关键词: 融资约束 , 出口倾向 , 出口强度 , Heckman选择模型

Abstract: Using Chinese 2 700 corporate data from the World Bank 2012 Enterprise Surveys, this paper analyzed the effects of corporate external financing constraints on enterprises export propensity and export intensityThe empirical results suggested that enterprises suffering external financing constraints would significantly reduce their export propensity and the proportion of export salesEnterprises exposed to different external financing constraints had different effects on its export behaviorSpecifically, the loan application process complexity, high interest rates resulting in external financing constraints could significantly reduce the proportion of export sales, while insufficient loan size and duration would significantly reduce the likelihood of enterprises to participate in the exportToo high collateral requirements significantly reduced both the likelihood of enterprises export propensity and the proportion of export sales of enterprise products

Key words: financing constraints , export propensity , export intensity , Heckman selection model