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以中国为例,讨论了融资约束对企业资本品进口边际的影响。理论上,基于异质性企业贸易理论的研究表明,融资约束通过进口资本品引致的固定成本和可变成本影响了企业资本品的进口边际。实证上,利用相匹配的中国工业企业数据库和海关数据库的数据进行经验分析,发现企业遭遇的外源与内源融资约束都会限制企业资本品进口的扩展边际,并且这种抑制作用在企业所有制层面与进口国来源层面上具有显著异质性;但融资约束并不能阻碍企业资本品进口的集约边际。对初次进口资本品与研发支出较高的企业,融资约束的缓解更能刺激这些企业资本品进口的扩展边际。
Taking China as an example, we discuss the impact of financing constraints on the marginal import of capital goods of enterprises. Theoretically, the research based on the theory of heterogeneous firm trade shows that the fixed cost and variable cost caused by the financing constraint through the import of capital goods affect the import marginal of the enterprise’s capital goods. Empirically, using the data of China’s industrial enterprises and customs databases, we find that the exogenous and endogenous financing constraints of the enterprises will restrict the expansion margin of the import of capital goods, and this inhibition is at the level of the enterprise ownership And the origin of the importing country has significant heterogeneity; but financing constraints and can not hinder the import of enterprise capital goods intensive margin. The ease of financing constraints will stimulate the expansion margin of imports of capital goods of these enterprises for the enterprises that import the capital goods for the first time and whose research and development expenditures are relatively high.