中国银行业开放、融资方式选择与民营企业出口

China's Opening-up in Banking Sector Financing Mode and Export of Private Enter,prises

本文以不断开放的金融服务业为契机,从银行信贷和商业信贷两种融资方式选择的视角,研究中国银行业开放如何影响民营企业出口。首先,本文在Manova(2013)理论模型的基础上,将企业的融资方式进行区分,从理论上证明了银行业的开放可以促使生产率较高的民营企业使用银行信贷替代商业信贷,从而缓解企业面临的融资约束,促进出口增长。在实证研究方面,本文利用中国入世承诺中银行业开放的地区时间表,结合企业所有制特征构造三重差分模型。研究发现:相对于国有企业,银行业开放政策对于民营企业的出口影响更大,可以显著提高民营企业的出口概率和规模,促进民营企业出口产品多样性与市场多元化。然而,中国银行业开放对民营出口的促进作用存在“撇脂”效应。

This paper studies how the opening-up of China's banking sector affects the export of private enterprises from the perspective of financing modes.Firstly,based on the theoretical model of Manova(2013),this paper classifies the financing modes of enterprises into bank cred-it and commercial credit.This proves in theory that the opening-up of the banking sector impels export of private enterprises with higher productivity to use bank credit instead of commercial credit,so as to alleviate their financing constraints and promote their export growth.Secondly,utilizing the quasi-natural experiment of the opening-up of China's banking sector,this paper adopts the difference-in-difference-in-differences(DDD)methodology to investigate the impact of the opening-up of China's banking sector on private firms'export.This paper finds that:(1)Compared with state-owned enterprises,Opening-up of banking sector has greater impacts on exports of private enterprises,which increases private enterprises'export probability and ex-port value,and also promotes diversification of product and market.(2)There is a cream-skim-ming effect for exporting firms with the liberalization of foreign banks.