摘要
与直接出口相比,间接出口降低了企业出口的固定成本,但增加了出口的可变成本。本文首先在Melitz(2003)的理论框架下引入融资约束和多种出口模式,研究发现融资约束大的企业更倾向于选择间接出口模式,以节约出口固定成本和缓解融资约束。基于此,本文利用世界银行2012年中国企业调查数据实证检验了融资约束对我国企业出口模式的影响。本文发现:第一,融资约束的增加不仅增加了企业间接出口的可能性,也增加了间接出口规模;第二,对外部融资依赖较大的企业而言,融资约束的增加对企业间接出口模式和间接出口规模的影响更加明显;第三,生产率对企业出口模式的影响不明显,但企业规模、经营时间、外资和研发投入的增加降低了间接出口的概率和规模。总之,融资约束的增加迫使企业选择间接出口模式,以节约出口的固定成本,而这对外部融资依赖较大的企业更加明显。
Compared with direct export, indirect export reduces the fixed cost of export while increasing the variable cost of export. This paper introduces financing constraint and different export modes in the theoretical framework of Melitz（2003）. This paper finds that enterprises with strong financing constraints tend to choose indirect export in order to save fixed cost of export and mitigate financing constraint. Using the investigation data of China enterprises from World Bank in 2012, this paper empirical[y tests the impact of financing constraints on China enterprises＇ export modes. Main findings are as follows. Firstly, the increase of financing constraint increases not only the probability of enterprises＇ indirect export but also the scale of indirect export. Secondly, for enterprises which rely more on external financing, financing constraint exerts more impact on the indirect export mode and indirect export scale. Thirdly, the effect of productivity on enterprises＇ export modes is not significant, but the increase of enterprise sca[e, hours of operation, foreign capital and R^D investment can reduce the probability and scale of indirect export. In conclusion, this paper finds that the increase of financing constraint pushes enterprises to choose indirect export so as to save the fixed cost of export. This phenomenon is more significant in enterprises which rely more on external financing.
出处
《财贸经济》
CSSCI
北大核心
2016年第5期106-118,共13页
Finance & Trade Economics
基金
自然科学基金面上项目"中国企业海外并购与产业国际竞争力研究"(71273142)
自然科学基金青年项目"中国企业对外直接投资的贸易效应和就业效应"(71503221)
关键词
融资约束
直接出口
间接出口
全要素生产率
Financing Constraint, Direct Export, Indirect Export, Total Factor Productivity
