融资约束限制中国企业出口参与吗?

中国贸易增长模式的转变有赖于企业出口的扩展边际,而企业的出口参与行为取决于异质性。本文基于新新贸易理论,运用世界银行投资环境调查数据,使用probit模型重点考察了企业融资约束异质性对中国企业出口可能性的影响。研究结果表明,外源融资约束是限制企业出口参与的重要因素。进一步,本文发现企业出口参与对外源融资约束的依赖程度因所有制不同存在差异。国有企业和外资企业外源融资约束对出口参与的影响不显著;而民营企业外源融资约束对其出口参与起到显著的作用。另外,区分出口企业类型的检验结果显示,外源融资约束限制了企业的初始出口,而对于保持出口商地位的作用并不明显。

Do Financing Constraints Restrain Chinese Firms' Export Participation?

Using the firm-level data on 1444 Chinese enterprises in 2002 from a World Bank survey,this paper tests the effect of financial heterogeneity of firms on their probabilities participating in export.The model is based on the new-new trade theory.The study suggests that the financial heterogeneity is an important factor that affects firms’ export probabilities.We also find that the effect of external financial heterogeneity on firms’ export participation varies with the firms’ ownership types.For state-owned or foreign-invested firms,the effect is not significant.But it is significant for private-owned firms.Moreover,the external financial constraints are more likely to affect new entrants rather than incumbent exporters.