信贷融资对中国企业出口行为的影响——基于双重信贷和双重出口边际的研究

The Effects of Credit Financing on Chinese Firms' Export Behavior:Studies Based on Dual Credit Financings and Dual Export Margins

出口贸易是经济增长的动力,但是贸易成本融资约束制约了企业出口行为。文章构建离散动态选择模型,探讨信贷融资对企业出口行为的影响及方向,发现信贷融资通过缓解贸易成本融资约束影响企业出口行为。借助中国本土制造业企业和Heckman选择模型,文章从双重信贷(商业信贷和银行信贷)和双重出口边际(扩展边际和集约边际)角度检验理论分析。结果表明:双重信贷融资提高了企业双重出口边际,信贷融资促进出口的主要方向是扩大集约边际,且该促进作用因企业所有制和规模有所差异。因此,完善商业信贷市场以及改革银行信贷体系是推动中国企业出口的重要途径。

Export trade is the engine of economic growth,but trade financing cost constraints restrict the development of export.This paper investigated the effect and direction of credit financing on export by using the discrete dynamic selection model.The results show that credit financing relieves trade financing cost constraints and affects firms' export behaviors.This paper made empirical tests from the perspective of dual credit financings(bank credit and commercial credit) and dual export margins(extensive margin and intensive margin) by using the Heckman selection model and the data from local manufacturing firms in China.The results indicate that dual credit financings promote dual export margins and primarily promote the export in intensive margin.The effects of credit financing on export have differences according to firms' ownerships and sizes.So improving the commercial credit market and reforming the bank credit system are important ways to develop China's export.