融资约束与出口价格:基于出口密集度视角的研究

Financing Constraints and Export Price:From the Perspective of Export Intensity

本文基于出口密集度视角研究了企业融资约束与其出口价格之间的关系。理论上,本文建立了一个内生选择出口密集度的异质性企业贸易模型,模型预测,受融资约束的企业为满足出口导向政策门槛获取补贴,以扭曲出口密集度为代价倒逼出口价格降低。实证上,本文基于2000—2013年中国工业企业数据库与中国海关数据库的合并数据验证了理论预测,研究结果表明:融资约束迫使企业提高出口密集度,继而降低出口价格,且该结论在控制产品质量和成本加成渠道后依然成立。依据结论,本文提出了深化金融体制改革、优化出口导向型政策、进行质量补贴等建议。

This paper examines the linkage between financing constraints faced by a firm and its export price in the context of export intensity.Theoretically,we develop a heterogeneous-firm trade model with endogenous selection of export intensity.It predicts that an exporter with financing constraints may manipulate its export intensity to lower down its export price,for meeting the criteria of export-oriented policy threshold to get the government subsidies.Empirically,using the combined China Customs data and the Chinese industrial enterprise database from 2000 to 2013,we provide strong empirical evidence to support the model's prediction that financing constraints lead to a reduction in export price by driving up firm's export intensity.Our findings remain robust after controlling product quality and markup.Based on our conclusions,we propose policy recommendations such as simultaneously deepening the reform of the financial system,optimizing export-oriented policies,and adopting quality subsidies.