出口对我国企业融资约束影响的异质性分析  

Heterogeneity Analysis on The Impact of Export to Chinese Enterprises' Financing Constraints

作　　者：邵帅[1] 辛晴[2] 

机构地区：[1]南开大学经济学院,300071 [2]山东财经大学国际经贸学院,250014

出　　处：《南方经济》2015年第12期10-25,共16页South China Journal of Economics

摘　　要：文章以中国工业企业数据库2001-2007年的企业数据为基础,运用基于倍差法的倾向得分匹配估计,实证分析了出口对我国企业融资约束影响的因果效应。结果表明,出口能够显著缓解不同融资方式下企业的融资约束程度,但是,出口的这种融资约束缓解效果在不同地区、不同规模、不同性质的企业上表现出差异性,对东部地区大中型外资和民营企业的作用更加明显。尽管出口是缓解企业融资约束的有效途径,但过高的出口贸易依存度易遭受国际市场波动的冲击,要真正解决我国企业特别是中西部地区小微企业的融资约束问题还需要立足国内政策。Based propensity score matching method with difference in difference, this paper analyzes the causal effects between export behavior and financing constraints of Chinese enterprises in the three main financing, using micro - enterprise data of Chinese industrial enterprises database from 2001 - 2009. The results show, generally, exports significantly ease financing constraints with continuity and Incremental under different financing. But, this causal effects show difference in the enterprises of different regions, different sizes and different types. The alleviation is more obvious in foreign enterprises and local private enterprises, especially some with large or medium scale in eastern. Although exports is an effective way to ease financing constraints, but the excessive dependence on exports is vulnerable to the impact of fluctuations in the international market. To really solve the financing constraint problem of Chinese enterprises, especially small and micro enterprises in central and western regions, domestic policy is the key.

关 键 词：出口 融资约束 倾向得分匹配估计 因果效应 

分 类 号：F752.62[经济管理—国际贸易]