地区金融发展如何影响了中国企业进口

How Does Regional Financial Development Affect the Import of Chinese Enterprises

我国政府在全面对外开放阶段将扩大进口规模、促进贸易平衡作为新的贸易战略。在此背景下,本文使用2000—2013年中国企业级微观数据,引入地区金融发展与行业外部融资依赖度的交叉项,系统地研究了地区金融发展对企业进口的影响及背后的作用机制。研究发现,地区金融发展不仅显著促进了企业进口规模的扩大,而且有利于提高企业的进口概率,增加企业的进口种类,并在更大程度上促进了中间品与资本品的进口。从传导机制来看,融资约束缓解与生产规模扩张是地区金融发展促进企业进口的重要途径。异质性检验表明,地区金融发展在更大程度上促进了非国有企业、一般贸易企业、沿海企业的进口,另外,地区金融发展对资本密集型企业以及进口来源国为OECD国家企业进口的促进作用也更大。最后,本文还采用生存分析方法进一步研究了地区金融发展与企业进口持续期的关系,发现地区金融发展有利于延长企业的进口持续期。本文的研究不但有助于揭示近年来中国进口发展的驱动因素,而且对促进企业进口的持续平稳发展具有重要意义。

This paper used the cross-term of regional financial development and external financing dependence of industry to systematically study the impact of regional financial development on the import of enterprises and the underlying mechanism based on the micro data of Chinese enterprises from 2000 to 2013.The results show that regional financial development not only significantly expands the import scale of enterprises,but also increases the import probability and import types of enterprises,which promotes the import of intermediate goods and capital goods to a greater extent as well.From the perspective of transmission mechanism,the alleviation of financing constraints and the expansion of production scale are important ways for regional financial development to promote the import of enterprises.The heterogeneity test shows that regional financial development promotes the import of non-state-owned enterprises,general trade enterprises and coastal enterprises to a greater extent.In addition,regional financial development plays a greater role in promoting the import of capital-intensive enterprises and enterprises importing from OECD countries.After further studying the relationship between regional financial development and the import duration of enterprises using the survival analysis method,it finds that regional financial development is conducive to prolonging the import duration of enterprises.The study of this paper not only helps to reveal the driving factors of China’s import development in recent years,but also plays an important role in promoting the sustainable and stable development of enterprise imports.