平与出口企业加成率——以中国制造业企业为例》,《财经研究》第1期。
阳立高、谢锐、贺正楚等(2014):《劳动力成本上升对制造业结构升级的影响研究——基于中国制造业细分行业数据的实证分析》,《中国软科学》第12期。
叶林、简新华(2014):《技术创新对中国高技术企业出口的影响》,《经济与管理研究》第6期。
张宗庆、郑江淮(2013):《技术无限供给条件下企业创新行为——基于中国工业企业创新调查的实证分析》,《管理世界》第1期。
赵西亮、李建强(2016):《劳动力成本与企业创新——基于中国工业企业数据的实证分析》,《经济学家》第7期。
祝树金、张鹏辉(2015):《出口企业是否有更高的价格加成:中国制造业的证据》,《世界经济》第4期。
Acemoglu, D.; Aghion, P.; Bursztyn, L. and Hemous, D. "The Environment and Directed Technical Change." The American Economic Review, 2012, 102(1), pp.131-166.
Aghion, P.; Blundell, R.; Grith, R.; Howitt, P. and Prantl, S. "The Effects of Entry on Incumbent Innovation and Productivity." Review of Economics and Statistics, 2009, 91(1), pp.20-32.
Antonelli, C. and Quatraro, F. "The Effects of Biased Technological Changes on Total Factor Productivity:A Rejoinder and New Empirical Evidence." Journal of Technology Transfer, 2014, 39(2), pp.281-299.
Antoniades, A. "Heterogeneous Firms, Quality, and Trade." Journal of International Economics, 2015, 95(2), pp.263-273.
Becker, S. and Egger, P. "Endogenous Product versus Process Innovation and a Firm's Propensity to Export." Empirical Economics, 2013, 44, pp.329-354.
Bellone, F.; Musso, P.; Nesta, L. and Schiavo, S. "Financial Constraints and Firm Export Behavior." World Economy, 2010, 33(3), pp.347-373.
Bellone, F.; Musso, P.; Nesta, L. and Warzynski, F. "International Trade and Firm-Level Markups When Location and Quality Matter." Journal of Economic Geography, 2016, 16(1), pp.67-91.
Berman, N.; Martin, P. and Mayer, P. "How Do Different Exporters React to Exchange Rate Changes?" Quarterly Journal of Economics, 2012, 127(1), pp.437-492.
Blomstrom, M. and Sjoholm, F. "Technology Transfer and Spillovers:Does Local Participation with Multinationals Matter?" European Economic Review, 1999, 43(4), pp.915-923.
Brandt, L.; Van Biesebroeck, J. and Zhang, Y. "Creative Accounting or Creative Destruction? Firm-Level Productivity Growth in Chinese Manufacturing." Journal of Development Economics, 2012, 97(2), pp.339-351.
Broadberry, S. and Gupta, B. "The Early Modern Great Divergence:Wages, Prices and Economic Development in Europe and Asia, 1500-1800."Economic History Review, 2006, 59(1), pp.2-31.
Ceglowski, J. and Golub, S. "Just How Low are China's Labour Costs?" World Economy, 2007, 30(4), pp.597-617.
Dean, J. M. and Lovely, M. E. "Trade Growth, Production Fragmentation, and China's Environment." China's Growing Role in World Trade. University of Chicago Press, 2010, pp.429-469.
De Loecker, J. and Warzynski, F. "Markups and Firm-Level Export Status." The American Economic Review, 2012, 102(6), pp.2437-2471.
Ding, S.; Sun, P. and Jiang, W. "The Effect of Foreign Entry Regulation on Downstream Productivity:Micro-Economic Evidence from China." University of Glasgow, Mimeo, 2016a.
Ding, S.; Sun, P. and Jiang, W. "The Effect of Import Competition on Firm Productivity and Innovation:Does the Distance to Technology Frontier Matter?"Oxford Bulletin of Economics and Statistics, 2016b, 78(2), pp.197-227.
Domowitz, I.; Hubbard, R. G. and Petersen, B. C. "Market Structure and Cyclical Fluctuations in US Manufacturing."Review of Economics and Statistics, 1988, 70(1), pp.55-66.
Fagerberg, J. "Technology and International Differences in Growth Rates."Journal of Economic Literature, 1994, 32(3), pp.1147-1175.
Fan, H.; Li, Y. A. and Yeaple, S. R. "Trade Liberalization, Quality, and Export Prices."Review of Economics and Statistics, 2015a, 97(5), pp.1033-1051.
Fan, H.; Lai, E. and Li, Y. "Credit Constraints, Quality, and Export Prices:Theory and Evidence from China."Journal of Comparative Economics, 2015b, 43(2), pp.390-416.
Fare, R. and Grosskopf, S. "Malmquist Productivity Indexes and Fisher Ideal Indexes."Economic Journal, 1992, 102(410), pp.158-160.
Gan, L.; Hernandez, M. A. and Ma, S. "The Higher Costs of Doing Business in China:Minimum Wages and Firms' Export Behavior."Journal of International Economics, 2016, 100, pp.81-94.
Gervais, A. "Product Quality and Firm Heterogeneity in International Trade."Canadian Journal of Economics, 2015, 48(3), pp.1152-1174.
G rg, H. and Warzynski, F. "Price Cost Margins and Export Behavior:Evidence from Firm-Level Data." LICOS discussion papers, No.133, 2003.
Hicks, J. R. The Theory of Wages.London:Macmillan,1963.
Levisohn, J. and Petrin, A. "Estimating Production Functions Using Inputs to Control for Unobservables." Review of Economic Studies, 2003, 70 (2), pp.317-341.
Lu, Y. and Yu, L. "Trade Liberalization and Markup Dispersion:Evidence from China's WTO Accession." American Economic Journal:Applied Economics, 2015, 7(4), pp.221-253.
Melitz, M. J. and Ottaviano, G. I. P. "Market Size, Trade, and Productivity." Review of Economic Studies, 2008, 75(1), pp.295-316.
Romer, P. M. "Crazy Explanations for the Productivity Slowdown." NBER Macroeconomics Annual, 1987, 2, pp.163-210.
Schumpeter, J. The Theory of Economic Development:An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Cambridge:Harvard University Press, 1934.
Secchi, A.; Tamagni, F. and Tomasi, C. "Export Price Adjustments under Financial Constraints." Canadian Journal of Economics, 2016, 49(3), pp.1057-1085.
Sjoholm, F. "Technology Gap, Competition and Spillovers from Direct Foreign Investment:Evidence from Establishment Data."Journal of Development Studies, 1999, 36(1), pp.53-73.
Van Reenen, J. "The Creation and Capture of Rents:Wages and Innovation in a Panel of UK Companies."Quarterly Journal of Economics, 1996, 111(1), pp.195-226.
Yu, M. "Processing Trade, Tariff Reductions and Firm Productivity:Evidence from Chinese Firms." Economic Journal, 2015, 125(585), pp.943-988.
2017, Vol. 40 
