融资约束下的企业出口和研发:“鱼”与“熊掌”不可得兼?

Do Financial Constraints Result in A Trade-off between Export and R&D? Evidence from Firm-Level Data in China

出口和研发被认为是具有互补性的企业活动。然而，在融资约束之下，这两类活动均会受到不利影响。特别是，它很可能导致出口和研发不再同时可行，并在二者之间引起权衡取舍的关系。针对这一问题，本文利用2009～2013年中国上市公司数据进行实证研究。通过构造反映企业融资约束的代理变量，我们借助多项式选择模型进行实证研究。估计结果显示，融资约束对企业只出口或只研发产生了负向影响，更为重要的是，它削弱了企业同时出口和研发的可能性。进一步地，融资约束对研发的负向影响超过了对出口的负向影响，在出口和研发不可兼得的情况下，容易导致出口对研发活动的“挤出”效应。在尝试了其他融资约束指标之后，这些估计结果依然稳健。

Export and R＆D are natural complementary activities. However, as a result of financial constraints, export and R＆D are not feasible simultaneously and likely to become substitutes. With respect to this research topic, this paper utilizes data of listed companies in China from 2009 to 2013 to carry out empirical studies. We follow existing literature to construct a series of indicators of financial constraints. The estimation results from multinomial logit model show that, financial constraints produce negative impact not only on export but also on innovation. More importantly, financial constraints weaken the complementarity between export and innovation and even lead up to a situation that export crowds out innovation. Using alternative measures of financial con- straints in the robustness checks, we find the empirical results remain the same.