金融业市场化与民营企业出口

Marketization of Financial Industry and Export of Private Enterprises

在经济下行阶段,金融业市场化如何支持民营企业出口是亟待解决的重要问题。文章使用市场化指数和民营企业调查数据,研究了金融业市场化对中国民营企业出口的影响。研究发现:(1)信贷资金配置的市场化对民营企业的出口起到了显著促进作用,而金融业竞争对出口作用不显著;(2)信贷资金配置的市场化可以显著促进"双高企业"(生产和经营生产环节融资依赖度均高的民营企业)的出口参与度和出口强度,而金融业竞争的作用基本不明显。研究结果表明,改善信贷资金配置效率是金融市场化改革的重要方向,改善信贷资金配置可以有效支持民营企业出口。

In the economic downturn,how to support the export development of private enterprises is an important issue to be solved in the process of marketization of financial industry. In this paper,the impact of financial marketization on the export of private enterprises is analyzed by using the survey data of private enterprises and the financial marketization index. Research findings:( 1)the marketization of credit capital allocation plays a significant role in promoting the export participation and export intensity of private enterprises in the process of marketization,but competition in the financial industry has no significant effect on the export of private enterprises;( 2) the marketization of credit capital allocation has a significant role in promoting export participation and intensity of " Double high enterprise" in which the financial dependence of the production and operation are both high,while the role of financial industry competition has no significant effect. This study implies improving the allocation efficiency of credit funds is an important direction of financial market reform,which can effectively support the export of private enterprises.