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

Heckman Validation on the Impact of Financing Constraints on Corporate Exporting——Based on the Perspective of Bank Credit Risk

文章基于中国工业企业数据库构建出1998-2014年7 032家企业的平衡面板数据,从银行信用风险内部评级的视角深入研究了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, based on the balanced panel data of 7,032 enterprises from China＇s Industrial Enterprises Database during the peri- od of 1998 to 2014, makes an intensive study on the impact of financing constraints on corporate exporting from the perspective of bank credit risk internal rating. The results show that bank credit financing constraints have significant negative correlations with corporate ex- porting decision-making and exporting intensity. Meanwhile, the paper, by employing Heckman two-phase model, finds that the impact and mechanism of different forms of commercial credit on corporate exporting decision-making and exporting intensity are different be- cause of their different positions in the supply and demand side. Moreover, the commercial credit of the demand side is only positively cor- related with corporate exporting decision-making, but the correlation with exporting intensity is not significant, and the commercial credit of the supply side is significantly negatively correlated with exporting intensity.