摘要
本文利用中国工业企业数据库和海关贸易数据系统考察了集群商业信用对中国制造业企业进口的影响及其传导机制。实证研究发现,集群商业信用对企业进口具有显著的促进作用。渠道检验表明,集群商业信用的使用不仅缓解了企业面临的融资约束,同时推动了企业生产规模的扩张,从而促进了企业进口规模的提升。异质性分析发现:集群商业信用对民营企业、纯一般贸易企业和外部融资依赖度高的企业进口的促进作用更强;就产品类型而言,集群商业信用的进口扩张效应主要集中于中间品和资本品。本文最后采用生存分析方法考察了集群商业信用对企业进口持续时间的影响,发现集群商业信用倾向于降低企业退出进口市场的风险率,即延长了企业的进口持续时间。
Based on the firm-level micro data and highly dis-aggregated customs data, this paper analyzed the impact as well as mechanism of clustering trade credit on the import of Chinese manufacturing firms. The results show that clustering trade credit significantly improves the import scale of firms. The mechanism tests show that the alleviation of financing constraints and the expansion of production scale are two important intermediate channels for the promotion of import by clustering trade credit. Further heterogeneity analysis shows that the import expansion effect of clustering trade credit is larger for private firms, pure ordinary trading firms and those with high dependence on external financing. In terms of product types, this positive effect mainly concentrates on intermediate goods and capital goods. Finally, adopting the survival analysis method, this paper investigates the impact of clustering trade credit on firm import duration, and finds that clustering trade credit tends to reduce the risk rate of firms exiting the import market, that is, to extend import duration.
作者
毛其淋
钟一鸣
MAO Qilin;ZHONG Yiming(School of Economics,Nankai University,Tianjin,300071)
基金
国家自然科学基金项目“贸易开放与我国制造业产能利用率:因果效应、机制及对策研究”(72073074)
南开大学文科发展基金项目“外资政策动态调整与中国制造业产能过剩问题研究”(ZB21BZ0203)
南开大学文科发展基金项目“贸易保护、反倾销与制造业多产品企业出口行为研究”(ZB21BZ0302)
霍英东教育基金会高等院校青年教师基金项目“人力资本对中国企业创新与对外贸易转型升级的影响研究”(171075)
2021年度高端科技创新智库青年项目“互联网发展对中国劳动力市场的影响研究”(2021109)。
关键词
商业信用
进口
企业绩效
Trade Credit
Import
Firm Performance
