出口融资约束:自选择效应还是溢价效应

Export Financing Constraints: Ex Ante Self-Selection Effect or Ex Post Premium Effect?

基于中国工业企业数据库,采用PSM方法研究了中国工业企业是否存在出口融资约束的自选择效应,以及出口后是否获得融资约束的溢价效应,结果发现,出口企业以中小型、民营和中低技术企业为主,出口前所受的融资约束普遍高于非出口企业,出口可能是此类企业缓解融资约束的替代选择,自选择效应不存在;企业出口后由于规模和业务扩张,并没有显著改善其融资约束状况,溢价效应也不存在。

Is there any self-selection effect of export financing constrains in Chinese industrial companies？ And whether can they gain a premium effect after exporting？ Based on China Industrial Enterprises Database, this paper aims to answer above two continuous questions via the method of PSM. The results indicate that new exporters are facing tighter financing constraints than non-exporters, which does not support hypothesis of self-selection effect; and they have not significantly improved their financing positions after ex- porting, which means no export premium on financing occurs, New exporters are mainly small and medium sized, non-state owned and low-technological enterprises. It is likely that these new exporters have to adopt export as an ahernative choice so as to ease fi- nancing constrains; however, they may be exposed to greater risk of financial constrains after the access to foreign markets for reasons of size and business expansion.