摘要
随着异质性企业出口研究逐步深入,融资约束越来越多地被纳入到异质性企业模型框架中。从银行信用风险角度考察企业所受信贷融资约束,根据内部评级法计算企业违约概率并判断融资约束大小,分析其对企业出口决策及生产率造成的影响。结果表明企业出口扩展边际与信贷融资约束具有显著的负向关系,而且其他融资约束条件及企业生产率也与银行授信具有一定的相关性。通过实证研究表明企业信贷融资约束与其他内外源融资约束和生产率的交互作用对企业出口决策具有显著的负向影响。
With the deepening of the heterogeneous enterprise export research, financing constraints were gradually included in heterogeneous model framework. From a point of view of enterprise credit risk from the bank by credit constraints and according to the probability of default judgment of the enterprise financing constraints size, this paper analyzes the effects on the enterprises export decisions and productivity. Results show that the enterprise exports expanded significantly negative relationship between marginal and credit financing constraints, and other financing constraints and enterprise productivity is closely associated with bank credit. The empirical research shows that corporate credit financing constraints and other internal and external source financing constraints and the interaction of the productivity of enterprises have negative impact on enterprises ＇ export decision.
出处
《山东大学学报（哲学社会科学版）》
CSSCI
北大核心
2017年第1期97-105,共9页
Journal of Shandong University(Philosophy and Social Sciences)
关键词
企业出口
信用风险
内部评级
Enterprise exports
Credit risk
Internal rating
