金融业开放是否有利于促进中国制造业企业出口?

Is Financial Openness Conducive to Improving the Export of China s Manufacturing Enterprises?

金融业开放是形成全面开放新格局的重要方面,基于金融服务在企业出口中的重要作用,从地区层面考察了金融业开放对中国制造业企业出口的影响效果及作用机制。理论分析及实证研究结果表明:金融业开放显著提高了制造业企业出口倾向和出口收益;外部融资依赖程度较高、抵押资产较低的制造业企业以及民营中小企业受到金融业开放的促进作用更明显;金融业开放主要通过缓解企业的融资约束以及降低出口成本促进制造业企业出口;金融业开放在促进制造业企业出口的同时也提升了企业内销,并且金融业开放引致的中国制造业企业出口促进了企业就业吸纳与企业生产率提高。由此提出,应进一步推动金融业的对外开放,支持中国外贸行业发展,重点关注中国外部融资依赖程度高、抵押资产较低的制造业企业以及民营中小企业的金融服务获得,着力缓解企业融资约束以及降低企业出口成本。

Opening up the financial sector is an important aspect of forming a new pattern of all-round opening up.Based on the important role of financial services in the export of enterprises,this paper studies the effect and mechanism of financial openness on the export of Chinese manufacturing enterprises from the regional level.Theoretical analysis and empirical research results show that financial sector liberalization has significantly increased the export propensity and export volume of manufacturing enterprises;manufacturing enterprises with high dependence on external financing and low mortgage assets as well as private SMEs are more obviously promoted by the opening of the financial industry.In addition,financial sector liberalization has improved the export propensity and export volume of manufacturing enterprises by alleviating the financing constraints and reducing export costs.This article also found that financial sector liberalization not only promotes the export of manufacturing enterprises,but also promotes domestic sales of enterprises,and that the export of Chinese manufacturing enterprises caused by openness has increased enterprise employment and enterprise productivity.Therefore,it is proposed that we should further promote openness to promote the growth of our country s foreign trade industry;pay attention to the differences in the sensitivity of different manufacturing companies to the financial industry,focus on manufacturing companies that have a high degree of dependence on external financing and low mortgage assets in China and access to financial services for private SMEs;focus on alleviating enterprise financing constraints and reducing enterprise export costs.