金融发展、融资约束与企业出口的三元边际  

Financial Development, Financing Constraints and Ternary Marginal Export

作　　者：杨连星[1] 张杰[2] 金群[1] 

机构地区：[1]中国人民大学经济学院,100872 [2]中国人民大学改革发展研究院

出　　处：《国际贸易问题》2015年第4期95-105,共11页Journal of International Trade

基　　金：国家自然科学基金面上项目《贸易地理特征与中国出口国内附加值低下之“谜”》(项目批准号:41371139);中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目成果(15XNH051)的阶段性成果

摘　　要：本文利用中国海关贸易和工业企业的合并数据,通过构建企业运营资本投资敏感性指标作为企业融资约束的代理变量,实证检验了金融发展、融资约束对企业出口三元边际的影响效应。计量模型的检验结果显示:第一,融资约束对企业出口的进入边际以及扩展边际呈现显著的制约效应,对企业出口的集约边际影响不大,企业融资约束与扩展边际存在典型的"U型"关系。金融发展程度的提升能够极大改善企业的融资约束的制约效应;第二,从不同出口方式来看,融资约束对加工贸易企业的出口进入形成一定的抑制效应。在扩展边际方面,融资约束对从事加工贸易和混合贸易企业的高端出口能力产生极大的制约效应,而对一般贸易的出口能力影响不显著。此外,作为"看得见的手"的政府补贴并未对出口决策产生显著的促进作用,也并未缓解企业融资约束对出口产生的抑制效应。因此,稳步推进中国金融改革进程,提高金融市场化水平,适时调整中国政府对企业的补贴规模与方向,可能会有利于中国本土企业出口竞争力的提升。Drawing on the combined data of China Customs trade and the in- dustrial enterprises, this paper sets up a sensitive indicator of business operations as a proxy variable of the business financing constraints, which is used to ana- lyze empirically the impact of financing constraints on the ternary margins of ex- port. The testing results of the econometric model show that： firstly, the financ- ing constraints show a significant restricting impact on the entrance margin and the extensive margin and there is typical ＂U-type＂ relationship between the exten- sive margin and the financing constraints; secondly, from the perspective of differ- ent export patterns, financing constraints show certain inhibitory effects on the way of the export of processing enterprises to enter. In addition, as the ＂visible hand＂ of the government subsidies on the export decision did not have a signifi- cant role in promotion, and did not alleviate the inhibitory effect of the financial constraints on export either. Therefore, the steady progress of financial reform in China, the improvement of the level of financial liberalization and the adjusting of the size and direction of the Chinese government subsidies to businesses, may be conducive to enhancing export competitiveness of China＇s local enterprises.

关 键 词：融资约束 进入边际 集约边际 扩展边际 制约效应 

分 类 号：F752.62[经济管理—国际贸易]