融资约束与企业出口：不同融资渠道的比较

发布时间：2018-05-07 03:09

本文选题：融资约束 + 出口　；参考：《浙江理工大学》2017年硕士论文

【摘要】：出口是拉动经济增长的三驾马车之一。出口增长受融资约束的影响。完善的金融体系和良好的融资环境,可以降低金融服务实体经济的资金漏损率,并有效降低融资成本。因此,研究融资约束对出口的影响程度,以及不同的融资渠道对出口行为的差异化影响,对提升出口参与,优化出口结构,提高出口强度有着重要意义。本文结合企业融资理论和新新贸易理论,对融资约束及不同融资渠道影响企业出口概率和出口规模的机制进行理论分析。在理论分析的基础上,基于中国工业企业数据库2000-2007年数据,采用综合评价指标法,从内源融资、商业信用和外源融资等方面,测度企业融资约束。进一步采用heckman二阶段模型,以规避OLS可能产生的样本选择偏误,实证检验了融资约束和效率对企业出口概率和出口规模的影响关系,以及不同融资渠道的影响差异。研究结果表明:(1)企业融资约束降低,既可以增加企业出口的概率,也能够促进企业出口规模提升;(2)企业生产率越高,出口的概率越高。而生产率与企业出口强度则呈现倒U型关系;(3)在内源融资、商业信用和银行信贷三种融资渠道中,银行信贷的影响最显著。银行信贷约束的降低,可以有效提升中国企业出口概率和出口强度;(4)相对于高出口强度的行业,融资约束的降低更能刺激低出口强度行业出口规模的提升。实证结果在控制了heckman模型的设定和内生性问题之后,仍然稳健。文章最后提出了改善融资环境、扩宽融资渠道、降低融资成本和优化企业经营治理结构、提升融资能力等相关建议。
[Abstract]:Exports are one of the troika driving economic growth. Export growth is affected by financing constraints. A perfect financial system and a good financing environment can reduce the leakage rate of funds in the real economy of financial services and effectively reduce the financing cost. Therefore, it is of great significance to study the influence of financing constraints on export and the differential influence of different financing channels on export behavior, to promote export participation, to optimize export structure and to improve export intensity. Based on the enterprise financing theory and the new and new trade theory, this paper makes a theoretical analysis on the mechanism of financing constraints and the influence of different financing channels on the export probability and export scale of enterprises. On the basis of theoretical analysis and based on the data of China Industrial Enterprise Database from 2000 to 2007, this paper uses the comprehensive evaluation index method to measure the constraints of enterprise financing from the aspects of endogenous financing, commercial credit and external financing. Heckman two-stage model is further adopted to avoid the sample selection errors that may occur in OLS. The empirical tests are made on the influence of financing constraints and efficiency on the export probability and export scale of enterprises, as well as the differences of different financing channels. The research results show that the lower the financing constraint is, the higher the probability of export is, and the higher the productivity is, the higher the enterprise's export probability is, and the higher the enterprise's export scale is, the higher the enterprise's productivity is. On the other hand, productivity and enterprise export intensity are inversely U-shaped. Among the three financing channels, endogenous financing, commercial credit and bank credit, bank credit has the most significant influence. The reduction of bank credit constraints can effectively enhance the export probability and export strength of Chinese enterprises. Compared with the industries with high export intensity, the lower financial constraints can stimulate the export scale of low export intensity industries. The empirical results are still robust after controlling the setting and endogenetic problems of heckman model. Finally, the paper puts forward some suggestions, such as improving the financing environment, widening the financing channels, reducing the financing cost, optimizing the management structure of the enterprise, and improving the financing ability.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F752.62

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