融资约束与我国出口企业全球价值链地位的提升研究

发布时间：2018-07-03 14:59

本文选题：融资约束 + 出口贸易增加值率　；参考：《东南大学》2017年硕士论文

【摘要】：经济全球化的环境下,我国的出口贸易规模迅速扩张,然而出口总额的惊人增长是否意味着我国企业在全球生产网络中的地位也得到了相应的提升呢?本文首先对全球价值链相关理论的发展、企业在全球价值链中地位的衡量、全球价值链与出口贸易增加值之间的关系、融资约束的概述、融资约束与企业出口等相关文献进行了系统的梳理,找出现有文献可能存在的不足,并借此为新的视角展开本文的研究。其次,利用2001年到2007年中国工业企业数据库对我国不同类型的出口企业贸易增加值率的变化和和企业面临的融资约束进行了描述性分析;最后,根据CES消费者效用函数对融资约束与出口贸易增加值率之间的机理进行推导,得出不同类型的融资约束与出口贸易增加值率之间的关系。并据此建立本文的计量模型来分析融资约束与出口贸易增加值率之间的关系。变量测度中,由于一般贸易和加工贸易是我国出口贸易的两种主要形式,所以文中用不同的方法计算了相应的出口贸易增加值率。对于融资约束的衡量,本文以企业的现金流占总资产的比率作为内部融资约束的代理指标,以企业的利息支出占固定资产的比重作衡量其外部融资约束的代理变量,以产品销售收入中的应收账款比重作为商业信贷约束的代理变量。实证部分,分别对全样本、分所有制的样本、分企业规模的样本和分企业资本密集度的样本进行了实证研究和对比分析。全文的基本结论如下:(1)整体上,融资约束是影响我国出口贸易增加值率的重要因素,企业融资环境以及融资能力的改善能够有效地推动出口贸易增加值率的增长,进而有助于我国出口企业在全球生产分工网络中地位的深入;(2)分所有制来看,在加工贸易企业中,内部融资约束的减小对外资企业和私营企业出口贸易增加值率的促进作用较为显著。在一般贸易企业中,内部融资约束的减小对私营企业出口贸易增加值率的促进作用较为明显;(3)融资环境对出口贸易增加值率的影响与企业规模有关。内部融资约束的减少对大中型企业出口贸易增加值率的促进作用明显大于小型企业;(4)政府补贴不仅没有达到预想的增加出口贸易增加值率的效果,反而弱化了内部现金流和商业信贷能力对出口贸易增加值率的影响;
[Abstract]:Under the environment of economic globalization, the scale of China's export trade expands rapidly. However, does the astonishing increase of total export volume mean that the status of Chinese enterprises in the global production network has also been promoted accordingly? In this paper, the development of relevant theories of global value chain, the measurement of the position of enterprises in global value chain, the relationship between global value chain and value added of export trade, the overview of financing constraints, are discussed in this paper. Financing constraints and related documents such as enterprise exports are systematically combed to find the possible deficiencies of the literature and to carry out the research in this paper from a new perspective. Secondly, using the China Industrial Enterprise Database from 2001 to 2007, the paper makes a descriptive analysis of the changes in the value added rate of different types of export enterprises in China and the financing constraints faced by the enterprises. According to the CES consumer utility function, the mechanism between the financing constraint and the value added rate of export trade is deduced, and the relationship between different types of financing constraints and the value added rate of export trade is obtained. The econometric model of this paper is established to analyze the relationship between financing constraints and export value added rate. Because general trade and processing trade are two main forms of Chinese export trade, the paper calculates the value added rate of export trade by different methods. For the measurement of financing constraints, this paper takes the ratio of cash flow to total assets of enterprises as the proxy index of internal financing constraints, and uses the proportion of interest expenditure in fixed assets as the proxy variable to measure the external financing constraints. The proportion of accounts receivable in product sales income is regarded as the agent variable of commercial credit constraint. In the empirical part, the author makes empirical research and comparative analysis on the whole sample, the sample of ownership, the sample of enterprise scale and the sample of capital intensity of enterprise. The basic conclusions are as follows: (1) on the whole, financing constraint is an important factor affecting the value added rate of China's export trade. The improvement of financing environment and financing ability of enterprises can effectively promote the growth of value added rate of export trade. This will be helpful to the deepening of the position of Chinese export enterprises in the global production division network. (2) in terms of ownership, in processing trade enterprises, The reduction of internal financing constraints can promote the value added rate of export trade of foreign enterprises and private enterprises. In the general trade enterprises, the reduction of internal financing constraints promotes the value added rate of export trade of private enterprises more obviously; (3) the influence of financing environment on the value added rate of export trade is related to the scale of enterprises. The reduction of internal financing constraints has a significant effect on promoting the value added rate of export trade of large and medium-sized enterprises than that of small enterprises; (4) the government subsidies have not only failed to achieve the desired effect of increasing the value added rate of export trade. On the contrary, it weakens the influence of internal cash flow and commercial credit ability on the value added rate of export trade;
【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;F279.2;F275

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