中文摘要：

本文通过融合Grossman—Hart-Moore（1986，1990）产权理论方法和Helpman—Krugman（1985）一体化均衡方法，力图从微观企业层次解释中美贸易顺差问题。研究发现：最终产品商对加工企业所有权安排与贸易组织结构的选择，是导致中美贸易失衡的国际生产组织根源；中美贸易顺差的实证分析支持这一结论。结果表明：中国外贸失衡是国际生产与贸易活动的一种外化形式，只要全球生产贸易格局不变，中美贸易失衡本身就是一种常态；在国内外经济形势不确定条件下，解决中国外贸失衡困境问题需要战略转向，重点应该寻求微观解决方案。

英文摘要：

This paper combines the Grossman-Hart-Moore theory of property rights and the Helpman-Krugman methods of integrated equilibrium to explain China-U. S trade imbalance （CUTI） from the perspective of firms. We find that the final good producer＇s arrangement of the ownership of the processing firms and its choice of trade organizational structure are the root of the CUTI. Our empirical analysis supports this result. The implication of our results is that CUTI is just the manifestation of international production and trade.