金融地理结构与企业进口:来自中国制造业的微观证据

Financial Geographic Structure and the Import of Enterprises:Micro Evidence from Chinese Manufacturing Industry

中国政府在全面对外开放阶段将扩大进口规模、促进贸易平衡作为新的贸易战略。文章利用2003~2013年中国制造业微观企业数据和城市数据,从地方金融集聚和金融中心溢出的双重视角深入研究了金融地理结构对企业进口的影响及其作用机制。研究发现,地方金融集聚和金融中心溢出均显著促进了企业进口。从传导机制看,融资成本降低和生产规模扩张是地方金融集聚和金融中心溢出促进企业进口的重要途径。异质性检验表明,地方金融集聚和金融中心溢出对非国有企业、沿海企业进口的促进作用更大;此外,地方金融集聚对不同规模和年龄企业以及加工贸易企业进口具有促进作用,而金融中心溢出仅对中上规模企业、年龄较大企业和一般贸易企业的进口产生显著的促进作用。进一步研究发现,地方金融集聚和金融中心溢出有利于提高企业的进口概率,增加企业的进口种类,另外它们还促进了企业对中间品与消费品的进口。文章的研究不仅为近年来中国进口的快速发展提供了新颖的解释,而且对当下金融供给侧改革也具有重要的政策启示。

At the stage of comprehensive opening up,our government regards expanding the import scale and promoting trade balance as a new trade strategy.Based on the data of micro enterprises and cities in Chinese manufacturing industry from 2003 to 2013,this paper examines the impact of financial geographic structure on the import of enterprises and the underlying mechanism from the dual perspectives of local financial agglomeration and financial center spillover.The results show that:local financial agglomeration and financial center spillover significantly promote the import of enterprises.From the perspective of transmission mechanism,the reduction of financing cost and expansion of production scale are important ways for local financial agglomeration and financial center spillover to promote the import of enterprises.The heterogeneity test shows that local financial agglomeration and financial center spillover have a greater impact on the import of non-state-owned enterprises and coastal enterprises;in addition,local financial agglomeration promotes the import of enterprises of different sizes and ages as well as processing trade enterprises,while financial center spillover only significantly promotes the import of upper-middle scale enterprises,older enterprises and general trade enterprises.Further research shows that local financial agglomeration and financial center spillover significantly increase the import probability and import types of enterprises.In addition,they also promote the import of intermediate goods and consumer goods.The research not only provides a novel explanation for the rapid development of China′s imports in recent years,but also has important policy implications for the financial supply-side reform.