出口能缓解民营企业融资约束吗?——基于匹配的倍差法之经验分析

Do Exports Reduce Financing Constraints of Private Enterprises?

本文基于2002—2007年中国工业企业数据库微观企业数据,使用与倍差法相结合的倾向评分匹配方法分析了出口对民营企业融资约束缓解的因果效应。研究结果表明:出口明显缓解了中大型民营企业特别是中西部地区中大型民营企业的融资约束,而对小型民营企业而言,这一作用并不明显。这说明在国内融资困难的情境下,有实力的中大型民营企业可以在一定程度上通过出口来缓解融资约束,而解决小型民营企业融资约束问题则应立足于国内政策。

Using the database of Chinese industrial enterprises from 2002-2007, this paper analyzes the cause-effect relationship between exports and financing constraints of private enter- prise by propensity score matching with difference in differences. The results show exports reduce the financing constraints of the large and middle-sized firms, especially the ones from western and middle areas. But for the small-sized firms, this effect is not significant. It means exports are effective way to reduce financing constraints for large and middle-sized firms, not for small firms. Therefore, speed up the reform of the domestic financial market is the fundamental way to ease financing constraints of private enterprise.