CAJ | 학술논문

从企业进入国际市场的固定成本出发，本文拓展了一个企业金融约束与出口选择的新一新贸易理论模型，结论显示融资异质性与生产率异质性一样，是决定企业出口与否的重要依据。将企业融资划分为银行的信贷投资和抵押贷款后，融资方式差异对企业出口具有非对称影响，信贷投资促进企业出口的作用优于抵押贷款。使用微观数据进行实证检验后，无论是对全部样本企业的估计，还是对分行业、分地区和分所有制子样本的再估计，上述结论都较为稳健。这些结论对我国当前较为急迫的稳定出口问题，具有重要现实意义。政府应加快国内金融体制的改革与创新，鼓励银行向企业提供信贷投资，以解决潜在出口企业的资金约束问题，不仅有利于提高我国企业出口的广度，而且有利于增加新产品出口种类，以实现出口贸易的稳定发展。
종기업진입국제시장적고정성본출발，본문탁전료일개기업금융약속여출구선택적신일신무역이론모형，결론현시융자이질성여생산솔이질성일양，시결정기업출구여부적중요의거。장기업융자화분위은행적신대투자화저압대관후，융자방식차이대기업출구구유비대칭영향，신대투자촉진기업출구적작용우우저압대관。사용미관수거진행실증검험후，무론시대전부양본기업적고계，환시대분행업、분지구화분소유제자양본적재고계，상술결론도교위은건。저사결론대아국당전교위급박적은정출구문제，구유중요현실의의。정부응가쾌국내금융체제적개혁여창신，고려은행향기업제공신대투자，이해결잠재출구기업적자금약속문제，불부유리우제고아국기업출구적엄도，이차유리우증가신산품출구충류，이실현출구무역적은정발전。
Based on the new-new trade theory, this paper analyzes the relationship between financial constrain and firm export. The findings suggest that the bank financing （overdraft account and mortgage loan） has an asymmetric impact on finn export, and the positive effect of overdraft account on export is more significant than that of mortgage loan. By microscopically examining the relationship between mortgage loan and firm export, we also find that the mortgage loan would have a better promoting effect on finn export when the bank has sufficient information about the firm. Using firm-level data on bank financing and export, an empirical test with Probit model is conducted to verify the above proposition, finding that the above conclusions are robust in samples at all levels. In order to improve the extensive margin of export, China should carry out reforms to provide a better financing environment for domestic enterprises.