金融发展与制造业出口的二元边际--基于新新贸易理论的实证分析  

Financial Development and Dual Margin of Manufacturing Export——Empirical Analysis based on New New Trade Theory

作　　者：陈磊[1] 宋丽丽[1] 

机构地区：[1]南开大学经济学院国际经济研究所,300071

出　　处：《南开经济研究》2011年第4期67-85,共19页Nankai Economic Studies

基　　金：教育部人文社会科学重点研究基地重大项目(10JJDGJVV001)的资助。

摘　　要：本文以新新贸易理论为基础,使用1992年到2009年64个出口国和182个进口国的28类制造业的四百余万组贸易数据,利用引力模型检验了金融发展对制造业出口二元边际的影响。金融发展对两国成为贸易伙伴的可能性和贸易伙伴之间的出口量有积极影响。对于高融资依赖性和低资产抵押率行业而言,金融发展的作用尤为显著。进口国金融环境的改善能使其合同的执行力更强,这同样会提高发生贸易的几率和出口量。在选取工具变量克服模型的内生性后的结果依然稳健。同时,金融发展的作用在不同时期及不同的国家有显著差异。(地区)Based on New Trade Theory,we use bilateral trade fow data for 64 exporting and countries(regions) test the dual margin impact of finance on trade patterns by gravity model.Our results confirm that financial development has a positive influence on the probability that two countries are trade part-ners,and these results also hold for the value of exports between trade partners.The role of fi-nancial development is particularly significant in the high-finance-dependent and low availability of tangible assets sectors.The financial environment of the importing country improve the im-plementation of contract,which can facilitate the occurrence probability of trade,but improve export volume.The results remained robust after selecting IV to overcome endogenous issue.Meanwhile,the role of financial development at different times and different countries have significant differences.

关 键 词：金融发展 制造业出口 二元边际 

分 类 号：F831[经济管理—金融学] F746.12F224