Research On The Influence Of Financing Constraints On The Quality Of Chinese Enterprises’ Export Products

Under the current international and domestic economic situation,China’s economic growth has slowed down,and new growth drivers are urgently needed.The importance of export quality continues to increase.However,compared with the global high-end products,the production level of Chinese enterprises still has a very obvious gap in terms of variety,quality and brand.In recent years,research on the quality improvement of export products and its influencing factors has been one of the hot issues in the field of international trade.After the micro-enterprise database is getting better and better,research based on this product and enterprise level is also heating up.China’s financial market still has obvious defects in the function of providing financing for the majority of enterprises,and financing constraints will make enterprises restricted in various aspects such as research and development,production,and export.Therefore,research companies face internal and external financing constraints on exports.The impact of product quality is of great importance both in theory and in reality.In this context,this paper expounds the research significance and framework of this paper from the current situation of China’s export trade financing environment.Based on the analysis and summary of the literature on corporate export activities and financing constraints,this paper explores the specific impact and impact mechanism of financing constraints on the quality of export products.On the basis of the existing scholars’ research results,the existing theoretical model is used to explore how the financing constraint affects the quality of export products in all aspects of the export behavior of enterprises.In the empirical test section,this paper selects the main variables and other control variables to comprehensively analyze the impact of financing constraints on the quality of export products.For the measurement of export product quality,based on the matching data of customs enterprise database and industrial enterprise database,this paper uses the regression inverse method to calculate the quality of export products at the product level,and examines from different perspectives such as overall,ownership and region.In the measurement of financing constraints,this paper uses the proxy variable method to measure the internal and external financing constraints by the interest guarantee multiple and the internal cash flow indicators respectively.The enterprises in different perspectives are in the overall financing constraints or the specific performance of the two indicators.There are significant differences in the above,which are basically consistent with the reality.On the basis of the regression results,this paper analyzes the impact of financing constraints on the quality of export products from the perspective of enterprise characteristics,from the perspective of different regions and different ownership systems.The study found that:(1)financing constraints have greatly reduced the quality of export products.(2)Under different classification perspectives,financing constraints have a certain inhibitory effect on the quality of export products,but the size and importance of the differences are different.(3)Total factor productivity,enterprise scale,enterprise age,capital labor,etc.significantly promoted the improvement of export product quality.The government also needs to deepen financial reforms,improve the corporate financing environment,promote capital market diversification,and adjust specific programs according to local conditions.