摘要
改革开放以来,我国经济取得了举世瞩目的成就,经济平均增长率高达两位数,尤其是在2001年加入世界贸易组织后,对外贸易快速发展,特别是对外出口的迅速增长,强力的支持了我国经济的高速发展。但是,随着2008年金融危机的爆发,中国的出口贸易迎来了前所未有的挑战和压力。我国的对外贸易面临着严峻的外部环境考验,同时还一直受国内媒体和学者诟病——中国经济发展过于依赖外贸。尽管我国政府一直强调坚持扩大内需战略以加快推进经济结构战略性调整,但是对外贸易的发展对我国经济的稳健增长起着无可代替的作用。另一方面,全球经济一体化也加速了金融市场的国际化进程,2008年金融危机的爆发给所有国家一个警示:在全球已经高度国际化的金融市场中,任何一个国家都不能独善其身。我国也一直在积极探索改革方式,主动适应并努力融入这种大浪潮之中,以保证、促进我国经济的更稳步发展。在此种背景之下,考察金融市场的发展情况对我国出口的影响,探讨融资约束对企业出口的影响,具有重要的现实意义。
本文首先从金融发展、融资约束与异质性企业这三个层面,对相关研究进行了综述。一方面,本文从理论的角度,在异质性企业模型的框架下,主要介绍了两个模型,它们分别从不同角度考察了融资约束与出口的关系:一个是以Chaney(2005)和Manova (2008)为代表的不完美合约模型;另一个是以Feenstra etal.(2013)为代表的不完全信息模型。另一方面,本文从实证的角度,分别针对国家区域层面的金融发展及企业层面的融资约束,对相关文献进行了综述。
笔者认为,现有的文献主要从汇率角度考察了金融市场国际化对出口的影响,这种考察方式过于单一。同时,由于缺乏相关数据,对于融资约束的考察与表示多利用企业的现金流和财务杠杆等指标,对区域金融发展的度量通常使用存贷款比等指标,但是很显然,这些指标的缺陷都在于它们均具有很强的内生性。基于以上两点,本文首次从外资银行进入的视角考察了金融市场国际化对出口的影响,同时,本文认为外资银行的进入对于金融市场的微观个体来说是一个外生的冲击。
本文分别从行业和企业两个层面,考察了外资银行进入以及外资银行发展规模对于产业出口、企业出口决策、企业出口额的影响。此外,本文还从所有制角度出发,考察了外资银行进入对面临不同融资约束的企业的出口的不同影响。全文基本结论如下:
(1)外资银行进入某一地区,将会显著地促进该地区各产业部门的出口,对金融脆弱性更高的产业来说这种促进作用更强。同时,外资银行在地区发展规模的扩大也会起到同样的作用。
(2)从企业层面来说,外资银行进入不仅会显著地提高企业的出口可能性,还会提高企业的出口额。对处于金融脆弱性更高的产业的企业来说,这种促进作用更强。
同时,本文分不同所有制企业进行了考察,对于私营企业、港澳台投资企业和外商投资企业来说,外资银行的进入将显著地促进这些企业的出口,而且这种促进作用对于处在外部融资依赖更强产业的企业作用更强;相反,对于国有企业和集体企业来说,外资银行进入对其出口的影响并不显著。外资银行在各地区发展规模的扩大也会起到同样的促进作用。
(3)为了更好地考察本文所研究的问题,本文创新性地将CSMAR数据库的相关上市公司从银行的借款数据与工业企业数据库合并。本文通过对数据的整理,发现企业都是首选在本地银行进行借款。同时,尽管外资银行贷款的次数偏少,但是贷款总额却在所有银行中排名靠前。通过严谨的计量分析,本文得出结论:随着企业从外资银行的借款的比率提高,出口额度也将显著地提升。
(4)根据本文的分析和结论,最后,本文有针对性地提出了相关政策建议,包括金融市场改革、消除所有制性质的信贷歧视。
本论文对现有文献的主要贡献有:
(1)本文开创性地从金融市场发展主体的角度,即外资银行的进入考察了中国金融市场的国际化发展对出口的影响,突破了现有文献对中国的研究分析局限于仅从汇率角度出发,从而使得该领域的研究更具多样性,使对现实情况的考察具有更多层次。
(2)在现有文献中,对金融发展和融资约束的表示指标都具有很大的内生性。而外资银行进入对个体企业来说却是一种不可预知的外生冲击。所以,为了在解决内生性这一问题上取得突破,本文创新性地引入外资银行进入这一外生冲击变量。同时,外资银行的进入将会扩宽融资渠道,增加银行业竞争,进而推动当地金融发展。此外,结合中国的具体国情,本文还从所有制的角度出发,考察了不同所有制企业的融资约束对其出口的影响是否不同。
(3)本文创新性地将CSMAR数据库的相关上市公司从银行借款的数据与工业企业数据库合并,从而获得企业从银行借款的具体信息。利用这些样本数据,本文将外资银行进入这一信息细化到企业层面,考察了企业从外资银行借款对企业出口的影响。
Since the Reform and Opening up, China has been a focus of the world attentionbecause of the economic accomplishment. The average of economic growth rate isdouble-digit, especially after China joined WTO, the international trade grows fast,which robustly support the expanding of China’s economy. However, with theexplosion of financial crisis2008, the export of China is exposed to unprecedentedchallenges and pressures. Export is facing challenges of severe external environment,and meanwhile is still criticized by domestic researchers and media, that the growth ofChina’s economy is too dependent on international trade. Although the governmentemphasizes that China should expand the domestic demand to improve the economicstructure, nobody can deny the importance of international trade to stabilize theeconomic growth. What’s more, the global economic integration promotes theinternationalization of financial market. The2008financial crisis warns every country,considering the internationalization of financial market, every country will be affectedto a certain extent. The Chinese government has been actively exploring the reformplan and adapting to the wave to insure that our steady and robust economic growth.Under this circumstances, there is a lot of practical meaning to investigate the impactof financial development on export, the effect of credit constrain on firm export.
