融资约束与企业出口:孰因孰果——基于联立方程模型的经验分析  

Financing Constraint and Firm Export: Which Cause and which Effect?:An Empirical Analysis Based on Simultaneous Equations Model

作　　者：曹献飞[1] 

机构地区：[1]南京大学经济学院,江苏南京210093

出　　处：《国际经贸探索》2015年第1期66-76,共11页International Economics and Trade Research

基　　金：国家社科基金项目(12BJL080);教育部基地重大项目(2009JJD79002);江苏省高校哲学社会科学研究重大项目(2011ZDXM005)

摘　　要：文章基于中国工业企业微观数据,利用联立方程模型处理内生性问题后,实证分析了融资约束与企业出口之间的相互关系。研究结果表明,融资约束与企业出口之间存在显著的双向因果关系,即融资约束的缓解提升了企业出口绩效,同时出口又促进了企业融资约束的缓解。进一步分析发现,这种双向因果关系因企业所有制类型、规模及贸易模式不同而表现出明显的差异性,融资约束对民营、中小型及一般贸易型企业出口绩效的影响显著大于国有、大型及加工贸易型企业;而出口对民营、大型及一般贸易型企业融资约束的影响显著大于国有、中小型及加工贸易型企业。Using the Chinese industrial enterprises＇ micro data, this paper employs the simultaneous equations model to solve the endogenous problem and empirically analyzes the two-way relationship between financing constraint and firm export. The result shows that there is a significant two-way causality between financing constraint and firm export, the relief of financing constraints promotes firm export performance, and firm export promotes the relief of firm financing constraints. The further analysis shows that the two- way causality varies distinctly with the firms＇ ownership type, scale and trade pattern, and the impact of financing constraints on firm export performance in private enterprises, medium and small-sized enterprises and general trade enterprises is more significant than that in state enterprises, large enterprises and processing trade enterprises; the impact of export on firm financing constraints in private enterprises, large enterprises and general trade enterprises is more significant than that in state enterprises, medium and small-sized enterprises and processing trade enterprises.

关 键 词：融资约束 出口 联立方程 

分 类 号：F752[经济管理—国际贸易]