融资约束、出口贸易模式与企业技能溢价

Financing Constraints,Export Trade Modes and the Enterprises’Skill Premium

文章以Melitz(2003)模型为基础,将融资约束、企业的贸易模式和技能溢价纳入统一的分析框架。理论模型中,融资约束一方面会直接减少企业贸易利润,缩小企业技能溢价;另一方面会间接促使企业从事低效率的加工贸易,降低平均生产率与利润,缩小企业技能溢价。文章利用中国工业企业数据库与海关进出口数据库的合并数据实证检验了以上结论,且在进行了中介效应检验、调节效应检验、内生性处理、指标替换以及异质性分析后,实证结果依然稳健。因此,在加快金融市场改革,增强金融服务实体经济能力以推动出口贸易转型升级,提升出口竞争力的过程之中,应考虑到可能造成的收入差距扩大与收入分配不均,兼顾效率与公平。

Based on the Melitz(2003)model,this paper integrates financing constraints,trade modes of the enterprises and skill premium into a unified analytical framework.In the theoretical model,on the one hand,financing constraints will directly reduce trade profits of the enterprises and narrow their skill premium.On the other hand,financing constraints will indirectly promote the enterprises to engage in the processing trade with low efficiency,reduce the average productivity and profits and narrow their skill premium.This paper empirically examines the above conclusions based on the combined data of Chinese industrial enterprise database and customs import and export database.After the mediating effect test,regulatory effect test,endogenous treatment,index replacement and heterogeneity analysis,the empirical results are still robust.Therefore,it is necessary to take the possible widening of income gap and uneven income distribution into account and give consideration to efficiency and fairness in the process of accelerating the financial market reform,enhancing the ability of finance to serve the real economy so as to promote the transformation and upgrading of export trade,and improving export competitiveness.