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本文以企业资产增长率相对于现金流敏感性为基础的方法,估算企业所面临的融资约束指数变量,来研究融资约束对企业出口行为的影响。本文得到的基本结论是:多种计量方法的结果均显示,融资约束对中国企业出口的障碍作用只表现在集体以及私人所有性质的民营企业方面,而独立法人的民营企业、国有以及外资企业中融资约束对企业出口的障碍作用并不突出;在私人所有性质的氏营企业中,小规模、劳动密集型以及没有与政府建立联系的企业的融资约束对企业出口的障碍作用,相对更为突出。进一步的研究还发现,现阶段的金融市场化改革并没有缓解私人所有性质民营企业中融资约束对企业出口的障碍作用,相反,一定程度上还强化了这种效应。本文的研究表明,融资约束对企业出口的障碍作用既源于企业自身特征,也来自于我国现阶段金融体系发展滞后与政府干预特征。加快进行金融体系改革能够促进我国民营企业的出口以及出口能力的升级。
Based on the method of the growth rate of corporate assets relative to cash flow sensitivity, this paper estimates the financing constraints index variables that companies face, and studies the influence of financing constraints on the export behavior of firms. The basic conclusion of this paper is that the results of various measurement methods show that the obstacles to the export of Chinese companies by financing constraints are only reflected in collective and privately-owned private enterprises, while private companies, state-owned and foreign-funded enterprises have independent legal entities. Financing constraints do not play a significant role in barriers to corporate exports. Among the privately owned companies, the constraints of the financing constraints of small-scale, labor-intensive, and companies that have no ties with the government are relatively more prominent. . Further research also found that the current financial marketization reform has not alleviated the obstacles that the financial constraints of private-owned private enterprises have on the export of enterprises. On the contrary, it has also strengthened this effect to some extent. The research in this paper shows that the obstacles to the export of financing constraints are not only due to the characteristics of the company itself, but also due to the lagging development of the current financial system in China and the characteristics of government intervention. Accelerating the reform of the financial system can promote the upgrading of China’s private enterprises’ export and export capabilities.