外资银行进入、金融脆弱性与企业出口  

Foreign Banks' Entry,Financial Fragility and Export of Firms

作　　者：荆逢春 李翠锦[2] 周一 

机构地区：[1]中国出口信用保险公司国别风险研究中心 [2]石河子大学经济与管理学院 [3]中国出口信用保险公司

出　　处：《世界经济研究》2018年第6期58-69,共12页World Economy Studies

摘　　要：文章从金融脆弱性的角度,利用中国工业企业数据库建立实证模型,考察了外资银行进入对企业出口决策的影响。同时,基于Notton等(2004)的方法纠正了以往企业出口决策相关研究中logit模型交互项处理中存在的误区。研究发现,外资银行的进入会缓解企业的融资约束,从而增加企业出口的可能性,这种正向促进作用对处于金融脆弱性更高产业的企业更强。对于私营企业、港澳台地区投资企业和外商投资企业来说,外资银行进入将显著提高其出口可能性;而对于集体企业,外资银行进入将降低其出口概率;对于国有企业,外资银行进入的影响不显著。值得关注的是,对于私营企业,外资银行进入对私营企业出口决策有正向促进作用,在金融脆弱性越高的产业越显著。分析中利用不同的样本,控制了潜在内生性,都得到了稳健的研究结果。Logit model is always being used in the relevant research concerning firm export decision,but the coefficient of the interaction cannot be directly interpreted. In our paper,we use the method of Notton,Wang and Ai( 2004) to settle the coefficient interpretation of the interaction. The paper provides evidence that foreign bank entry significantly improves the possibility of a firm being exporter. The effect is stronger for firms in the sectors with more serious financial vulnerability. What's more,the paper examines the effect in accordance of ownership. For private firms,HongK ong and Macao firms and foreign invested firms,foreign bank entry significantly improves the possibility of a firm being exporter. On the contrary,for state owned firms and collective owned firms,the effect is not significant. Especially,for private firms,the positive effect of foreign bank entry is stronger for firms in industries with higher external finance demand. The results are robust after using different samples and controlling the potential endogenous problem.

关 键 词：外资银行进入 金融脆弱性 企业出口决策 

分 类 号：F752.62[经济管理—国际贸易] F832[经济管理—产业经济]