The paper first summarizes related literatures in the view of financialdevelopment, credit constrain and heterogeneous firm. In the framework ofheterogeneous firm trade model, the paper mainly reviews two models. One is fromview of imperfect contract, represented by Chaney (2005) and Manova (2008). Theother is from view of incomplete information, represented by Feenstra et al.(2013).What’s more, the paper also summarizes related empirical papers.
In my opinion, most of the relevant paper is from the view of exchange ratevolatility to test the effect of financial internationalization on export. Meanwhile, dueto the scarcity of the data, mostly the variables denote credit constrain are cash flow orleverage, and the variables denote financial development is loans and deposits, which are obviously too endogenous. Based on the two points, in my paper, I firstly estimatethe effect of foreign bank entry to export. Meanwhile I agree that foreign bank entry isan exogenous shock to micro individual.
In view of industry and firm, this paper estimates the effect of foreign bank entryand foreign bank scale on industrial export, firm export decision, firm export intensity.What’s more, the paper analysis the effect to different ownership firm. The mainconclusions are as follows:
(1) The paper provides evidence that foreign bank entry significantly improvesthe export of every sector within provinces. The effect is stronger for the sectors withmore serious financial vulnerability. What’s more, the effect of the expansion offoreign banks is similar. The paper shows the robustness of the results by varioussamples, different financial vulnerability indexes and several econometrics methods.
(2) The paper provides evidence that foreign bank entry significantly improvesthe possibility of a firm being exporter and firm export intensity. The effect is strongerfor firms in the sectors with more serious financial vulnerability.
What’s more, the paper examines the effect in accordance of ownership. Forprivate firm, HongKong and Macao firm and foreign invested firm, foreign bank entrysignificantly improves the possibility of a firm being exporter. On the contrary, forstate owned firm and collective owned firm, the effect is not significant.
The expansion of foreign bank scale has similar effect.
(3) To figure out the research question more deeply, I originally merge theCSMAR dataset with the manufacturing firm dataset. I found that to loan from localbank is the first choice of most firms. The number of foreign bank loan is not so much,but the total amount of foreign bank loan is much. By serious econometrics analysis, Ifound that with the increase of rate of foreign bank loan, the export intensity impoves.
(4) Based on the analysis, at last the paper put forward some political suggestions,including financial market reform, eliminating the credit discrimination of ownership,and so on.
The paper contributes to the literature from the following aspects:
(1) The paper originally from the views of main entity of financial markets,foreign bank entry, estimates the financial internationalization on export. Most research about China is just in view of exchange rate. The diversity of this researchtopic is increased.
(2) Meanwhile, due to the scarcity of the data, mostly the variables denote creditconstrain are cash flow or leverage, and the variables denote financial development isloans and deposits, which are obviously too endogenous. Based on the two points, inmy paper, I firstly estimate the effect of foreign bank entry to export. Meanwhile Iagree that foreign bank entry is an exogenous shock to micro individual. What’s more,the paper examines the effect in accordance of ownership.
