摘要
基于世界银行2012年中国企业调查数据,运用Probit模型,从微观层面考察银行信贷融资约束(融资约束)对民营企业出口参与的影响。实证结果表明:融资约束抑制了民营企业的出口参与,且抑制程度具有鲜明的行业和所有制特征;相对于服务业,融资约束对制造业的出口抑制作用更显著;相对于拥有外资股份和国有股份的私营企业,融资约束对完全私营企业的出口抑制作用更显著。进一步分析显示,民营企业可通过引入外资股权、实施新管理流程和增加研发投入等内源性路径缓解融资约束,从而促进出口参与度提升。研究结果不仅能为政府制定合理的民营企业支持政策提供决策参考,也能为我国民营企业缓解融资约束、提高出口参与提供新的思路。
Based on the survey data of the World Bank for Chinese private firms in 2012,the Probit model was used to examine the impact of bank credit financing constraints(financing constraints)on the export participation of private firms.The empirical results show that financing constraints restrain the export participation of private firms,and the degree of inhibition shows distinct industry and ownership characteristics.Compared with service industry,financing constraints restrain the export of manufacturing industry more significantly.Compared with the private firms with foreign capital shares and state-owned shares,financing constraints have more obvious effect on the export of the completely private firms.In addition,private firms can relieve financing constraints through endogenous paths such as introducing foreign equity,implementing a new management process and increasing R&D investment,and thus promote the improvement of export participation.Our research results can not only provide reference for Chinese government to develop appropriate support policy for private enterprises,but also offer new insights for Chinese private enterprises to ease financing constraints and enhance export participation.
作者
蒋墨冰
彭梦涛
潘晓岩
JIANG Mobing;PENG Mengtao;PAN Xiaoyan(School of Economics and Management,Zhejiang Sci-Tech University,Hangzhou 310018,China)
出处
《浙江理工大学学报（社会科学版）》
2020年第6期592-598,共7页
Journal of Zhejiang Sci-Tech University：Social Sciences
基金
浙江省哲学社会科学规划重点项目(19NDJC032Z)
教育部人文社会科学研究青年基金项目(17YJC790062)
浙江省自然科学基金青年项目(LQ18G030016)
浙江省教育厅一般科研项目(Y201737964)。
关键词
民营企业
融资约束
出口参与
外资股权
研发投入
private firms
financing constraints
export participation
foreign equity
R&D investment
