融资约束、全要素生产率与反倾销涉案企业出口绩效——来自中国2001-2016年的经验证据  

Financing Constraints,Total Factor Productivity and Export Performance of Anti-dumping Enterprises Involved——Empirical Evidence from China during the Period of 2001—2016

作　　者：田晖[1] 陈巧[1] 刘爱东[1] TIAN Hui, CHEN Qiao, LIU Ai-dong(Business School, Central South University, Changsha 410083, Chin)

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《现代财经（天津财经大学学报）》2018年第4期30-47,共18页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金项目(71272068);教育部高等学校博士学科点专项科研基金项目(20130162110074)

摘　　要：本文以2001-2016年我国遭遇反倾销指控的126家上市公司为研究样本,采用面板回归模型实证检验融资约束对反倾销涉案企业出口绩效的影响,以及全要素生产率对二者关系的中介效应。研究发现:融资约束与出口绩效显著负相关,全要素生产率在二者间起到了部分中介作用,融资约束通过对全要素生产率的影响抑制了企业的出口绩效。而进一步检验也证实了国内企业存在的"出口—生产率悖论"现象,并验证了其本质原因。结论表明,融资约束存在直接和间接的多路径影响反倾销涉案企业出口绩效;提高反倾销涉案企业出口绩效可以从缓解企业融资约束和提高全要素生产率途径实现。本文的研究为理解融资约束影响反倾销涉案企业出口绩效的微观作用机制提供了新的直接证据。This paper uses the method of panel regression model to test the impact of financing constraints on the export performance of anti-dumping enterprises and the intermediary effect of total factor productivity on the relationship between the financing constraints and the export performance through the case of 126 listed companies with anti-dumping charges in China from 2001 to2016.It is found that the financing constraint is negatively correlated with the export performance,and the total factor productivity plays a part of the intermediary role.The financing constraints restrain the export performance through the influence of the total factor productivity.Further examination also confirmed the existence of＂export-productivity paradox＂phenomenon in domestic enterprises and verified its essential reasons.The conclusion shows that there are direct and indirect multi-paths in financing constraints to influence the export performance of anti-dumping enterprises;increasing the export performance of anti-dumping enterprises can be achieved by easing finance constraints and improving total factor productivity.The research of this paper provides new direct evidence for understanding the microcosmic mechanism of financing constraints affecting export performance of anti-dumping enterprises.

关 键 词：融资约束 全要素生产率 出口绩效 生产率悖论 反倾销 

分 类 号：F741.23[经济管理—国际贸易]