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Resources Science
Vol. 42, Issue 8, 1540 (2020)

Impact of export rebate on firms’ entry and exit behaviors in China’s rare earth industry

Huanlang HE^* and Hui LIU

Author Affiliations

School of International Business, Shanghai University of International Business and Economics, Shanghai 201620, China

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DOI: 10.18402/resci.2020.08.09 Cite this Article

Huanlang HE, Hui LIU. Impact of export rebate on firms’ entry and exit behaviors in China’s rare earth industry[J]. Resources Science, 2020, 42(8): 1540 Copy Citation Text

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年份	出口总量/kg	出口均价/(美元/kg)	出口总额/美元
2000	102572072	31.851	392349266
2001	131627878	33.013	527520152
2002	14253 685	30.498	505113944
2003	200715693	31.776	616985216
2004	615419310	36.282	857658398
2005	511336993	30.009	932527274
2006	251839811	33.152	1147780028
2007	241731117	31.500	1546274574
2008	201366646	39.233	1714627766
2009	140745844	35.842	1057435798
2010	196479580	41.371	2152328284
总计	2736366629	34.048	11450600699

Table 1. Export indicators of rare earth products, 2000-2010

A.稀土企业进入行为模型中的变量
变量	均值	中值	标准差	最小值	最大值	观察值
Entry	0.2816	0.0000	0.4499	0.0000	1.0000	1630
△ExportRebates	–2.3597	0.0000	4.0475	–13.0000	0.0000	1630
L.△ExportRebates	–3.9808	0.0000	6.4502	–23.0000	0.0000	1630
TFP	5.9658	6.0352	1.1860	1.5489	9.8552	1630
Size	10.4036	10.3196	1.3223	4.3694	15.5115	1630
Age	8.6227	6.0000	8.0457	0.0000	47.0000	1630
CapitalIntensity	4.0538	4.1145	1.2960	1.1694	7.9962	1630
Lev	2.0165	1.4437	1.9546	0.0000	14.7432	1630
Subsidy	0.0032	0.0000	0.0157	0.0000	0.2996	1630
SOE	0.1497	0.0000	0.3569	0.0000	1.0000	1630
Private	0.2380	0.0000	0.4260	0.0000	1.0000	1630
B.稀土企业退出行为模型中的变量
Exit	0.1501	0.0000	0.3573	0.0000	1.0000	1599
△ExportRebates	–2.2314	0.0000	3.9702	–13.0000	0.0000	1599
L.△ExportRebates	–3.7969	0.0000	6.3617	–23.0000	0.0000	1599
TFP	5.9638	6.0374	1.1939	1.5489	9.8552	1599
Size	10.4049	10.3198	1.3225	4.3694	15.5115	1599
Age	8.6961	6.0000	8.0892	0.0000	47.0000	1599
CapitalIntensity	4.0638	4.1224	1.2898	1.1694	7.9962	1599
Lev	1.9775	1.4182	1.9085	0.0000	14.7432	1599
Subsidy	0.0033	0.0000	0.0158	0.0000	0.2996	1599
SOE	0.1501	0.0000	0.3573	0.0000	1.0000	1599
Private	0.2276	0.0000	0.4194	0.0000	1.0000	1599

Table 2. Descriptive statistics of the main variables

	企业进入	企业进入	企业进入(滞后1期)	企业进入	企业进入	企业进入（滞后1期)
	(1)	(2)	(3)	(4)	(5)	(6)
△ExportRebates	0.0317***	0.0503***		0.0295**	0.0374***
△ExportRebates	(4.77)	(5.45)		(3.21)	(3.85)
L.△ExportRebates			0.0406***			0.0327***
L.△ExportRebates			(6.67)			(4.98)
TFP				–0.0185	–0.0327	–0.0315
TFP				(–0.39)	(–0.65)	(–0.63)
Size				–0.0899	–0.0856	–0.0820
Size				(–1.62)	(–1.70)	(–1.73)
Age				–0.0353***	–0.0390***	–0.0395***
Age				(–6.92)	(–7.24)	(–7.31)
CapitalIntensity				0.0179	0.0208	0.0185
CapitalIntensity				(0.63)	(0.69)	(0.62)
Lev				0.0277	0.0264	0.0269
Lev				(1.62)	(1.48)	(1.50)
Subsidy				5.621**	5.807**	5.601**
Subsidy				(2.72)	(2.78)	(2.68)
SOE				–0.189	–0.171	–0.168
SOE				(–1.83)	(–1.56)	(–1.53)
Private				–0.332***	–0.321***	–0.264**
Private				(–3.71)	(–3.50)	(–2.84)
Constant	–0.488***	–0.391**	–0.478**	–0.839**	–0.948**	–0.898*
Constant	(–2.98)	(–2.79)	(–2.72)	(–2.94)	(–2.66)	(–2.51)
年份固定效应	NO	YES	YES	NO	YES	YES
地区固定效应	NO	YES	YES	NO	YES	YES
Pseudo R²	0.0122	0.0233	0.0319	0.0599	0.0741	0.0797
Observations	1630	1630	1630	1630	1630	1630

