互联网金融与企业出口扩张:基于P2P网贷模式的研究  

Internet Finance and Export Expansion of Enterprises:A Study Based on P2P Lending

作　　者：金祥义 张文菲 JIN Xiang-yi;ZHANG Wen-fei(School of Economics,Lanzhou University,Lanzhou 730000,China)

机构地区：[1]兰州大学经济学院,甘肃兰州730000

出　　处：《兰州大学学报（社会科学版）》2023年第2期21-34,共14页Journal of Lanzhou University（Social Sciences）

基　　金：国家自然科学基金青年项目“数字金融驱动中国企业出口价值链升级的机制和政策研究”(72203083);甘肃省哲学社会科学规划一般项目“数字金融发展推动甘肃省出口贸易高质量增长的影响研究”(2022YB022)。

摘　　要：在互联网金融等数字金融模式的发展下,P2P网络信贷成为了企业解决自身融资约束,降低出口门槛的一种新途径,但P2P网贷平台早期存在监管不严的问题,导致大量网贷平台出现危机,对企业融资产生了不利影响。基于此,立足于P2P网贷视角,研究P2P网贷危机对企业出口的作用,通过P2P网贷危机来总结未来数字金融模式发展的有效路径。理论方面,将P2P网贷危机纳入企业异质性的出口模型中,发现P2P网贷危机通过提高企业融资约束来降低企业的出口。研究发现,P2P网贷危机将显著抑制企业的出口,恶化了企业的出口贸易边际和量价结构。渠道检验表明,融资约束是P2P网贷危机抑制企业出口的重要渠道。意味着引导现有数字金融模式的合规发展,降低企业融资约束,是未来数字金融发展推动企业出口增长的重要方式。With the development of digital finance models such as the internet finance,P2P(peer-to-peer)lending has become a new approach for enterprises to relieve their own financing constraints and reduce export barriers.However,many online lending platforms are facing crisis due to lax supervision of P2P lending platforms in the early stage,which has had a negative impact on enterprise financing.Aiming to improve this situation,the present paper studies the role of P2P lending crisis in the export of enterprises and effective approaches to the future development of digital financial models.Theoretically,by incorporating the crisis into the export model of firm heterogeneity,it finds the crisis reduces exports of enterprises by tightening their financing constraints.Empirically,the crisis significantly restrains the exports of enterprises,worsening their export trade margins and price structures.A further channel check shows that the financing constraint is an important channel for the crisis to restrain export.This means that guiding the compliant development of existing digital financial models and reducing corporate financing constraints are important approaches to promoting export in the future.

关 键 词：P2P网贷危机 企业出口 融资约束 互联网金融 数字金融 

分 类 号：F832[经济管理—金融学] F752F724