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英文文献：Vertical Ownership and Trade: Firm-level evidence from France-垂直所有权和贸易:来自法国的企业层面的证据
英文文献作者：Gaigne, Carl,Latouche, Karine,Turolla, Stephane
英文文献摘要：
In this paper, we study the impact of acquiring equity shares in intermediaries on ex- port performance. We develop a trade model with vertically linked industries where the decisions to export and to own its intermediary are endogenous that we test on French data at the firm level. We show that: forward acquisition enables manufacturers to man- age the double marginalization problem and to enjoy lower costs to foreign market access, so that the probability of exporting and export sales are higher for a firm with a par- ticipation in intermediaries. In addition, vertical ownership creates a market externality among manufacturers due to a reallocation of market shares from small firms to large firms forcing some low-productivity firms to exit from foreign markets.
本文研究了中介机构股权收购对出口绩效的影响。我们开发了一个垂直关联产业的贸易模型，在这个模型中，出口和拥有中介机构的决定是内生的，我们在公司层面上测试法国的数据。我们的研究表明:远期收购使制造商能够解决双重边缘化问题，并享受更低的进入国外市场的成本，从而使在中间商中占有份额的企业出口和出口销售的概率更高。此外，由于市场份额从小公司向大公司的重新分配，垂直所有权在制造商之间产生了市场外部性，迫使一些低生产率的企业退出国外市场。
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