我国出口企业选择加工贸易的原因探究:生产率和融资约束视角

Probe into the Reasons Why Chinese Export Firms Select Processing Trade: from the Perspective of Productivity and Financing Constraints

基于异质性企业全要素生产率和融资约束视角,从理论和实证两个方面对我国出口企业选择加工贸易的原因进行了研究。理论分析表明,生产率较低、融资约束较高的企业倾向于选择加工贸易从事出口;采用2000-2006年中国工业企业数据库和中国海关进出口数据库对应后的数据、利用probit二元离散选择模型和工具变量ivprobit模型估计方法的实证结果表明,我国出口企业融资约束程度越大、生产率水平越低,越倾向于选择加工贸易。稳健性检验结果进一步表明,融资约束较为严重、生产率水平较低的加工贸易企业,将提高加工贸易强度。

From the perspective of total factor productivity and financing constraints in heterogeneity enterprises, this paper conducts a study from both theoretical and empirical aspects of the reasons why Chinese export enterprises select processing trade. The theoretical analysis indicates that export firms with lower productivity and higher financing constraints tend to select processing Wade. Then, this paper makes use of the corresponding data between Chinese Industrial Enterprise Database and China＇s Customs Import and Export Database during 2000-2006 and employs the probit binary dis- crete choice model and the instrumental variable ivprobit model estimation method to conduct an em- pirical study. The results indicate that the higher degree of financing constraints and the lower pro- ductivity the export firms have, the stronger tendency they would have to select processing trade. The results of the robustness tests further show that the enterprises of processing wade with higher degree of financial constraints and lower productivity would enhance the strength of processing trade.