中国出口企业更容易获得融资吗

Is it Easier for China’s Export Enterprises to Get Financing

文章基于世界银行2012年中国企业调查截面数据,从信贷来源和用途的结构性差异视角,检验了出口对企业信贷可得性和结构的影响及作用机制。研究显示:(1)相比内销而言,出口有利于企业获得信贷融资。(2)出口仅有助于企业获得银行贷款、或者供应链信用融资,并用于实际运营,对投资性融资无影响。经进一步检验其影响机制发现,出口企业可获得更高的信用评级,从而更容易进入信贷市场。该结果为使用工具变量法(IV),倾向评分匹配法(PSM)估计后的稳健性结论。结合“中美贸易摩擦”的外部冲击背景,该研究表明,金融资源需向企业投资性融资倾斜,并公平地评定内销企业的信用评级。

Based on the cross-sectional data from the World Bank 2012 China Enterprise Survey,this paper examines the effect and mechanism of export on the credit availability and structure of the enterprises from the perspective of structural differences in credit sources and uses.The reseach reveals that:(1)compared with domestic sales,export is conducive to the enterprises’access to credit financing;(2)export can only help the enterprises obtain bank loans or supply chain credit for actual operation.It exerts no influence on investment financing.After further examination,it is found that export enterprises can get higher credit rating,which makes it easier for them to enter the credit market.The result is the robust conclusion after the estimation with instrumental variable(Ⅳ)and propensity score matching(PSM).Under the background of the external shock of Sino-US trade frictions,this research indicates that financial resources need to be inclined to the investment financing of the enterprises and the credit rating of domestic enterprises should be fairly evaluated.