融资约束与中国企业出口产品结构调整  

Financial Constraints and the Export Product Structure Adjustment of Chinese Firms

作　　者：魏浩[1] 张宇鹏 Wei Hao;Zhang Yupeng

机构地区：[1]北京师范大学经济与工商管理学院,100875

出　　处：《世界经济》2020年第6期146-170,共25页The Journal of World Economy

基　　金：国家社会科学基金重大项目“中国主动扩大进口问题研究”(19ZDA068)的阶段性研究成果。

摘　　要：本文重点讨论融资约束影响企业核心产品出口比重的理论机制,并分析了融资约束对中国企业出口产品结构调整的影响。研究发现:不管是从全球出口层面还是出口目的地层面看,企业融资约束加剧会显著降低核心产品在出口总额中的比重;融资约束加剧通过削减企业的中间投入规模和研发投入费用显著降低企业核心产品在出口总额中的比重;无论是对核心出口产品技术等级提升或大于第二大出口产品的企业,还是对核心出口产品质量提升或大于第二大出口产品的企业,融资约束加剧都会使企业核心产品出口比重显著下降。因此,政府要高度重视融资约束对企业出口产品结构调整和出口高质量发展产生的不利影响。This paper mainly discusses the theoretical mechanism of financial constraints affecting the export proportion of firms core products,and analyzes the impact these constraints can have on the export product structure adjustment of Chinese firms.The research study reveals that:(i)whether viewed from a global market or destination market perspective,tougher financial constraints on firms reduce their proportion of core products in total exports;and(ii)tougher financial constraints significantly reduce the proportion of core products in firms export value by reducing intermediate input scale and R&D investment expenditure.Both in firms with a technical upgrading in their core export products or a higher technical grade of core products than the second largest export products,and in firms with quality improvement in their core products or a higher quality of core products than the second largest export products,tighter financial constraints lead to a significant reduction in the export proportion of firms core products.Therefore,the government should attach great importance to the detrimental effects of financial constraints on Chinese firms export product structure adjustment and high-quality export development.

关 键 词：融资约束 出口企业 核心产品 出口产品结构 

分 类 号：F752.62[经济管理—国际贸易] F279.2[经济管理—产业经济] F275