(3) In this paper, I originally merge the CSMAR dataset with the manufacturingfirm dataset. Then I get specific information of firm loans. Based on this data, theinformation of foreign bank entry is granular down to firm level, and I estimate theeffect of foreign bank loan on firm export.
引文
1http://news.xinhuanet.com/fortune/2013-03/18/c_115055556.htm
2http://news.xinhuanet.com/2013-07/24/c_125060543.htm六项措施分别是:一是制定便利通关办法,抓紧出台“一次申报、一次查验、一次放行”改革方案,分步在全国口岸实行。二是整顿进出口环节经营性收费,减少行政事业性收费。暂免出口商品法定检验费用。减少法检商品种类,原则上工业制成品不再实行出口法检。抓紧研究法定检验体制改革方案。三是鼓励金融机构对有订单、有效益的企业及项目加大支持力度,发展短期出口信用保险业务,扩大保险规模。四是支持外贸综合服务企业为中小民营企业出口提供融资、通关、退税等服务。创造条件对服务出口实行零税率,逐步扩大服务进口。五是积极扩大商品进口,增加进口贴息资金规模。完善多种贸易方式,促进边境贸易。六是努力促进国际收支基本平衡,保持人民币汇率在合理均衡水平上的基本稳定。
3Claessens,S. and K. Tzioumis,2006,“Measuring Firms’Access to Finance”,World Bank and Brooking conference paper,mimeo.
[1]包群,阳佳余.金融发展影响了中国工业制成品出口的比较优势吗[J].世界经济.2008(3)21-33.
[2]常亮,连玉君.行业技术处境、所有制与公司现金持有——来自中国上市公司的经验证据[J].广东金融学院学报,2012,06:114-126.
[3]陈建国,杨涛.中国对外贸易的金融促进效应分析[J].财贸经济,2005,01:83-86.
[4]陈磊,宋丽丽.金融发展与制造业出口的二元边际——基于新新贸易理论的实证分析[J].南开经济研究,2011,04:67-85.
[5]韩剑和王静.中国本土企业为何舍近求远:基于金融信贷约束的解释[J].世界经济,2012(1):98-113.
[6]贺力平,范小航.外资银行在华发展趋势概述[J].国际金融研究,2004,12:11-17.
[7]何光辉,杨咸月.融资约束对企业生产率的影响——基于系统GMM方法的国企与民企差异检验[J].数量经济技术经济研究,2012,05:19-35.
[8]黄卫华.“营改增”对我国商业银行税负效应影响[J].中南财经政法大学学报.2014(2)78-85.
[9]黄宪,熊福平.外资银行在中国发展的经营动机和经营策略分析[J].金融研究,2005,02:82-93.
[10]黄玖立,冼国明.金融发展、FDI与中国地区的制造业出口[J].管理世界,2010,07:8-17+187.
[11]李爱喜.外资银行在华区位选择行为及实证分析[J].国际贸易问题,2009,03:118-124.
[12]梁莉.我国贸易开放度与金融发展关系实证研究[J].金融研究,2005(7):143-149.
[13]刘海洋、孔祥贞、宋巧,融资约束与中国制造业企业出口——基于Heckman样本选择模型的经验检验[J],世界经济研究,2013年第1期,第29-34页。
[14]罗党论,甄丽明.民营控制、政治关系与企业融资约束——基于中国民营上市公司的经验证据[J].金融研究,2008,(12):164-178.
[15]罗党论,应千伟,常亮.银行授信、产权与企业过度投资:中国上市公司的经验证据[J].世界经济,2012,03:48-67.
[16]罗琦,肖文翀,夏新平.融资约束抑或过度投资——中国上市企业投资—现金流敏感度的经验证据[J].中国工业经济,2007,(09):103-110.
[17]毛泽盛,吴洁,刘敏楼.外资银行对中国信贷供给影响的实证研究[J].金融研究,2010,01:106-116.
[18]毛毅.融资约束、金融发展与企业出口行为[J].山西财经大学学报,2013,04:9-19.
[19]裴长洪.中国贸易政策调整与出口结构变化分析:2006-2008[J],经济研究2009第4期。
[20]齐俊妍,王永进,施炳展,盛丹.金融发展与出口技术复杂度[J].世界经济,2011,07:91-118.
[21]齐寅峰,王曼舒,黄福广,李莉,李翔,李胜楠,何青,古志辉,向冠春.中国企业投融资行为研究——基于问卷调查结果的分析[J].管理世界,2005,03:94-114.
