企业出口、生产率与信贷约束：基于中国企业层面的理论和实证分析
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| Title | Exports, Productivity, and Credit Constraints: A Firm-Level Empirical Investigation of China
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| 作者 | 余淼杰 李志远 |
| Author | Yu Miaojie and Li Zhiyuan |
| 作者单位 | 北京大学中国经济研究中心(CCER)； 上海财经大学经济学院 |
| Organization | CCER, Peking University；SHUFE |
| 作者Email | mjyu@ccer.pku.edu.cn；zhyli@mail.shufe.edu.cn |
| 中文关键词 | 信贷约束 异质企业 生产率 出口 |
| Key Words | Credit Constraints; Heterogeneous Firms; Productivity;Export |
| 内容提要 | Melitz（2003）提出的异质性企业贸易模型讨论了企业的生产率对其出口决策的影响。通过在Melitz一般均衡模型中引入了信贷约束，本文进一步研究了企业的信贷约束如何同生产力一起影响着它的出口决策。我们发现，给定其他条件不变，在以下情况下企业更容易进入出口市场：（1）项目成功率大使得企业更容易获得来自金融中介的外部融资；（2）企业有除金融中介以外的来源以获得资金。我们用中国制造业的企业数据检测理论假设，发现了有力的证据支持我们的模型预测结果。 |
| Abstract | Recent Melitz-type (2003) intra-industry heterogonous trade models argue that a firm's productivity has significant effects on the firm's exports. This paper examines how a firm’s credit constraints as well as its productivity affect its export decisions. We imbed the firm's credit constraints into a Melitz-type general-equilibrium model by endogenizing the probability of the success of firm-specific projects. We show that, all else equal, it is easier for firms to enter the export market if (1) the probability of the success of their project is higher and consequently they have easier access to external finance from financial intermediaries; or (2) they have alternative sources, other than from financial intermediaries, to obtain funds. We test these theoretical hypotheses using firm-level data from Chinese manufacturing industries and find strong evidence supporting the predictions of the model. |
| 文章编号 | WP104 |
| 登载时间 | 2011-08-17 |
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