金融发展、融资约束与中国企业出口参与
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摘要
"融资难、融资贵"是制约中国经济发展的主要因素之一。本文基于异质性企业贸易理论,使用世界银行发布的《投资环境调查(2005)》的中国企业数据,实证分析融资约束对中国企业出口参与的影响。研究结论认为,由于中国金融发展的独特性,导致融资约束对不同所有制类型企业出口参与的影响机制存在着显著差异。融资约束并未构成制约中国国有企业出口参与的主要因素;而中国民营企业出口参与可能性的增加则依赖于融资成本的降低;融资约束对外资企业的出口参与不具有影响作用。
Credit Constraints is one of the main factors restricting China's economic development. Based on the Heterogeneous-Firms Trade Theory,using the Chinese enterprise data from Investment Climate Survey 2005 released by World Bank,This paper estimates the effect of credit constraints on China's state-owned,private and foreign-owned enterprises export participation. The conclusion is that the obstacle of most Chinese enterprises to participate in export is the high financing cost. But,The large-scale credit promotes the state-owned enterprises to participate in the export. Export of private enterprises to participate in depends to reduce the financing cost. The effect of Credit constraints to export participation is not significant for foreign-owned enterprises.
Credit Constraints is one of the main factors restricting China's economic development. Based on the Heterogeneous-Firms Trade Theory,using the Chinese enterprise data from Investment Climate Survey 2005 released by World Bank,This paper estimates the effect of credit constraints on China's state-owned,private and foreign-owned enterprises export participation. The conclusion is that the obstacle of most Chinese enterprises to participate in export is the high financing cost. But,The large-scale credit promotes the state-owned enterprises to participate in the export. Export of private enterprises to participate in depends to reduce the financing cost. The effect of Credit constraints to export participation is not significant for foreign-owned enterprises.
引文
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[3]Beck T.,2002,“Financial Development and International Trade:Is There a Link,”Journal of International Economics,57:107-131.
[4]Bernard A.B.and B.J.Jensen,2004,“Exceptional Exporter Performance:Cause,Effect,or Both,”Journal of International Economics,47:1-25.
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[12]Olley S.and A.Pakes,1996,“The Dynamics of Productivity in the Telecommunications Equipment Industry,”Econometrica,64(6):1263-1297.
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[14]钱学锋,2008,“企业异质性、贸易成本与中国出口增长的二元边际”,《管理世界》,第9期,第48-66页。
[15]钱学锋、熊平,2010,“中国出口增长的二元边际及其因素决定”,《经济研究》,第1期,第65-79页。
[16]孙灵燕、李荣林,2011,“融资约束限制中国企业出口参与吗?”,《经济学(季刊)》,第11卷第1期,第231-252页。
[17]文东伟、冼国明,2014,“企业异质性、融资约束与中国制造业企业的出口”,《金融研究》,第4期,第98-113页。
[18]颜海明、李强,2016,“危机冲击、外部融资依赖与企业出口”,《中国经济问题》,第4期,第86-97页。
[19]阳佳余,2012,“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)》,第11卷第4期,第1503-1524页。
[20]于红霞、龚六堂、陈玉宇,2011,“出口固定成本、融资约束与企业出口行为”,《经济研究》,第4期,第55-67页。
[2]Allen F.,J.Qian and M.Qian,2005,“Law,Finance,and Economic Growth in China,”Journal of Financial Economics,77:57-116.
[3]Beck T.,2002,“Financial Development and International Trade:Is There a Link,”Journal of International Economics,57:107-131.
[4]Bernard A.B.and B.J.Jensen,2004,“Exceptional Exporter Performance:Cause,Effect,or Both,”Journal of International Economics,47:1-25.
[5]Bernard A.B.,B.J.Jensen,S.J.Redding and P.K.Schott,2009,“The Margins of U.S.Trade,”NBER Working Paper No.14662.
[6]Chaney T.,2005,“Liquidity Constrained Exporters,”Mimeo,University of Chicago.
[7]Do Q.T.and A.A.Levchenko,2007,“Comparative Advantage,Demand for External Finance,and Financial Development,”Journal of Financial Economics,86:796-834.
[8]Feenstra R.,Z.Li and M.Yu,2014,“Exports and Credit Constraints under Incomplete Information:Theory and Evidence from China,”Review of Economics and Statistics,96(4),729-744.
[9]Levinsonhn J.and A.Petrin,2003,“Estimating Production Functions Using Inputs to Control for Unobervables,”Review of Economics Studies,70(2):317-341.
[10]Manova K.,2010,“Credit Constraints,Heterogeneous Firms,and International Trade,”Mimeo,Standford Universtiy.
[11]Melitz M.,2003,“The Impact of Trade on Aggregate Industry Productivity and Intra-Industry Reallocations,”Econometrica,71(6):1695-1725.
[12]Olley S.and A.Pakes,1996,“The Dynamics of Productivity in the Telecommunications Equipment Industry,”Econometrica,64(6):1263-1297.
[13]Svaleryd H.and J.Vlachos,2005,“Financial Markets,the Pattern of Industrial Specialization and Comparative Advantage:Evidence from OECD Countries,”European Economic Review,49:113-144.
[14]钱学锋,2008,“企业异质性、贸易成本与中国出口增长的二元边际”,《管理世界》,第9期,第48-66页。
[15]钱学锋、熊平,2010,“中国出口增长的二元边际及其因素决定”,《经济研究》,第1期,第65-79页。
[16]孙灵燕、李荣林,2011,“融资约束限制中国企业出口参与吗?”,《经济学(季刊)》,第11卷第1期,第231-252页。
[17]文东伟、冼国明,2014,“企业异质性、融资约束与中国制造业企业的出口”,《金融研究》,第4期,第98-113页。
[18]颜海明、李强,2016,“危机冲击、外部融资依赖与企业出口”,《中国经济问题》,第4期,第86-97页。
[19]阳佳余,2012,“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)》,第11卷第4期,第1503-1524页。
[20]于红霞、龚六堂、陈玉宇,2011,“出口固定成本、融资约束与企业出口行为”,《经济研究》,第4期,第55-67页。