Corporate Financial Vulnerability,Internet Finance And Corporate Export

Looking back on the reform and opening up over the past 40 years,China has always focused on developing the breadth and depth of opening up.Since the 19th National Congress of the Communist Party of China,China’s economic structure has been further optimized,and the means of my country’s participation in global governance have been continuously enriched and strengthened,and more and more opportunities have been created for exports,which will help my country to a certain extent.The continuous expansion of influence and the improvement of international status.However,due to information asymmetry and other reasons,corporations are faced with financial fragility,which restricts the export of corporations.With the rapid development of Internet technology in my country,the emerging Internet finance provide a new way for corporate financing.Therefore,this thesis is based on the basic framework of the New-New trad theory proposed by Melitz(2003),uses Probit and Tobit models to process data,studies the impact of corporate financial vulnerability on corporate export behavior,and introduces the Internet Finance to examine the regulatory role it plays.In the research process,the benchmark regression was conducted using full sample first.The results show that financial vulnerability has a very significant impact on the export propensity and export intensity.The deepening of financial vulnerability will reduce the export willingness and export intensity of corporations.Secondly,this thesis further examines the channels through which corporate financial vulnerability affects corporate exports,and finds that corporate productivity plays a part of the mesomeric effect.That is,with the aggravation of the financial vulnerability,the productivity growth of corporations will be slow,which in turn inhibits the enthusiasm of export.Then,Internet finance is added to test the regulatory mechanism,and explore the impact of Internet finance under different circumstances.The results show that Internet finance plays a negative regulatory role between corporate financial vulnerability and corporate exports,that is,with the development of Internet finance,the inhibitory effect of financial vulnerability on corporate exports will be alleviated.Among them,for corporations of different types of industries,the development of Internet finance has relatively little impact on resource-intensive industries and capital-intensive industries,but has a greater impact on labor-intensive and technology-intensive industries;For different corporations scales,the development of Internet finance can better relieve the financial pressure of private corporations as well as small and medium-sized corporations;for different regions,the development of Internet finance has a greater effect on corporations in the eastern region.Due to the deepening of the international division of labor,the overseas market has more stringent requirements for product quality.Therefore,at the end of the empirical test,this thesis adds an expanded analysis of the quality of export products.The results show that corporate financial fragility will hinder the improvement of export product quality.Based on the above research results,this thesis gives suggestions from both the government and the corporation in consideration of the financial vulnerability faced by domestic corporations,especially small and medium-sized corporations.On the one hand,the government should deepen financial reforms and build a multi-level financial market.At the same time,it is necessary to improve Internet financial regulations and supervision systems to enhance the ability to prevent Internet financial risks.On the other hand,corporations should improve their comprehensive competitiveness,seize the development opportunities of the"Belt and Road",and enhance their ability to adapt to the export environment.