外资银行参与对企业出口选择的影响：基于经济自由和金融监管程度的分析

The Impact of Foreign Banks Participation on Enterprises' Export Decision:Based on Economic Freedom and Financial Regulation

本文基于世界银行对发展中国家的企业调研数据,探讨外资银行参与对企业出口行为的影响,关注经济自由度和金融监管度对外资银行参与与企业出口关系的中介效应。采用分位数回归的估计方法,减少了由于数据异方差或尖峰厚尾带来的回归不稳定性。研究结果支持了外资银行参与度提升对企业出口有促进作用的观点,并且对中低等出口水平企业的促进作用与对高等出口水平的企业相比更加显著,表明现有银行体系低效率的发展中国家,可以通过充分利用外资银行的资源来促进企业融资,增加企业出口。同时我们发现,经济自由度和金融监管程度对这一传导机制有明显的中介效应,这一效应的大小随企业出口水平的变化而显著不同,表明宏观金融环境在其中的重要影响。

Based on World Bank Enterprises＇ Survey Data in developing countries from 1995 to 2012, this paper studies the influences which foreign banks exert on enterprises＇ export behaviors and focuses on the mediation effect of economic freedom and financial regulation onenterprises＇ export involving foreign banks. We utilize the Quantile Regression to reduce instability as a result of heteroscedasticity, leptokurtosis or thick tail. The empirical results support that foreign banks participation promote enterprises＇ export, and this promotion is more remarkable to low or medium level exporters than to high level exporters, which shows that developing countries with low efficient banking system can promote enterprise financing and increase export by making full use of the resources from foreign banks. Meanwhile, we find that the mediation effect is significantly different with varying levels of enterprises export. This finding justifies that the impact of macro financial environment is indispensable on this mechanism.