集群商业信用与企业出口模式——非正式融资渠道影响贸易高质量发展的微观证据

Clustering Trade Credit and Firm Export Mode:Micro Evidence of The Impact of Informal Financing Channels on The High-Quality Development of Trade

本文利用2000—2013年中国工业企业数据和海关贸易数据,系统考察了集群商业信用对中国制造业企业出口模式选择的影响及其背后的作用机制。研究结果表明,集群商业信用显著增加了企业的直接出口可能性。机制检验表明,融资约束的缓解是集群商业信用促进企业直接出口的重要渠道,并且在外部融资依赖度越高的行业,集群商业信用对企业选择直接出口模式的促进效应越大。异质性分析显示,集群商业信用对高生产率企业、民营企业以及高资本密集度企业选择直接出口模式的促进效应更强。最后,本文进一步考察了集群商业信用对在位企业出口模式转变的影响及其经济绩效,发现集群商业信用有利于促进间接出口企业向直接出口模式转变,这一转变对于企业出口附加值率、利润率以及产能利用率的提升都产生了明显的促进作用。本文深入探究了集群商业信用与企业出口模式之间的关系,既为全面评估集群商业信用这一非正式融资渠道的经济绩效提供了有力的微观依据,又为我国政府优化贸易模式、促进贸易高质量发展提供了有益的政策建议。

Enhancing the direct export decision of enterprises is of great significance for optimizing China's trade mode,speeding up the upgrading of foreign trade and promoting its high-quality development.Based on Chinese firm-level data from 2000 to 2013,this paper systematically investigates the influence of clustering trade credit on Chinese manufacturing export mode choice and the mechanism behind it.The results show that clustering trade credit significantly improves the direct export probability of export enterprises.The mechanism test shows that the easing of financing constraint is an important channel for clustering trade credit to promote direct export,and in the industries with higher dependence on external financing,clustering trade credit has greater promoting effect on enterprises'choice of direct export mode.Heterogeneity analysis shows that the effect of clustering trade credit on export mode is mainly concentrated in high productivity enterprises,private enterprises and enterprises with high capital intensity.Finally,this paper further investigates the influence of clustering trade credit on the transformation of export mode,and finds that clustering trade credit significantly promotes the transformation of indirect export enterprises to direct export mode,which improves enterprise performances from multiple perspectives including DVAR,profit margin and capacity utilization rate.Exploring the relationship between clustering trade credit and enterprise export mode,this paper not only provides a strong microbasis for evaluating the economic performance of an informal financing channel such as clustering trade credit,but also offers useful policy suggestions for Chinese government to optimize trade mode and promote the high-quality development of trade.