[22]钱学锋,企业异质性、贸易成本与出口增长的二元边际[J],管理世界,2009,09:44-56页。
[23]钱学锋、熊平,中国出口增长的二元边际及其决定因素[J],经济研究,2010,01:65-79页。
[24]沈红波、寇宏、张川,金融发展、融资约束与企业投资的实证研究[J],中国工业经济,2010(6):55-64.
[25]沈能,刘凤朝,赵建强.财政分权、金融深化与地区国际贸易发展[J].财贸经济,2006,01:41-45+97.
[26]施炳展,齐俊妍.金融发展、企业国际化形式与贸易收支[J].世界经济,2011,05:42-73.
[27]孙会霞,陈栋,陈运森.银行业改革、信贷筛选与配置效率[J].投资研究,2013,06:115-126.
[28]史龙祥,马宇.金融发展对中国制造业出口结构优化影响的实证分析[J].世界经济研究,2008,03:37-41+88.
[29]孙灵燕,李荣林.融资约束限制中国企业出口参与吗?[J].经济学(季刊),2012,01:231-252.
[30]孙灵燕.所有制信贷歧视对中国民营企业出口的影响:基于融资的视角[J].南方经济,2012,07:43-56.
[31]田素华,徐明东.外资银行进入对中国不同行业影响差异的经验证据[J].金融研究,2011,10:88-99.
[32]陶攀,刘青,贸易方式与企业出口决策[J],国际贸易问题,2014,已接收。
[33]王彦超.融资约束、现金持有与过度投资[J].金融研究,2009,(07):121-133.
[34]冼国明,崔喜君.外商直接投资、国内不完全金融市场与民营企业的融资约束——基于企业面板数据的经验分析[J].世界经济研究,2010,(04):54-59+88-89.
[35]徐建军,汪浩瀚.我国金融发展对国际贸易的影响及区域差异——基于跨省面板数据的协整分析和广义矩估计[J].国际贸易问题,2008,04:82-88
[36]阎淬.论外资银行在中国的发展[J].世界经济,2001,06:47-53.
[37]于洪霞、龚六堂、陈玉宇,出口固定成本融资约束与企业出口行为[J],经济研究,2011年第4期,第55-67页。
[38]阳佳余,融资约束与企业出口行为:基于工业企业数据的经验研究,经济学(季刊)[J],2012年第4期,第1503-1524页。
[39]杨小玲.中国金融发展的产业结构优化效应研究[J].区域金融研究,2009,07:30-34.
[40]张金清,吴有红.外资银行进入水平影响商业银行效率的“阙值效应”分析——来自中国商业银行的经验证据[J].金融研究,2010,06:60-74.
[41]张红军,杨朝军.外资银行进入中国市场的区位选择及动因研究[J].金融研究,2007,09:160-172.
[42]张新民,王珏,祝继高.市场地位、商业信用与企业经营性融资[J].会计研究,2012,08:58-65+97.
[43]张杰、芦哲、郑文平、陈志远,融资约束、融资渠道与企业R&D投入,2012,世界经济,2012年第10期,66-90.
[44]郑江淮,何旭强,王华.上市公司投资的融资约束:从股权结构角度的实证分析[J].金融研究,2001,(11):92-99.
[45]祝继高,陆正飞,张然,叶康涛.银行借款信息的有用性与股票投资回报——来自A股上市公司的经验证据[J].金融研究,2009,01:122-135.
[46]Amiti, Mary and David E. Weinstein (2011),“Exports and Financial Shocks”,Quarterly Journal of Economics, vol.126(4),1841-1877.
[47]Amiti, Mary, JaeBin Ahn and David Weinstein (2011),“Trade Finance and theGreat Trade Collapse”, American Economic Review: Papers and Proceedings, vol.101(3),298-302.
[48]Antràs Pol,(2003)“Firms, contracts, and trade structure”.Quarterly JournalOf Economics.1184:1375-1481.
[49]Antràs, Pol and Helpman, Elhanan.2004.“Global sourcing”[J]. Journal ofPolitical Economy,112(3),552-580.
[50]Arndt, Christian, Claudia M. Buch and Anselm Mattes (2012),“Disentanglingbarriers to internationalization”. Canadian Journal of Economics45(1),41-63.
