出口成本、信贷约束与企业出口

出口固定成本的存在将导致企业生产率的“自我选择”效应。如果存在出口信贷约束，信贷获取能力强的企业出口表现将优于信贷获取能力差的企业。本文利用世界银行调查数据，实证发现信贷约束限制企业出口，银行营运资金贷款和固定投资贷款对企业出口的影响存在非对称性。营运资金贷款对扩大出口集约边际和扩展边际的作用都很明显，而固定投资贷款仅仅扩大出口扩展边际。此外，对于财务脆弱的企业，银行信贷的出口促进作用更加显著。

Export Costs,Credit Constraints and Firms' Exports

Firms self-select into exports according to their productivity due to the existence of export costs. Export performances of firms with weaker credit constraints are better relative to those with stronger ones. This paper shows empirically that credit constraints hamper firms, exports more for those with stronger credit constraints using Firm Survey Data from the Word Bank, within which loan of circulating capital from bank and that of fixed capital investment have unsymmetric influences. Loan of circulating capital has significant effects on both intensive margin and extensive margin, while loan of fixed capital investment takes effect on only extensive margin.