Under global production network,export cannot represent a country's gains from trade,and territory-based gains from trade refer to the remainder of export after deducting the input of intermediate goods and re-export after value-added return.Ownership-based gains from trade refer to the remainder of territory-based gains from trade after further deducting the trade in value added(TVA) realized through the inflow of foreign factors.By creating a multicountry input and output model,this paper calculates the territory-based gains from trade,ownership-based gains from trade,and territory-based gains from trade for foreign countries realized through China's export,as well as valueadded return and territory-based gains from trade for foreign countries realized through China's import.This paper has arrived at the following conclusions:behind China's status as the largest goods exporting country in the world,most of Chinese exports contribute to the gains of foreign countries;value addition for foreign countries realized through China's export and value-added return realized through China's import mostly come from Taiwan region,Japan and South Korea in East Asia;a considerable part of gains from trade for the United States realized through China-US trade is achieved through indirect trade.
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机译：The Impacts of Margin Trading on Rate of Return and Volatility in the Stock Market: A Study Using the SVAR Model and Panel Regressions =融资对股价收益与波动的影响特征研究——基于SVAR模型与面板模型的实证分析
