The Influence Of The Financing Way For Chinese Enterprises To Export

Export is very important for one country’s economic development, especially important for the country that is in the economic transition period. In recent years, Chinese foreign trade develops at a staggering rate, and export occupies a larger proportion in the world market. Export is closely related with the rapid development of economy. However,the 2008 America subprime crisis affect the global economy and the world market, which strongly shocks Chinese foreign trade. Facing the complex and changeable world market environment, the companies may pay a higher cost of investment and a higher risk of management when choosing export market, so it is necessary for more credit support of the financial institutions. Financing environment has become important problems that affect companies’ import.With the continuous development of the double new trade theory, the current study also extends from macro to micro company data. The development and influence factors of export trade become the mainline of the innovation trade theory. On the basis of the current study, this paper uses data from 2009 to 2013 that company participate export activities,choosing equity financing rate, debt financing rate, internal financing rate show the way of financing method on the growing process of companies. The analysis results show that the scale of company export affected by the equity financing rate, debt financing rate, internal financing rate. When internal cash is sufficient and the financing condition is relatively good, companies have more incentive to export to gain more profits. Therefore, if the inner-source financing rate is higher, the scale of companies’ export is larger. Higher debt financing rate will stimulate companies’ export expansion. This is because if one company can gain more credit financing from suppliers, it can have new power to expand exports.Equity-financing-based Companies may face financing problems. If equity financing rate is lower, companies will choose to expand export to obtain financial support in the overseas market. Higher company total factor productivity and larger production can stimulate export trade, thus stimulate export trade activity. The conclusion is consistent with the traditional double new international trade theory. The capital intensity hasnegative effects on export scale. It may be due to the labor resource export advantage in Chinese foreign trade activities.Based on the nature of ownership and regional distribution, this paper also analyzes the relationship between companies’ financing method and its export performance. The results show that the effect of financing method is not significant for the scale of state-owned and foreign companies’ export, but it has more effects on the private company.However, external financing rate has little influence on its export scale after choosing export trade. For the export companies in eastern region, internal financing rate has a significantly positive effect on its export scale and external financing rate is not significant.At the same time, the export scale of company in Midwest region is relatively sensitive to the change of the external financing rate and the restrict effect is not big.Combining with the current companies’ export situation and research results, the paper analyses the relationship between financing method and export trade. This paper also puts forward relevant countermeasures and suggestion for Chinese companies’ export from the aspect of effective financial system reform, the improvement of the capital market and the management of company etc. to provide better assistance for the growth of export companies.