融资约束对企业出口贸易模式的影响

The Influence of Financing Constraints on the Model of Enterprise Export Trade

推动出口贸易转型升级、增强国际竞争力一直是党和政府推行经济政策改革的重要目标,党的十九大报告指出要"拓展对外贸易,培育贸易业态新模式,推进贸易强国建设"。使用近五年有效的中国工业企业数据库与海关贸易数据库匹配后的数据,计量回归融资约束对企业出口贸易模式的影响,研究结果显示当企业面临融资约束的压力时,将被迫放弃利润较高的一般贸易模式,从而转向成本要求相对较低但利润也相对较少的加工贸易,在研究不同所有制的差异影响时,发现融资约束对国有企业的影响高于平均水平,影响系数为0.074 48,私有企业最低,影响系数为0.007 6,两者相差近10倍。研究结论得出融资约束影响了企业的出口贸易模式,限制了企业的出口贸易模式升级。

Promoting export trade transformation and upgrading,enhancing international competitiveness have been the important goal for the party and the government to carry out economic policy reform. The report of the 19 th CPC National Congress has pointed out that＂expanding foreign trade,fostering new mode of trade forms,promoting trade power construction＂. The article uses the data that has been matched by the Chinese industrial enterprise database and the customs trade database of the last five years to measure the impact of the regression financing constraints on the enterprise export trade model. The results show that when enterprises face the pressure of financing constraints,it is forced to abandon the general trade pattern with higher profits,thus turning to processing trade with relatively low cost but relatively low profit. In the study of the differences influence of different ownership,it is found that the influence of financing constraints on state-owned enterprises is higher than the average,the influence coefficient is 0. 074 48,the private enterprise is the lowest and the influence coefficient is 0. 007 6,and the difference between the two is nearly 10 times. The conclusion is that financing constraint affects the export trade mode of enterprises and limits the upgrading of export trade mode of enterprises.