关键词: 跨境电商, 消费者保护政策, 逆向选择, 合规风险

Abstract: In the era of the digital economy，crossborder ecommerce （CBEC），as a new form of international trade，has driven the transformation and upgrading of foreign trade and has become an important lever for the highquality development of Chinas foreign trade However，during CBEC transactions，buyers and sellers often can only communicate through the internet，and factors such as geographical distance，language，and cultural differences constitute significant barriers，leading to severe adverse selection problems Consumer protection policies，as an important platform regulation mechanism，provide a beneficial solution to address adverse selection issues
To comprehensively depict the impact of consumer protection policies on adverse selection problems，this paper utilizes a consumer protection policy implemented by Wish，one of the worlds largest mobile CBEC platforms—the fraudulent fulfillment of orders policy—to conduct a time regression discontinuity analysis，systematically exploring the impact of consumer protection policies on the market entry and exit of products This paper finds that，firstly，the policy significantly reduces the number of new products from enterprises but significantly increases the number of highquality products among them；secondly，the fraudulent fulfillment of orders policy promotes the exit of incumbent products，mainly reflected in the exit of lowquality products The mechanism by which the policy affects market entry and exit lies in the higher quality requirements imposed by the policy，thereby increasing the compliance risks faced by enterprises To verify this mechanism，this paper employs a differenceindiscontinuity design and finds that the consumer protection policy has a more significant impact on enterprises selling hightech products or heterogeneous products，which are relatively more complex Further analysis also reveals that the policy significantly increases the prices and sales of incumbent products
The relevant conclusions have high guiding value in practical aspects such as guiding the improvement of consumer protection policies on CBEC platforms This paper has the following policy implications：First，CBEC platforms should increase the economic penalties for qualityviolating enterprises As pointed out in the theoretical analysis，only higher economic penalties can form a credible threat to enterprises，increase their compliance risks，and prompt them to strictly adhere to product quality regulations Second，CBEC platforms should reasonably adjust the implementation intensity of consumer protection policies based on the characteristics of different enterprises For enterprises selling hightech or heterogeneous products，the compliance risks are greater，and the role of consumer protection policies is relatively more significant Given the limited resources and attention of platforms，these types of enterprises should receive heightened focus Third，the government should promptly supervise the formulation and implementation of platform consumer protection policies to avoid excessive intervention or support towards market entities，ensuring the reasonableness，fairness，and effectiveness of the policies

Key words: cross-border e-commerce, consumer protection policy, reverse selection, compliance risk