金融科技与出口产品质量——来自中国上市公司的经验证据

FinTech and Export Products Quality:Empirical Evidence From Chinese Listed Companies

文章将金融科技与企业出口产品质量纳入统一分析框架,并采用2011~2016年中国上市公司与海关贸易合并数据进行实证检验。研究发现,金融科技促进了中国企业出口产品质量的提升,在经过一系列检验后结论依然成立。利用中介效应模型进行机制检验表明,缓解融资约束和优化信息匹配是金融科技提升企业出口产品质量的两个可能渠道。异质性分析显示,金融科技对一般贸易企业、民营企业、中等规模企业出口产品,以及出口企业旧产品和核心产品的质量提升作用尤为明显。对企业内部影响的研究表明,金融科技有利于降低企业内产品质量分散度,从而改善了资源配置效率。文章结论对于积极发挥金融服务实体经济的作用、加速推进中国对外贸易高质量发展具有重要启示意义。

This paper incorporates FinTech and export products quality of the enterprises into a unified analysis framework,and conducts the empirical test based on the combined data of Chinese listed companies and customs trade from 2011 to 2016.The research shows that FinTech improves export products quality of China’s enterprises and this conclusion is still robust after a series of tests.The mechanism test using the mediating effect model indicates that alleviating financing constraints and optimizing information matching are two possible channels for FinTech to improve export products quality of the enterprises.The heterogeneity analysis reveals that FinTech plays a particularly significant role in improving export products quality of general trading enterprises,private enterprises and medium-sized enterprises,as well as the quality of old products and core products of export enterprises.The research on the impact within the enterprises shows that FinTech is conducive to reducing the dispersion of products quality in the enterprises,thus improving the efficiency of resource allocation.The conclusion of this paper has important enlightenment significance for giving full play to the role of finance in serving the real economy and accelerating the high-quality development of China’s foreign trade.