| In the process of China’s economic and social development,financing constraints have always been a key factor restricting the development of enterprises.Although since the reform and opening up,the Chinese government has carried out a series of reforms to improve the financial market,but China’s financial market is still imperfect.Constraints are still widespread.As far as China is concerned,there is not only financial repression in the general sense,but also credit discrimination based on the nature of ownership.At the same time,as the global production network continues to deepen and expand,trade in intermediate goods accounts for an increasing proportion of global trade.Imported intermediate goods have become an important part of China’s imported goods.For importing countries,intermediate products are an important way to improve technology and product quality,and have a significant impact on the final output and profits of enterprises.Therefore,the development of imported intermediate goods trade has become an important force in promoting the transformation and upgrading of Chinese enterprises.However,in reality,there is a situation in which under the imperfect Chinese financial market,companies that could have imported will be unable to import intermediate products,especially advanced and high-quality intermediate products,because of financing constraints.The question that this dissertation aims to solve is whether financing constraints will affect the import of intermediate goods by enterprises? Will financing constraints have an adverse effect on the quality of the company’s export products,the enterprise mark-up rate,and the domestic value added of exports? What role does the import of intermediate goods play? This dissertation will carry out corresponding research based on these issues,which is of great significance for the development of China’s foreign trade and the transformation of an open economy.This dissertation is based on the theory of heterogeneous enterprise trade,with financing constraints as the basic starting point,combined with the import of intermediate goods,to discuss the impact of the two on the export performance of Chinese enterprises(export product quality,Markups and export domestic value added).The general idea is that this dissertation first builds a theoretical model to study the impact of financing constraints and intermediate product imports on enterprise export performance,and extracts three propositions that need to be verified;then builds a corresponding measurement model based on the aforementioned theoretical model to determine financing constraints and intermediate product imports Conduct empirical tests on the impact of enterprise export performance;finally,combine theoretical models and conclusions drawn from empirical studies,and put forward corresponding countermeasures and suggestions and directions for future research.Therefore,in addition to the introduction and conclusions,the research content of this dissertation also includes six chapters,and the specific arrangements are as follows:The introduction part first introduces the research background and significance of this dissertation.Then it explains the research ideas,research methods and structure of this dissertation.Finally,it points out the innovations and shortcomings of this dissertation.The first chapter is a literature review.By combing the existing domestic and foreign research literature,this chapter mainly combs the existing related literature from three aspects: financial constraints related research,financial constraints and corporate export performance related research,and financial constraints,intermediate goods import and corporate export performance related research.Finally,a brief summary and commentary are made on the basis of summarizing the literature.The second chapter is theoretical analysis.Based on the analysis of the theoretical basis of financing constraints and the mechanisms of financing constraints and intermediate imports on firms’ export performance,this chapter further expands and analyzes the model by including financing constraints and imports of intermediate goods in the quality endogenous model.It studies the impact of financing constraints and intermediate goods imports on the three indicators of firms’ export performance,export product quality,cost plus and export domestic value added,and finally puts forward three empirical propositions to be tested in this dissertation.The third chapter is the description of the current situation.Based on the analysis of the financing constraints of Chinese enterprises and the current situation of the import of intermediate goods,this chapter provides the corresponding realistic basis for the empirical research in the following dissertation.The analysis of the current situation of Chinese enterprises’ financing constraint is mainly from three aspects: enterprise financing environment,characteristics of enterprise financing and problems existing in enterprise financing constraints.The analysis of the current situation of intermediate goods import is carried out from three aspects: import trade statistics of intermediate goods,import trade structure of intermediate goods and import origin country of intermediate goods.The fourth chapter is the empirical analysis of the impact of financing constraints and import of intermediate goods on the quality of enterprise export products.This chapter is mainly based on the conclusions of theoretical analysis,by constructing a measurement model,and using the matching data of the Chinese industrial enterprise database and the Chinese customs database to test the relationship between financing constraints,intermediate goods imports and the quality of enterprise export products.It is found that financing constraints not only directly affect the quality of enterprise export products,but also indirectly affect the quality of enterprise export products through the import of intermediate products.The fifth chapter is the empirical analysis of the impact of financing constraints and intermediate goods imports on the cost plus of enterprises.This chapter aims to verify the direct and indirect effects of financing constraints on the cost-plus of enterprises through empirical research.Combining the theoretical and empirical research of the existing literature,it first verifies the direct effect of financing constraints on the cost-plus of enterprises.Then,by