选择一般贸易还是加工贸易？——基于制造业企业层面微观数据的实证研究

经济全球一体化进程中，我国企业选择参与国际贸易的方式主要受哪些因素影响？参与国际贸易方式的不同会对企业利润、财务状况构成什么样的影响或制约？这些是企业参与国际化不容回避的问题。采用固定效应模型面板回归方法，根据2005-2006年中国制造业企业层面微观数据，对企业的贸易方式与企业利润之间的关系以及企业财务状况对选择贸易方式影响的实证研究表明，企业对贸易方式的选择倾向程度从高到低排序为：一般贸易、进料加工贸易、来料加工装配。企业的流动性比率和杠杆率显著影响企业贸易方式的选择。相较干来料加工装配的贸易方式，受财务约束较少的企业倾向选择一般贸易或进料加工贸易方式。

Choosing the Ordinary Trade or Processing Trade？ --The Empirical Research based on the Micro- Data of China＇s Manufacturing Enterprises

Using a full set of the micro - data of China＇s manufacturing enterprises in 2005 - 2006, this paper adopts the fixed effects model panel regression, empirically researches the relationship between the profitability of enterprises and trade patterns as well as the influence of the financial status of enterprises on the choice of trade patterns. The main results indicate that： for the profit maximization, the trade patterns which the enterprises tend to choose are ordinary trade firstly, processing with imports secondly, pure assembly last. The liquidity and leverage of the enterprises strongly affect the choices of trade patterns. Less financial constrained firms are more likely to pursue ordinary trade relative to processing trade, and process with imports relative to pure assembly.