融资约束是否降低了中国企业进口多元化水平?

Do the Financing Constraints Reduce the Diverse Level of Import of Chinese Enterprises?

与大多数研究融资约束与出口贸易的文章不同,本文从进口多元化视角入手,分析融资约束对企业进口贸易行为的影响。论文首先呈现了中国企业进口多元化的典型事实,然后分析融资约束对企业进口多元化水平的影响。结论发现:整体上,中国企业平均从4个贸易伙伴进口20种产品,企均进口贸易关系为28个,但中国企业整体进口多元化水平下降;从不同所有制企业看,国有企业进口多元化水平最高,外资企业次之,私营企业最低,但国有企业呈下降趋势,外资和私营企业呈上升趋势,因此不同所有制企业进口多元化水平趋同;进一步计量分析发现,融资约束是限制中国进口多元化水平的重要因素,而且这一限制作用主要通过降低进口产品数量来实现,并且对国有企业和私营企业的限制作用更加明显。从政策层面看,为了实现贸易均衡,发挥进口生产率促进作用,降低企业融资约束特别是私营企业的融资约束是可选之策。

Most researches on financing constraints focus on export trade. This paper,however,from imports diversification perspec-tive,discusses the impact of financing constraints on import trade. The paper firstly presents the stylized facts of diversified import of Chinese companies,and then analyzes the impact of financing constraints on the level of enterprises' import diversification.It is concluded that on average,one company imports 20 kinds of products from 4 trade partners in China,with 28 import trade relations. Yet the overall import level of diversification of China is declining. From the perspective of different ownerships,the level of State-owned enterprises is the highest. Foreign-funded enterprises go after them,and the level of private enterprises is the lowest. However,there is a downward trend in State-owned enterprises,and foreign-funded and private enterprises are on the rise. Import level of diversification of different ownership is gradually converging. Further econometric analysis finds that financing constraints are important factors in diverse import levels of China. And the restrictive effect achieved mainly by reducing the number of imported products,and restrictions on State-owned enterprises and private enterprises are more apparent. From a policy perspective,lower corporate financing constraints are indispensable in order to achieve a balanced trade and put import productivity into full play,and it's an optional solution especially for those private enterprises.