The Promotion Effect of Institutional Opening up on the Markup Rate of the Enterprises
With the traditional opening up strategy and measures characterized by"border opening up",China's enterprises have successfully integrated into the global production division of labor system and embarked on a development path with"shopping style".In the new stage of high-quality development,the enterprises under open development urgently need to shift from price competition to non-price competition and reshape their competitive advantages.To this end,China has made a major strategic decision on institutional opening up to expand and extend from"border opening up"to"domestic opening up".The theoretical analysis of this paper holds that institutional opening up can promote the formation of new competitive advantages manifested by the increase in the markup rate of the enterprises by stimulating the innovation vitality of the enterprises,alleviating their financial pressure and reducing their institutional transaction costs.On the basis of this theoretical analysis,the paper innovatively measures China's(provincial)institutional opening up index.The empirical test result based on this indicates that institutional opening up can indeed significantly improve the markup rate of the enterprises and this result is still valid after a series of robustness tests.The mechanism tests show that"innovation stimulation effect","capital financing effect"and"barrier reduction effect"are the three key mechanisms through which institutional opening up affects the markup rate of the enterprises.In addition,the heterogeneity analysis also reveals that the promotion effect of institutional opening up on the markup rate of the enterprises varies due to the differences in the ownership of the enterprises and other factors.
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