Economic Theory and Business Management ›› 2015, Vol. 35 ›› Issue (3): 34-49.
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ZHANG Zhong-Yuan
Online:
Published:
张中元
作者简介:
基金资助:
本文得到中国社会科学院马克思主义理论学科建设与理论研究项目的资助。
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 intensityThe empirical results suggested that enterprises suffering external financing constraints would significantly reduce their export propensity and the proportion of export salesEnterprises exposed to different external financing constraints had different effects on its export behaviorSpecifically, 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 exportToo 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
摘要: 本文采用世界银行2012年对中国境内2 700家企业的普查数据,分析企业外部融资约束对企业的出口倾向、出口强度的影响,本文的实证分析发现:企业面临外部融资约束时,不仅会显著降低企业参与出口的可能性,还会显著降低企业产品出口销售比例。不同的企业外部融资约束对企业出口行为有不同的影响。具体而言,贷款申请程序复杂、利率太高带来的外部融资约束会显著降低企业产品出口销售比例;贷款规模和期限不足带来的外部融资约束会显著降低企业参与出口的可能性;抵押要求太高带来的外部融资约束既会显著降低企业参与出口的可能性,也会显著降低企业产品出口销售比例。
关键词: 融资约束 , 出口倾向 , 出口强度 , Heckman选择模型
ZHANG Zhong-Yuan. THE EFFECT OF EXTERNAL FINANCING CONSTRAINTS ON EXPORT BEHAVIOR[J]. Economic Theory and Business Management, 2015, 35(3): 34-49.
张中元. 外部融资约束对企业出口行为的影响* ——基于中国企业普查数据的实证研究[J]. 经济理论与经济管理, 2015, 35(3): 34-49.
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http://jjll.ruc.edu.cn/EN/Y2015/V35/I3/34