融资约束与出口企业产品市场竞争——汇率改革冲击的视角

Financial Constraint and Product Market Performance of Export Firms--From the Perspective of Exchange Rate Reform Shock

本文采用2002年到2007年的规模以上工业企业调查数据以及中国海关的进出口企业数据库数据,研究了融资约束对出口企业产品市场竞争表现的影响。我们利用2005年的汇率改革作为外生冲击,发现融资约束越紧的企业在汇率冲击下受到越严重的市场竞争冲击;同时,在金融发展不足的地区和融资需求更大的行业中,企业所受到的负面冲击会更严重。在影响渠道方面,融资约束通过企业的产品定价、运营效率和销售投入对企业的市场竞争表现产生作用。本文证明了融资约束是制约出口企业市场竞争能力的重要因素之一,为我国金融市场化改革和出口企业的运营提供了经验指引。

We use the Annual Survey of Industrial Firms Database and Chinese Custom Importing and Exporting Firms Database from 2002 to 2007 to study how the financial constraint affects the product market performance of exporting firms.Using the 2005 exchange rate reform in China as a shock,we find that financial constraint will worsen the product market performance in such case of demand shock.Besides,the firms that locate in areas with less financial market development or that compete in industries with higher capital reliance will suffer more from financial constraint.Financial constraint affect firms through product pricing,operation efficiency and sales effort.With the results above we prove that financial constraint is one of the important factors that can harm firms'product market competitive power,therefore we should stress on financial constraint in our financial market reform.