[51]Askenazy, Philippe, Aida Caldera, Guillaume Gaulier and Delphine Irac (2011),“Financial Constraints and Foreign Market Entries or Exits: Firm-Level Evidencefrom France”. Banque de France Document de Travail No.328, April.
[52]Blanchard, Olivier J., Florencio Lopez-de-Silanes and Andrei Shleifer (1994),“What Do Firms Do with Cash Windfalls?”, Journal of Financial EconomicsXXXVI, p.337-360.
[53]Beck, T.(2002).”Financial Development and International Trade: Is There aLink”. Journal of International Economics,57, pp.107-131.
[54]Beck,T.,Ross,Levine,(2002)“Industry Growth and Capital Allocation:DoesHaving a Market-or Bank-based System Matter?”,Journal of FinancialEconomics,PP.147-180,2002.
[55]Beck,Thorsten,(2003)“Financial Dependence and International Trade”,Reviewof International Economics,Volume11,PP.296-316.
[56]Berger, Allen N. Iftekhar Hasan,Mingming Zhoud(2009)"Bank ownership andefficiency in China: What will happen in the world’s largest nation?" Journal ofBanking&Finance, Volume33, Issue1, Pages113–130.
[57]Bond, Steven and Costas Meghir (1994),“Dynamic Investment Models and theFirm’s Financial Policy”, Review of Economic Studies LXI, p.197-222
[58]Berman, Nicolas and Jérome Héricourt (2010),“Financial factors and the marginsof trade: Evidence from cross-country firm-level data”. Journal of DevelopmentEconomics93(2),206-217.
[59]Bernard, J. Bradford Jensen and Robert Z.(1995). Lawrence “Exporters.1995.Jobs, and Wages in U.S. Manufacturing:1976-1987”[M]. Brookings Papers onEconomic Activity, Volume1995.
[60]Bernard, A. B. and J. B. Jensen,(1999)“Exceptional Exporter Performance:Cause, Effect or Both?”. Journal of International Economics,47(1):1–25.
[61]Bernanke, B., Gertler, M.,1989.” Agency costs, net worth, and economicfluctuations”. American Economic Review79,14–31.
[62]Buch, Claudia M., Iris Kesternich, Alexander Lipponer and Monika Schnitzer(2010),“Exports versus FDI revisited: Does finance matter?” DeutscheBundesbank Discussio Paper Series1: Economic Studies, No.03/2010.
[63]Bellone, Flora, Patrick Musso, Lionel Nesta and Stefano Schiavo (2010),“Financial Constraints and Firm Export Behaviour”. The World Economy30(3),347-373.
[64]Brandt, Loren.,Johannes Van Biesebroeck,. and Yifan Zhang,(2012),“Creativeaccounting or creative destruction? Firm-level productivity growth in Chinesemanufacturing”, Journal of Development Economics97:339–351.
[65]Bridges, Sarah and Alessandra Guariglia (2008),“Financial Constraints, GlobalEngagement, and Firm Survival in the United Kingdom: Evidence from MicroData”. Scottish Journal of Political Economy55(4),444-464.
[66]Campa, J.-M., Shaver, J.-M.,2002.“Exporting and capital investment: on thestrategic behavior of exporters”. Discussion Paper No.469. IESE BusinessSchool, University of Navarra.
[67]Caggese, Andrea and Vicente Cunat (2011),“Financing Constraints, FirmDynamics, Export Decisions, and Aggregate Productivity”. London School ofEconomics, Financial Markets Group Discussion Paper685, June.
[68]Chancy,T.(2005)“Liquidity Constrained Exporters”,Mimeo,University ofChicago.
[69]Chan, ML, and Kalina Manova(2013),“Financial Development And The ChoiceOf Trade Partners” Working paper18867.
[70]Chow, Clement K.W. Frank M. Song, Kit Pong Wong,(2010)“Special Issue:Recent Developments in China's Financial Markets Investment and the softbudget constraint in China” International Review of Economics&FinanceVolume19, Issue2, Pages219–227.
[71]Cole, Matthew A., Robert J. R. Elliott and Supreeya Virakul (2010),“Exportingand Financial Health: A Developing Country Perspective”. Department ofEconomics, University of Birmingham, mimeo.
[72]Davin Chor a, Kalina Manova(2012),“Off the cliff and back? Credit conditionsand international trade during the global financial crisis” Journal of InternationalEconomics87:117–133.
[73]Demirguc-Kunt, A. and Maksimovic, V.(2002)“Funding Growth in Bank-basedand Market-based Financial Systems: Evidence from Firm level Data”. Journalof Financial Economics,65(3), pp.337-363.
