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
3期
34~49
,共null页
融资约束 出口倾向 出口强度 Heckman选择模型
融資約束 齣口傾嚮 齣口彊度 Heckman選擇模型
융자약속 출구경향 출구강도 Heckman선택모형
financing constraints; export propensity; export intensity; Heckman selection model
本文采用世界银行2012年对中国境内2 700家企业的普查数据,分析企业外部融资约束对企业的出口倾向、出口强度的影响,本文的实证分析发现：企业面临外部融资约束时,不仅会显著降低企业参与出口的可能性,还会显著降低企业产品出口销售比例。不同的企业外部融资约束对企业出口行为有不同的影响。具体而言,贷款申请程序复杂、利率太高带来的外部融资约束会显著降低企业产品出口销售比例;贷款规模和期限不足带来的外部融资约束会显著降低企业参与出口的可能性;抵押要求太高带来的外部融资约束既会显著降低企业参与出口的可能性,也会显著降低企业产品出口销售比例。
本文採用世界銀行2012年對中國境內2 700傢企業的普查數據,分析企業外部融資約束對企業的齣口傾嚮、齣口彊度的影響,本文的實證分析髮現：企業麵臨外部融資約束時,不僅會顯著降低企業參與齣口的可能性,還會顯著降低企業產品齣口銷售比例。不同的企業外部融資約束對企業齣口行為有不同的影響。具體而言,貸款申請程序複雜、利率太高帶來的外部融資約束會顯著降低企業產品齣口銷售比例;貸款規模和期限不足帶來的外部融資約束會顯著降低企業參與齣口的可能性;牴押要求太高帶來的外部融資約束既會顯著降低企業參與齣口的可能性,也會顯著降低企業產品齣口銷售比例。
본문채용세계은행2012년대중국경내2 700가기업적보사수거,분석기업외부융자약속대기업적출구경향、출구강도적영향,본문적실증분석발현：기업면림외부융자약속시,불부회현저강저기업삼여출구적가능성,환회현저강저기업산품출구소수비례。불동적기업외부융자약속대기업출구행위유불동적영향。구체이언,대관신청정서복잡、리솔태고대래적외부융자약속회현저강저기업산품출구소수비례;대관규모화기한불족대래적외부융자약속회현저강저기업삼여출구적가능성;저압요구태고대래적외부융자약속기회현저강저기업삼여출구적가능성,야회현저강저기업산품출구소수비례。
Using Chinese 2 700 corporate data from the World Bank 2012 Enterprise Surveys,this paper analyzed the effects of corporate external financing constraints on enterprises＇export propensity and export intensity.The empirical results suggested that enterprises suffering external financing constraints would significantly reduce their export propensity and the proportion of export sales.Enterprises exposed to different external financing constraints had different effects on its export behavior.Specifically,the loan application process complexity,high interest rates resulting in external financing constraints could significantly reduce the proportion of export sales,while insufficient loan size and duration would significantly reduce the likelihood of enterprises to participate in the export.Too high collateral requirements significantly reduced both the likelihood of enterprises＇export propensity and the proportion of export sales of enterprise products.
