The Empirical Study Of Financing Constrains Affect Dual Margin Of Capital Goods Imports Of Chinese Industrial Enterprises

Capital goods mainly include mechanical equipment and industrial transport equipment.Most of the global capital goods' production is concentrated in a few R&Dintensive countries.Developing countries can enjoy foreign advanced technology spillovers through importing capital goods.As a big importer of capital goods,Chinese capital goods imports have increased rapidly,but the unreasonable structure of capital imports is still prominent.In recent years,scholars have linked financing constraints into the heterogeneity model of enterprises with international trade,especially on financing constraints and exports.Considering that Chinese industrial enterprises are generally faced with higher financing constraints such as "financing difficulty,financing expensive",this paper will shift the perspective from export to capital goods import,and explore the impact of financing constraints on the dual marginal of capital goods of industrial enterprises,which has important political guiding significance for promoting the continuous optimization of China's capital goods structure.Based on the framework of Bas and Berthou(2012)?Xia Zhang and Binzhan Shi(2016)building capital goods importing decision model,this paper extends the model by incorporating the intensive margin.The deduction of mathematical model proves that the deterioration of financing constraints will reduce the import extensiv e margin and intensive margin of capital goods of industrial enterprises.Empirically,this paper uses the matching data of Chinese industrial enterprise database and customs database from 2000 to 2013,adopts panel fixed effect model,and empirically studies the impact of financing constraints on the dual marginal of capital goods imports from the perspective of multi-product industrial enterprises.The empirical results show that:(1)Like exports,capital goods import of industrial enterprises in China is also constrained by financing constraints,and the deterioration of financing constraints will significantly reduce the extensive margins and intensive margins of capital goods import.Among them,bank credit financing constraints have the greatest effect,commercial credit financing constraints are the second,and internal cash flow financing constraints are the smallest;(2)Compared with state-owned and foreignowned industries,the deterioration of financing constraints will significantly reduce the extensive and intensive margin of private enterprises which are faced with the bad financing environment;(3)the dual marginal of capital goods imports of high capitalintensive and high capital import dependence industrial enterprises is more sensitive to financing constraints;(4)the dual marginal of capital goods imports of small and medium-sized industrial enterprises is so sensitive to external financing constraints that international adverse impact is greater;(5)Financing constraints restrict the import grade of capital goods of Chinese industrial enterprises.After considering endogenous and corporate heterogeneity,empirical results of this study are still robust.Based on the empirical results and analysis,this paper puts forward corresponding political recommendations.Firstly,we should speed up the improvement of the modern financial system and the financing environment of enterprises;secondly,we should eliminate "ownership discrimination" and "scale discrimination" and broaden the financing channels of enterprises;finally,we should reasonably guide enterprises to import and promote the development of capital goods import trade.