Can Production Subsidies Explain China's Export Performance? Evidence from Firm‐level Data*
利用企业层面数据，在控制补贴内生性后，发现生产补贴能促进出口集约边际，且该效应在盈利企业、资本密集型行业及非沿海地区企业中更强。
Abstract This paper analyses the relationship between production subsidies and firms’ export performance using a very comprehensive and recent firm‐level database and controlling for the endogeneity of subsidies. It documents robust evidence that production subsidies stimulate export activity at the intensive margin, although this effect is conditional on firm characteristics. In particular, the positive relationship between subsidies and the intensive margin of exports is strongest among profit‐making firms, firms in capital‐intensive industries, and those located in non‐coastal regions. Compared to firm characteristics, the extent of heterogeneity across ownership structure (SOEs, collectives, and privately owned firms) proves to be relatively less important.