Research On The Impact Of Financing Constraints On The Quality Of Chinese Manufacturing Export Products

Since the implementation of the Reform and opening-up strategy in China,it has been more than forty years now.Nowadays,the coordination between China and the global industrial chain has been increasingly strengthened,and the total import and export trade has reached new highs.In the past 2019,it has continued to maintain foreign trade.The status of the largest country.But at the same time,the quality of China's manufacturing export products is mostly low,and the problem is more obvious,mainly reflected in the lower utilization rate of production materials,the lower level of independent innovation,the limited core technology and the lack of key components.Looking at the overall situation,it is not difficult to find that most industries are at a low-level stage in the value chain.Coupled with unreasonable domestic credit structure,the innovation of financial instruments is not as good as that of western developed countries.Manufacturing companies of different natures or industries will be subject to different financing constraints,affecting the innovation of the company,which will affect the quality of the product,resulting in low quality of exported products.With the changes in the foreign trade situation in recent years,China's manufacturing industry increasingly needs to work hard on the quality of export products while improving its own market competitiveness.Then study the impact of financing constraints on Chinese manufacturing companies and The influence of the manufacturing products of manufacturing enterprises of different ownerships and manufacturing enterprises of different regions on the quality of export products also has good significance and value.In recent years,with the in-depth research on the quality of export products,the impact of financing constraints on the quality of export products has also been studied.Gradually stepped into the eyes of researchers,research on financing constraints and manufacturing export product quality has gradually become a hot topic in current research.The thesis will be based on the current background of China's manufacturing export product quality is not high,combined with the financial constraints of the financial environment,on the basis of summarizing the research results of many scholars,from the theoretical mechanism derivation,export product quality measurement and financing constraints estimation,construct an empirical model,Empirical analysis and results discussion to analyze the impact of financing constraints on the quality of Chinese manufacturing exports.Through thinking and summarizing the previous research,the information asymmetry and investors' choices are considered on the theoretical basis,and the consumer preference model and the choice of enterprises are selected in the model derivation,so as to deduce that the financing constraints will lead to the export products of enterprises.The conclusion of the decline in quality.The thesis gives explanations on the source of the explained variables,the choice of explanatory variables and the choice of related control variables,and constructs an econometric model to verify the impact of financing constraints on the export quality of Chinese manufacturing enterprises,and then carries on The robustness and endogenous issues were empirically dealt with.At the same time,the effects of financing constraints were measured by different areas and types of ownership.The empirical results verify the theoretical hypothesis that financing constraints do have a significant impact on the quality of China's manufacturing export products.As regional and ownership changes show different significant effects,at the same time,a larger enterprise size can be obtained.,Higher R&D investment,and higher total factor productivity can obviously promote the improvement of the quality of Chinese manufacturing enterprises' export products,but the increase in capital intensity and the increase in the number of related companies' operating years will significantly hinder the export of Chinese manufacturing enterprises.The rise of product quality.Specifically:(1)Financing constraints When using the cash flow of related manufacturing companies as surrogate variables,it is proved that financing constraints will indeed have a huge impact on the quality of manufacturing enterprises' export products,and have passed the robustness test and endogenous test.(2)For different regions of China,financing constraints will also have different effects on the product quality of related companies.Among them,the product quality of manufacturing companies in the central region has the greatest impact,followed by the western region.The least obvious hindrance is that Manufacturing companies in the eastern region.(3)The impact of financing constraints on the quality of export products of manufacturing companies will also have different effects due to the different ownership of the company.Based on the results of the study,the largest side effects are Chinese private enterprises,followed by foreign-funded enterprises,and the least affected It is China's state-owned manufacturing enterprise.(4)The size of manufacturing enterprises will have a very obvious positive effect on the quality of their export products,and the same result will be achieved from all perspectives.(5)The increase in total factor productivity only has a positive effect on the quality of exported products in the eastern and western regions,but it is not obvious in the central region.(6)Overall capital intensity has a relatively obvious negative effect on the quality of export products,but in the specific analysis,the impact on western enterprises and state-owned holding companies is not so significant,and the capital intensity of related manufacturing companies cannot be It has a significant impact on the quality of related export products.(7)The year of existence of the enterprise has a significant hindrance in the overall sample,and the effect in the western region is relatively more significant.It has no significant impact on the state-owned enterprises,but it has a significant negative impact on private enterprises,but At the same time,it has a significant positive impact on foreign-funded enterprises.