地区金融发展影响中国企业出口波动的实证研究

An Empirical Research into the Influence of Local Financial Development on Firms’Export Volatility in China

稳外贸是中国“六稳”工作的重要内容.从中国地区金融发展水平差异和企业出口波动相关性的角度出发,利用2000-2013年样本数据(暂不包括港澳台地区,全文同),从金融发展规模、金融发展结构和金融发展效率三个方面研究了地区金融发展对中国企业出口波动的影响.回归结果表明,地区金融发展规模、金融发展结构和金融发展效率对降低企业出口波动均具有显著的积极作用,而且地区金融发展规模带来的效应最大;地区金融发展对企业出口波动的影响在企业所有制类型、企业所属区域、企业所属行业等方面具有异质性.基于研究结果,提出了进一步加快地区金融服务创新、促进外贸出口稳定增长的政策建议.

"Stabilizing exports"is one of the important contents to maintain China's stable economic development.This paper empirically examines the effect of regional financial development on firms'export volatility from the perspectives of regional financial development and firms'export volatility in China.This paper measures regional financial development from three aspects including financial development scale,financial development structure,and financial development efficiency using the sample data from 2000 to 2013(Hong Kong,Macao and Taiwan are not included for the time being).The OLS regression results show that regional financial development scale,financial development structure,and financial development efficiency all have significant positive effects on reducing firms'export volatility,and the regional financial development scale has the greatest effect.And the influence shows high heterogeneity in term of ownership type,region and industry.Based on the results,this article puts forward policy recommendations to further promote regional financial development and stabilize the steady growth of China's enterprise exports.