referring to the analysis of intermediary effect by Cai and Xu(2017),We verify the impact of financing constraints on the import of intermediate goods and the impact of import of intermediate goods on the cost-plus of enterprises respectively,so as to verify whether financing constraint affects the cost plus cost of enterprises through the import of intermediate goods.The sixth chapter is the empirical analysis of financing constraints and the import of intermediate goods on the domestic value added of enterprises’ exports.This chapter first combines literature review and theoretical mechanism analysis to construct a corresponding measurement model to verify the direct impact of financing constraints on the domestic value added of enterprises’ exports.On this basis,it further verifies the indirect effect of financing constraints on the domestic value added of enterprises’ exports through the import of intermediate goods.The last is the conclusion and countermeasures of this dissertation.By summarizing the full text,it summarizes the main research conclusions of the whole dissertation and countermeasures and suggestions in combination with China’s economic reality,and points out the future direction of the topic can be expanded.Through research,the main research conclusions of this dissertation can be summarized as follows:First,the results of the impact of financing constraints and intermediate goods imports on the quality of export products of enterprises show that: The smaller the financing constraints of an enterprise,the higher the total factor productivity,R&D efficiency,advertising efficiency and profit margins,the higher the quality of the company’s export products and the import of intermediate products;the larger the company’s scale and age,the higher the company’s intermediate product imports.The lower the tariff,the higher the import volume of intermediate goods;For state-owned enterprises,government subsidies will inhibit the improvement of the quality of their export products.Therefore,when subsidizing enterprises,the government should consider the nature of the ownership of the enterprise and provide targeted subsidies,such as focusing on subsidizing private enterprises in domestic enterprises.And joint ventures;For enterprises in the western region,government subsidies will reduce the quality of their export products.However,in combination with China’s development strategy,the economic development of the western region is very important.Promoting the economic development of the western region is an important strategic goal for building socialism with Chinese characteristics in the new era.Government subsidies for the western region cannot be slackened;Whether it is the regression of the total sample,the return of ownership by enterprise,or the return of the economic region where the enterprise is located,the results show that the import of intermediate goods has a positive effect on the relationship between enterprise financing and the quality of export products,and enterprise financing constraints The smaller the size,the more intermediate products the company imports,which in turn promotes the improvement of the quality of the company’s export products;Financing constraints have the greatest impact on the quality of export products of domestic-funded enterprises among private enterprises,and the least impact on the quality of export products of domestic-funded enterprises and state-owned enterprises in China,and the intermediary effect of the import of intermediate goods by private enterprises is the largest,and the intermediary of the import of intermediate goods by state-owned enterprises The effect is minimal;Financing constraints have the greatest impact on the quality of export products of western enterprises,and the least impact on the quality of export products of enterprises in the central region.Moreover,the intermediary effect of the import of intermediate goods by enterprises in the western region is the largest,and the intermediary effect of the import of intermediate goods by enterprises in the central region is the smallest;Financing constraints have the greatest impact on the quality of export products of processing trade enterprises,and the least impact on the quality of export products of other trade enterprises.The financing constraint has the greatest impact on the export quality of processing trade enterprises,and the least impact on the export quality of other trade enterprises.Moreover,the intermediary effect of processing trade enterprises’ import of intermediate goods is the largest,and the intermediary effect of other trade enterprises’ import of intermediate goods is the least.Second,the results of the impact of financing constraints and the import of intermediate goods on the cost markup of enterprises show: The smaller the degree of financing constraints an enterprise faces,the better it is to increase the cost-plus through financing;the higher the total factor productivity of the enterprise and the higher the capital intensity,the older the company,the more cost-plus the company will have High;the more intermediate products a company imports and the higher the degree of industry competition it faces,the lower the cost bonus for the company;The import of intermediate goods by enterprises has a negative intermediary effect on the relationship between the financing constraints measured by the proportion of the increase in paid-in capital and the proportion of enterprise interest expenditure and the cost plus of the enterprise;the import of intermediate goods by the enterprise has a negative intermediary effect on the enterprise’s receivables The relationship between the financial constraints measured by the proportion of accounts and the enterprise cost plus has a positive intermediary effect;Smaller financing constraints have a much greater role in promoting cost-plus for domestic-funded enterprises than it promotes cost-plus for foreign-funded enterprises;smaller financing constraints have the least effect on the cost-plus of state-owned enterprises,and it has the least effect on private enterprises.Cost-plus has the greatest promotion effect;state-owned enterprises’ import of intermediate goods has the smallest negative intermediary effect,and private enterprises’ imports of intermediate goods have the largest negative intermediary effect;Smaller financing constraints have the greatest effect on the promotion