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融资约束是制约企业出口的重要因素,对金融市场不发达的中国更是如此,这无法解释中国对外贸易快速发展的现实.本文将融资约束引入异质企业贸易模型,发现企业可以通过银行信贷、商业信贷、内部储蓄和跨国企业融资四重途径获取进入出口市场的资金,并且商业信贷还可以极大地促进银行信贷.进而运用2004-2007年中国40余万家企业数据进行实证检验,结果发现:上述融资途径可以提高企业出口参与、出口强度和出口规模;商业信贷对银行信贷的促进作用使拥有商业信贷的企业,不论出口参与还是出口规模与出口强度都优于没有商业信贷的企业.本文为探讨中国企业出口融资提供了综合性视角,为理解中国出口贸易奇迹和制定相关外贸政策提供了理论依据和实证支持. 相似文献
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随着我国跨国企业国际化步伐日益加快,ODI如何影响企业出口成为理论研究的焦点问题.本文基于ODI二元边际视角,利用我国2009-2015年A股上市的172家样本企业数据,采用GMM估计方法研究ODI扩展边际和集约边际对我国制造业跨国企业出口的差异化影响,发现ODI扩展边际能明显促进我国制造业跨国企业出口密集度提升,并且促进作用持续增强;ODI集约边际对跨国企业出口密集度的作用效果呈现出不稳定性,不同投资动机、不同投资国别与不同进入模式下ODI集约边际对企业出口密集度的作用效果具有差异性.进一步检验ODI二元边际对跨国企业出口的影响机理,发现ODI扩展边际主要通过“固定成本效应”影响跨国企业出口,而ODI集约边际主要通过“生产率效应”影响跨国企业出口. 相似文献
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《国际贸易问题》2015,(4)
本文利用中国海关贸易和工业企业的合并数据,通过构建企业运营资本投资敏感性指标作为企业融资约束的代理变量,实证检验了金融发展、融资约束对企业出口三元边际的影响效应。计量模型的检验结果显示:第一,融资约束对企业出口的进入边际以及扩展边际呈现显著的制约效应,对企业出口的集约边际影响不大,企业融资约束与扩展边际存在典型的"U型"关系。金融发展程度的提升能够极大改善企业的融资约束的制约效应;第二,从不同出口方式来看,融资约束对加工贸易企业的出口进入形成一定的抑制效应。在扩展边际方面,融资约束对从事加工贸易和混合贸易企业的高端出口能力产生极大的制约效应,而对一般贸易的出口能力影响不显著。此外,作为"看得见的手"的政府补贴并未对出口决策产生显著的促进作用,也并未缓解企业融资约束对出口产生的抑制效应。因此,稳步推进中国金融改革进程,提高金融市场化水平,适时调整中国政府对企业的补贴规模与方向,可能会有利于中国本土企业出口竞争力的提升。 相似文献
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《国际贸易问题》2015,(5)
本文研究商业信贷对企业出口的影响及机制,从商业信贷角度解释中国企业在银行信贷约束下创造出口增长奇迹的现象。文章首先将商业信贷引入异质企业出口模型,证明在银行信贷约束下,商业信贷直接和间接地促进企业出口,促进机制是直接缓解企业出口可变成本融资约束和促进银行信贷进而间接降低企业出口融资成本。文章接着运用中国制造业大样本企业面板数据,采用Heckman选择模型,从出口概率和出口强度方面进行实证分析,验证了上述理论分析,发现商业信贷对企业出口概率和出口强度的促进作用在高竞争性行业比低竞争性行业明显,在民营企业比其他企业明显,但是商业信贷对国有企业和集体企业的出口影响不显著。 相似文献
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《国际商务-(对外经济贸易大学学报)》2014,(3)
企业出口二元边际对一国产业结构优化可能产生积极影响。在理论分析和基本事实描述的基础上,本文利用中国等9个国家的平衡面板数据,考察了一国出口企业的扩展边际和集约边际的扩张对产业结构变动的影响,结果表明:在样本期间内,出口企业集约边际的扩张有助于推动产业结构的优化转型;而出口企业扩展边际对产业结构变动不存在显著的影响。这说明,积极推动现有企业出口规模的扩张有利于贸易发展和产业结构优化升级,从而有助于跨越"中等收入陷阱";而提高企业生产率对于维持出口贸易的平稳发展和促进产业结构进一步优化具有重要意义。 相似文献
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基于Kancs的企业异质性贸易模型分析框架,将中国对东盟国家的出口分为集约边际和扩展边际,表明2006-2009年中国对东盟国家的出口主要来自扩展边际,即更多的企业进入出口市场,而不是集中在少数规模大、生产效率高的企业,中国目前对东盟国家出口的战略是有利我国出口增长和贸易条件的维持。 相似文献
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出口信贷担保作为各国出口信用机构经办的主要业务,对引导商业银行资金流向,扩大对外出口和对外投资活动的资金供应,具有积极作用。随着我国入世日期的临近,我们亟需开展出口信贷担保业务,借鉴国际经验,强化出口信用机构及信贷担保业务对外经贸的促进作用。 相似文献
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2003年,中国出口信用保险公司推出一种集承保海外买家支付风险与向商业银行融资为一身的综合型险种——短期出口信用保险保单融资。到目前为止,一些进出口公司尝试使用这一政策性金融工具,确实起到了防险又融资的功能。然而,仍有许多进出口公司对这一险种不甚了解,忽视出口信用风险,需要融资时,在信用证支付方式下,常常采取向银行申请打包贷款或做出口押汇。本文通过比较打包贷款、出口押汇与短期出口信用保险保单融资在概念、融资范围、融资时间、融资条件,以及是否具备防止海外买家支付风险的功能等方面的不同说明短期出口信用保险保单融资的优势,目的是希望我国进出口公司,尤其是获取银行直接贷款困难的中小型进出口公司积极运用这种政策性金融工具,扩大出口。 相似文献
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We study the causal impact of credit constraints on exporters using a natural experiment provided by two policy changes in India, first in 1998 which made small‐scale firms eligible for subsidised direct credit, and a subsequent reversal in policy in 2000 wherein some of these firms lost their eligibility. Using firms that were not affected by these policy changes as our control group in each case, we find that credit expansion increased the growth rate of bank borrowing and had a positive effect on exports. The subsequent policy reversal in 2000 had no impact on the growth rate of bank borrowing or on exports. 相似文献
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Firms in developing countries cite credit constraints as one of their primary obstacles to investment. Direct foreign investment may ease credit constraints by bringing in scarce capital. Alternatively, if foreign firms borrow heavily from domestic banks, they may crowd local firms out of domestic capital markets. Using firm data from the Ivory Coast, we test whether: (1) domestic firms are more credit constrained than foreign firms, and (2) whether borrowing by foreign firms exacerbates domestic firm credit constraints. Results provide support for both hypotheses. We also find that state-owned enterprises (SOEs) are less financially constrained than other domestic enterprises. 相似文献
