融资约束与中小企业的出口行为:广度和深度

Financing Constraints and Export Behavior of SMEs: Extensive and Intensive Margins

文章基于新新贸易的企业异质性理论,研究了融资约束对我国企业出口深度和广度的影响。文章首先通过理论模型考察银行根据企业规模做出的信贷选择如何通过融资约束作用于企业出口的深度和广度,然后采用世界银行大样本的企业微观面板数据,运用probit非线性估计和企业层面的固定效应方法进行实证分析,得出如下结论:第一,企业内部的流动性影响企业出口量,而外源融资约束不仅影响企业出口量,还影响企业能否出口的选择;第二,相比于大企业,中小企业的外源融资能力对出口的广度和深度具有更显著的促进作用;第三,较之西部地区的中小企业,东部地区的中小企业对外源融资约束的敏感性更高。

Based on firm heterogeneity in new-new trade theory, this paper tests the effect of financing constraints on extensive and intensive margins of corporate export in China. It constructs a theoretical model and examines the effects of banks＇ loan choices based on corporate size on extensive and intensive margins of corporate export through financing constraints. Then it employs the firm-level panel data from the World Bank to test the theoretical hypothesis. Using probit nonlinear estimation and firm-level fixed effect analysis, it arrives at the following conclusions： firstly, corporate internal liquidity affects corporate exports, while external financing constraints affect not only corporate exports but also corporate export participation; secondly, compared to large firms, the access to external finance in SMEs has more significantly positive effects on extensive and intensive margins; thirdly, SMEs in eastern region are much more sensitive to external financing constraints than SMEs in western region.