[74]Deardorff, Alan,“Financial Crisis,Trade, and Fragmentation,” University ofMichigan discussion paper458(2000).
[75]Du, Jun and Sourafel Girma (2007),“Finance and Firm Export in China”. Kyklos60(1),37-54.
[76]Egger, Peter and Michaela Kesina (2010),“Financial constraints and exports:Evidence from Chinese firms”. ETH Zürich, mimeo, August.
[77]Espanol, Paula (2007),“Exports, sunk costs and financial restrictions inArgentina during the1990s”. Paris School of Economics Working Paper No.2007-01, January.
[78]Fan, P. H., Wong, T. J., Zhang, T. Y.(2007)“The Emergence of CorporatePyramids in China”. Working paper, Hitotsubashi University.
[79]Franzosi, Alessandra M.(2000),“Investment Determinants: Empirical Evidencefrom a Panel of Italian Firms”, IRS-Contributi di Ricerca.
[80]Feentra,Robert C.(1994)“Trade Adjustment Assistance and Parento Gains fromTrade”,Journal of International Economics,36:201—222,1994.
[81]Feentra,Robert C.,Dorsati Madani,Tzu-Han Yang,and Chi-Yuan Liang (1999)“Testing Endogenous Growth in South Korea and Taiwan”,Journal ofDevelopment Economics,60:317-341.
[82]Feentra,Robert C.,and James R.Markusen(1995),“Accounting for Growth withNew Intermediate Inputs”,International Economics Review,35:429-447.
[83]Feenstra,Robert C.and Hong Ma(2008),“Optimal Choice of Product Scope forMultiproduct Firms under Monopolistic Competition”,in Helpman,Elhanan,Dalia Matin and Thierry Verdier(eds.),111e Organization of Finns in a GlobalEconomy, Harvard University Press,Cambridge Ma.
[84]Feenstra,R.C.,Zhiyuan Li,Miaojie Yu(2013),“Exports and Credit Constraintsunder Incomplete Information:Theory and Evidence from China'’,NBERWorking Paper No.16940.
[85]Firth, M, Chen Linb, and Sonia M.L. Wonga,(2008)“Leverage and investmentunder a state-owned bank lending environment: Evidence from China”, Journal ofCorporate Finance, Volume14, Issue5, Pages642–653.
[86]Helpman, Elhanan, Marc Melitz, and Yona Rubinstein (2007),"Estimating TradeFlows: Trading Partners and Trading Volumes," Quarterly Journal of Economics123, pp.441-87
[87]Hoshi, Takeo, Anil Kashyap and David Scharfstein (1991),“Corporate StructureLiquidity and Investment: Evidence from Japanese Panel data”, Quarterly Journalof Economics CVI, p.33-60
[88]Hummels,D.,and Klenow,P.(2005),“The Variety and Quality of a Nation’S Exports”,American Economic Review,、b1.95(3),PP704-723.
[89]Huang, weihua, Armin Schwienbacher, Shan Zhao,(2012)“When bank loans arebad news: Evidence from market reactions to loan announcements under the riskof expropriation”, Journal of International Financial Markets, Institutions andMoney, Volume22, Issue2, April2012, Pages233–252.
[90]Hausmann,R.and B.Klinger(2006),“Structural Transformation and Patternsof Comparative Advantage in the Product Space”,CID Working Paper,No.128.
[91]Forlani, Emanuele (2010),“Liquidity Constraints and Firm’s Export Activity”Université Catholique des Louvain–CORE, mimeo, April.
[92]Gilchrist, Simon and Charles P. Himmelberg (1995),“Evidence on the Role ofCash Flow for Investment”, Journal of Monetary Economics XXXVI, p.541-572
[93]Greenaway, D. and R. Kneller.(2003)“Exporting, Productivity andAgglomeration: A Difference in Difference Analysis of Matched Firms”[R],University of Nottingham, GEP Research Paper03/45.
[94]Greenaway, David, Alessandra Guariglia and Richard Kneller (2007),“Financialfactors and exporting decisions”. Journal of International Economics73(2),377-395.
[95]Greenaway, David, Alessandra Guariglia and Richard Kneller (2007),“Financialfactors and exporting decisions”. Journal of International Economics73(2),377-395.
[96]Guariglia, Alessandra and Simona Mateut (2010),“Inventory Investment, globalengagement, and financial constraints in the UK: Evidence from micro data”.Journal of Macroeconomics32(1),239-250.
