摘要
基于拓展的异质性企业贸易模型,从融资约束的视角考察贸易政策不确定性对企业出口模式的影响机制,并利用中国加入WTO后获得美国授予的永久正常贸易关系地位这一准自然实验,构建倍差法模型进行估计,运用2000—2013年高度细化的中国微观贸易数据进行实证分析。研究结果表明:随着贸易政策不确定性的降低,企业从事一般贸易出口的比重将上升,通过加工贸易出口的比重将下降;考虑贸易政策不确定性与融资约束的交互效应后发现,与低融资约束部门内的企业相比,贸易政策不确定性下降对高融资约束部门内的企业从事一般贸易出口概率的影响更大。处理内生性问题后,实证研究结果依然稳健。因此,在外部不确定性环境下,中国应发挥“有为政府”的作用,优化外贸营商环境,推进金融改革向纵深发展,引导企业加快转型升级,从而实现向全球价值链高端环节攀升。
Based on the expanded standard heterogeneous enterprise trade model,this paper examines the impact mechanism of trade policy uncertainty on enterprise export mode from the perspective of financing constraints,constructs a DID model based on the quasi natural experiment that China has won the permanent normal trade relations status granted by the United States after China's entry into WTO,and makes an empirical analysis by using the highly detailed China's Micro-trade data from 2000 to 2013.The results show that with a reduction of trade policy uncertainty,the proportion of enterprises engaged in general trade exports will increase,and the proportion of exports through processing trade will decrease.Considering the interaction between trade policy uncertainty and financing constraints,it is found that the decline of trade policy uncertainty has a greater impact on the probability of pure general trade export of enterprises in high financing constraints than those in low financing constraints.After dealing with endogenous problems,the empirical results remain stable.Therefore,in the external uncertainty environment,China should give full play to the advantages of the competent government,accelerate the optimization of the foreign trade business environment,promote the in-depth development of financial reform,and guide the orderly transformation of enterprises,so as to realize the climb to the high-end of the global value chain and industrial chain.
作者
刘晴
李雨晴
张艳超
LIU Qing;LI Yuqing;ZHANG Yanchao(School of Economics, Hefei University of Technology, Hefei 230601, China)
出处
《南京财经大学学报》
CSSCI
2022年第1期97-108,共12页
Journal of Nanjing University of Finance and Economics
基金
国家自然科学基金项目“贸易政策不确定性、融资约束异质性与贸易福利效应”(71873044)。
关键词
贸易政策不确定性
融资约束
出口模式
异质性企业
贸易转型
trade policy uncertainty
finance constraints
export mode
heterogeneous enterprises
trade transformation
