CAJ | 학술논문

本文基于1992-2007年中国各省区的宏观经济面板数据，考察了区域金融约束差异与区域对外贸易之间的关系。结果显示，省区金融发展水平差异显著影响各省区对外贸易总额和出口总额。另外金融发展水平差异对外贸的影响效应存在滞后性，主要表现在对出口贸易总额的影响方面。这表明金融约束对贸易产生影响的微观基础是企业的融资约束，符合从微观企业层面对企业融资约束与企业出口行为之间关系的推断。
본문기우1992-2007년중국각성구적굉관경제면판수거，고찰료구역금융약속차이여구역대외무역지간적관계。결과현시，성구금융발전수평차이현저영향각성구대외무역총액화출구총액。령외금융발전수평차이대외무적영향효응존재체후성，주요표현재대출구무역총액적영향방면。저표명금융약속대무역산생영향적미관기출시기업적융자약속，부합종미관기업층면대기업융자약속여기업출구행위지간관계적추단。
Based on China＇s provincial panel data during the period of 1992 through 2007, this paper examines the relation between differences in financial constraint and variations in foreign trade. The results show that the differences in financial development significantly affect the foreign trades and exports at the provincial level. It is also noted that there is a lag with respect to the effect and mainly in terms of the exports. This supports the thesis that the micro-foundation of the effect of financial constraint on foreign trades lies in the financing restrictions encountered by the firms hoping to broaden their product markets abroad.