| In the three decades of reform and opening up,relying on the processing trade model with the characteristics of large input large export and both-ends-abroad,China's export trade has achieved rapid growth in average nearly 15%per year.In 2000,China's goods export is $249.2 billion and ranked seventh in the world.In 2007 it reached $1.2 trillion,and at that time China becomes the world's largest export country for the first time.In 2015 China,export advantage expanded further.In the world's 5579 export projects,China has 1762 projects randed first in the world accounted for the proportion of export share,whild German the second largest export country only had 638 projects in the first place.However,the real factor that determines a country's export advantage is not how much it exports,but what it exports or how it exports.With the acceleration of the shift of China's economy,our state government has repeatedly stressed that the change of trade mode,development goal is no longer trading large,but the real trade power.However,The external economies of China is going through a downturn,economic growth of China suffered a "L" type bottom.Under this background,based on the the framework of new trade theory,starting from the credit constraints,considering the resource allocation effect,this paper studies the export of Chinese enterprises,and tries to answer the following questions:in the enterprise production process,how much influence credit constraints have on the allocation of resources,which includes the impact of credit constraints on the distribution of factor compensation,also includes the impact of credit constraints on whether the elements to achieve the optimal ratio?To what extent credit constraints,mismatch of resources affecting China's export which includes not only the export intensive margin but also the export product quality.Under the realistic background and theoretical background,this paper studies the relationship among financing constraints,resource allocation and enterprises' export step-by-step.Four questions are investigated.That are how financing constraints affect on the labor income share and the missallocation of resources,the influence allocation of resource has on export behavior,and the effect of credit constrints on the quality of export products through the effect of allocation of resource.The main conclusions of this paper could be summarized as follows:1.How does credit constraints affect labor income share?Based on current capital,this paper analyzes the mechanism of the impact on the labor income share in the neoclassical factor distribution model.Then this paper conducts empirical research and robust analysis using China's industrial enterprise data.The empirical results show that:endogenous credit constraints which is solid related to current cost have significant negative effect on labor income share,meanwhile,the counterpart effect is much more outstanding in the non-state-owned enterprises;intensifying exogenous credit constraints,however,reducing the extrusion effect on current cost of companies,could finally promote the increase of labor income share;Besides,monopoly power of firms and the different ownership capital share in paid-in capital will both distinctly affect the degree of influence of credit constraints on the labor income share.2.Credit constrints and misallocation.Based on the theoretical framework of Hsieh and Klenow(2009),this paper used the database of Chinese industrial enterprises to measure the overall resources mismatch within enterprise and the mismatch within industries.Under series of empirical analysis,the conclusions show that:There is a nonlinear relationship between credit constraints and the mismatch of resources within the firm,so is with the mismatch of resources within the industry.Under the U type relationship,with the increase of credit constraints,the mismatch of resources within the firm and within the industry will decrease and then increase;The absolute value of the coefficient that credit constraints affect the mismatch of resources is smaller in the non state owned enterprises sample then that in the sample of state-owned enterprises;In the eastern region,the resource mismatch caused by credit constrints is more serious.The coefficient of credit constraints in labor-intensive industries is no longer significant,while the results in capital intensive industries are robust3.Misallocation and firms' exporting behavior.Based on the measurement of the overall resources mismatch within enterprise,We introduced "productivity effect" and"factor substitution effect",the two mechanism that the misallocation affects export behavior.Then heckman model was used to do empirical study.The empirical results show that "factor substitution effect" played a major role.Due to the factor substitution dividend,misallocation would increase the probability of export and the export scale.While labor distortion is harm to export behavior.Processing trade caused the probability of export higher and export more by capital distortion.The tight financing constraints would increase firms' export probability and export intensity.There is significant interaction between financing constraints and resource mismatch.4.Credit constrints,misallocation and quality of export product.Through the empirical analysis,we found that credit constraints have U type impact on the quality of export products.Credit constraint measured by financing cost and the quality of export products are inverted U type relationship,when the financing cost is higher than 24.21%,inhibition of financing constraints to appear.Credit constraints measured by net tangible assets ratio(nta)or current assets and current liabilities ratio(ctal),have the U type or inverse U type with the quality of export products.Endogenous financing constraints and financing constraints comprehensive evaluation index have no significant effect on the quality of export.At the same time,the research concludes two effects that the allocation of resources on the quality of export products:labor income share and misallocation have negative influence on the quality of export products.Finally,the combination of analysis on the financing constraints and the effect of resource allocation,explains why different credit constraint indexs affect the quality of export product different.The indirect impact of credit constraints on the quality may be through the two channels called "labor income share effect" and "factor misallocation effect".Then mediating effect model and related test confirmed the intermediate channel. |
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