摘要
立足于中国不完善的金融市场发展实践和多产品企业占主导地位的客观现实,通过纳入时空双重维度,从出口产品进入退出率和产品集中度两个方面动态出发,研究了融资约束对企业出口产品转换的影响机制。实证结果表明:总体来看,融资约束显著降低了企业出口产品进入退出率,但对出口产品集中度没有显著影响;从企业不同所有制性质看,融资约束对民营企业和外资企业的出口产品进入退出率和国有企业的产品集中度具有抑制作用;从贸易模式看,融资约束降低了加工贸易企业的出口产品进入退出率,提高了一般贸易企业的出口产品集中度;从技术密集度看,融资约束越大时,低技术和高技术密集型企业的出口产品进入退出率越低,低技术和中高等技术密集型企业的出口产品集中度会相应提高。这一研究结论不仅展现了企业内资源配置影响因素方面的经验证据,还为优化资金结构、培育出口竞争新优势提供了参考依据。
This paper analyses the influence mechanism of financing constraints on export products switching within firms from the perspective of time and space by using the rate of export product entry and exit and the product concentration,and gives micro-level evidence based on imperfect Chinese financial market development practice and objective reality of China’s multi-product enterprises.It shows that in general financial constrains reduce the rate of product adding and dropping rate significantly,but have no effect on the concentration of export products.From the perspective of different ownership of enterprises,financial constraints have a negative effect on the product adding and dropping rate of the private and foreign enterprises,and on the products’concentration of state-owned enterprises.From the perspective of trade mode,financial constraints reduce the adding and dropping rate of export products of processing trade enterprises,and increase the concentration of export products of common trade enterprises.From the perspective of technology intensive,the higher the financial constraints is,the lower the entry and exit rate of export products of low technology and medium and high technology intensive enterprises is,and the export concentration of low technology and medium and high technology intensive enterprises will increase.The findings not only provide empirical evidence for factors affecting the allocation of resources within the enterprise,but also provide a reference for optimizing the capital structure to cultivate the new advantage of export competition.
作者
桑瑞聪
杜宇玮
李雪
SANG RuiCong;DU YuWei;LI Xue(Shanghai Lixin University of Accounting and Finance, Shanghai 201209;Jiangsu Provincial Academy of Social Sciences, Nanjing 210004;Fudan University, Shanghai 200433)
出处
《财贸研究》
CSSCI
北大核心
2021年第5期1-11,共11页
Finance and Trade Research
基金
教育部人文社会科学研究青年项目“中国出口产品结构动态演化机制及其对经济绩效的影响研究”(19YJC790107)
上海立信会计金融学院“序伦学者”人才计划
国家社会科学基金青年项目“全球创新链视角下的中国生产性服务业内生性发展机制研究”(17CJY045)。
关键词
融资约束
出口产品转换
企业内资源配置
多产品出口企业
出口竞争新优势
financial constraints
export products switching
resource allocation within firms
multi-product export firms
new advantages of export competition
