债务期限结构与企业出口——理论及来自中国上市公司的经验证据  

Debt Maturity Structure and Enterprise Exports--Theory and Empirical Evidence from Chinese Listed Companies

作　　者：朱丹[1] 宋浩雯 王孝松[2] ZHU Dan;WANG Xiaosong;SONG Haowen

机构地区：[1]中国社会科学院大学应用经济学院 [2]中国人民大学经济学院

出　　处：《国际贸易问题》2025年第3期143-159,共17页Journal of International Trade

基　　金：北京市习近平新时代中国特色社会主义思想研究中心项目“有效防范化解财政、金融领域重大风险研究”(23LLYJC124);“增强国内国际两个市场两种资源联动效应研究”(23LLLJA020)。

摘　　要：债务期限结构是反映企业融资特征的一个重要因素,本文对债务期限结构对企业出口的影响进行了理论分析与实证检验。研究结果表明,债务期限结构对企业出口具有显著的倒U型影响,在转折点左侧,债务期限结构延长有利于促进企业出口,而在转折点右侧,债务期限结构延长会抑制企业出口。机制检验表明,全要素生产率、研发创新、金融化是债务期限结构影响企业出口的三个机制。异质性分析发现,债务期限结构对出口的影响因贸易方式、融资约束程度、企业所处行业的不同而有所不同。此外,本文还对出口的二元边际进行了分析,发现债务期限结构对企业出口的扩展边际和集约边际均具有显著的倒U型影响。本文的研究为债务期限结构的选择提供了理论依据,有利于金融机构更好地服务实体经济的发展,增强中国企业的国际市场竞争力。Debt maturity structure is an important factor reflecting the financing characteristics of enterprises.This article theoretically analyzes and empirically tests the impact of debt maturity structure on enterprises'exports.The results indicate that the debt maturity structure has a significant inverted U-shaped effect on exports.On the left side of the turning point,extending the debt maturity structure is beneficial for promoting exports,while on the right side of the turning point,extending the debt maturity structure will inhibit exports.Mechanism testing shows that total factor productivity,R&D innovation,and financialization are the three mechanisms through which debt maturity structure affects exports.Heterogeneity analysis finds that the impact of debt maturity structure on exports varies depending on trade mode,degree of financing constraints,and industry belonged.In addition,this article also analyzes the binary margin of exports and finds that the debt maturity structure has a significant inverted U-shaped impact on both the extensive margin and the intensive margin of exports.This study provides a theoretical basis for the selection of debt maturity structure,which is beneficial for financial institutions to better serve the development of the real economy and enhance the international market competitiveness of Chinese enterprises.

关 键 词：债务期限结构 出口 全要素生产率 研发创新 金融化 

分 类 号：F752[经济管理—国际贸易]