Financial Constrains And Firm Exports: A Comparison Of Different Financial Channels

Net export is one of the three important factors to push the economy forward.Export growth is influenced by financing constraints.Perfect financial system and good financing environment,can reduce the leakage rate of capital of finance serving the real economy,and effectively reduce the cost of financing.Therefore,study on the influence degree of financing constraints on exports,and differences in the effects of different financing channels on export behavior,is important to enhance the export participation,optimize the export structure,and improve the export intensity.This paper combined the enterprise financing theory and new-new trade theory,carries on the theoretical analysis in the mechanism about the influence of different financing channels and financing constraints on export probability and export scale.Based on the theoretical analysis,and the data of 2000-2007 China’s industrial enterprise database,this paper adopts comprehensive evaluation index method,from endogenous financing,commercial credit and external financing aspects,to measure enterprises’ financing constraints.The Heckman two stage model is further adopted to avoid the sample selection bias caused by OLS.This paper make empirically tests for the influence of financing constraints and productivity on export probability and export scale,and the difference influence of financing channels.Research results show that:(1)The reduction of corporate financing constraints can increase the probability of export,but also promote the export scale of enterprises;(2)The higher the productivity was,the higher the probability of export became.And there is an inverse U-shaped curve between productivity and firm export intensity;(3)In the three financing channels of endogenous financing,commercial credit and bank credit,the impact of bank credit is the most significant.By reducing the bank credit constraints,can effectively improve the export probability and export intensity of Chinese enterprises;(4)Compared to high export intensity industries,lower financing constraints can enhance the export intensity of low export industries.All the empirical results passed the endogenous analysis and robustness test.The article finally puts forward relevant suggestions on improving the financing environment and broadening the financing channels,reducing financing costs and optimizing the corporate governance structure,improving financing ability etc.