External Financing Constraint,productivity Level And Enterprise Export Choice

In recent years,Chinese scholars have tested the new-new trade theory with Chinese micro-level data,and found the "productivity paradox" phenomenon in China’s manufacturing enterprises,which is mainly attributed to the existence of a large number of processing trade-oriented export enterprises.However,up to now,the existence of "productivity paradox" is still controversial in domestic academic circles.Guangdong province is a big province in China’s foreign trade,especially in processing trade.Therefore,this paper tries to test the relationship between productivity and export choice of export enterprises in Guangdong province,and verify the existence of paradox and its causes from the provincial level.At the same time,most of the current studies on the relationship between enterprise productivity and export choice are based on the assumption of a complete financial market.However,in reality,the financial market is not complete,and there are big differences in the external financing constraints faced by enterprises.High-productivity enterprises often face smaller external financing constraints than low-productivity enterprises.Based on this,this paper explains the relationship between enterprise productivity and export choice from the perspective of external financing constraints,providing a new perspective for the study of productivity paradox.The data of manufacturing enterprises in Guangdong province from 2004 to2007 are analyzed in this paper.First of all,a statistical comparison is made between the productivity levels of export enterprises and domestic enterprises in Guangdong province in terms of the overall situation,different industries and different types of ownership.It is found that the productivity of export enterprises in Guangdong province is higher than that of domestic enterprises,and there is no productivity paradox.Secondly,this paper makes a statistical analysis of the external financing constraints of export and domestic sales enterprises in Guangdong province from the perspective of the overall situation,different industries and different ownership.It also finds that export enterprises are often faced with lower external financing constraints.On the basis of the above statistical analysis,this paper further USES Probit model to empirically estimate the impact of external financing constraints on the relationship between enterprise productivity and export choice.The results show that :(1)without considering external financing constraints,there is a productivityparadox in the export choice of enterprises in Guangdong province,while considering external financing constraints,the export choice of enterprises in Guangdong province conforms to the hypothesis of new-new trade theory,and the probability of high-productivity enterprises choosing export is higher;(2)under the regression of sub-ownership samples,the positive effect of productivity on the export choice of enterprises is stable in the sub-samples of state-owned enterprises.There is no significant change before and after the addition of external financing constraint variables.(3)in the sub-sample regression of private enterprises and foreign-funded enterprises,the productivity coefficient of enterprises changes under the influence of external financing constraints,and enterprises with high productivity are more likely to obtain financing and thus more inclined to export.The conclusion of this paper shows that,in general,considering external financing constraints,there is no productivity paradox in Guangdong export enterprises.Based on the above conclusions,this paper finally interprets the corresponding policy implications.