A Research On The Influential Factors Of The Export Growth Of China's Listed Service Enterprises

After the global financial crisis in 2008,under the influence of the weak recovery of the world economy,the shrinking international market demand,trade protectionism and other factors,China's services export is experiencing slow growth.According to the data of State Foreign Exchange Administration of the People's Republic of China,since 2012.,China's export growth of services showed a clear downward trend.Even worse,China's export of services showed negative growth in 2015 and 2016,which indicates that the situation of China's export of services is not optimistic.The development of the service industry is one of the symbols to measure the economic strength of a country.At present,China's service industry has surpassed the secondary industry and become largest contributors to GDP growth.The decline in services export growth is worthy of enough attention.There have been an increasing number of researches on export growth in services from the macro level at home and abroad.At the micro-enterprise level,the domestic research on the influencing factors of the export growth of enterprises mainly focuses on the manufacturing industry,while the research on the influencing factors of export growth of service enterprises is far from enough.Through the analysis of the status of China's export growth in service and the export growth of listed companies in service,this paper analyze the role of influential factors on export growth in service at the micro level,which will be of great significance to promote the export growth of service enterprises in our country and can make up for the lack of existing research in China to a certain extent.This paper combs and analyzes the existing research literature.Based on the theory of heterogeneous enterprise trade,using the data of listed service companies in 2007-2016 and considering the possible "sample selection" problem of sample data,this paper use the Heckman selection model and the panel model for empirical test.Through the empirical analysis,the influence direction and influence degree of the change of the enterprise productivity,capital intensity,internal financing constraints,bank credit financing constraints,commercial credit financing constraints,firm size and enterprise age on the export growth of China's listed service enterprises are measured.Through the deep analysis of fluctuations of China's export in service and the export growth of listed service companies,it is found that the export growth of China's service exports is experiencing slow growth,while the export growth of listed enterprises in the service industry showed a good momentum,and the export volume" and export growth rate of listed service companies are different according to the different ownership.The empirical results show that the change of enterprise productivity,capital intensity,internal financing constraints,bank credit financing constraints,commercial credit financing constraints and firm size have an effect on the export growth of listed service enterprises,while no obvious relationship between the change of the age of enterprises and the export growth of listed service companies is found.There exist some differences for state-owned listed service enterprises and non-state listed service enterprises about how the change of these factors influencing their export growth.