Bank Competition And Enterprises' Export

Since the 1980s,since China's reform and opening up,China's exchanges and trade with foreign countries have made great progress.China's foreign exports have been growing.At present,China is the world's largest exporter.However,export trade is more sensitive to external reaction,and the total export volume fluctuates greatly.At present,the types of export products,such as labor-intensive and resource-intensive products,are low-tech products,which account for a large proportion,so that China's export profit margin is not in an advantageous state.Financing constraints restrict the productivity,export innovation and learning ability of enterprises to a great extent.Some studies have found that export enterprises often face lower external financing constraints.In China's capital circulation,banks occupy an important part,which is also the key channel for enterprises to obtain financing loans.From the perspective of financing constraints,it is of great significance to study how the competition in the banking industry affects the export of Chinese enterprises,which is of great significance to the increase of export intensity and quality of enterprises.Based on the market power hypothesis,information asymmetry theory and heterogeneous enterprise trade theory,this paper theoretically expounds the influence mechanism of banking competition structure on enterprise export.Taking the data of guotai'an A-share listed companies from 2003 to 2018 as the research sample,this paper makes an empirical analysis on the competition data of banking industry and the export data of Listed Companies in prefecture level cities.Probit is used to estimate the export propensity of discrete dependent variables,and tobit is used to estimate the export scale,export intensity and export profit margin.Meanwhile,the fixed effects of company level and time year are controlled.This paper uses the method of double difference,replacing core explanatory variables,increasing the fixed effect of control year and industry fixed effect to test the robustness,and verifies the transmission mechanism using investment cash flow model,and verifies another influence mechanism of bank competition on export through promoting enterprise innovation.Secondly,based on the nature of the enterprise,capital intensity,industry competition,port distance of the city where the enterprise is located,the degree of marketization and the heterogeneity of the eastern,central and western regions,the paper analyzes the differences of the role of banking competition.The empirical results are as follows:from the overall sample,the export tendency,scale,intensity and export profit margin of Chinese enterprises are significantly affected by bank competition.The regression results of investment cash flow model show that the higher the degree of bank competition,the smaller the financing constraints,and the two are negatively correlated.The results of heterogeneity regression show that bank competition can significantly improve the export behavior of local enterprises,high capital intensive industries,high competitive industries,eastern enterprises and low market-oriented enterprises.Finally,this paper puts forward relevant suggestions for the existing analysis.