融资约束、货款拖欠与中国本土企业出口:机理与实证

Financing Constraints,Non-repayment of Debts and Chinese Local Enterprises' Export: Mechanism and Demonstration

本文拓展了G-S模型系统考察融资约束和货款拖欠作用于企业出口的机理,并使用2001～2007年微观企业数据对研究假说进行检验。研究发现,融资约束和货款拖欠对中国本土制造业企业的出口存在阻碍效应。在进一步研究中,将原样本按照所有制性质、企业规模、资本密集度以及与政府的联系进行划分后再检验发现,融资约束和货款拖欠对企业出口的阻碍效应表现出明显的异质性。检验结论表明,中国背景下融资约束及货款拖欠对企业出口的障碍效应,可能既包含了企业自身差异等内部因素,也包含了金融体系压制以及政府干预等外部因素。因此,优化外部市场环境,建立良好的社会信用体系和金融体系以缓解融资约束,积极消除导致企业间货款拖欠的各种障碍因素,是促进我国本土企业出口可持续发展的根本举措。

This paper systematically study the mechanism that financing constraints and non-repayment of debts affect the export of enterprises with expanded G-S model,giving model description and proposing the core proposition.By using micro-enterprise data from 2001 to 2007 and panel TOBIT model to test the research hypothesis can it be found that financing constraints and non-repayment of debts have blocking effect on Chinese local enterprises' export.In the further research,dividing the original samples by the standards of the nature of ownership,enterprise scale,capital intensive and links with government and testing,the paper finds that the blocking effect of financing constraints and non-repayment of debts on the Chinese local enterprises' export represent differently in the different samples.The inspection conclusions show that under China's circumstances,the blocking effect of financing constraints and non-repayment of debts on Chinese local enterprises' export may contain internal factors such as enterprises' own difference and external factors such as the suppression of financial system and the government intervention.Thence,the external market environment should be optimized,and a sound social credit system and financial system should be established to alleviate the financial constraints and actively eliminate various obstacles causing loan defaults between enterprises,and these are the fundamental measures to promote sustainable development of our country's local enterprises' export.