贸易信贷、资金成本、金融危机冲击与企业出口集约边际

Trade Credit,Finance Cost,Financial Crisis' Impulse and the Intensive Margin of Firms' Export

文章结合新新贸易理论的相关研究经验,研究了贸易信贷、企业外部资金使用成本及其在金融危机冲击下对中国工业企业出口集约边际的影响。基本结论如下:贸易信贷缓解了企业融资约束并促进了出口,其在金融危机冲击下稳定企业出口的作用机制在民营企业与外资企业中的确存在,但却以完全相反的方式表现出来;贸易信贷这一影响机制对国有企业并不明显。这一结论说明了深化我国金融市场改革、保障民营企业常规融资渠道的必要性。

Based on literatures about trade collapse during the 2008 ~ 2009 financial crisis and relevant empirical works under New-New trade theory,this paper explores the relationships between trade credit,financing cost,and their co-action under financial crisis' impulse with firm export's intensive margin.The conclusions are as following: trade credit can relieve a firm fromfinancial constraints,promote its export and help keep firms' export less volatile against the impact of financial crisis; this mechanism can be observed in both private-owned and foreign-owned firms,nonetheless with distinctive features; it has little impact on state-owned firms.The results of this paper also shows the necessity of deepening the reform of financial markets and protecting the formal financing channels for private-owned firms.