政治关联、融资约束与中国企业的出口

Political Connection,Credit Constraints and Chinese Firm′s Export

本文利用世界银行的中国企业微观调查数据,在中国独特的制度环境下考察政治关联、融资约束如何影响中国企业的出口行为。实证研究结果表明:在国内市场分割的背景下,政治关联的存在不利于企业出口;在金融市场欠发达的情况下,融资约束的存在也不利于企业出口;但是,融资的改善可以鼓励有政治关联的企业更多地走向出口市场。本文的研究意味着,有政治关联的企业倾向于利用国内市场,而没有政治关联的企业则侧重于发展国外市场。政府整合分割的国内市场,可以鼓励没有政治关联的企业服务国内市场;政府积极改善融资环境,可以鼓励有政治关联的企业走向国际市场。这样,有或没有政治关联的企业都可以同时利用国内国外两个市场的需求,发挥规模经济效应,最终提高企业的核心竞争力。

Based on a special firm level survey data from World Bank for Chinese manufacturing industries,our paper analyse how the political connection and credit constraints affect firm′s exporting in China′s unique institutional environment. The empirical study shows that the political connection has a negative effect on the firm′s exporting behavior when the Chinese market is segmented. There is a negative effect for credit constraint on firm′s exporting behavior when the finance market is not developed. The financial development will be a channel to alleviate the negative effect of the political connection on firm′s exporting behavior. Our research has clearly implications that the firms which have political connection prefer to domestic market and they will prefer oversea market when they have no political connection. The improvement of domestic market integration will encourage firms which do not have political connection to serve the domestic market and the improvement of financial development will encourage firm′s exporting behavior with the political connected firms. In such ways,Chinese firms can take advantage of the domestic and foreign market to achieve firm′s own the scale economy whatever they have or not have political connection and finally increase firms′ core competence.