The Impact Of Financing Constraints On The Export Of Heterogeneous Enterprises

Based on the theory of heterogeneous enterprises, this paper constructs relevant indicators to measure corporate financing from the three levels of internal financing,bank credit and commercial credit, using the data of high-end equipment manufacturing enterprises, respectively. The financing constraints is the common problem faced by most enterprises in China. The effect of corporate financing constraints on the export market selection is analyzed by using the Probit model. The panel data fixed effect model is used to analyze the effect of corporate finance constraints on the export level.It also analyze whether the enterprise export has the effect of improving the financing condition. The empirical results show that the financing constraints have a significant effect on the export choice and export level in the high-end equipment manufacturing industry, and there is a "financing constraint paradox" that firms with higher financing constraints are more likely to export and have higher Of the export level, while the relatively low financial constraints of enterprises tend to domestic production and operation. The main reason for the existence of this phenomenon is the first domestic financial market financial suppression, especially for the existence of corporate ownership of the credit discrimination; followed by the market the main competition of the unequal status. After the export of high-end equipment manufacturing industry to test the effect of ex post facto, enterprises in the export, the financing situation has been significantly improved, which shows that high-end equipment manufacturing industry,enterprises exist "export learning effect."In order to ensure the healthy development of Chinese enterprises and solve the dilemma of financing constraints, we can consider the following measures: First, high-end equipment manufacturing industry should strengthen competition. Under the fair market economic system provided by the government, the state-owned high-end equipment manufacturing enterprises should deepen their own reform and strengthen their competitiveness in the international market. On the other hand, the non-state-owned high-end equipment manufacturing enterprises should create their own characteristics, to improve their competitiveness. Second, high-end equipment manufacturing industry should be rational use of China's capital market. High-end equipment manufacturing industry to comply with national laws and regulations, and regulate their own financial regulatory system, in order to enhance their credit rating,in order to obtain more investment, ease the financing constraints. The banking industry should respond to national calls, rational loans, and strengthen risk control mechanisms.The government should focus on the development of multi-level capital markets. In indirect financing, the financial industry should be encouraged to give new industries more preferential measures; in direct financing, expand the channels of business listing.At the same time, we should strengthen financial supervision. Third, high-end equipment manufacturing industry should improve the export structure. High-end equipment manufacturing industry on the one hand should enhance their technical level,increase the value-added products, on the other hand should pay attention to the domestic market demand, so that internal and external integration, thus optimizing the export structure. Fourth, high-end equipment manufacturing industry should seize the development opportunities. High-end equipment manufacturing industry should strive to seize China's regional development plan, industrial transformation and upgrading and "The Belt and Road" and other development opportunities.