集群商业信用与企业出口——对中国出口扩张奇迹的一种解释

发布时间：2018-03-26 17:41

本文选题：商业信用　切入点：集群　出处：《经济研究》2017年01期

【摘要】：我国在资本市场高度不发达的情况下取得了巨大出口奇迹。本文从县级集群内部的商业信用视角对此提供一种解释。研究发现,集群商业信用显著促进企业出口扩张,主要是通过影响私营企业实现的,而且主要影响东部地区的企业出口。作用机制是集群商业信用通过缓解企业融资约束,不仅显著提高企业进入概率,而且提升企业出口水平。为了解决集群商业信用内生性可能导致的识别困境,根据企业是否变更经营地点构造拟自然实验,得到了一致的结论。安慰剂检验显示,集群商业信用对加工贸易出口没有显著影响。这可以解释在中国市场化改革进程中私营企业虽然相对于国有企业和外资企业更难以从正规融资渠道获取资金,但依然实现了出口快速扩张。
[Abstract]:China has achieved a huge export miracle under the condition of highly underdeveloped capital market. This paper provides an explanation from the perspective of commercial credit within the county cluster. It is mainly realized through the influence of private enterprises, and mainly affects the export of enterprises in the eastern region. The mechanism is that the cluster commercial credit not only significantly increases the entry probability of enterprises, but also alleviates the financing constraints of enterprises. In order to solve the problem of identification caused by the endogenous nature of the cluster commercial credit, according to the pseudo-natural experiment of whether the enterprise changed the business location, the same conclusion was obtained. The placebo test showed that, Cluster commercial credit has no significant impact on export of processing trade. This can explain that in the process of China's market-oriented reform, it is more difficult for private enterprises to obtain funds from formal financing channels than state-owned enterprises and foreign-funded enterprises. But exports are still expanding rapidly.
【作者单位】：浙江大学经济学院;浙江大学区域经济开放与发展研究中心;
【基金】：国家自然科学基金面上项目(71473217) 教育部人文社会科学研究规划基金项目(14YJA790038) 国家留学基金的资助
【分类号】：F740.45;F752.62

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