摘要
本文基于中国私营企业调查数据,对民间借贷与企业出口之间的关系展开系统分析。研究发现,企业面临着普遍的融资约束问题,民间借贷作为非正规金融的核心发展模式,是民营企业尤其是中小微企业外部融资的重要途径。同时,民间借贷能够显著促进企业出口,并且这一作用对融资约束程度高的企业样本更为显著。机制检验表明,民间借贷能够通过融资约束渠道和创新驱动渠道影响企业出口。进一步研究发现,民间借贷与正规金融之间存在显著的替代效应,民间借贷能够为受正规金融排斥的企业提供金融支持。此外,本文考虑多种稳健性检验并采用控制函数法解决因双向因果导致的内生性问题后,民间借贷对企业出口的促进作用依然稳健。因此,政府应规范民间借贷的发展,同时为民营企业提供更多正规融资便利,从而促进企业出口。
This paper uses the data of Chinese private enterprise survey to conduct a systematic analysis of the relationship between non-government loan and firms′ export. The study finds that lots of firms are facing a wide range of financing constraints, and non-government loan, as the core development model of informal finance, is an important way for private firms, especially for small and medium-sized firms, to get external financing. At the same time, non-government loan can significantly promote firms′ export, and this effect is more obvious for firms who face high financing constrains. The mechanism test shows that non-government loan can affect the firms′ export through financing constraint channels and innovation channels. Furthermore, there is a significant substitution effect between non-government loan and formal finance, and non-government loan can provide support for firms who are excluded by formal finance. In addition, after considering some robust tests and using control function method to solve the endogenous problems caused by two-way causality, the promotion of non-government loan to firms′ export is soundly established. Therefore, the government should regulate the development of non-government loan and provide more formal finance for private firms so as to promote the export.
作者
张文菲
金祥义
ZHANG Wenfei;JIN Xiangyi(School of Economics,Lanzhou University,Lanzhou 730000,China)
出处
《中南财经政法大学学报》
CSSCI
北大核心
2022年第5期95-107,共13页
Journal of Zhongnan University of Economics and Law
基金
甘肃省哲学社会科学规划一般项目“甘肃省数字经济发展的对外经济效应研究”(2021YB008)
国家自然科学基金青年项目“数字金融驱动中国企业出口价值链升级的机制和政策研究”(72203083)。
关键词
民间借贷
非正规金融
企业出口
外部融资
民营企业
中小企业
Non-government Loan
Informal Finance
Firms′Export
External Financing
Private Firms
Small and Medium-sized Firms