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The effects of credit supply shocks on the exports of services are not clear a priori. On the one hand, services need lower initial investment in physical capital than manufacturing. On the other hand, competitiveness for exporting services requires investments in intangible capital and in product customisation that may be subject to credit frictions. Using Italian matched bank–firm data and focusing on the sovereign debt crisis, we find an elasticity of services exports to credit supply, between 0.3 and 0.4. The effects of credit shocks are especially relevant for firms exporting complex services to countries with weaker institutions and for services that are not the main product of the firms. Overall, our results suggest that credit supply plays a relevant role for exporting services during crises. 相似文献
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This study tests for financial constraints on R&D investment and how they differ from capital investment. To identify constraints
in the access to external capital, we employ a credit rating index. Our models show that internal constraints, measured by
mark-ups, are more decisive for R&D than for capital investment. For external constraints, we find a monotonic relationship
between the level of constriction and firm size for both types of investment. Thus, external constraints turn out to be more
binding with decreasing firm size. On the contrary, we do not find such monotonic relationships for internal constraints.
Differentiation by firms’ age does not support lower constraints for older firms. 相似文献
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We examine the effect of China’ s anti-corruption intensity on loan contracting efficiency. The findings suggest that conditional on the political connection (total factor productivity) of a firm, the anti-corruption intensity in the province in which a firm is located leads to less (more) favorable loan contracting terms. Additional analysis shows that the effect of anti-corruption intensity on loan contracting terms is stronger for firms with higher financing constraints and weaker external legal environments. We further find that higher anti-corruption intensity is related to lower credit growth at the macro level. 相似文献
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This study estimates the effects of changes in the money and capital markets on small business loan failure rates. It develops a lagged model of the relationship between term structure and risk premium variables and the loan failure rates of the Small Business Administration (SBA). Bank credit availability to small firms is shown to be the key factor in relating changes in economic conditions to changes in the SBA loan failure rates. As bank credit availability changes over an economic cycle, there is a movement of the least risky small firms into and out of the population from which the SBA grants and guarantees loans. 相似文献
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关淑芝 《商业经济(哈尔滨)》2010,(6):118-119
当前,我国现阶段农村小额信用贷款存在的问题,主要体现在农村金融信用环境差,农村小额信用贷款的风险多元化,农民还贷能力低,农村小额信用贷款期限和额度不合理,银行的内控机制不完善等方面。政府应从政策上重视农村小额信用贷款;积极引导农民的贷款投资方向,降低坏账率;制定优惠政策;增加贷款的透明度,从而切实解决农村小额贷款存在的问题。推动农村经济的发展。 相似文献
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提高借贷资本效率综论 总被引:4,自引:0,他引:4
我国借贷资本效率不断下降,金融机构贷款和货币供应量大幅度增加.但仍不足以扭转通货紧缩趋势,其原因是多方面的,其中最重要的原因是单一的融资形式和融资渠道,造成社会资本循环周转阻滞.不能仅靠增加贷款量和货币供应量来解决通货紧缩问题,而应该综合治理,特别是要发展、完善金融市场,发展多种融资形式,盘活货币资本存量,用好增量,提高借贷资本效率,使货币和信贷在促进经济增长中发挥更好的作用. 相似文献