[97]Halldin, Torbj rn (2012),“External finance, collateralizable assets and exportmarket entry”. The Royal Institute of Technology Centre of Excellence forScience and Innovation Studies–CESIS Electronic Working Paper Series No.268, March.
[98]Hiro Ito and Akiko Terada-Hagiwara,(2011),“An Analysis of the Effects ofFinancial Market Imperfections on Indian Firms' Exporting Behavior”, Workingpaper
[99]Hovakimian, Gayané and Sheridan Titman (2003),“Corporate Investment withFinancial Constraints: Sensitivity of Investment to Funds from Voluntary AssetSales”, NBER Working Paper9432
[100]Ito, Hiro and Akiko Terada-Hagiwara (2011),“An Analysis of the Effects ofFinancial Market Imperfections on Indian Firm’s Exporting Behavior”.Department of Economics, Portland State University, mimeo, May.
[101]King, R. and Levine, R. Finance,(1993)“Entrepreneurship, and Growth: Theoryand Evidence”. Journal of Monetary Economics,32, pp.513-542.
[102]Kletzer, K., Bardhan, P.,(1987).“Credit markets and patterns of internationaltrade”. Journal of Development Economics27,57–70.
[103]Kiendrebeogo, Youssouf and Alexandru Minea (2012),“Financial Factors andManufacturing Exports: Theory and Firm-level Evidence from Egypt”. CERDI.
[104]Kimura, F. and K. Kiyota.(2006)“Exports, FDI, and Productivity: DynamicEvidence from Japanese Firms”[J]. Review of World Economics,142(4).
[105]Krugman,Paul R.(1980),“Scale Economics,Product Differentiation,and thePattern of Trade”,American Economic Review,70:950-959.
[106]Lamont, Owen A.(1997),“Cash Flow and Investment: Evidence From InternalCapital Markets”, Journal of Finance LII, p.83-109
[107]Lancheros, Sandra and Pelin Demirel (2012),“Does Finance Play a Role inExporting for Service Firms? Evidence from India”. The World Economy35(1),44-60.
[108]Li, Zhiyuan and Miaojie Yu (2009);“Export; productivity, and CreditConstraints: A Fim-Level Empirical Investigation of China”. HitotsubashiUniversity Research Unit for Statistical and Empirical Analysis in SocialSchiences (Hi-Stat) Discussion Paper Series098, December.
[109]Lin, xiaochi, Yi Zhang, Ning Zhu,(2009)“Does bank ownership increase firmvalue? Evidence from China” Journal of International Money and Finance,Volume28, Issue4, Pages720–737.
[110]Lin, HD,(2011)"Foreign bank entry and firms’ access to bank credit: Evidencefrom China" Journal of Banking&Finance Volume35, Issue4,Pages1000–1010.
[111]Lu, ZF, Jigao Zhu, Weining Zhang(212),“Bank discrimination, holding bankownership, and economic consequences: Evidence from China”, Journal ofBanking&Finance, Volume36, Issue2, Pages341–354.
[112]Leunga,M. K. D. Rigby&T. Young (2003)"Entry of foreign banks in thePeople's Republic of China: a survival analysis" Applied Economics,Volume35,Issue1.
[113]Lu,Dan.(2010),“Exceptional Exporter Performance? Evidence from ChineseManufacturing Firm”,mimeo,Chicago University.
[114]Lu, J., Y. Lu and Z. Tao,(2010),“Exporting Behavior of Foreign Affiliates:Theory and Evidence”, Journal of International Economics,81(2):197–205.
[115]Mark Aguiar,(2005),“Investment, devaluation, and foreign currency exposure:The case of Mexico”. Journal of Development Economics78,95–113.
[116]Manole, Vlad and Mariana Spatareanu (2010),“Exporting, capital investmentand financial constraints”. Review of World Economics146(1),23-37.
[117]Manole, Vlad and Mariana Spatareanu (2010),“Exporting, capital investmentand financial constraints”. Review of World Economics146(1),23-37.
[118]Manova,K.(2007),“Credit Constraints,Heterogeneous Firms and InternationalTrade'’,Mimeo,Harvard University.
[119]Manova, K.(2008),“Credit Constraints,Equity Market Liberalizations andInternational Trade”,Journal of International Economics,Volume76,33-47.
[120]Manova,K.and Z. Zhang,(2009)“China’S Exporters and Importers:Firms,Products and Trade Partners”,NBER Working Paper No.15249.
