融资约束与中小企业的出口行为:广度和深度
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财经研究 2012 年 第 38 卷第 10 期, 页码：135 - 145
摘要
参考文献
摘要
文章基于新新贸易的企业异质性理论,研究了融资约束对我国企业出口深度和广度的影响。文章首先通过理论模型考察银行根据企业规模做出的信贷选择如何通过融资约束作用于企业出口的深度和广度,然后采用世界银行大样本的企业微观面板数据,运用probit非线性估计和企业层面的固定效应方法进行实证分析,得出如下结论:第一,企业内部的流动性影响企业出口量,而外源融资约束不仅影响企业出口量,还影响企业能否出口的选择;第二,相比于大企业,中小企业的外源融资能力对出口的广度和深度具有更显著的促进作用;第三,较之西部地区的中小企业,东部地区的中小企业对外源融资约束的敏感性更高。
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[3]孙灵燕,李荣林.融资约束限制中国企业出口参与吗?[J].经济学(季刊),2011,11(1):231-252.
[4]Berman N,Hericourt J.Financial factors and the margins of trade:Evidence fromcross-country firm-level data[J].Journal of Development Economic,2010,93:206-217.
[5]Bernard A B,Jensen B.Exceptional exporter performance:Cause,effect or both?[J].Journal of International Economics,2004,82(2):561-569.
[6]Chaney T.Liquidity constrained exporters[R].Mimeo,University of Chicago 2004.
[7]Du J,Girma S.Finance and firm export in China[J].Kyklos,2007,60(1):37-54.
[8]Feenstra R,Li Z,Yu M.Export and credit constraints under incomplete information:Theory and evidence from China[R].NBER Working Paper NO.16940,2011.
[9]Levinsohn J,Petrin A.Estimating production functions using inputs to control for un-observables[J].Review of Economic Studies,2003,70:317-341.
[10]Manova K.Credit constraints,heterogeneous firms and international trade[R].NBERWorking Paper Wo.14531,2008.
[11]Melitz M.The impact of trade on intra-industry reallocations and aggregate industryproductivity[J].Econometrica,2003,71:1695-1725.
[12]Minetti R,Zhu S.Credit constraints and firm export:Microeconomic evidence from It-aly[J].Journal of International Economics,2011,83:109-125.
[13]Muuls M.Exporters and credit constraints:A firm-level approach[R].Working Pa-per,National Bank of Belgium,2008.
引用本文
陈琳, 何欢浪, 罗长远. 融资约束与中小企业的出口行为:广度和深度[J]. 财经研究, 2012, 38(10): 135–145.
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