融资约束、产品质量与出口目的地选择

文章将融资约束、产品质量引入异质性企业贸易模型，研究企业融资约束对其出口目的地选择的影响，并从产品质量的视角进行机制分析。理论模型推导得出企业生产率与其在低收入国家出口占比呈负相关关系，而融资约束的存在则强化了这种负相关关系。通过理论分析发现，生产率、融资约束对于企业最优产品质量选择的决策会产生相反的影响，在不同收入水平的国家对产品质量偏好不同的情况下，这种机制恰恰可能解释了企业出口目的地选择的差异。文章使用中国微观企业贸易数据，进行实证研究发现：融资约束与企业出口低收入国家贸易占比成正向关系，此外融资约束与生产率之间存在着调节效应，生产率的提高可以缓解企业由于受到融资约束带来的影响。

Credit Constraint,Quality and Exporting Destinations

In this paper, credit constraints and quality are introduced into the heterogeneous firm model of trade to analyze the impact of corporate's credit constraints on the choice of export destinations.And we carry out the mechanism analysis from the view of product quality.The theoretical model predicts that there is a negative correlation between firm productivity and the proportion of export in low income countries, while the existence of credit constraints will strengthen this negative correlation.Through the theoretical analysis,we find out that productivity and credit constraints will have opposite effects to the optimal decision-making of quality,which may explain the differences in the choice of export destinations. The empirical research found that there is a positive relationship between credit constraints and the proportion of export in low income countries. Moreover, improving the productivity of enterprises can ease the impact brought by credit constraints. which means there is a moderating effect between productivity and credit constraints.