融资约束与企业出口行为:基于工业企业数据的经验研究

采用2000—2007年的3万多家工业企业数据,本文构造了包括内源融资、商业信贷以及企业信用特征等变量的企业融资约束综合指标。基于Heckman选择模型的经验研究表明,企业融资状况的改善不仅能提高企业出口的概率,而且对其出口规模也有重要影响。研究还发现融资状况改善对外资企业出口影响最显著;与国有企业相比,民营企业虽受到更严重的融资约束,但其出口表现并未更差。此外,融资状况改善对那些高外源融资依赖度行业的企业出口具有更明显的促进作用。

Financial Constraints and Firms' Exporting Behavior:Empirical Study on Industrial Firms

Using a panel data of over 30 thousand Chinese manufacturing firms during 2000—2007,we construct indicators which include information from internal funds,trade debit,credit criteria,and others.The estimations based on a Heckman selection model show that firms with better access to financial resources have greater probabilities and volumes of export.The financial improvement has greater impact on foreign firms than on domestic firms in export.Although private firms do face tougher financial constraints compared with SOEs,their performances in export are not worse.The export-promoting effect of a better financial status is more significant in sectors that depend more on external finance.