金融集聚、制度质量对企业出口行为的影响研究

Research on the Effect of Financial Agglomeration and Institutional Quality on Enterprises’Export Behavior

富于创新的金融枢纽需要制度性、法治化的社会治理体系作为支撑。本文基于微观企业数据,从制度质量视角探究地区金融集聚对当地企业出口行为的影响效果和机制,得到以下结论:金融集聚显著促进企业出口参与,扩大出口规模;制度质量的完善也是深化上述企业出口行为的重要因素之一,并且制度质量的完善会减弱金融集聚对企业出口参与和出口规模提升的促进作用。此外,企业异质性检验结果显示,非国有企业、大规模企业和中东部地区企业的出口行为相对而言,对金融集聚程度加深、制度质量优化更为敏感。进一步机制检验发现,企业的融资能力和创新实力是金融集聚促进企业自身出口参与和出口规模扩张的两个重要影响渠道。因此,本文结合中国对外贸易现状提出,立足“双循环”节点,加快推动金融集聚区域整合规划和一流营商环境建设是助力企业出口扩张的有效思路。

Based on micro-level enterprise data,this paper explores the effect of regional financial agglomeration on local enterprises’export behavior.It finds that financial agglomeration significantly promotes enterprises’export participation and expands export scale.The improvement of institutional quality is also one of the important factors to enhance the export behavior of the enterprises,and with higher institutional quality the promotion effect of financial agglomeration on enterprises’export is weaker.The export behaviors of non-state-owned enterprises,large-scale enterprises and enterprises in central and eastern regions are more sensitive to the increasing of financial agglomeration and institutional quality.Financing capacity and innovation strength are two important channels for financial agglomeration to promote enterprises’export.