[121]Manova,K.SJ, Wei, and Z. Zhang(2011)“Firm Exports And MultinationalActivity Under Credit Constraints”, NBER Working Paper No.16905.
[122]Manova,K.and ZHYu (2012)“Firms And Credit Constraints Along TheValue-Added Chain: Processing Trade In China”, NBER Working PaperNo.18651.
[123]Melitz,M.,(2003)“The Impact of Trade on Aggregate Industry Productivityand Intra-industry Reallocations”,Econometrica,pp:1695-1725.
[124]Mu ls,M.(2008),“Exporters and credit constraints:A firm-level approach”,National Bank of Belgium,Working Paper Research No.139.
[125]Mihir A. Desai, C. Fritz Foley and Kristin J. Forbes,“Financial Constraints andGrowth: Multinational and Local Firm Responses to Currency Depreciations”.The Review of Financial Studies, Vol.21, No.6(Nov.,2008), pp.2857-2888.
[126]Nagaraj, Priya (2011),“Financial Constraints and export participation”.Graduate Center, City University of New York, mimeo.
[127]Nicolas Berman and Antoine Berthou,(2009),“Financial Market Imperfectionsand the Impact of Exchange Rate Movements on Exports”, Review ofInternational Economics,17(1),103–120
[128]Norton Edward C., Hua Wang and Chunrong Ai,(2004),“Computing interactioneffects and standard errors in logit and probit models”, The Stata Journal,4(2):154–167.
[129]Philippe Aghion, Philippe Bacchetta, Romain Ranciere, Kenneth Rogoff,(2009),“Exchange rate volatility and productivity growth: The role of financialdevelopment”. Journal of Monetary Economics56,494–513
[130]Philippe Aghion a, George-Marios Angeletos b,, Abhijit Banerjee,KalinaManova(2010),“Volatilityandgrowth:Creditconstraintsandthecompositionof investment”, Journal ofMonetaryEconomics57:246–265.
[131]Qian, MJ, Hongbo Pan, Bernard Yin Yeung(2010)“Expropriation of MinorityShareholders in Politically Connected Firms”. Finance and Corporate GovernanceConference2011Paper.
[132]Raoul Minetti and Susan Chun Zhu,(2011),“Credit constraints and firm export:Microeconomics evidence from Italy”. Journal of International Economics83,109-125
[133]Robert Dekle and Heajin H. Ryoo,(2007),“Exchange rate fluctuations, firmsconstraints, hedging, and exports: Evidence from firm level data”. Journal ofInternational Financial Markets, Institutions&Money17(2007),437-451
[134]Rajan, R. and Zinga les, L.(1998)“Financial Dependence and Growth.”American Economic Review, pp.559-586.
[135]Sarah Guillou and Stefano Schiavo,(2011),“Exchange rate exposure underliquidity constraints”. Working paper.
[136]Secchi, Angelo, Federico Tamagni and Chiara Tomasi (2011),“Export activitiesunder financial constraints: margins, quantities and prices”. Laboratory ofEconomics and Management Sant’Anna School of Advanced Studies LEMWorking Paper Series2011/24, December.
[137]Silva, J.M.C. Santos and Tenreyro, Silvana (2006),"The Log of Gravity,"Review of Economics and Statistics88(4). pp.641-658.
[138]Stiebale, Joel (2011),“Do Financial Constraints Matter for Foreign Market Entry?A Firm-level Examination”. The World Economy34(1),123-153.
[139]Silva,A.,(2011)“Financial Constraints and Exports:Evidence from PortugueseManufacturing Firms'’,FEP Working Paper No.402.
[140]Whited, Toni M.(1992),“Debt, Liquidity Constraints, and Corporate Investment:Evidence from Panel Data”, Journal of Finance XLVII, p.1425-1460.
[141]Wang, Xiao (2010),“Financial Constraints and Exports. Department ofEconomics”, University of Wisconsin, mimeo, October.
[142]Ying Zhenga, Yuande Zhub(2013),“Special Issue on Financial Management inChina Bank lending incentives and firm investment decisions in China” Journalof Multinational Financial Management, Volume23, Issue3, Pages146–165.
[143]Yuan Zhang, Christopher Gan, Zhaohua Li,(2012)"Effects of borrowers' qualityon the size of market response to bank loan announcements in China",Management Research Review, Vol.35Iss:5, pp.379–404.
[144]Yu, Miaojie (2009),"Trade, Democracy, and the Gravity Equation," Journal ofDevelopment Economics, forthcoming.