External Demand and Green Transformation of the Export Sector:Based on the Perspective of Between-Firm Resource Reallocation
China is a major manufacturing and exporting country in the world and how accelerating the overall green transformation of its export sector is a key link in achieving high-quality trade development.This paper proposes a new question worth further exploration,that is,as the winner in the export market,whether large-scale exporting firms have better performance in emission reduction under external demand shock and thereby lead the green transformation of China's export sector.This paper analyzes the"winner-takes-most"phenomenon and its internal mechanism in which firms achieve both exports and emission reductions under the external demand shock,and combines micro-level empirical analysis with macro-level quantitative evaluation.Focusing on the impact of resource allocation between firms on the overall green transformation of the export sector,this paper obtains some new findings.External demand shock promotes the value-added share of large-scale exporting firms,while more effectively reducing the SO2 emission intensity of large-scale exporting firms,forming a"winner-takes-most"phenomenon of both exports and emission reductions.The between-firm reallocation effect enables exporting firms with more efficient emission reduction to gain more market share under external demand shock,thereby promoting the decline in the overall pollution emission intensity of the export sector.Quantitative evaluation at the macro level reveals that the reallocation effect can explain about 24.63％of the impact of positive external demand shocks on the export sector's overall SO2 emission intensity.This means that the positive effect of external demand expansion on the green transformation of a country's export sector will be significantly underestimated if the between-firm reallocation effect is not considered.In addition,this paper identifies the micro-level mechanism of the"winner-takes-most"phenomenon in firms'exports and emission reductions from three perspectives:pollution control,technological progress,and structural adjustment of export products.This paper provides empirical evidence from China for the"winner-takes-most"theory and reveals the key role of the between-firm reallocation effect in understanding how external demand shock reduces the overall pollution emission intensity of the export sector,which is an important supplement to the existing literature.This paper provides policy suggestions for promoting green transformation and high-quality development of trade from the aspects of establishing green production system dominated by large-scale firms,enhancing firm's independent innovation of green technology and patent,and promoting high-level opening up.
external demandgreen transformation of export sectorbetween-firm reallocation effectwinner-takes-most
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