摘要
已有研究表明,金融发展对企业出口有显著促进作用。然而伴随着金融发展与信贷扩张,企业金融资产配置占比不断增加,愈演愈烈的金融化趋势同样对企业出口行为造成了影响。文章利用中国2010~2017年A股上市公司样本,通过面板固定效应模型、调节效应模型和工具变量等方法,研究了上市公司金融化行为对其出口行为的影响。研究发现,长期金融化投资抑制了企业出口的集约边际,而短期金融化投资又会提升企业出口扩展边际;长期金融化行为会通过实体替代渠道弱化信贷对出口集约边际的支持作用,而短期金融化行为会通过"蓄水池效应"对企业出口集约边际产生积极影响;异质性分析表明,区域金融市场化水平提高加剧了金融化行为对出口集约边际的负面影响。研究结论指出,未来的政策制定在充分发挥金融对出口贸易支持的同时,应注重提升信贷资金利用效率,通过金融化行为降低沉淀信贷成本,同时防范"脱实向虚"行为对贸易的冲击。
The existing literatures shows that financial development promotes firms’ export significantly. Meanwhile,with the rapid expansion of credit supply and financial development,the emergence of financial investment of the firms can also influence export behavior. Using the levta of Chinese listed non-financial companies( NFC) within the period of 2010 to 2017,and adopting panel fixed-effect model,moderated-effect model and IV approach,this paper analyzes the impact of financialization on the export scale. The results show that,firstly,long-term financial investment impedes the expansion of firms’ export scale,while short-term financial investment can enhance firms’ export extensive margin. Secondly,long-term financial investment can impede the positive effect of export credit through squeeze-out effect,while short-term financial investment can enhance the effect through liquidity-providing effect. Thirdly,the increase in financial marketization degree intensifies negative impact of long-term financial investment on firms’ export scale. Relevant policies should pay attention to the increase in loan efficiency while maintaining the efficiency of financial support on firm’s export,and financial investment should be treated as a way to reducing interest expense while preventing the negative impact of deviation from real economy on export.
作者
马妍妍
俞毛毛
Ma Yanyan;Yu Maomao
出处
《世界经济研究》
CSSCI
北大核心
2021年第6期121-134,M0004,共15页
World Economy Studies
基金
国家社会科学基金项目(项目编号:18BGL021)。