自由贸易试验区、商业信贷网络与企业出口  

Pilot Free Trade Zones,Trade Credit Networks and Firm Exports

作　　者：王永进[1] 燕晓娟 Wang Yongjin;Yan Xiaojuan(School of Economics,Nankai University)

机构地区：[1]南开大学经济学院

出　　处：《管理世界》2024年第11期48-65,172,共19页Journal of Management World

基　　金：国家社会科学基金重大项(22&ZD074);国家自然科学基金面上项(72073073、72473074)的资助。

摘　　要：辐射带动非自由贸易试验区城市协同发展,是自由贸易试验区建设的重要任务。为此,本文使用2007~2016年上市公司数据和海关数据,详细考察了商业信贷网络如何影响自由贸易试验区政策的溢出效应。本文首先计算了自由贸易试验区流动性冲击的信贷传递率,并在此基础上探讨了冲击如何通过商业信贷网络影响非自由贸易试验区企业的出口。研究发现:(1)自由贸易试验区流动性冲击会显著降低片区内企业的融资约束,增加企业为客户提供的商业信贷融资。(2)该流动性冲击通过商业信贷网络影响下游非自由贸易试验区企业出口的渠道有如下两个:一是上游供应商融资约束缓解的直接效应;二是由此带来的下游客户商业信贷约束缓解的间接效应。自由贸易试验区流动性冲击的信贷传递效应受客户议价能力的影响,议价能力越高影响越大。(3)非自由贸易试验区企业信贷约束的缓解降低了企业对外部借款的依赖,也为其下游客户提供了更多商业信贷融资。本研究揭示了自由贸易试验区建设促进区域经济协同发展的内在渠道,也为科学评估自由贸易试验区政策的跨区域溢出效应提供了新的视角。It is an important task in the construction of Pilot Free Trade Zones(PFTZs)to promote the coordinated development of non-PFTZs.Hence,this paper utilizes data from listed firms and customs data from 2007 to 2016 to meticulously examine how trade credit networks influence the spillover effects of PFTZ policies.This paper first calculates the credit transmission rate of liquidity shocks within the PFTZs and then explores how these shocks impact the exports of non-PFTZ firms through trade credit networks.The research findings are as follows.(1)The liquidity shocks of PFTZs significantly reduce the financing constraints of firms within the PFTZs and increase the trade credit financing for customers.(2)The liquidity shock influences the exports of downstream non-PFTZ firms through two channels within trade credit networks:directly by reducing the financing constraints of upstream suppliers,and indirectly by easing the trade credit constraints faced by downstream customers.The credit transmission effect of PFTZ liquidity shocks is also influenced by the bargaining power of customers,with greater power leading to a more pronounced effect.(3)The alleviation of financial constraints for non-PFTZ firms reduces their reliance on external borrowing,enabling them to offer more trade credit financing to their downstream customers.This research reveals the pathways through which PFTZ development promotes collaborative regional economic growth and provides a new perspective for scientifically evaluating the cross-regional spillover effects of PFTZ policies.

关 键 词：自由贸易试验区 商业信贷 非自由贸易试验区 企业出口 

分 类 号：F752[经济管理—国际贸易] F832.4[经济管理—产业经济] F752.62