融资异质性对企业出口的影响——信贷投资与抵押贷款的比较研究  

Effect of Financing Heterogeneity on Firm Export: A Comparative Study between Overdraft Account and Mortgage Loan

作　　者：项松林[1] 赵曙东[2] 

机构地区：[1]清华大学社科学院经济研究所,100084 [2]南京大学经济学院

出　　处：《国际贸易问题》2013年第11期145-154,共10页Journal of International Trade

基　　金：教育部青年基金项目"中国出口固化的成因研究:新-新贸易理论拓展模型的分析"(编号:13YJC790161)

摘　　要：从企业进入国际市场的固定成本出发,本文拓展了一个企业金融约束与出口选择的新-新贸易理论模型,结论显示融资异质性与生产率异质性一样,是决定企业出口与否的重要依据。将企业融资划分为银行的信贷投资和抵押贷款后,融资方式差异对企业出口具有非对称影响,信贷投资促进企业出口的作用优于抵押贷款。使用微观数据进行实证检验后,无论是对全部样本企业的估计,还是对分行业、分地区和分所有制子样本的再估计,上述结论都较为稳健。这些结论对我国当前较为急迫的稳定出口问题,具有重要现实意义。政府应加快国内金融体制的改革与创新,鼓励银行向企业提供信贷投资,以解决潜在出口企业的资金约束问题,不仅有利于提高我国企业出口的广度,而且有利于增加新产品出口种类,以实现出口贸易的稳定发展。Based on the new-new trade theory, this paper analyzes the relationship between financial constrain and firm export. The findings suggest that the bank financing （overdraft account and mortgage loan） has an asymmetric impact on finn export, and the positive effect of overdraft account on export is more significant than that of mortgage loan. By microscopically examining the relationship between mortgage loan and firm export, we also find that the mortgage loan would have a better promoting effect on finn export when the bank has sufficient information about the firm. Using firm-level data on bank financing and export, an empirical test with Probit model is conducted to verify the above proposition, finding that the above conclusions are robust in samples at all levels. In order to improve the extensive margin of export, China should carry out reforms to provide a better financing environment for domestic enterprises.

关 键 词：融资异质性 信贷投资 抵押贷款 企业出口 

分 类 号：F275[经济管理—企业管理]