中国制造业FDI与企业出口——基于融资约束视角的分析

FDI and International Trade in Manufacturing in China——An Analysis based on the Perspective of Credit Constraints

本文基于融资约束的视角研究FDI对企业出口的影响和机制,用外生的融资约束指标衡量融资约束对企业出口的影响,既解决了以往研究当中行业融资约束衡量的内生性问题,又从满足企业外部融资需求、解决企业可抵押资产不足之困、扩大企业商业融资三个方面验证了FDI对企业出口的促进作用,进而提出FDI缓解企业出口融资约束的三个具体实现路径。总体而言,在融资约束越强的行业,企业实收资本中外资的比例越高,企业的出口表现越好。

This paper studies the influence and mechanism of FDI on international trade flows based on the perspective of credit constraints,and offers exogenous variables to explain the influence of credit constraints on export; solves endogenous problems of the measure of industry credit constraints in recent studies; proves that the multinational corporations could promote export in three ways： external credit dependence,the availability of tangible assets,trade credit. In general,the stronger the credit constraints,the higher foreign investment proportion in enterprises paid in capital,and the better export performance of enterprises.