融资约束下的企业异质性投资行为与出口偏好

发布时间：2018-05-04 20:11

本文选题：融资约束 + 异质性投资　；参考：《哈尔滨工业大学》2012年硕士论文

【摘要】：企业出口决策的微观动因是近期国际贸易实证研究的热门论题，现有经典文献主要集中于企业异质性讨论，本文认为企业的异质性关键来源于企业投资行为的异质性。而目前我国金融发展水平低、地区差异大、企业面临融资约束是企业缺乏创新与技术进步投资，进而产能过剩对出口依赖的根本原因。本文将融资约束引入到企业投资与出口行为的分析框架，试图从金融低效导致的融资约束出发，解释我国本土企业创新动力不足，过度偏好出口的双重困境。首先，在分析融资约束对企业异质性投资行为影响的基础上，借助PhilippeAgion(2011)所构建的经济增长与波动模型，但与之不同，本文赋予金融效率的约束条件，并在定义企业异质性投资（生产性投资与研发投资）的基础上，对模型求解得到：低效的金融市场，使企业面临更严重的外部融资约束，融资约束增加了研发投资的风险，生产者将更多的资金配置到生产性投资，从而研发投资不足；在此基础上借助于PolAntra`s(2007)的分析框架，区分了两类不同的企业家，以及两种不同的产品，，考察了金融发展水平差异导致的融资约束，最终如何影响企业的出口偏好与国际贸易分工的格局。其次，使用2005-2007年我国近30万家工业企业作为研究样本，描述性地分析了我国企业研发投资与出口的分布特征；使用分组回归与面板Tobit模型检验了融资约束下的企业研发投资与出口行为。结果表明：小规模、新成立，以及私营性质企业面临更严重的融资约束；融资约束限制了企业从事研发投资的积极性；受融资约束的企业更倾向于进行生产性投资，为外商提供贴牌生产，导致出口扩张，验证了理论模型的结论；最后，提出了加快金融市场化改革进程、推动金融市场多元化建设、鼓励并规范民间借贷等缓解融资约束的政策建议。
[Abstract]:The micro motivation of enterprises' export decision is a hot topic in the recent empirical research on international trade. The existing classical literatures mainly focus on the discussion of enterprise heterogeneity. This paper holds that the key to enterprise heterogeneity lies in the heterogeneity of enterprise investment behavior. At present, the financial development level of our country is low, the regional difference is big, the enterprise faces the financing restriction is the enterprise lacks the innovation and the technological progress investment, and then the overcapacity depends on the export. This paper introduces financing constraints into the analytical framework of enterprise investment and export behavior, and tries to explain the dual dilemma of domestic enterprises' lack of innovation power and excessive preference for export from the financial constraints caused by financial inefficiency. First of all, on the basis of analyzing the influence of financing constraints on heterogeneous investment behavior of enterprises, the economic growth and volatility model constructed by Philip Agion (2011) is used. But different from this model, this paper gives constraints to financial efficiency. Based on the definition of heterogeneous investment (productive investment and R & D investment), it is concluded that the inefficient financial market makes the enterprise face more serious external financing constraints, and the financing constraint increases the risk of R & D investment. Producers allocate more money to productive investment and thus underinvest in R & D; on this basis, with the help of the analytical framework of PolAntra's 2007, they distinguish between two different types of entrepreneurs and two different products. This paper examines the financing constraints caused by the differences in financial development levels and how the export preference of enterprises and the pattern of international trade division are ultimately affected. Secondly, using nearly 300000 industrial enterprises in China from 2005 to 2007 as research samples, the distribution characteristics of R & D investment and export of Chinese enterprises are analyzed in a descriptive way. Group regression and panel Tobit model are used to test the R & D investment and export behavior of firms under financing constraints. The results show that: small scale, newly established, and private enterprises face more serious financing constraints; financing constraints limit the enthusiasm of enterprises engaged in R & D investment; The conclusion of the theoretical model is verified by providing foreign companies with label production, which leads to export expansion. Finally, the paper proposes to accelerate the process of financial marketization reform and to promote the diversification of financial markets. Encourage and standardize private lending and other policy recommendations to ease financing constraints.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.4;F275;F279.23

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