of cost-plus for enterprises in the western region,followed by the promotion of cost-plus for enterprises in the central region,and the least promotion of cost-plus for enterprises in the eastern region;intermediate products for enterprises in the eastern region The negative intermediary effect of imports is the smallest,followed by the negative intermediary effect of intermediate goods imports by enterprises in the central region,and the negative intermediary effect of intermediate goods imports by enterprises in the western region is the largest;Smaller financing constraints have the greatest effect on the promotion of processing trade cost markup,followed by other trade methods’ cost markup,and the general trade method’s cost markup has the smallest effect.The general trade method has a negative effect on the import of intermediate goods.The intermediary effect is the smallest,followed by the negative intermediary effect of the import of intermediate goods by other trade methods,and the negative intermediary effect of the import of intermediate goods by the processing trade method is the largest.Third,the results of the impact of financing constraints and the import of intermediate goods on the domestic value-added exports of enterprises show that: The lower the degree of financial constraints of enterprises,the higher the domestic value-added rate of enterprises’ exports;the higher the total factor productivity and capital intensity of enterprises The higher the scale and age of the company,the higher the domestic value-added rate of the company’s exports;the higher the industry competition faced by the company,the lower the domestic value-added rate of the company’s exports;The lower the degree of financing constraints faced by the enterprise,the higher the import volume of intermediate goods,which will inhibit the increase in the domestic value added of the company’s exports,that is,the relationship between the financing constraints of the enterprise’s import of intermediate goods and the domestic value added of the company’s exports There is a negative mediation effect;The effect of financing constraints on the domestic value-added exports of enterprises is heterogeneous: smaller financing constraints have the least effect on the added value of state-owned enterprises and the greatest effect on the added value of private enterprises;smaller financing constraints have a greater effect on the western region The promotion of added value of enterprises is much higher than its promotion of added value of enterprises in the eastern region;The negative intermediary effect of the import of intermediate goods on the relationship between enterprise financing constraints and added value is also heterogeneous: the negative intermediary effect of the import of intermediate goods by state-owned enterprises is the largest,and the negative intermediary effect of the import of intermediate goods by private enterprises.The smallest;the negative intermediary effect of the import of intermediate goods by enterprises in the eastern region is the largest,and the negative intermediary effect of the import of intermediate goods by enterprises in the central region is the smallest;Smaller financing constraints have a much greater effect on the value-added of processing trade than on the value-added of general trade and other trade modes.In addition,the negative intermediary effect of processing trade is the largest,and the negative intermediary effect of other trade is the least.Compared with the existing literature,the main innovations of this dissertation are as follows:First,in terms of research perspective,this dissertation combines financing constraints with the import of intermediate goods,and provides a new research perspective for studying enterprise export performance.After reviewing the relevant literature,this dissertation finds that most of the studies so far have considered the financing constraints and the import of intermediate goods into two types of variables that affect enterprise export performance separately.Scholars either only consider the import of intermediate goods or only the financing constraints.There are few literatures that integrate the two to fully explain the impact of financing constraints and the import of intermediate goods on enterprise export performance(export product quality,Markups and export domestic value added).In response to this shortcoming,this dissertation introduces financing constraints and intermediate goods imports into the model based on the endogenous quality model of Antoniades(2015)and Hallak and Sivadasan(2009),and establishes an expanded theoretical framework.Under this framework,this dissertation systematically analyzes the financial constraints,the influence of intermediate goods imports on enterprise export performance,and the intermediary role of intermediate goods imports,and provides empirical support,forming a new comprehensive perspective of financial and trade factors of enterprise export performance.Second,In terms of theoretical modeling,this dissertation constructs a new theoretical model to provide a theoretical basis for full-text empirical research.There is currently no model in the existing literature to describe the relationship between financing constraints,intermediate goods imports,and enterprise export performance(export product quality,Markups,and export domestic value-added).This dissertation has made some meaningful attempts in this respect and carried out some extended research.This dissertation first chooses the endogenous quality selection model of Antoniades(2015)as the benchmark model.By including the import of intermediate goods and financing constraints,and expanding the model from closed to open cases,we deduce the influence mechanism of financing constraints and intermediate product imports on the quality of export products and cost markup respectively.Secondly,this dissertation takes the endogenous quality determination model of Hallak and Sivadasan(2009)as the benchmark model.By introducing the external financing constraints of enterprises into the model,and based on the research of De Loecker and Warzynski(2012)on the domestic added value of exports,this dissertation explores the influence of financing constraints on the domestic added value of enterprises’ exports and the mediating role of intermediate goods import in it. |
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