Table 3. Empirical results of the impact of export rebate on firm entry

	出口企业进入	非出口企业进入	加工企业进入	非加工企业进入	国有企业进入	私营企业进入
	(1)	(2)	(3)	(4)	(5)	(6)
△ExportRebates	0.0711***	0.0201	0.0950	0.0653**	0.0324	0.0538*
△ExportRebates	(3.73)	(1.58)	(1.45)	(2.70)	(1.62)	(2.40)
Constant	0.257	0.953	0.474	0.447	0.315	0.775
Constant	(0.42)	(1.89)	(0.43)	(0.59)	(0.32)	(0.85)
控制变量	YES	YES	YES	YES	YES	YES
年份固定效应	YES	YES	YES	YES	YES	YES
地区固定效应	YES	YES	YES	YES	YES	YES
Pseudo R²	0.1063	0.0747	0.1126	0.1434	0.0778	0.1663
Observations	610	1005	221	352	241	374

Table 4. Results of the impact of export rebate on firm entry in different groups

	企业退出	企业退出	企业退出(滞后一期)	企业退出	企业退出	企业退出(滞后一期)
	(1)	(2)	(3)	(4)	(5)	(6)
△ExportRebates	–0.0432***	–0.0489***		–0.0698***	–0.0651***
△ExportRebates	(–4.74)	(–4.96)		(–6.73)	(–5.05)
L.△ExportRebates			–0.0545***			–0.0685***
L.△ExportRebates			(–5.05)			(–5.89)
Constant	1.144**	1.056***	1.059***	1.737***	0.763**	2.018***
Constant	(2.73)	(3.04)	(5.05)	(4.66)	(2.40)	(4.27)
控制变量	NO	NO	NO	YES	YES	YES
年份固定效应	NO	YES	YES	NO	YES	YES
地区固定效应	NO	YES	YES	NO	YES	YES
Pseudo R²	0.0162	0.0385	0.0319	0.1691	0.2390	0.1819
Observations	1599	1599	1599	1599	1599	1599

Table 5. Empirical results of the impact of export rebate on firm exit

	出口企业退出	非出口企业退出	加工企业退出	非加工企业退出	国有企业退出	私营企业退出
	(1)	(2)	(3)	(4)	(5)	(6)
△ExportRebates	–0.0632*	–0.0258	–0.115	–0.251*	–0.115	–0.103**
△ExportRebates	(–2.52)	(–1.39)	(–1.55)	(–2.32)	(–1.73)	(–2.91)
Constant	5.230***	2.454**	3.242***	10.74***	6.287**	5.557***
Constant	(4.91)	(2.55)	(2.66)	(5.36)	(2.77)	(3.79)
控制变量	YES	YES	YES	YES	YES	YES
年份固定效应	YES	YES	YES	YES	YES	YES
地区固定效应	YES	YES	YES	YES	YES	YES
Pseudo R²	0.4352	0.2363	0.4821	0.5982	0.5035	0.4307
Observations	580	970	171	316	180	351

Table 6. Tesults of the impact of export rebate on firm exit in different groups

	总体企业交互效应Exit	出口企业交互效应Exit	非出口企业交互效应Exit	加工企业交互效应Exit	非加工企业交互效应Exit
	(1)	(2)	(3)	(4)	(5)
△ExportRebates	–0.177***	–0.305*	–0.123*	–0.229	–0.370*
△ExportRebates	(–3.91)	(–2.57)	(–2.05)	(–1.44)	(–1.98)
TFP	–0.133*	–0.147	–0.124	–0.0801	–0.415
TFP	(–2.32)	(–1.37)	(–1.37)	(–0.56)	(–1.91)
△ExportRebates	0.0182*	0.0395*	0.0157	0.0197	0.0385*
×TFP	(2.44)	(2.09)	(1.54)	(0.74)	(1.99)
Constant	1.413***	4.282***	1.611*	1.526	6.654***
	(3.58)	(3.78)	(2.34)	(1.07)	(4.33)
控制变量	YES	YES	YES	YES	YES
年份固定效应	YES	YES	YES	YES	YES
地区固定效应	YES	YES	YES	YES	YES
Pseudo R²	0.1735	0.4437	0.1946	0.3049	0.5508
Observations	1599	580	970	171	316

Table 7. Results of the impact of export rebate on the exit of firms exit with different total factor productivity (TFP)

	初级产品企业进入	初级产品企业(滞后一期)进入	初级产品企业退出	初级产品企业(滞后一期)退出
	(1)	(2)	(3)	(4)
△ExportRebates	0.0572***		–0.104***
△ExportRebates	(4.94)		(–4.80)
L.△ExportRebates		0.0559***		–0.105***
L.△ExportRebates		(6.55)		(–5.48)
Constant	1.368*	1.219	2.413*	2.060
Constant	(2.01)	(1.78)	(1.95)	(1.65)
控制变量	YES	YES	YES	YES
年份固定效应	YES	YES	YES	YES
地区固定效应	YES	YES	YES	YES
PseudoR²	0.0929	0.1133	0.3268	0.3477
Observations	905	905	822	822

Table 8. Robustness test of the impact of export rebate on firm exit

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Huanlang HE, Hui LIU. Impact of export rebate on firms’ entry and exit behaviors in China’s rare earth industry[J]. Resources Science, 2020, 42(8): 1540

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