信贷约束，生产率与出口价格——理论及实证研究
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| Title | Credit Constraints, Productivity, and Export Prices: Theory and Evidence
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| 作者 | 樊海潮 李瑶 彭方平 |
| Author | Fan Haichao,Li Yao and Peng Fangping |
| 作者单位 | 上海财经大学国际工商管理学院；香港科技大学；中山大学管理学院 |
| Organization | Shanghai University of Finance and Economics; The Hong Kong University of Science & Technology;Sun Yat-sen University |
| 作者Email | fhxac@ust.hk；yaoli@ust.hk；pengfp@mail.sysu.edu.cn |
| 中文关键词 | 信贷约束 生产率 出口价格 内生质量 异质企业 |
| Key Words | Credit Constraints; Productivity; Prices; Endogenous quality; Heterogeneous firms |
| 内容提要 | 本文在Arkolakis（2010）研究基础上，通过在一个异质型企业贸易模型中引入内生的产品质量、信贷约束和销售成本，研究了信贷约束、出口价格和企业生产率间的关系。本文研究表明，企业生产率和出口价格呈现出U-形关系：当生产率低于生产率门槛时，企业最优产品定价随着其生产率提高而递减；生产率高于门槛时，企业最优产品定价随着其生产率提高而递增。而信贷约束只在企业生产率高于生产率门槛时会降低企业产品价格设定，生产率低于门槛时，信贷约束并不影响企业价格设定。更深一步，在企业面临更严厉的信贷约束时，整个关系中起着分界作用的生产率门槛会增大。本文实证研究采用了银行贷款数据，高度细化的外贸产品海关数据库和制造业企业生产数据。实证研究结果进一步支持了上述理论结果。上述结论所隐含的政策含义是政府在资金有限的条件下，应该采取引导和规范民间信贷等方式来放宽企业的贷款约束。这将提高我国企业产品质量，增强我国企业的国际竞争力。另外，为了更好的优化资源配置，政府应该着重放宽信贷约束紧的行业的企业信贷约束。 |
| Abstract | This paper examines how credit constraints affect the relationship between export prices and firm productivity. The model extends Arkalokis (2010) by introducing endogenous quality of variety, credit constraints and marketing costs to a heterogeneous-firm trade model. It predicts a U-shaped relationship between firm productivity and export prices: the optimal prices set by firms decrease with firm productivity if the productivity is lower than the threshold; the optimal prices set by firms increase with firm productivity if the productivity is higher than the threshold. Credit constraints decrease the prices set by the firms with the productivity higher than the productivity threshold, but do not affect the prices set by the firms with lower productivity. Furthermore, the productivity threshold, which demarcates the switching of the relationship between prices and productivity, increases as more severe credit constraints are faced by firms. The empirical application to Chinese bank loans data, Chinese firm-level data from National Bureau of Statistics of China (NBSC), and Chinese Customs data strongly supports these theoretical predictions, and we find a significant impact of credit constraints on the relationship between export prices and firm productivity. |
| 文章编号 | WP530 |
| 登载时间 | 2013-09-13 |
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