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文章使用企业出口关系持续时间和出口目的地数量度量企业的出口竞争力。通过引入融资约束和生产率异质性构建企业进入退出出口目的地的理论模型,认为融资约束通过盈利性约束和流动性约束两个渠道减少了企业出口关系的持续时间与出口目的地数量。文章使用中国出口企业的微观数据检验发现,融资约束确实减少了企业出口关系的持续时间,这种影响在本土企业、低风险目的地和低收入目的地更大;生产率提高会增加企业出口关系的持续时间,这种影响在外资企业、高风险目的地和低收入目的地更大。融资约束也减少了企业出口目的地数量,这种影响在外资企业更大;生产率提高会增加企业出口目的地数量,这种影响在本土企业更大。文章为融资约束降低企业出口参与与出口规模提供了进一步的解释。
The article uses the duration of export relations and the number of export destinations to measure the export competitiveness of enterprises. By introducing financing constraints and productivity heterogeneity, a theoretical model of the enterprises entering and exiting the export destination is constructed. The financing constraints reduce the duration of the export relationship and the number of export destinations through the two channels of profitability constraints and liquidity constraints. Using the micro-data test of Chinese exporters, the article finds that the financing constraints do reduce the duration of the export relations of enterprises, which is greater in local enterprises, low-risk destinations and low-income destinations; higher productivity will increase the export relations of enterprises Duration, this effect in foreign-funded enterprises, high-risk destinations and low-income destinations greater. Financing constraints also reduce the number of export destinations for enterprises, which is greater in foreign-funded enterprises; productivity increases will increase the number of export destinations for enterprises, an effect that is greater in local enterprises. The article provides further explanation for the financing constraints to reduce the export participation and export scale of enterprises.