| Export plays an important role in promoting one country’s economic growth.In China,the small and medium-sized enterprises are major export force.However,they have been faced with financing difficulties in a long time.At present,the global economy is in the post-financial crisis era,coupled with the epidemic of COVID-19,making trade protectionism running high.As a result,SMEs are facing more difficulties in financing.Under this background,this paper analyzes the impact of financing constraints on the export behavior of SMEs.Based on the survey data of 2012 World Bank Chinese enterprises and Melitz’s heterogeneous enterprise model,this article adds bank loans as the financing constraint variable.We use probit model to analyze the export decisions of enterprises and instrumental variable to verify endogenous problems.At the same time,robust test is conducted to confirm our conclusions.Further,this article classifies the sample by region and ownership.to study the influence of financing constraints on enterprises in different regions and of different ownership.The results show that private enterprises and enterprises in central and western regions are more likely to suffer financing constraints.Finally,heckman selection model is used to explore the impact of financing constrains on the export intensity of SMEs.The empirical results indicate that while financing constraint greatly restrict the export decisions of SMEs,their impacts on the intensive margin are positive.On the basis of our study,this article argues that banks,government and enterprises should all give full play to their advantages to improve SME’s financial capacity.Firstly,banks should vigorously develop FinTech to reduce export financing costs of enterprises,promote the development of intellectual property financing,accounts receivable financing and warehouse receipts financing.Secondly,the government should promote financial development of the central and western regions,establish a multi-level capital market,and improve credit guarantee system for SMEs.Finally,SMEs should carry out reforms to enhance their own core competencies,increase labor productivity and product quality,improve the ability of technological innovation,as well as accelerate the speed of digital transformation to better embrace the new digital economy. |
