金融结构如何影响了中国企业出口国内附加值?

How Does Financial Structure Affect Chinese Enterprises'Export of Domestic Value-Added?

在构建双循环新发展格局背景下,通过优化金融结构提高经济资源配置效率日益成为实现经济高质量发展的重要方向与策略。本文将金融结构与企业出口国内附加值率纳入统一分析框架,构建金融结构影响企业出口国内附加值率的理论模型,并使用2000-2013年中国企业和海关匹配数据进行经验检验。研究发现:金融结构越偏向于金融市场,越有利于提高中国企业的出口国内附加值率;市场一体化水平不仅对出口国内附加值率的提高具有直接促进作用,而且能够间接调节金融市场对出口国内附加值率的提升作用。稳健性检验克服了内生性问题、控制了汇率制度政策变动以及进行了金融危机冲击检验之后,结论依旧稳健。异质性检验发现,金融结构偏向市场对一般贸易企业、私营企业、东部企业以及资本技术密集型企业出口国内附加值率提升作用更明显。机制检验证实,研发创新激励和融资成本降低是金融结构偏向性变化影响企业出口国内附加值率的重要渠道,并且市场一体化会强化这两条渠道对出口国内附加值率的正向促进作用。

Against the background of constructing new double-thrust development dynamic with the mainstay domestic economy and the support international engagement reinforcing the other,improving the efficiency of economic resource allocation by optimizing financial structure has increasingly become an important direction and strategy to achieve high-quality economic development.In this paper,we incorporate enterprises'financial structure and domestic value-added rate of export into a unified analysis framework,construct the theoretical model of the impact of the financial structure on enterprises'domestic value-added rate of export,and conduct the empirical test by using the matching data of Chinese enterprises and customs from 2000 to 2013.The results show that the more the financial structure is biased towards the financial market,the more beneficial it is to improve Chinese enterprises'domestic value-added rate of export.The level of market integration not only directly promotes the increase of enterprises'domestic value-added rate of export,but also indirectly adjusts the effect of financial market on the latter.After overcoming the endogeneity problems,controlling changes of the exchange rate regime and conducting the impact test of the financial crisis,the results of the robustness test are still robust.Heterogeneity test shows that the market-biased financial structure has a more significant effect on the increase of domestic value-added rate of export of general trade enterprises,private enterprises,eastern enterprises and capital and technology-intensive enterprises.The mechanism test proves that R&D innovation incentive and financing cost reduction are the important channels for financial market to influence enterprises'domestic value-added rate of export,and market integration will strengthen the positive promotion effect of these two channels on enterprises'domestic value-added rate of export.