金融发展、融资约束和进口二元边际——基于多产品企业的研究视角

Financial Development, Credit Constraint and Imported Dual-margin:A Study from the Perspective of Multi-Product Firms

文章通过匹配的2000~2006年间工业企业数据库和海关数据库,参考Bernard et al.(2011,2014)对多产品进口企业的贸易二元边际分解方法,考察了融资约束对企业进口行为的影响,同时考察了金融发展对于融资约束与进口二元边际相互关系的影响效应。研究发现:(1)融资约束显著制约了我国企业进口总额增加、扩展边际扩张和集约边际深化;(2)融资约束的抑制作用对于私营企业最为强烈,其次是外资企业,而对国有企业无显著性影响;(3)研究期间的金融发展并没有发挥既定的效果。

Based on the decomposition method of Bernard et al. （201, 2014） about import margins, this paper analyzes the impact of financing constraints on multi -product firms＇ importing decision and also tests the effect of fnancing development by using the detailed micro-level trade data of China＇s manufacturing enterprises during the period of 2000-2006. It has three major finds： （1） Credit constraints significantly negatively affect total imports and dual margins in firm-level. （2） As for different ownership enterprises, the degree of negative effect is different. Private firms are most affected, followed by foreign enterprises while the influence on state-owned firms is not significant. （3） From the perspective of financing development, China＇s current financial reforms fail to achieve the stated effects.