The Analysis About The Effect Of Finance Constraints To Enterprises Exports Quality In China

Since the reform and opening, the export trade in China is developing rapidly,and the exports have been ranked first in the world. But influenced by some factors such as international division of labor, low price and low quality are the characteristics of Chinese export. However, the labor wage is increasing; companies have to shift the terms of trade which is from the way relying on cheap labor to the way relying on good products quality. On the other hand, Chinese financial market is not complete at present, the financing environment will affect the degree of difficulty and the cost of company financing, further it may affect the quality of the export enterprises. So, the relationship of financing constraints and trade has attracted more attention.Under this background, this paper describes the perspective of the present situation of export trade and financing environment of our country explains the research meaning and the framework; then collects the research literature from the relationship between the enterprises financing constraints and export behavior, the influence factors of export quality. Based on these researches, we summarize the reason of financing constraints and the influenced way of financing constraints to export quality, use the theory model to get the result which is financing constraints lower the quality. In the empirical model, the paper selected the main variable and other control variables to analysis of the effect of financing constraints to the enterprise of export quality, then taking the robustness test of the model and the treatment of endogenous problem. Based on this, we research the results from the different areas; different enterprises holdings, different trade types and different factor intensity industry, then get the effect of financing constraints to enterprises export quality precisely.The main conclusions are these: firstly the model result means that financing constraint significantly hindered the improvement of the quality of export enterprises.Secondly considering different perspective, financing constraints has an inhibitory effect on export quality, but the effect and size differences. Thirdly the size of enterprises, R&D investment, productivity, and processing trade type significantly promoted the improvement of the quality of export enterprises; the capital intensive,enterprise age is hindered the enterprises export quality.According to the conclusion, this paper offers these suggestions: The government still needs go deep into financial reform, improve the financing environment and promote the capital market diversification, then guide and support the enterprises to improve the quality of export according to the local condition.