资本品进口与融资约束——来自中国制造业企业的经验研究

Capital Goods Exports and Financing Constraints: Experiences from Chinese Manufacturing Firms

文章利用中国2004～2006年17万余个制造业企业大样本平行数据，从微观层面验证了企业融资状况对资本品进口的影响效果。研究表明：企业资本品进口决策与企业融资约束状况密切相关．流动性越高和负债率越低的企业进口资本品的概率越大；融资约束对企业资本品进口来源国的选择行为构成限制．从而也对进口资本品的技术档次构成限制。促进先进技术设备进口的贸易政策需要与金融政策相协调，通过改善企业融资环境，降低企业融资约束程度，将推动企业进口先进技术设备．进而提高企业生产率并促进经济增长。

Using 170 thousands of Chinese manufacturing firms＇ sample balanced data during 2004-2006, this paper verifies the effect of financial constraints on enterprises＇ importing behavior of capital goods. It finds that their decision to import capital goods is closely related with their financial constraints. The firms with higher liquidity and lower leverage are more likely to source their capital goods from foreign countries. Financial constraints influence their choice of sourcing countries, so do the technical level of capital goods. Therefore, the policy to igromote the import of advanced equipments should be coordinated with the improvement of enterprises＇ financing environment. Relieving financial constraints will help to improve enterprises＇ productivity and promote economic growth.