所有制、出口行为与企业融资约束—兼论出口行为的“信号效应”与“市场多元化效应”
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| Title | Ownership, Export Behavior and Firms’ Financial Constraint
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| 作者 | 佟家栋 余子良 |
| Author | Tong Jiadong and Yu Ziliang |
| 作者单位 | 南开大学经济学院 |
| Organization | NANKAI UNIVERSITY |
| 作者Email | tongjd@nankai.edu.cn；yuziliang@163.com |
| 中文关键词 | 所有制 出口行为 融资约束 信号效应 市场多元化效应 |
| Key Words | Ownership; Export Behavior; Financial Constraint; Signal Effect; Market-Diversification Effect |
| 内容提要 | 本文使用1998-2007年的中国工业企业数据、在区分不同企业所有制的前提下，检验了企业出口行为对融资约束的影响，并在此基础上进一步探讨了该影响的渠道。我们发现：出口行为可以显著缓解民营企业与外资企业的融资约束，并且能够降低国有企业的“软预算”约束问题，从而使其投资行为更受市场规律约束；出口行为对民营企业与外资企业融资约束影响渠道存在显著差异；出口行为对民营企业融资约束的改善主要通过“信号效应”与“销售市场多元化效应”，而对外资企业的影响则主要通过“销售市场多元化”与“融资资本市场来源的多元化”渠道。 |
| Abstract | In this paper, we test how firms’ export behavior influence their financial constraint in different ownership groups, using firm-level data during 1998-2007 from Chinese Industrial Enterprises Database. Then, we give a further investigation on channels from which firms are influenced by. The conclusions are as follow: Export behavior releases the financial constraints of private firms and foreign-owned firms, while decreases “soft budget” problem of state-owned firms and makes their investment behavior more marketable. Private firms and foreign-owned firms are influenced by export behavior throng different channels. Export behavior impact on private firms through ‘Signal Effect’ and ‘Service-Market Diversification Effect’ and on foreign-owned firms through “Service-Market Diversification Effect” and “Financing-Market Diversification Effect”. |
| 文章编号 | WP593 |
| 登载时间 | 2014-01-27 |
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