融资约束、汇率变动与制造业企业出口——来自工业企业的微观证据  

Financing Constraints, Exchang Rate Fluctuations and Manufaturing Business Export——Microscopic Evidents from Manufacturing Enterprises

作　　者：周旋[1] 张乃丽[1] ZHOU Xuan;ZHANG Nai-li(School of Economics,Shandong University,Jinan 250100,China)

机构地区：[1]山东大学经济学院,山东济南250100

出　　处：《山西财经大学学报》2020年第11期57-69,共13页Journal of Shanxi University of Finance and Economics

基　　金：国家社会科学基金重大项目(17ZDA040)。

摘　　要：基于企业融资约束视角研究了汇率变动对我国工业企业出口的影响,并采用2000—2009年工业企业数据库与海关数据库的海量合并数据进行了总样本和所有权分组检验。结果表明,在人民币贬值能够整体促进工业企业出口的同时,人民币升值同样能够通过融资约束机制对出口产生正作用。这种正作用会抵消由于价格竞争机制和生产率机制带来的负作用,且在国有企业和私有企业中尤为明显。This paper studied the impact of exchange rate fluctuations on the export of industrial enterprises in China from the perspective of financing constraints, and conducted the tests of total sample and ownership grouping by using the combined data of2000-2009 industrial enterprise database and customs database. The results showed that, the depreciation could promote the export of industrial enterprises overall, and the appreciation also had a positive effect on the export through financing constraints mechanism.Moreover, the positive effect of appreciation would offset the negative effect caused by price competition mechanism and productivity mechanism, which was more obvious in state-owned enterprises and private enterprises.

关 键 词：融资约束 汇率变动 企业出口 价格竞争机制 生产率机制 

分 类 号：F276[经济管理—企业管理]