地方金融自由化如何影响中国企业出口?:以城市商业银行发展为例

How Does Local Financial Liberalization Affect China’s Firm Export?: Evidence from the Development of City Commercial Banks

改革开放四十年来,中国创造了出口贸易发展的奇迹,文章从地方金融自由化视角对中国企业出口扩张提供一种可能的解释。以城市商业银行的设立为研究背景,文章采用1998~2013年中国工业企业数据进行实证研究发现,地方金融自由化不仅显著提高了企业出口概率,而且对企业出口规模扩张具有明显的促进作用,这一结论在处理潜在的样本选择偏差和内生性问题后依旧成立。异质性分析表明,地方金融自由化的出口扩张效应对于民营企业、一般贸易企业和外部融资依赖度高的企业而言更加明显。此外,文章还将城商行的设立作为准自然实验,采用倍差法进行估计,结果也表明地方金融自由化显著促进了企业出口规模的扩张,并且这一促进效应随着城市商业银行设立时间的延长而增强。进一步的影响机制检验表明,地方金融自由化通过缓解企业面临的融资约束问题,促进了企业出口规模扩张。文章的研究结论有助于深入理解地方金融发展与企业出口的内在联系,同时为客观评估地方性金融机构的设立以及企业的出口效应提供了经验证据。此外,文章对地方金融性机构的政策调整也具有重要的启示意义。

In the past 40 years of reform and opening up,China has created a miracle in the development of export trade.This paper provides a possible explanation for the expansion of Chinese firm export from the perspective of local financial liberalization.Based on the establishment of city commercial banks,this paper uses empirical data from Chinese industrial firms in 1998~2013,finding that local financial liberalization not only increases the probabilities of export,but also significantly promotes the expansion of export.The conclusion is still robust after dealing with the problems of potential sample selection bias and endogeneity.Heterogeneity analysis shows that the export expansion effect of local financial liberalization is more obvious for private firms,ordinary trade and external-financed firms.Besides,this paper also regards the establishment of city commercial bank as a quasinatural experiment and uses difference in difference method for estimatation.It turns out that local financial liberalization has greatly promoted the expansion of export scale,and the promotion effect is enhanced with the lasting time of the city commercial banks.Last but not least,the influence mechanism test shows that local financial liberalization affects the export by alleviating the financial constraints faced by firms.The research in this paper is helpful for understanding the internal relationship between the local financial condition and the export of firms,which provides empirical evidence for objectively assessing the export effects of establishing local financial institutions.In addition,this paper also has significant implications for policy adjustment of local financial institutions.