经济理论与经济管理
經濟理論與經濟管理
경제이론여경제관리
ECONOMIC THEORY AND BUSINESS MANAGEMENT
2015年
8期
36-46
,共11页
商业信贷%银行信贷%出口参与%异质性企业
商業信貸%銀行信貸%齣口參與%異質性企業
상업신대%은행신대%출구삼여%이질성기업
trade credit%bank credit%participate in export%heterogeneous firm
本文在新新贸易理论框架下，基于商业信贷和银行信贷的综合视角，系统研究了信贷融资对异质性企业出口参与的影响。本文重点围绕商业信贷对银行信贷的促进作用展开分析，从企业层面为中国出口增长“奇迹”提供来自金融视角的证据。本文在异质企业出口模型中引入商业信贷和银行信贷，论证商业信贷和银行信贷通过缓解出口成本融资约束影响企业出口参与，并运用中国制造业企业和 IVprobit 估计方法进行实证检验。本文发现：(1)改善商业信贷和银行信贷融资状况会提高企业出口概率；(2)商业信贷对银行信贷的促进作用有利于企业参与出口；(3)商业信贷对企业出口参与的作用不受企业所有制、企业规模、行业竞争性和企业出口固定成本差异的影响，银行信贷的作用则受上述差异的影响，商业信贷对银行信贷的促进作用受企业所有制和企业规模差异的影响。因此，发展信贷融资、建立商业信贷和银行信贷的互融互通机制，是加快中国出口增长的重要举措。
本文在新新貿易理論框架下，基于商業信貸和銀行信貸的綜閤視角，繫統研究瞭信貸融資對異質性企業齣口參與的影響。本文重點圍繞商業信貸對銀行信貸的促進作用展開分析，從企業層麵為中國齣口增長“奇跡”提供來自金融視角的證據。本文在異質企業齣口模型中引入商業信貸和銀行信貸，論證商業信貸和銀行信貸通過緩解齣口成本融資約束影響企業齣口參與，併運用中國製造業企業和 IVprobit 估計方法進行實證檢驗。本文髮現：(1)改善商業信貸和銀行信貸融資狀況會提高企業齣口概率；(2)商業信貸對銀行信貸的促進作用有利于企業參與齣口；(3)商業信貸對企業齣口參與的作用不受企業所有製、企業規模、行業競爭性和企業齣口固定成本差異的影響，銀行信貸的作用則受上述差異的影響，商業信貸對銀行信貸的促進作用受企業所有製和企業規模差異的影響。因此，髮展信貸融資、建立商業信貸和銀行信貸的互融互通機製，是加快中國齣口增長的重要舉措。
본문재신신무역이론광가하，기우상업신대화은행신대적종합시각，계통연구료신대융자대이질성기업출구삼여적영향。본문중점위요상업신대대은행신대적촉진작용전개분석，종기업층면위중국출구증장“기적”제공래자금융시각적증거。본문재이질기업출구모형중인입상업신대화은행신대，론증상업신대화은행신대통과완해출구성본융자약속영향기업출구삼여，병운용중국제조업기업화 IVprobit 고계방법진행실증검험。본문발현：(1)개선상업신대화은행신대융자상황회제고기업출구개솔；(2)상업신대대은행신대적촉진작용유리우기업삼여출구；(3)상업신대대기업출구삼여적작용불수기업소유제、기업규모、행업경쟁성화기업출구고정성본차이적영향，은행신대적작용칙수상술차이적영향，상업신대대은행신대적촉진작용수기업소유제화기업규모차이적영향。인차，발전신대융자、건립상업신대화은행신대적호융호통궤제，시가쾌중국출구증장적중요거조。
This paper studied the effect of credit financing on firms’export participation based on trade credit and bank credit using the framework of new trade theory focusing on the promoting effect of trade credit on bank credit,which provided microscopic financial evidence of Chinese export growth “miracle”from the firm angle.The credit financing was put into a heterogeneous firm export model to prove the im-provement of trade credit and bank credit will affect the export by easing export cost constraint.An empir-ical analysis using Chinese manufacturing firms and IVprobit model was adopted to confirm our results. The findings were the following.Firstly,the improvement of trade credit and bank credit may increase the probability of the firms’export.Secondly,the positive effect of trade credit on bank credit is helpful for firms to participate in export.Thirdly,the influence of trade credit on firms’export participation is not varied with firms’size,ownership,industrial competitive level and export fixed cost.But the role of bank credit is influenced by the above factors.The role of the positive effect of trade credit on bank credit is af-fected by firms’size and ownership.In conclusion,the developing of the credit financing,the setting up of the mutual exchange mechanism of trade credit and the bank credit are important methods to speed up Chi-nese export growth.
