金融危机是否对企业出口存在异质性冲击——基于融资约束视角的分析

Heterogeneous Impacts of Financial Crisis on Exports:A Study from Perspective of Financial Constraints

本文采用我国工业企业数据库2004-2009年的出口企业微观数据,研究了融资约束视角下金融危机与企业出口之间的关系。实证结果表明:全球金融危机对我国不同类型企业出口造成了显著的负面冲击;但从融资约束角度看,相对于国有和股份制企业以及大型企业而言,受到融资约束困扰的主要是出口企业中的民营企业和中小企业;由于金融市场的不确定性增加、企业经营环境恶化等因素,金融危机加剧了我国民营企业和中小企业融资约束难的问题,而对国有和股份制企业以及大型企业的融资约束基本无影响。可见,金融危机对我国企业出口的影响具有明显的异质性。

Using micro data of industrial enterprises in China from 2004 to 2009, this paper studies the relationship between financial crisis and export growth from the perspective of financial constraints. Empirical results show that the financial crisis has a significant negative impact on enterprises＇ export. As opposed to state-owned enterprises, joint-stock enterprises and large enterprises, private enterprises and SMEs are principally subject to financing constraints. Further study suggests that the global financial crisis increased uncertainty in financial markets and promoted the decline in external demand. Therefore, private enterprises and SMEs met more difficulty during the crisis. However, financial crisis had no significant effects on the state-owned, joint-stock enterprises and large enterprises. Obviously, the impacts of the financial crisis on the export Chinese enterprises show significant heterogeneity.