金融发展、融资约束与中国地区出口绩效  

Financial Development,Financial Constraints and Regional Export in China

作　　者：吕朝凤[1] 

机构地区：[1]西南财经大学经济学院,四川成都611130

出　　处：《经济管理》2015年第2期107-118,共12页Business and Management Journal ( BMJ )

基　　金：中央高校基本科研业务费重点研究基地项目"当代世界经济与国际货币金融研究"(JBK140402)

摘　　要：较小的融资约束是比较优势的重要来源,而金融发展则是缓解融资约束的重要工具。本文利用中国30省份38个工业行业的数据,从缓解融资约束的角度考察了金融发展对出口贸易的影响。研究发现,对于相同外部融资依赖度的行业,金融发展水平的提高将会促进地区的出口增长;在控制了FDI、自然资源与人力资本禀赋、多样化、专业化等变量以及解释变量的内生性之后,上述结论依然显著。更重要的是,这一发现表明,缓解融资约束是金融发展影响中国省区出口贸易绩效的一个重要渠道。It is well known that the rapid development of Chinese foreign trade plays an important ＂Chinese Miracle＂ ; however, because of the international financial crisis in 2008, its foreign trade role in the growth rate dropped 2 times between 2008 and 2013, only 8 per cent, bringing about some problems, such as sluggish market expansion, excess production capacity, reduced market scale and the lack of technical progress, which had a serious influence on the stable growth of China＇s economy. It puts forward a deraand for new theory to academia , that is,looking for factors and mechanism that can promote our exports. In the existing literature, a large number of scholars attribute the development of China＇s export to such traditional factors as factor endowment, the production cost advantages, FDI, contract system and other factors, for instance,Zhang ＆ Felmingham （2001） and Wang Xiaojuan （2007）, etc. It goes without saying that finance plays a significant role in the modern market economy, so I who worked in the School of Economics of South Western University of Finance and Economics try to identify quantitative this role of finance in the trade. From the perspective of finance, a little financial constraint is an important source of comparative advantage, and financial development is one,, important tool to ease financial constraints. As the first step to the quantitative identification of financial development＇s effect and channels on the comparative advantage, this paper measures the financing dependence of China＇s industrial sectors, based on this, use the interaction econometric model put forward firstly by Rajah ＆ 38 industries of China to test the impact of financial development Zingales （1998） and data across 30 provinces and on export from the view of the financial constraint. The research shows that for industries with same financial dependence, financial development would promote the exports of provinces, that is to say, if province＇s financial development increases by 1% , the

关 键 词：金融发展 出口 地区差异 中国 

分 类 号：F740[经济管理—国际贸易]