融资约束、商业信用与出口企业全球价值链分工——基于贸易上游度视角的实证研究

Financial Constraints,Trade Credit and Position in Global Value Chain:An Empirical Study Based on Trade Upstreamness

异质性企业贸易理论认为,融资约束是决定企业是否出口的重要因素。在全球分工日益细化、生产环节高度碎片化的新型生产网络中,中国企业的价值链分工地位是否受到普遍存在的融资约束影响呢?为回答这一问题,借鉴Antràs et al.(2012)行业上游度计算方法,测算了制造业企业的出口、进口和净出口上游度,确定企业在全球价值链中的分工地位;同时,从企业融资能力、行业融资需求和地区金融发展构建融资约束指标,并利用2000—2011年中国工业企业数据和海关数据的合并数据,实证检验了融资约束对企业分工地位的影响。研究发现:融资约束确实影响了出口企业的分工方式,限制了企业利用国内资源延长国内生产链条的努力;在企业整体存在金融抑制的情况下,商业信用对企业生产活动的融资起到了积极作用,即促进了企业分工地位的提高;融资约束对出口企业国内生产环节的制约主要体现在长期资金方面,即通过限制企业固定资产投资规模扩大,进而使用进口中间品代替国内生产产品。

Heterogeneous firm trade theory indicates that financial constraints impact firms’exporting decision.In the new age of production fragmentation and deeper division of labor,how is Chinese firms’position in the global value chain affected by its financial condition?To address this issue,this paper computes manufacturing firms’upstreamness of export,import and net export based on the approach proposed by Antràs et al.(2012)to position the enterprise in the global value chain.Financial constrains are measured through three dimensions:firm’s financing capacity,sector’s financial vulnerability and regional financial development.Using a merged sample of China’s firm-level data from National Bureau of Statistics and China customs from 2000 to 2011,the paper empirically studies the impact of financial constraints on the division of labor status of enterprises.The study indicates that financing constraints do affect division of export firms and prevent them from conducting more production stages domestically.In the context of financial constraints,trade credit plays a positive role in the financing of firms’production,that is,it promotes its division.The restriction of financing constraints on domestic production of export enterprises is mainly reflected by the long-term capital,that is,by restricting expansion of fixed assets investment,and then replacing domestic products with imported intermediate products.