融资约束下的企业出口--中国汇率调整之谜的新解释

Corporate Exports under Financial Constraints:A New Explanation for the China’s Exchange Rate Adjustment Puzzle

本文从企业的融资约束角度出发,研究汇率变动对中国企业出口的影响,在考虑中国企业融资特性、放宽既有研究中出口不能获得外部融资假设的基础上,构建了融资约束条件下的微观企业出口模型,并采用中介效应模型进行了实证检验。研究发现:(1)融资约束在汇率升值对企业出口的影响中具有双重正向效应,一方面,汇率升值通过降低出口企业的融资约束直接促进出口;另一方面,汇率升值会通过融资约束降低企业的出口生产率条件,从而间接促进出口。(2)产权性质分组中,汇率变动的融资约束机制在国有和私营企业中影响较大,在外资企业中作用较小;动态决策分组中,融资约束机制在企业是否进入出口市场中起关键作用,在增减出口量中作用较小,在是否退出市场中不直接发挥作用。由此从微观角度解释了"中国汇率调整之谜",即人民币升值能够有效提高国有和私营企业的流动性,帮助更多企业满足融资约束条件进入出口市场,从而带动出口增加。

Considering the financial characteristic of Chinese enterprises,this paper relaxes the assumption that enterprise cannot finance from external for export,and establishes a model to research the impact of exchange rate fluctuations on the exports of Chinese enterprises from the perspective of enterprise’s finance constraints.We also make corresponding empirical test using the mediation effect model.The results indicate that:(1)the mediation effect that exchange rate appreciation on exports through finance constraints are dual and positive.On the one hand,exchange rate appreciation directly promotes exports by reducing the financial constraints of enterprises.On the other hand,it reduces the export productivity conditions of enterprises through finance constraints,thus indirectly promote exports.(2)In the group of enterprise ownership,the finance constraint mechanism of exchange rate fluctuations has a greater impact in state-owned and private enterprises,but a smaller effect in foreign enterprises.And in the group of export market selection,it plays a leading role in the choice of whether to enter export market,plays a small role in the choice of increasing or decreasing the volume of exports,and has no direct effect on the choice of whether to exit the market.This explains the"The China’s Exchange Rate Adjustment Puzzle"from a micro perspective,that is,the RMB appreciation can effectively improve the liquidity of state-owned and private enterprises,then help more enterprises to break finance constraints to enter the export market,thus increasing exports.