Financing Constraints And The Choice Of Export Location Of Chinese Industrial Enterprises

The research on global international trade and financial factors have regain the attention of many scholars,especially after the financial crisis of 2008.In the crisis the world's international trade has been suffered huge impact,and many studies have concluded that one of the main reasons for the decline in global trade is the credit crunch.Since the reform and opening,the scale of China's import and export has been growing rapidly.China is becoming a major trading nation which has a power affecting the global economy.However,due to the impact of the global financial crisis,China's exports declined from 1430.69 billion to 1201.66 billion dollars between 2008 and 2009,which indicates that the export behavior of our country is affected by the credit crunch and other financial factors.Compared with developed countries,there is excessive government intervention and administrative control in China's financial market,which its own characteristics that cannot be ignored.Otherwise according to the reality of China's enterprises participate in the international trade,we can find there are significant differences in the choice of export destination.Based on the above background,there are few studies on the financial factors and the choice of export destination.Therefore,this thesis will introduce the credit constraints and products quality into the heterogeneous firm trade model,building a comprehensive analytical framework for enterprise export destination choice.On the basis of this,we use the trade data of micro enterprises in our country in 2000-2006 to test the conclusions of the theoretical model.At the same time,according to the theoretical analysis,the paper puts forward the possibility mechanism of credit constraints affecting export destination.In this thesis,the data mainly comes from "the database of Chinese industrial enterprises","China customs database","China Financial Statistical Yearbook" and "World Bank development index database".Through the use of business information,trade information we match different data,and use fixed effect panel to do empirical test.This thesis comes to the conclusion:the enterprise productivity and the export proportion to low income countries is negatively related,in addition,there are regulating effect between credit constraints and productivity,namely credit constraints strengthen the negative correlation.By means of the combination of theory research and empirical test,we also found that productivity and credit constraints will have opposite effect to the optimal selection decisions of enterprise product quality.Under the condition that the preference on product quality of consumers is not the same in different countries with different income levels,this may have explained the heterogeneity of export destinations.