| Since the reform and opening,export oriented and investment driven became the important feature of China's economic development.Chinas adherence to the basic policy of opening to the outside world and expanding the breadth and depth of opening up have achieved a historic transformation from closed economy to open economy.After the nineteenth,our economy gained new development momentum,the economy structure gets further optimized,and China's participation in global governance means constantly enriched.China's position in international trade has been enhanced,because we create more and more export opportunities.With the development of new-new trade theory,the scholars represented by Melitz put forward the heterogeneous enterprise trade model,mainly studying the choice of different enterprises on the export decision,emphasizing the influence of the productivity difference of enterprises on the export choice.Many empirical literature investigates the factors that influencing China's export trade respectively from comparative advantage,foreign investment and trade policies,provides useful evidence for understanding the rapid growth of China's export trade.But the effect of domestic financial development on export trade has been largely ignored.A perfect financial system and a good financing environment can effectively reduce the cost of financing,so as to expand the number of enterprises involved in export and improve the export strength.Therefore,this paper analyses the impact of financing constraints on the behavior of enterprises through the New-new Trade theory and the Heterogeneous enterprise trade model.My analysis makes use of two proprietary datasets on the activities of Chinese firms between 2000 and 2006.The one is the Chinese Customs Trade Statistics collected by the Chinese Customs Officer,which contains detailed information about the universe of trade transactions.The second one is the Annual Survey of Industrial Firms conducted by China's National Bureau of Statistics.I examine how financial frictions affect companies' choice of export,and how financial frictions affect companies' choice between processing and ordinary as well as the choice between Developed and developing countries.This analysis is of great significance to enhance the the export participation and intensity of Chinese enterprises as well as optimize the export structure.The results show that:(1)Financing constraints will inhibit the export decision and export strength of the enterprise,The weaker the financing constraints,the greater the probability of the enterprise's export;(2)The external financing of enterprises,especially the bank credit financing,plays an important role in the trade pattern.Financial constraints induce firms to conduct more processing,and preclude them from pursuing more profitable activities.(3)Financing constraints will restrain enterprises from exporting to developed countries.When enterprises face financial constraints,they are more likely to export to low-income developing countries.Based on the above results,this paper gives some corresponding policy suggestions to the government,banks and enterprises.First of all,the government should push the reform of the financial system more harder,improve the financial market and form an innovative financial mechanism for the development of enterprises;Secondly,banks should carry out multi-level and multi-product structured financing services and strengthen cooperation with government and enterprises;What's more,for enterprises,it is essential to evaluate their advantages and disadvantages and pay close attention to market. |
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