考量供應鏈交叉持股下之貿易政策研究

Research on Trade Policies and Supply Chain with Cross-Shareholding

本研究以Brander (1981)與Bernhofen (1997)的第三國市場模型為基礎，探討在供應鏈向前交叉持股下，對貿易政策選擇的影響。當引入上游廠商持有本國下游廠商股權時，交叉持股比例成為影響貿易政策的重要變數；在中間財差別訂價下，隨交叉持股比例上升，本國出口稅率上升，外國出口稅率則下降；在中間財單一定價下，則出現政策會受到交叉持股門檻值的影響，當交叉持股比例低時，本國政府傾向採取出口補貼，以促進本國出口；當交叉持股比例高時，為抑制利潤外流，則轉向出口稅政策。

This study is based on the third-country market model of Brander (1981) and Bernhofen (1997) to explore the impact of forward cross-shareholdings in the supply chain on trade policy choices. When upstream firm is introduced to hold shares in domestic downstream firm, the cross-holding ratio becomes an important variable affecting trade policy; under discriminatory pricing of intermediate goods, as the cross-holding ratio increases, the domestic export tax rate increases, while the foreign export tax rate decreases; under uniform pricing of intermediate goods, the policy will be affected by the cross-holding ratio. When the cross-holding ratio is low, the domestic government tends to adopt export subsidies to promote domestic exports; when the cross-holding ratio is high, in order to curb profit outflow, it turns to export tax policy.