融资约束与中国制造业企业出口产品质量升级

Financing Constraint and Chinese Manufacturing Enterprises′ Quality Upgrading of Export Products

高质量出口是新时期中国外贸发展的本质要求和主攻方向,融资约束是困扰中国出口高质量发展的重大现实问题。文章基于中国大样本制造业企业面板数据,实证检验融资约束对企业出口产品质量的影响效应。实证结果显示:第一,融资约束显著降低企业出口产品质量,利用工具变量法缓解可能存在的内生性问题及进行其他稳健性检验之后,该结论依然成立;第二,中间品进口是融资约束影响企业出口产品质量的重要机制,且该机制在高技术行业表现得更为明显;第三,银行信贷和商业信用对企业出口产品质量的影响在总体上不显著,但在大型企业中显著为正。文章从微观层面诠释了金融对贸易高质量发展的作用,为缓解出口产品质量升级过程中的融资约束提供了经验证据和解决思路。

High-quality export is the essential requirement and development direction of international trade development in the new era,however,financing constraint has been the major realistic problem which is challenging the high-quality development of export.Using the manufacturing firm-level panel data,this paper analyses the effect of financing constraint on quality of export products.We find some results;Firstly,financing constraint significantly reduces export products quality. After using the instrumental variable model to alleviate the possible endogenous problem and carrying out other robustness tests,the above conclusion still holds;Secondly,intermediate input import is an important mechanism for financing constraint to affect export products quality,and this mechanism becomes more obvious in the high-tech industry;Thirdly,the role of bank credit and trade credit on export products quality varies according to the size of enterprises. In general,the bank credit and trade credit do not affect export products quality,but the key point lies in large enterprises. This paper interprets the effect of finance on the high-quality development of export from the microcosmic level,and provides empirical evidences and solutions for solving the financing difficulties in the process of the upgrading of export products quality.