CAJ | 학술논문

融资约束是制约企业出口的重要因素，对金融市场不发达的中国更是如此，这无法解释中国对外贸易快速发展的现实。本文将融资约束引入异质企业贸易模型，发现企业可以通过银行信贷、商业信贷、内部储蓄和跨国企业融资四重途径获取进入出口市场的资金，并且商业信贷还可以极大地促进银行信贷。进而运用2004—2007年中国40余万家企业数据进行实证检验，结果发现：上述融资途径可以提高企业出口参与、出口强度和出口规模；商业信贷对银行信贷的促进作用使拥有商业信贷的企业，不论出口参与还是出口规模与出口强度都优于没有商业信贷的企业。本文为探讨中国企业出口融资提供了综合性视角，为理解中国出口贸易奇迹和制定相关外贸政策提供了理论依据和实证支持。
융자약속시제약기업출구적중요인소，대금융시장불발체적중국경시여차，저무법해석중국대외무역쾌속발전적현실。본문장융자약속인입이질기업무역모형，발현기업가이통과은행신대、상업신대、내부저축화과국기업융자사중도경획취진입출구시장적자금，병차상업신대환가이겁대지촉진은행신대。진이운용2004—2007년중국40여만가기업수거진행실증검험，결과발현：상술융자도경가이제고기업출구삼여、출구강도화출구규모；상업신대대은행신대적촉진작용사옹유상업신대적기업，불론출구삼여환시출구규모여출구강도도우우몰유상업신대적기업。본문위탐토중국기업출구융자제공료종합성시각，위리해중국출구무역기적화제정상관외무정책제공료이론의거화실증지지。
Financing constraint is an important factor for restricting export, especially in China with imperfect financial market. This phenomenon can＇t explain the booming development of international trade in China. This paper establishes a heterogeneous enterprise model under financing constraint and finds that domestic savings, bank credit, trade credit and transnational enterprises help enterprises get funds for export, and trade credit improves bank trade. We also have done empirical tests using data of more than 40 thousand Chinese enterprises from 2004 to 2007. It is found that the above financial ways not only improve firms to participate in export, but also improve export strength and export scale. Meanwhile, the effects of trade credit on bank credit make firms that having credit trades are better than firms without trade credit in export participation, export scale and export strength. This paper provides not only a comprehensive point of view in understanding export financing in China, but also the theory basis and empirical support in understanding Chinese international trade miracle and formulating related international trade policies.