摘要
基于早期商业银行管理制度中曾经存在的存贷比指标监管现象,选取代理变量分析了金融抑制条件下外部融资成本如何影响异质性企业借助外源融资进入出口市场。以2000-2007年中国工业企业数据库和《中国金融年鉴》的合并数据为样本,研究发现在总体层面上企业倾向于借助外源融资参与出口,即存在普遍的融资-出口关系,但是金融抑制所产生的外部融资成本改变了这一关系,导致位于高存贷比地区的企业不再倾向于通过外源融资参与出口。该结论与通过构建异质性企业出口模型所得到的假说保持一致,且在固定效应工具变量法和分样本检验中保持稳定。此外,通过对不同出口类型企业的分组研究发现,相比于间断出口企业,新出口企业和持续出口企业更加依赖于外源融资,因此对外部融资成本的变化更加敏感。
Based on the supervision phenomenon of deposit loan ratio index in the early commercial bank management system and by selecting proxy variable,this paper analyzes how the external financing cost influences heterogeneous enterprises’entering export market through external financing under the condition of financial repression.With the combined data of China industrial enterprise database and Financial Statistical Yearbook from 2000 to 2007 as samples,this study finds that on the whole,enterprises tend to participate in exports by means of external financing,i.e.,there exists a general financing-export relationship,but the external financing cost caused by financial repression has changed this relationship,which results in the enterprises located in areas with high deposit loan ratio no longer tending to participate in exports through external financing.This conclusion is consistent with the hypothesis obtained by constructing the export model of heterogeneous enterprises,and is stable in the fixed effect instrumental variable method and the sub-sample test.In addition,it is found through a grouping research on different types of export enterprises that compared with intermittent export enterprises,new export enterprises and continuous export enterprises are more dependent on external financing and therefore are more sensitive to the change of external financing cost.
作者
邱斌
曾彦博
QU Bin;ZENG Yanbo(School of Economics and Management,Southeast University,Nanjing 211189,China)
出处
《山东财经大学学报》
2020年第3期5-16,共12页
Journal of Shandong University of Finance and Economics
基金
国家社会科学基金重点项目“来华留学教育产业对我国经济长期影响的研究”(15AJY001)
江苏省第五期“333”工程项目(BRA2017369)
江苏高校哲社研究重大项目“江苏产业迈向价值链中高端的机制与路径研究”(2018SJZDA011)
中央高校基本科研业务费资助“服务贸易促进我国经济结构服务化的内在机制与发展对策研究”(2242019S10011)
中央高校基本科研业务费资助“全面开放新格局下我国贸易强国建设的动能转换研究”(2242018S10013)。
关键词
外部融资成本
企业异质性
出口
金融抑制
external financing cost
enterprise heterogeneity
export
financial repression
