出口固定成本、融资约束与中国企业出口参与

本文基于新新贸易理论和中国企业面临融资约束的现实,建立离散动态出口模型,发现克服出口固定成本和缓解融资约束可以促进企业出口参与。进而运用2004～2008年中国七十余万家制造业企业数据,从内源融资、银行信贷和商业信贷3个维度衡量融资约束,实证检验理论分析。结果发现,克服出口固定成本是企业参与出口的关键,商业信贷对企业出口参与贡献最大,银行信贷次之,内源融资贡献最小。细化样本后发现,克服出口固定成本仍然是出口的关键,但是,无内源融资企业较之有内源融资企业,内资企业较之外资企业,出口融资都更多依赖商业信贷和银行信贷;国有企业出口融资更多依赖银行信贷,而民营企业更多依赖商业信贷。变化融资约束衡量方法后,结果依然稳健。

Export Fixed Costs,Financing Constraints and Firm Export

Based on the New New Trade Theory and the reality of firms' financing constraints,this paper builds a discrete dynamic export model and finds that overcoming export fixed costs and easing financing constraints have positive impacts on export.Then,this paper uses the data of more than 0.7 million China's manufacturing enterprises from 2004 to 2008 from three dimensions of internal financing,bank credit and trade credit measuring firms' financing constraints to test the impacts of export fixed costs and financing constraints on export.It finds that overcoming export fixed cost is the key to export.Trade credit makes the greatest contribution on export,and the bank credit is the second,and the internal financing is the least.Further,it finds that overcoming export fixed cost is still the key to export after refining the samples.Compared with firms having internal financing and domestic firms,firms without internal financing and foreign firms rely more on bank credit and trade credit in export financing;State-owned firms' export is more dependent on bank credit,but private firms' export is more dependent on trade credit.The results are still robust after changing the measure of financing constraints.