金融发展影响中国企业出口二元边际的实证研究

An Empirical Study of Financial Development Impact on the Dual Margin of Export for Chinese Enterprises

本文在异质企业模型框架下,从集约边际与扩展边际的二元视角,讨论金融发展(宏、微观)对中国出口增长的影响作用。文章基于Chaney(2005;2008)的理论框架,运用2000—2006中国企业层面按"企业—产品—目的国"加总的HS8位码出口数据,对中国出口增长进行了二元边际度量,通过固定效应、tobit回归等计量方法,在企业层面检验金融发展对出口二元边际的不同影响。回归结果表明,企业出口集约边际和扩展边际均受到金融发展的显著影响,其中,宏观金融发展对集约边际和扩展边际的影响方向一致,微观金融发展(即融资约束)对两个边际的影响方向并不相同。此外,生产率对于二元边际的影响机制也存在差异。

Under the framework of heterogeneous firm model, this paper discusses the effect of financial development （macro and micro） on China＇s export growth in the dual perspective of the intensive and extensive margin, based on the theoretical research in Chancy （2005 ; 2008）, it uses 2000-2006 Chinese enterprise level HSS-digit export data, which is summed according to ＂firm-product-country＂ dimension, to decompose China＇s export growth into intensive and extensive margins, further, in the firm level to empiri- cally test the different impacts of financial development on export dual marginas through fixed effect and Tobit model methods. Regression results show that the intensive margin and extensive margin are significantly subject to financial development. Macro-financial developments affect the intensive margin and extensive margin in the same direction, which is positive. But financing constraints do not affect the two margins in same direction. Also the productivity effects on dual margins follow different mechanism.