Research On The Threshold Effect Of Financing Constraints On The Export Scale Of Chinese Industrial Enterprises

In recent years,trade protectionism has risen worldwide,trade frictions and even trade disputes between China and major economies such as the United States have become frequent,and in 2020,the global economy has yet to emerge from the economic downturn and is again faced with an outbreak of Novel Coronavirus Pneumonia(NCP,2019-n Co V),trade was clearly affected.Against the background that the international economic,political and trade environment is unfavorable for Chinese enterprises to expand their exports continuously,how to provide strong support for Chinese foreign trade enterprises to enhance their export capacity from the perspective of domestic resource endowment is an urgent issue to be studied.Why are high-productivity firms more likely to export than low-productivity ones? The new trade theory(NTT)points out that the main reason is that the sunk cost that enterprises have to pay to enter the overseas market restricts the export behavior of low productivity enterprises.According to this conclusion,it seems logical to introduce the financing constraint into the study of micro-enterprise trade.As far as the path and effect of financing constraints on enterprise's export decision-making are concerned,the academic circles have come to a relatively consistent conclusion,but there is still room for further research on the effect of financing constraints on enterprise's export scale.Based on this,the paper takes "the threshold effect of financing constraints on the export scale of Chinese industrial enterprises" as the topic.Firstly,on the basis of expounding the heterogeneous enterprise theory and the enterprise financing theory and defining the concepts of related terms,the paper makes a theoretical analysis on the path of the influence of financing constraints on the export scale of enterprises,from the perspective of International Business Specialty,this paper gives a new explanation for the higher sunk cost of export market from the perspective of heterogeneous firm theory.Secondly,the financing constraint variable is introduced into Melitz(2003)model,and the hypothesis of threshold effect of financing constraint on export of enterprise is deduced.Then,the panel threshold regression model is used to test the threshold effect of financing constraints on the export of Chinese industrial enterprises from 2008 to 2013.The main findings are as follows.First,there is a "positive-negative-positive" double threshold effect of financing constraints on the export scale of enterprises in the whole sample,medium-financingconstrained companies will reduce the scale of exports,while high-financing-constrained companies will expand the scale of exports.Secondly,after differentiating the ownership of enterprises,we find that there is no threshold effect on the public-owned enterprises,there is a significant double threshold effect on the export scale of the non-public-owned enterprises,and there is a positive effect on the export scale of the enterprises with low financing constraints,there are different degrees of negative effects on the export scale of enterprises with financing constraints and high financing constraints.Thirdly,we find that the financing constraint has double threshold effect on the enterprises in the eastern region and no obvious threshold effect on the enterprises in the central and western regions.Finally,combined with relevant research,impact path analysis,theoretical derivation and empirical analysis,the paper gives the following conclusions: financing constraints on the impact of China's industrial export size threshold effect;Firms with different degree of financing constraints have different choices of export scale in the changing financing environment,and the threshold effect is most obvious in non-public enterprises and enterprises in eastern China.The paper then puts forward some suggestions,such as export credit support,supply chain financing,financial market reform,and export policy support for enterprises in central and western China.