汇率变动、融资约束与多产品企业出口行为研究——基于生产分割视角的考察

Exchange Rate Fluctuations,Financing Constraints and Export Behavior of Multi-product Firms

本文基于多产品出口企业的垄断竞争模型,构建了多产品企业出口行为的内生决定因素的分析框架,以2000-2006年中国海关和工业企业合并数据库为样本,研究了汇率变动、融资约束对我国多产品企业出口行为的影响。研究结果表明:当人民币汇率升值时,我国多产品企业出口价格、出口数量以及出口产品的种类都会显著减少,且企业倾向于出口核心产品,而企业融资状况的改善会有效降低汇率波动风险。本文为加快国内金融市场化进程、降低企业信贷约束提供了理论支持。

Multi-product export firms have always occupied an important position in international trade.Based on the monopoly competition model of multi-product export firms,this paper built an analysis framework for the endogenous determinants of multiproduct firms export behaviors.Taking the 2000-2006 merger database of customs and industrial firms as a sample,this paper studied the impact of exchange rate fluctuations and financing constraints on the export behavior of China’s multi-product firms.The study finds that in the face of the appreciation of the RMB exchange rate,China’s multi-product firms export prices,export quantities and types of export products will be significantly reduced,and firms tend to export core products.The improvement of firm financing will effectively reduce the risk of exchange rate fluctuations.This article theoretically provides theoretical support for accelerating the process of domestic financial marketization and reducing firm credit constraints.