流动性约束与企业出口行为——基于Heckman两阶段模型的实证研究

Liquidity Constraints and Export Behavior of Enterprises——An Empirical Study Based on Heckman Two-stage Model

以异质性企业理论为基础,以工业企业数据库为分析对象,就流动性约束对企业出口的影响问题采用Heckman两阶段模型进行了探讨。研究结果表明,企业面临的流动性约束越弱,越容易克服沉没成本从而产生出口行为。但是在出口强度方面则有相反的表现。进一步的研究表明,这种规律在东部地区和资本密集型企业中表现更强;但与非国有企业相比,国有企业受到的影响并不显著。国家应当从微观和宏观两个方面针对性地采取措施,提升企业的出口表现。

Based on the heterogeneous firm theories and focusing on the database of industrial enterprises,this paper applies Heckman two-stage model to investigating the impacts of liquidity constraints on the firms’export performances.The results show that,the weaker the liquidity constraints faced by the enterprises are,the easier it is for them to overcome sunk costs,so as to generate export behaviors.However,the results also show the contrary relations in terms of export intensity.Further studies indicate that this phenomenon persists much stronger in the eastern region and also in the capital-intensive enterprises.But Comparing to the non-state-owned enterprises,the impacts on the state-owned enterprises are not significant.This paper concludes that the government should imply specific measures from both the macro and micro aspects,in order to improve the export performance of enterprises.