金融发展对中国企业出口二元边际的影响研究
发布时间：2018-08-29 10:04
【摘要】：本文基于异质性企业模型,结合我国金融与贸易的发展现状,运用相关理论模型和计量方法研究金融发展对我国企业出口二元边际的影响,从金融发展层面为我国企业出口二元边际的改善提出相应的政策建议。文章首先从金融与贸易角度对国内外学者的研究成果进行回顾与评述,其次从理论模型角度分析金融发展对出口二元边际的作用机理。分析发现,在金融市场不完备时,企业面临的外部融资约束对其出口二元边际具有抑制作用,而金融发展通过缓解外部融资约束这一途径使企业出口二元边际得以增长。在此基础上,本文运用2001年至2007年工业企业数据库与中国金融统计年鉴的相关数据描述了我国金融和贸易发展的典型化事实。在实证研究方面,本文以Melitz(2003)企业异质性理论为基础,并参考Manova(2008)中信贷约束影响国际贸易的模型设定,通过构造多项金融发展指标研究其对中国企业出口二元边际的影响。研究结果表明:从全国企业出口层面来看,企业出口集约边际能够随着金融发展规模、金融发展结构、金融市场化程度及金融发展效率的提高而显著增长,但是出口扩展边际受到制约。在将企业分别按照地区、行业以及所有制划分后研究发现,金融发展对上述分组企业出口二元边际的影响存在明显差异。金融发展促进东部、中部地区存续时间长、劳动力成本高的企业出口扩展边际增长,却难以使西部地区企业实现出口扩展边际与集约边际的扩张;对于技术密集型和资本密集型行业,金融发展对其出口二元边际的作用方向相同,而劳动密集型行业企业的出口二元边际受金融发展的影响较小;在不同所有制下,金融发展显著促进国有企业和外资企业出口集约边际的增长,而私营企业在信贷资金分配程度较高的情况下能够实现出口扩展边际的增长。最后文章根据理论和实证分析得出相关结论并提出政策建议,包括地区金融发展水平的提升、信贷配给政策的调整等,同时对文中研究的不足进行了相关说明。
[Abstract]:Based on the heterogeneous enterprise model and the current situation of China's finance and trade, this paper studies the impact of financial development on the dual marginal value of Chinese enterprises' exports by using relevant theoretical models and econometric methods. From the aspect of financial development, the paper puts forward corresponding policy suggestions for the improvement of dualistic margin of export of Chinese enterprises. This paper reviews and comments on the research achievements of domestic and foreign scholars from the perspective of finance and trade, and then analyzes the mechanism of financial development acting on the dualistic margin of export from the perspective of theoretical model. It is found that when the financial market is not complete, the external financing constraints faced by enterprises can inhibit the dualistic marginal value of export, while the financial development can increase the dual marginal value of export by easing the external financing constraints. On this basis, this paper describes the typical facts of the development of finance and trade in China by using the relevant data of the Industrial Enterprise Database and the China Financial Statistics Yearbook from 2001 to 2007. In empirical research, based on the heterogeneity theory of Melitz (2003), and referring to the model of Manova (2008) that credit constraints influence international trade, this paper studies its influence on the dualistic margin of export of Chinese enterprises by constructing several financial development indicators. The results show that: from the national enterprise export level, the enterprise export intensive marginal can increase significantly with the improvement of financial development scale, financial development structure, financial marketization degree and financial development efficiency. But the margin of export expansion is restricted. After dividing enterprises according to region, industry and ownership, it is found that there are obvious differences in the influence of financial development on the dualistic marginal value of export of these grouped enterprises. Financial development promotes the marginal growth of export expansion of enterprises in the eastern and central regions for a long time and high labor costs, but it is difficult for enterprises in the western region to realize the expansion of the marginal and intensive margins of export expansion; For technology-intensive and capital-intensive industries, the role of financial development on their dual marginal exports is the same, while that of enterprises in labor-intensive industries is less affected by financial development. Financial development significantly promotes the growth of export intensive margin of state-owned enterprises and foreign-funded enterprises, while private enterprises can achieve the growth of export expansion margin under the condition of higher distribution of credit funds. Finally, based on the theoretical and empirical analysis, the paper draws relevant conclusions and puts forward policy recommendations, including the promotion of regional financial development level, the adjustment of credit rationing policy, etc.
【学位授予单位】：东南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F752.62;F832
本文编号：2210871
[Abstract]:Based on the heterogeneous enterprise model and the current situation of China's finance and trade, this paper studies the impact of financial development on the dual marginal value of Chinese enterprises' exports by using relevant theoretical models and econometric methods. From the aspect of financial development, the paper puts forward corresponding policy suggestions for the improvement of dualistic margin of export of Chinese enterprises. This paper reviews and comments on the research achievements of domestic and foreign scholars from the perspective of finance and trade, and then analyzes the mechanism of financial development acting on the dualistic margin of export from the perspective of theoretical model. It is found that when the financial market is not complete, the external financing constraints faced by enterprises can inhibit the dualistic marginal value of export, while the financial development can increase the dual marginal value of export by easing the external financing constraints. On this basis, this paper describes the typical facts of the development of finance and trade in China by using the relevant data of the Industrial Enterprise Database and the China Financial Statistics Yearbook from 2001 to 2007. In empirical research, based on the heterogeneity theory of Melitz (2003), and referring to the model of Manova (2008) that credit constraints influence international trade, this paper studies its influence on the dualistic margin of export of Chinese enterprises by constructing several financial development indicators. The results show that: from the national enterprise export level, the enterprise export intensive marginal can increase significantly with the improvement of financial development scale, financial development structure, financial marketization degree and financial development efficiency. But the margin of export expansion is restricted. After dividing enterprises according to region, industry and ownership, it is found that there are obvious differences in the influence of financial development on the dualistic marginal value of export of these grouped enterprises. Financial development promotes the marginal growth of export expansion of enterprises in the eastern and central regions for a long time and high labor costs, but it is difficult for enterprises in the western region to realize the expansion of the marginal and intensive margins of export expansion; For technology-intensive and capital-intensive industries, the role of financial development on their dual marginal exports is the same, while that of enterprises in labor-intensive industries is less affected by financial development. Financial development significantly promotes the growth of export intensive margin of state-owned enterprises and foreign-funded enterprises, while private enterprises can achieve the growth of export expansion margin under the condition of higher distribution of credit funds. Finally, based on the theoretical and empirical analysis, the paper draws relevant conclusions and puts forward policy recommendations, including the promotion of regional financial development level, the adjustment of credit rationing policy, etc.
【学位授予单位】：东南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F752.62;F832
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