资源错配与企业的出口行为——基于中国工业企业数据的经验研究  

Resource Misallocation and Firms' Exporting Behavior:An Empirical Study Based on the Chinese Industrial Firms Data

作　　者：祝树金[1] 赵玉龙[2] 

机构地区：[1]湖南大学经济与贸易学院,湖南长沙410079 [2]中国人民银行郑州中心支行,河南郑州450018

出　　处：《金融研究》2017年第11期49-64,共16页Journal of Financial Research

基　　金：国家自然科学基金项目"我国融资约束;资源错配影响出口行为及绩效的机制;模型与实证研究"(71573076)资助

摘　　要：本文借鉴Hsieh and Klenow(2009),建立反映企业内整体资源错配指标,进而采用1998-2007年中国工业企业数据库对企业内资源错配、劳动扭曲和资本扭曲等进行了测度。基于"生产率"效应和"要素替代"效应,阐述了资源错配影响企业出口的机制,在此基础上建立企业资源错配影响出口行为的两阶段Heckman选择模型。结果发现,"要素替代"效应在资源错配影响出口中发挥了主要作用,企业内总体资源错配一定程度上促进了我国企业的出口,但劳动扭曲会降低出口概率和出口强度;以加工贸易为主的外贸特征造成资本扭曲程度更高的企业出口概率更高,出口强度更大;融资约束收紧导致企业选择出口以及出口强度增加,同时融资约束与资源错配对出口选择存在交互影响。Based on Hsieh and Klenow （2009）, this paper put forwards the index of overall resources misallocation within firm, and uses the database of Chinese industrial enterprises in 1998 - 2007 to measure the resource misallocation and factor distortion of the firms. Further this paper introduces ＂productivity effect＂ and ＂factor substitution effect＂ through which the misallocation affects the firms＇ export behavior, and proposes the Heckman two - stage model to explore the effect of the misallocation on the firms＇ export. It is found that ＂factor substitution effect＂ plays a determinant role. Due to the factor substitution effect, the overall misallocation within firm would increase the probability of export and the export scale. The labor distortion can depress the firms＇ export, while the capital distortion promotes the firms＇ export behavior due to the characteristics of foreign trade mainly based on processing trade. The tighter financial constraints would increase firms＇ export probability and export intensity. There exists the significant interaction effect between financial constraints and resource misallocation on the firms＇ export.

关 键 词：资源错配 融资约束 出口行为 

分 类 号：F425[经济管理—产业经济] F752.62