金融发展、融资约束与出口二元边际  

Financial Development,Financing Constraints and Export Dual Margin

作　　者：雷日辉[1,2] 张亚斌[2] 

机构地区：[1]深圳市房地产评估发展中心,广东深圳518034 [2]湖南大学经济与贸易学院,湖南长沙410079

出　　处：《上海金融》2013年第7期10-17,116,共8页Shanghai Finance

基　　金：教育部哲学社会科学研究重大课题攻关项目(11JZD032);国家自然科学基金项目(711730691/G0301);国家软科学研究计划项目(2010GXS5D245)

摘　　要：本文基于企业异质性贸易理论框架,利用2003-2010年我国31个省份39个工业行业的面板数据,分析了金融发展、融资约束对出口二元边际的影响。文章发现,金融发展有助于缓解企业融资约束,提高了各省份工业行业进入出口市场的可能性和贸易量;对于高外部融资依赖行业而言,金融发展的作用尤为显著;所处省份金融发展程度越低,行业外部融资依赖度越高,企业面临的融资约束越严重,金融发展对出口二元边际的解释力越强。Based on the theoretical framework of heterogeneous firm trade theory and the panel data of 39 industries in China’s 31 provinces from 2003 to 2010,this paper analyzes how financial development and financing constraints influence export dual margin.The study reveals that financial development helps companies ease financing constraints and benefits industries in each province in increasing the possibility of expanding export market and the export volume.The role of financial development is particularly significant in the industries with high external financing dependence.In the provinces at lower level of financial development and the industries with higher external financing dependence,export enterprises will face more serious financing constraint problems and the theory concerning financial development will be better able to explain the dual margins of export.

关 键 词：金融发展 融资约束 出口二元边际 

分 类 号：F830[经济管理—金融学]