金融约束差异与省区对外贸易:基于面板数据的研究  

Financial Constraints and Provincial Foreign Trade:Based on Panel Data

作　　者：安苏[1] 王茂斌[1] 吴亮[2] 

机构地区：[1]对外经济贸易大学金融学院,北京100029 [2]清华大学公共管理学院,北京100084

出　　处：《金融发展研究》2011年第10期20-23,共4页Journal Of Financial Development Research

基　　金：国家社科基金重点项目(07AJL003);国家社科基金项目(11CGL019)的联合资助

摘　　要：本文基于1992—2007年中国各省区的宏观经济面板数据,考察了区域金融约束差异与区域对外贸易之间的关系。结果显示,省区金融发展水平差异显著影响各省区对外贸易总额和出口总额。另外金融发展水平差异对外贸的影响效应存在滞后性,主要表现在对出口贸易总额的影响方面。这表明金融约束对贸易产生影响的微观基础是企业的融资约束,符合从微观企业层面对企业融资约束与企业出口行为之间关系的推断。Based on China＇s provincial panel data during the period of 1992 through 2007, this paper examines the relation between differences in financial constraint and variations in foreign trade. The results show that the differences in financial development significantly affect the foreign trades and exports at the provincial level. It is also noted that there is a lag with respect to the effect and mainly in terms of the exports. This supports the thesis that the micro-foundation of the effect of financial constraint on foreign trades lies in the financing restrictions encountered by the firms hoping to broaden their product markets abroad.

关 键 词：金融约束 对外贸易 省区 面板数据 

分 类 号：F830[经济管理—金融学]