Abstract: This paper studied the effect of credit financing on firms export participation based on trade credit and bank credit using the framework of new trade theory focusing on the promoting effect of trade credit on bank credit, which provided microscopic financial evidence of Chinese export growth “miracle” from the firm angle. The credit financing was put into a heterogeneous firm export model to prove the improvement of trade credit and bank credit will affect the export by easing export cost constraint. An empirical analysis using Chinese manufacturing firms and IVprobit model was adopted to confirm our results. The findings were the following. Firstly, the improvement of trade credit and bank credit may increase the probability of the firms export. Secondly, the positive effect of trade credit on bank credit is helpful for firms to participate in export. Thirdly, the influence of trade credit on firms export participation is not varied with firms size, ownership, industrial competitive level and export fixed cost. But the role of bank credit is influenced by the above factors. The role of the positive effect of trade credit on bank credit is affected by firms size and ownership. In conclusion, the developing of the credit financing, the setting up of the mutual exchange mechanism of trade credit and the bank credit are important methods to speed up Chinese export growth.

Key words: trade credit , bank credit , participate in export , heterogeneous firm

摘要： 本文在新新贸易理论框架下，基于商业信贷和银行信贷的综合视角，系统研究了信贷融资对异质性企业出口参与的影响。本文重点围绕商业信贷对银行信贷的促进作用展开分析，从企业层面为中国出口增长“奇迹”提供来自金融视角的证据。本文在异质企业出口模型中引入商业信贷和银行信贷，论证商业信贷和银行信贷通过缓解出口成本融资约束影响企业出口参与，并运用中国制造业企业和IVprobit估计方法进行实证检验。本文发现：（1）改善商业信贷和银行信贷融资状况会提高企业出口概率；（2）商业信贷对银行信贷的促进作用有利于企业参与出口；（3）商业信贷对企业出口参与的作用不受企业所有制、企业规模、行业竞争性和企业出口固定成本差异的影响，银行信贷的作用则受上述差异的影响，商业信贷对银行信贷的促进作用受企业所有制和企业规模差异的影响。因此，发展信贷融资、建立商业信贷和银行信贷的互融互通机制，是加快中国出口增长的重要举措。

关键词: 商业信贷 , 银行信贷 , 出口参与 , 异质性企业