融资约束、生产率与异质性企业的出口竞争力——微观基础的中国经验考察

Financing Constraints,Productivity and Firm′s Export Competitiveness

本文基于企业异质性贸易模型,探讨了融资约束和生产率对出口竞争力的共同影响机制,从企业的内部治理和外部环境两个层面,利用中国2004～2009年的企业样本数据经验考察了出口竞争力的影响因素。研究发现,生产率对企业出口促进贡献还有赖于其融资水平,尤其需要克服融资的阈值效应,避免危机时期优秀企业被"逆淘汰";政策启示在于强调对高生产率企业建立政府"临危保护制度",并引导企业强化内部治理能力;最后需要强化物质要素之外的服务型要素竞争优势,从而继续维持我国贸易的"大国优势"。

Based on the trade model with firm′s heterogeneity,this paper explores the impact of financing constraints and productivity on the export competitiveness.It chooses the independent variables from firm′s governance and its external environment to explain for firm′s exports.The year sample of 2004~2009 is firm-level investigated data from the 28 Chinese provinces.The study found that firm′s export depends not only on the productivity′s contribution but also on the level to borrow money,especially on the threshold value of financing.It needs to establish a governmental dignity protection system to avoid the outstanding firms′ bankruptcy for the lake of money,and to guide firms to strengthen their internal governance capacity.Finally,the increasing service′s advantage,in addition to the material elements,can continue to maintain China's export competitiveness.