The Influence Of Financing Constraint And Enterprise Innovation On Enterprise Export

After the reform and opening up,China's economy has maintained a high growth rate,in which exports play an important role.Facing the complex international market environment,export enterprises face with more serious financing constraints.At the same time,a large number of empirical studies have shown that enterprise innovation plays a key role in enterprise export.This paper takes 8,672 samples of listed manufacturing companies in China from 2013 to 2017 as the research object,measures the financing constraints of enterprises by constructing a comprehensive index of financing constraints,and studies the direct and indirect effects of financing constraints on enterprises'export decisions and export intensity by combining their innovation capabilities.In this paper,the impact of financing constraints and enterprise innovation on enterprises'export decisions is first studied with the Probit model,and it found that the impact of financing constraints on enterprises'export decisions is statistically significant but not economically significant when Chinese manufacturing listed enterprises are making export decisions.Meanwhile,the more innovative the enterprise is,the more likely it is to export.Then,this paper uses Tobit model to study the impact of financing constraint and enterprise innovation on enterprise export intensity,and finds that for export enterprises,financing constraint has a significant negative impact on enterprise export intensity.At the same time,the stronger the innovation ability is,the higher the export intensity will be.Finally,this paper explores the direct impact of financing constraints on enterprise export decision and intensity and the indirect impact of financing constraints on enterprise innovation by establishing a set of recursive simultaneous equations including financing constraints,enterprise innovation and enterprise export.This paper finds that financing constraint has a significant impact on the export decision of enterprises because it has a significant inhibitory effect on enterprise innovation.Further,this paper divides enterprises into large enterprises and small and medium-sized enterprises according to their size,and compares the impact of financing constraints and enterprise innovation on enterprises of different sizes.It is found that financing constraints have a statistically significant positive effect on the export decisions of large enterprises,but not in an economic sense.Financing constraint has no significant effect on export intensity of large enterprises.There is no sensitivity between financing constraint and export decision and export intensity.Enterprise innovation has a positive impact on export probability and export intensity of enterprises of different scales.At the same time,when exploring the direct impact of financing constraints on enterprise export decisions and intensity and the indirect impact of financing constraints on enterprise innovation,this paper finds that financing constraints only have a significant indirect impact on the export decisions of large enterprises.Financing constraints of small and medium-sized enterprises have no significant inhibiting effect on enterprise innovation.According to the empirical results,this paper finds that financing constraints are still the main problem faced by Chinese enterprises in export activities,among which,small and medium-sized enterprises are facing more serious financing constraints.Financing constraints will also affect the export activities of Chinese enterprises through enterprise innovation.Therefore,it is urgent to alleviate the financing constraints faced by enterprises,especially SMEs,in their business activities.