汇率变动、融资能力与中国企业出口  

Exchange Rate Movements,Financing Ability and Chinese Firms Export

作　　者：张伯伟[1] 田朔[1] 许家云[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《山西财经大学学报》2015年第3期11-21,共11页Journal of Shanxi University of Finance and Economics

基　　金：中央高校基本科研业务费专项资金重点学科骨干人才资助项目(NKZX1110);教育部重点研究基地重大项目(11JJD810025);南开大学博士研究生科研创新计划重点项目(68140001)

摘　　要：基于2000-2006年中国出口企业层面的数据，实证检验汇率变动与企业出口之间的关系是否受到融资能力的影响。回归结果显示，融资能力是影响出口企业对汇率变动承受能力的重要因素，不同的企业类型及不同金融发展水平下融资能力所起的作用不尽相同。进一步基于倾向评分匹配的倍差法分析可知，企业上市行为在其承受汇率变动时起到的作用相比传统融资而言较弱。Based on Chinese Export firm-level data from 2000 to 2006, this paper examined if and how finance affected the relation- ship between exchange rate movements and Chinese firm-level export. The regression results showed that financing ability was indeed one important factor which affected the relationship between exchange rate movements and firm export, and the influence between different kind of firms as well as different financial development level was not the same. Furthermore, through the propensity score matching based difference-in difference methods, the paper found the behavior of going public played weaker rote than traditional financing channel.

关 键 词：汇率变动 融资能力 企业出口 

分 类 号：F830[经济管理—金融学]