所有制信贷歧视对中国民营企业出口的影响:基于融资的视角

A study on the Effect of Ownership-based Credit Discrimination on Chinese Private Enterprises' Export——Based on the Perspective of Financing

基于融资的视角,本文从我国企业面临的所有制信贷歧视现状出发,运用民营企业面板数据经验分析了所有制信贷歧视对民营企业出口的影响,实证结果表明:所有制信贷歧视加剧了民营企业出口对于外源融资约束的依赖程度,说明我国企业在获取金融资源时的政治主从次序问题,尤其是当前基于所有制的信贷配给模式,不利于我国民营企业外融资金的获得。另外,考虑行业的外源融资依赖特征后发现,基于所有制的信贷歧视显著地限制了融资依赖程度高的民营企业外源融资的获取,改变当前的所有制信贷歧视现状某种程度上可以带来民营企业出口结构的转变。

Using finn - level panel data, the paper tests the effects of ownership - based credit discrimination on private enterprises＇ export from the perspective of financing. Empirical results show that ownership - based credit discrimination aggravates private enterprises＇ export dependence on external financing constraints, indicating that political order of Chinese enterprises in accessing financial resources, especially current credit rationing based on the ownership, is not conducive to obtain external financing for Chinese private enterprises. In addition, ownership -based credit discrimination restricts significantly private enterprises＇ external financing, considering industrial characteristics of dependence on external financing. Thereby, the reform of current credit discrimination can improve private enterprises＇ export structure to some extent.