CAJ | 학술논문

文章利用中国2006年11月至2012年2月的总出口数据和ISIC 3位数水平的行业出口数据，从国家和行业两个层面实证检验了外国的贸易融资条件对中国出口的影响，以及这种影响在2008年金融危机以来的变化。研究表明：贸易融资条件的紧缩对中国出口有阻碍作用，这种作用在需要大量外部融资、获得较少贸易信贷或拥有较少可抵押资产的行业中尤其明显；虽然没有发现金融危机放大紧缩的贸易融资条件对总出口影响的证据，但贸易信贷可获得性较高的行业和拥有较多有形资产的行业，其出口受到的金融危机冲击较显著。
문장이용중국2006년11월지2012년2월적총출구수거화ISIC 3위수수평적행업출구수거，종국가화행업량개층면실증검험료외국적무역융자조건대중국출구적영향，이급저충영향재2008년금융위궤이래적변화。연구표명：무역융자조건적긴축대중국출구유조애작용，저충작용재수요대량외부융자、획득교소무역신대혹옹유교소가저압자산적행업중우기명현；수연몰유발현금융위궤방대긴축적무역융자조건대총출구영향적증거，단무역신대가획득성교고적행업화옹유교다유형자산적행업，기출구수도적금융위궤충격교현저。
Using detailed data of China’s total export in November 2006 to February 2012 and ISIC 3 digit level industry export ,this paper analyzes the impact of credit conditions on China’s export from country and indus‐try aspects ,and the changes in the impact since the 2008 financial crisis .The results indicate that credit con‐straints restrict China’s export ,and the effect is especially significant in the industries that require extensive external financing ,have access to limited trade credit or have fewer mortgage assets .Furthermore ,results pro‐vide no evidence of the effect of credit constraints of financial crisis amplification on China’s export ,but ex‐ports in industries characterized by more trade credit and higher degree of assets tangibility appear to be more sensitive to financial crisis than other industries .