吃喝费用、融资约束与企业出口行为--世行中国企业调查数据的证据

Eating and Drinking,Financial Constraint and Corporate Export:Evidence from the World Bank China Survey in 2005

腐败的蔓延会破坏市场的公平竞争环境,阻碍经济的持续增长。本文运用2005年世界银行对中国企业的调查数据,考察吃喝费用和企业出口之间的关系。研究发现,企业的吃喝费用和企业融资约束缓解(体现在企业出口决策和出口深度方面)在一定程度上正相关,然而,这种关系主要体现于民营企业,对国有企业的影响并不明显。在运用工具变量和倾向得分匹配法弱化吃喝费用的内生性和进行一系列稳健性检验后,这一结论依然成立。我们还发现,在银行竞争较弱和市场化程度较低的地区,上述关系更加明显。因此,完善金融体制改革,让市场在资源配置中发挥决定性作用是现阶段的关键。

Using a firm - level data set of Chinese enterprises in 2005 from a World Bank survey, this paper investigates the effect of eating and drinking on corporate export in China. We find that eating and drinking can alleviate the detrimental effect of external financing constraint on both corporate export participation and quantity, and the effect varies with ownership type. Compared to state -owned enterprises, the effect is more pronounced for private firms. This result can explain why for a long time, although private firms are discriminated in the credit market, they are still playing significant roles on China＇s exportation. After using instrumental variable and PSM method to weak the endogeneity of eating and drinking, the above results still hold. Further evidences show that the helping hand of eating and drinking for private firms is more pronounced in regions with less bank competition and low marketization. Those results suggest for a developed financial system and a pro - market mechanism, which is the key to curtail corruption in China.