中国本土企业出口增长之谜的再思考——基于企业财务视角的分析

Rethinking on Puzzle of Local Enterprise′s Growth in China′s Export: An Analysis based on Financial Perspective

本文利用1999～2007年中国制造业企业微观数据系统考察了企业财务约束对企业出口行为的影响。通过运用面板Probit模型我们发现,财务约束是导致中国本土制造业企业出口扩张的重要因素之一,外资制造业企业出口行为则不受财务约束的影响。目前中国本土企业出口的高速增长是畸形且不可持续的,不仅不利于我国本土企业自主创新的开展与自主品牌的构建,而且可能限制其有效利用本土市场效应来获得发展的空间,从而固化本土企业与外资企业间竞争力的差距。

This paper carefully examines the mechanism of the financial constraints on the export expansion of China′s manufacturing enterprises based on the data of micro manufacturing enterprises in China from 1999 to 2007.Using the probit model,it found that the financial constraints is one of the important inherent factors which led to export expansion of China′s domestic manufacturing enterprises indeed.By the contrast,the exports of foreign manufacturing enterprises are not subject to financial constraints.It point out that the rapid growth of Chinese exports is deformed and non-sustainable,which is conducive to carrying out independent innovation of China′s domestic enterprises and its own brand building as well as limit them effectively to take advantage of home market effects to get the development space,thus curing the competitiveness gap between domestic and foreign enterprises.