FDI、融资约束与民营企业出口——基于中国企业层面数据的经验分析

基于融资的新视角,本文运用192家民营企业面板数据经验分析了FDI对民营企业出口的影响.研究发现:相比国有企业,民营企业的出口更为依赖外源融资能力;外商直接投资仅对合资民营企业和处于产业集聚区的非合资民营企业的出口起到融资缓解效应,而外商直接投资的当地融资则加剧了未处于产业集聚区的非合资民营企业出口的外源融资困境;对合...

FDI, Financing Constraints and Private Firms' Export in China: An Empirical Study based on Firm-Level Data

Using the firm-level data,the paper empirically tests the effect of FDI on China′s private firms′ export from the new perspective of financing.The results show that private firms′ export depends on their external financing to a great degree,while state-owned firms hardly do.Joint venture and non-joint venture private firms located in cluster zone export more due to the financing effect of FDI.Unfortunately,non-joint venture firms′ exports in non-cluster zone are more constrained because of local loans from FDI.Moreover,compared with FDI,financial market reform plays a more important role in non-joint venture private firms′ export.