Financial Constraint,Innovation And Heterogeneous Enterprise Export

In the past 40 years,although the China's economy has continued to maintain an average annual growth rate of about 8%,the growth of China's trade still depends on the extensive growth mode of low cost,high savings and high investment.The sustainability of economic development is worrying.With the emergence of the "Lewis Turning Point",the dividend has also disappeared,the traditional comparative advantage of China's export trade is gradually disappearing.The Chinese enterprise products need to be completed from the "low price" to the "high quality",the upgrading and updating of China's industrial structure is becoming increasingly urgent.The task of building an innovative country is imminent.However,at present,China is still in a period of transition,the financial market system is still not perfect,and the degree of openness and development of financial markets is far less than that of developed countries and regions.In fact,Chinese enterprises are generally faced with severe financial problems,which will inevitably have a serious impact on the transformation and innovation of China's export trade.Therefore,based on China's current national conditions,this thesis explores financial constraints faced by China's manufacturing export enterprises in the process of export and innovation,aiming to provide a certain reference for developing economies.First of all,from the perspective of the Melitz(2003)heterogeneous enterprise framework,this thesis constructs a theoretical model based on Manova(2008;2013),Gorodnichenko Y and Schnitzer M(2013)and Manova and Yu(2016)to explore the internal influence mechanism of financial constraints on the export of enterprise and the innovation of heterogeneous export enterprise,subsequently makes corresponding empirical analysis on this basis.Then,we use the matching data from 2000 to 2007 of China Customs Enterprise Database,China Industrial Enterprise Database and China Patent Database,and empirically examines the impact of financial constraints faced by export enterprises on its export and innovation.The result shows that financial constraints have a significant inhibitory effect on the export performance of enterprises and the innovation of exporting enterprises.In order to further explore the sensitivity of export enterprise innovation to financial constraints under the condition of different financial costs,this thesis divides export enterprises into groups with different financial costs according to the ownership of enterprises,modes of trade,regional distribution and patent types to explore the specific impact of financial constraints on the innovation of export enterprises in different financial costs.The results show that the higher the external financial cost of export enterprises,the greater the negative impact of financial constraints on the enterprises innovation,and the more sensitive innovation is to the change of financial constraints.Finally,this thesis conducts a robust test on the empirical results from four perspectives: firstly,the first-order lag term of the financial constraint index is selected as the instrumental variable to solve the endogeneity.Secondly,replace the financial constraint index or replace the innovation index.Thirdly,think about the lag of innovation output.Fourthly,change the measurement method.The results of the above five robustness tests show that the inhibitory effect of financial constraints on the export performance and innovation is still significant.