商业信贷对企业出口的影响及机制

Effect and Mechanism of Trade Credit on Firms' Export

本文研究商业信贷对企业出口的影响及机制,从商业信贷角度解释中国企业在银行信贷约束下创造出口增长奇迹的现象。文章首先将商业信贷引入异质企业出口模型,证明在银行信贷约束下,商业信贷直接和间接地促进企业出口,促进机制是直接缓解企业出口可变成本融资约束和促进银行信贷进而间接降低企业出口融资成本。文章接着运用中国制造业大样本企业面板数据,采用Heckman选择模型,从出口概率和出口强度方面进行实证分析,验证了上述理论分析,发现商业信贷对企业出口概率和出口强度的促进作用在高竞争性行业比低竞争性行业明显,在民营企业比其他企业明显,但是商业信贷对国有企业和集体企业的出口影响不显著。

This paper studies the effect and mechanism of trade credit on firms＇ export and explains the export growth miracle of Chinese firms under the bank credit constraint from the viewpoint of trade credit. Firstly, by introducing trade credit into heterogeneous firms＇ export model, this paper proves that trade credit promotes export either directly or indirectly under bank credit constraint. One promotion mechanism is to ease financing constraint on the export variable cost. Another promotion mechanism is to promote the bank credit and then re- duce export cost. Then, using the panel data of Chinese manufacturing firms and applying Heckman selection model, this paper makes an empirical analysis from angles of export probability and export strength. The empirical results verify the above theoretical analysis and find that the positive effects of trade credit on ex- port are more obvious in highly competitive industries than in low competitive in- dustries and in private firms than in other firms, but the effects are not signifi- cant in the state-owned firms and collectively-owned firms.