融资约束对企业出口影响的Heckman验证——基于银行信用风险的视角

On the Impact of Financing Constraints on Enterprises to Export Heckman Validation：A Perspective of Bank Credit Risk

基于中国工业企业数据库1998-2014年7032家企业的平衡面板数据,从银行信用风险内部评级的视角,研究融资约束对企业出口的影响。结果表明：银行信贷融资约束与企业的出口决策及出口强度间有显著负相关关系。同时,使用Heckman二阶段模型研究发现：不同形式的商业信用对企业出口决策及出口强度的影响和作用机制会因企业所处供求端位置的不同而存在差异。其中,需求端的商业信用仅与企业出口决策显著正相关,而与出口强度的相关性并不显著;供给端的商业信用则与企业出口强度显著负相关。

This paper studies the impact of financing constraints of export of enterprises based on balanced panel data from China＇s Industrial Enterprises Database from 1998 to 2014 from the perspective of the bank credit risk internal rating.The results show that bank credit financing constraints,have significant negative correlation relationship with export intensity and enterprise decision-making.At the same time,Heckman two-phase model studies turn out that the influence and mechanism of different forms of commercial credit to the enterprise decision-making and export strength changes with the location of the supply and demand side of enterprise.Moreover,enterprise export decision only has a significantly positive effect on commercial credit of demand side with no significant effect on export strength.Commercial credit of supply side has a significantly negative correlation with the intensity of enterprises export.