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	融资约束、成本异质性与企业出口行为——基于中国工业企业数据的实证分析
	蒋为 ; 顾凌骏 ; JIANG Wei ; GU Ling-jun
	2016-03-30 ; 2016-03-30
关键词	融资约束 成本异质性 企业出口行为 出口决策 Credit constraints Heterogeneity of costs Export activities Ex-port decisions F424
其他题名	Credit Constraints, Heterogeneity of Cost and Export Activities: Evidence from China's Industrial Statistics
中文摘要	本文基于企业异质性贸易理论框架,利用2005-2007年中国工业企业数据,检验了当企业面临不同出口成本时融资约束对企业出口行为产生的不同影响。研究结果发现:首先,按照出口成本性质差异将企业出口行为划分为三种不同出口决策对企业出口行为的解释是有效的。其次,由于面临巨大的沉没进入成本,融资约束显著阻碍了企业进入出口市场。再次,由于固定维持成本数额较小,融资约束在企业面临是否维持出口的决策时并不起到显著作用。最后,在考虑了内生性问题、行业融资依赖问题与地区金融发展问题后本文得到的结论仍然是稳健的。; Export costs which cause heterogeneities among firms determine export decisions. As a result, it helps to understand firms' export activities as well as the trade collapse phenomenon. Based on the theoretical framework of firm heterogeneity and dividing export activities into three sub-categories, this paper employs a large firm-level database of Chinese manufacturing firms of the year 2006 to investigate whether financial constraints and productivity influence firms' export activities differentially in different decisions of exports. The investigation is based on the fact that export costs in the three decisions are different in size and riskiness. Our findings suggest it is useful to study export activities of three types of firms considering the cost heterogeneity. The significant influence of financial constraints is highlighted in the participation decision as a result of a large amount of sunk entry costs. Given that the fixed carrying cost is not as large as the sunk entry cost, financial constraints do not play a significant role in the export decisions of continuous exporters.
语种	中文 ; 中文
内容类型	期刊论文
源URL	[http://ir.lib.tsinghua.edu.cn/ir/item.do?handle=123456789/145506]
专题	清华大学
推荐引用方式 GB/T 7714	蒋为,顾凌骏,JIANG Wei,等. 融资约束、成本异质性与企业出口行为——基于中国工业企业数据的实证分析[J],2016, 2016.
APA	蒋为,顾凌骏,JIANG Wei,&GU Ling-jun.(2016).融资约束、成本异质性与企业出口行为——基于中国工业企业数据的实证分析..
MLA	蒋为,et al."融资约束、成本异质性与企业出口行为——基于中国工业企业数据的实证分析".(2016).

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