Financing Constraints, Productivity And Export Behavior Of Enterprises

Under the background of the continuous development of export trade of various countries,the research on international trade theory has gradually developed from the traditional absolute advantage trade theory and comparative advantage theory to today's new-new trade theory.The research perspective has shifted from the macro level to the micro enterprise financial data.The theory of absolute advantage and the theory of comparative advantage explain the trade between different countries: the factors of one country have absolute advantages or comparative advantages over the factors of another country.But this clearly does not address the causes of intra-industry trade.The theory of increasing returns to scale holds that intra-industry trade contributes to the international flow of factors,and thus explains the reasons for intra-industry trade.Different export decisions of different enterprises in the same industry cannot be explained.New-new trade theory is that enterprise before make export decisions,sunk costs,need to consider the export of sunk cost exist that make part of the lack of liquidity was forced to give up the export enterprise,the liquidity is relatively abundant enterprise has the ability to pay the sunk costs,and look forward to the international market,which makes the financing constraints become the influence factors of enterprise export behavior;Enterprises can obtain financing from both external and internal sources.Enterprises with high productivity are able to occupy market share and thus have a higher level of internal cash flow.Therefore,internal financing of enterprises is affected by productivity,which also becomes another influencing factor of enterprises' export behavior.From financing constraints and productivity of the impact Angle of the behavior of the enterprises to export,this paper on the related literature,found that most of the domestic and foreign scholars to study from the following four Angle,business productivity and export behavior of self-selection effect,export business productivity and export behavior learning effects,financing constraints,affect the enterprise decisionmaking and export strength,export enterprise's financing ability.The research results are abundant,but some of the results are still controversial,including the "productivity paradox" and whether the financing constraint can indirectly affect the export of enterprises by improving their productivity requirements.It can be seen that the research on the impact of financing constraints and productivity on the export behavior of enterprises is still valuable.This article first to the enterprise financing and heterogeneity theory in this paper,the enterprise model,based on the analysis of the enterprise financing constraints and productivity impact on enterprises to export behavior mechanism,then the China industrial enterprise database data from 2008-2013,with financing constraints and productivity as the core explanatory variables,using Heckman two-stage regression model,establish export decision making and the factors affecting the export scale of regression model,the empirical test of the financing constraints and productivity impact on enterprise decision-making and export scale,As well as the different ownership enterprise and the different financing channel influence the enterprise export behavior difference.The research results show that: first,the panel data regression analysis is carried out on a total of 10,833 continuously operating enterprises in the whole sample.The results show that:(1)the enterprises with higher productivity are more likely to make export decisions;But in terms of the performance of the export scale,the higher the productivity,the less the export intensity.(2)the less financing constraints the enterprise is subject to,the greater the possibility of export and the stronger the ability to further improve the export scale.It is worth noting that when the financing constraints faced by enterprises are alleviated,the promotion effect of productivity on export will be further enhanced.Second,from the perspective of enterprise ownership differences,the cross terms between state-owned enterprises and private enterprises and financing constraint variables are established to study the different impacts of financing constraints faced by enterprises of different ownerships on enterprises' export behaviors.The results show that the improvement of financing environment also increases the export possibility of stateowned enterprises and private enterprises,but the positive impact on private enterprises is significantly higher than that on state-owned enterprises.Furthermore,the improvement of financing environment has a significant positive effect on the export scale of private enterprises,but a significant negative effect on the export scale of stateowned enterprises.Thirdly,from the perspective of different financing channels,this paper studies the different effects of endogenous financing channels,commercial credit channels and bank credit channels on enterprises' export behaviors.The regression estimation results of the two equations of export decision making and export scale show that,except that the correlation coefficient of bank credit constraint is positive,endogenous financing channels and commercial credit channels show a significant negative correlation with export.To some extent,this shows that bank credit is the only effective way to reduce the export financing constraints of enterprises.Only when the bank credit constraints faced by enterprises are reduced can the possibility of export be increased and the scale of export be further enhanced.Finally,based on the theoretical model and empirical analysis of this paper,the paper puts forward relevant policy Suggestions,such as improving the financial environment,relieving the financing cost of enterprises,emphasizing the optimal allocation of resources,enhancing the financing capacity of enterprises,making rational use of internal and external source financing and optimizing the productivity of enterprises.