摘要
本文采用2002-2009年中国上市公司企业数据,计算分行业外部融资依赖度和资产有形性指标,考察中国金融发展水平与不同行业出口之间的关系。研究结果表明,行业的外部融资依赖度与资产有形性是连接金融发展和出口贸易的关键环节,金融市场规模、效率对不同行业出口有着显著影响,但总量、效率指标的影响程度有所差异。高新技术产业由于内源融资较不稳定,有形资产比例相对较低,国内金融发展更有利于这些行业出口的增长,金融改革为我国出口结构优化提供了一条较好的途径。
This paper uses firm-level data from 2002--2009 to compute the index of financial dependence and asset tangibility and investigate the relationship between China＇ s financial development and export. We find that financial depen-dence and asset tangibility are crucial link and it has much difference in different industries. Empirical results show that the scale and efficiency of financial market have a significant impact on exports, but vary in different industries. High-tech industries have less stable source of financing and relatively low proportion of tangible assets, so domestic financial development is more conducive to export growth in these sectors. It provides a good way to upgrade export structure by domestic financial reform in China
基金
教育部人文社科基金项目(09YJC790145)
国家自然科学基金项目(71103083)的阶段性成果
关键词
金融发展
融资依赖
资产有形性
Financial development
Financial dependence
Asset tangibility
