融资约束与中国制造业企业出口——基于Heckman样本选择模型的经验检验  

Financing Constraints and Manufacturing Firms′Exports in China:An Empirical Test based on Heckman Sample Selection Model

作　　者：刘海洋[1] 孔祥贞[1] 宋巧[1] 

机构地区：[1]大连理工大学经济学院

出　　处：《世界经济研究》2013年第1期29-34,87-88,共6页World Economy Studies

基　　金：教育部人文社会科学项目"以出口提升中国企业生产率"(11YJC790101);辽宁省人文社会科学项目"企业工资决定机制"(L11BJY007)的阶段性研究成果

摘　　要：本文从非正规金融贸易信贷的研究视角切入,构建衡量企业融资约束的应收账款相对比例指标,研究融资约束对中国制造业企业出口的影响效应。运用Heckman样本选择模型控制样本选择偏误,本文对2004～2007年11.8万家中国制造业企业的分析表明:融资约束制约了中国制造业企业的出口行为,并且这种制约作用存在显著的企业规模指向性、地区指向性、行业指向性和所有制指向性。本文的结论为我们理解融资约束与出口之间的关系提供了中国经验。From the new perspective of informal financial trade credit and building account receivable proportion indicator to measure financing constraints,the paper exploits Heckman sample selection model to explain the effect of financing constraints on manufacturing firms′ export in China by using manufacturing enterprises data from1999~2007about 11.8 ten thousand.The results show that Chinese firms generally face financial constraints when they have exports.Firms with less financing constraints are more likely to export.Further study shows that the effect of financing constraints exists differences in scale,industry,region and ownership.This conclusion provides China the evidence which can facilitate us in understanding the relationship between exports and financing constraints.

关 键 词：融资约束 出口 制造业企业 Heckman样本选择模型 

分 类 号：F425[经济管理—产业经济] F752.62F224