银行信贷、商业信用与企业出口

Bank Loan, Trade Credit And Enterprises To Export

本文运用世界银行投资环境调查数据,使用tobit模型考察了融资渠道异质性对企业出口模式的影响。研究结果表明,融资渠道差异会影响企业出口模式的选择,并且商业信用比银行信贷的影响更大。进一步,我们发现融资渠道差异对于企业总出口的影响也有相同的结论。另外,区分企业规模的结果显示,中小企业融资约束对企业间接出口影响显著;而大企业融资约束对企业直接出口影响显著。

In this paper, with the world bank investment climate survey data,using tobit model investigated the influence of the heterogeneity of the financing channels for enterprises to export mode. The results showed that financing channels differences will affect the choice of the enterprise export model and commercial credit is greater than the effect of bank credit. Furthermore, we found that the financing channels for enterprise＇s total exports influence also has the same conclusion. In addition, to distinguish the enterprise scale according to the results, small and medium-sized enterprise financing constraints significantly influence on enterprises indirect export and the big enterprise significant impact to the business direct export financing constraints.