Study And Analysis Of Financing Constraints, Productivity And Corporate Export Profitability

The study of international trade theory on exporting behavior has gone through four stages: absolute superiority theory,comparative advantage theory,new trade theory,and new and new trade theory.Its research objects have transitioned from countries to microcosmic enterprises.The early theory of absolute superiority and the theory of comparative advantage considered that the reason for trade between countries is that one or the other has the relative advantage or absolute advantage of the factor;the new trade theory explains the process of intraindustry trade through the theory of economies of scale and consumer preference theory.The new new trade theory explains the reasons for different export decisions of different companies in the same industry from the perspective of firm heterogeneity.In its view,companies must face higher costs than domestic sales before exporting.Enterprises that can afford export costs will choose to export,those who cannot afford have to stay in the country.At this time,financing constraints have become a major problem that restricts their exports.Financing constraints are divided into external and internal financing constraints.The internal financing constraints are determined by the profitability of the enterprise.The profit rate is determined by the productivity of the enterprise.Therefore,the productivity of the enterprise has become a threshold for the export of enterprises.This paper conducts theoretical and empirical tests on the effects of financing constraints and productivity on export earnings.First,after summarizing the literature review of the above three elements,this paper summarizes the mechanism of action between productivity and export earnings,financing constraints,and export earnings.Second,based on the above research,combined with the new and new international trade theory model,Based on the model established by Greenaway et al.(2008),a theoretical model of financing constraints and the impact of productivity on export earnings was constructed;finally,the empirical data of the listed companies in the manufacturing industry was used in this paper,and the listed companies in the manufacturing industry were divided into state-owned holdings and Non-state-owned listed companies conducted comparative analysis.Empirical test results show that state-controlled listed companies are subject to higher financing constraints than non-state-owned listed comp-anies.For every 1 unit increase in the dividend payout rate of state-cont-rolled listed companies,the export profit rate will increase by 19%;it will be lower than the non-state controlled listed company's 21%;financing constraints will have greater impact on non-state controlled listed com-panies than state-controlled listed companies.This result is inconsistent with the theoretical analysis.This paper uses labor factor productivity to represent enterprise productivity.The test results show that for each additional unit of labor productivity of state-controlled listed companies,the export profit rate will increase by 1.91%,which is higher than the 1.72% of non-state controlled listed companies.This conclusion confirms that there is no “productivity paradox” for listed companies in the manufacturing industry,and that productivity has a greater impact on state-cont-rolled listed companies than non-stateowned listed companies.Finally,corresponding conclusions and suggestions are proposed for this result.