The Impact Of Financing Constraints On Export Enterprises

The completeness of financial market in China compare the developed countries and even emerging market countries there is a big gap.Enterprises lack direct financing channels and creditor’s rights financing source is limited.Especially the bank credit enterprise,on the other hand,indirect debt financing loans become the main source of its funding.According to the people’s bank of China,if the enterprise financing according to the different table,off-balance-sheet business of Banks,the bank credit will account for over 80%of the exogenous financing.According to the characteristics of corporate financing in our country the influence of the thorough research to our country enterprise export credit financing has strong practical significance.Today’s "credit" plays a more and more important role in the social system,credit system of continuously improvement,no matter for enterprise or individual economic activity has a great influence.Banking supervision committee in China since February 28,2007 published the<<instructional advice on China’s banking sector to implement the new capital accord>>,Banks began to widespread use of enterprise credit risk rating system,with the enterprise obtain the conditions of the credit in the bank also changed larger.Banks treat enterprise loan demand is no longer blindly request limits of complete,but on the basis of enterprise credit,began to pay attention to the enterprise the financial indicators and qualitative quantitative non-financial indicators under the balance of comprehensive strength.So,in this paper,according to the current reality of credit financing environment from the perspective of bank credit risk rating for the effects on the enterprises to export credit financing constraints.Since literature research expanded the heterogeneous enterprise model,adding liquidity financing constraints model,on the effect of financing constraints for enterprises to export to in-depth study on.By influencing the enterprises export sunk cost financing constraints on export decisions,and on the impact of financing constraints on enterprise export decision transmission mechanism whether there are other ways,and if there is a strength of enterprises to export capital constraint,the literature research has some controversy.In this article,through detailed combing our country export enterprise’s main financing constraint type,and in view of the impact on enterprises to export credit financing constraints from the Angle of bank credit rating has carried on the deep discussion.Choice from the Angle of bank credit risk rating research financing constraints to the enterprise the influence,the main reasons for not only to expand export enterprises from the theoretical perspective of financing constraints,more important is to combine the current our country commercial bank to the enterprise credit is based on the reality.The theoretical analysis,based on<<the new Basel capital accord>>enterprise credit risk rating guidelines as well as the bank of real customer data measurement of enterprise credit risk model is established,through the model to calculate the probability of default values of the enterprise,as a proxy enterprise core index of the credit financing constraints.Theoretical derivation,on the basic set of heterogeneous enterprise export model as the foundation,by introducing the credit financing constraints to analyze its impact on enterprises to export decisions.Impact on enterprises to export strength is derived,based on bank credit of enterprise credit and project risk decision making assumptions,a business and increase in number of foreign products on the market after the ratio of its marginal revenue and marginal cost,prove the bank credit financing constraints ease it can bring enterprises to export strength of ascension.The empirical analysis,the enterprise as the research of credit default probability financing constraints at the heart of the impact on enterprises to export proxy variables.The first to use Logit model empirical analysis on the financing constraints,especially the credit financing constraints impact on enterprises to export decisions.Among them,the credit financing and other financing constraints the relationship between variables,and the credit financing constraints,indirect impact on the enterprise exports decision mechanism,carried on the thorough discussion.Secondly using probit model above the empirical conclusions are verified.Investigate the influence of the strength of enterprises to export credit financing constraints,if using two phase selection model to investigate the influence of the strength of enterprises to export credit financing constraints,and finally to distinguish the supply-side and demand-side commercial credit empirical analysis the different influence of the strength of enterprises to export,and demonstrates the commercial credit and the credit financing about the influence of the strength of enterprises to export between relatively independent.The above empirical test specific conclusions can be summarized as follows:First,the credit financing constraints have significant negative impact on enterprises to export decisions.This influence is embodied in two aspects of direct and indirect effects.The indirect effect mechanism is mainly embodied in,on the one hand,the credit financing constraints to influence enterprise productivity and indirect effect on export decisions;On the other hand,the credit financing constraints to other financing constraint variables influence which to the enterprise’s export indirect influence decision making.Second,the credit is significantly negative correlation to the intensity of enterprises’ export financing constraints,the smaller the enterprise credit risk,bank credit,the higher the relative probability function to the promotion of enterprises to export strength is larger.This is reflected in corporate credit financing constraints ease is advantageous to the growth in the number of enterprises to expand product sales channels and products export quantity.Third,commercial credit for enterprises to export the influence of decision-making and intensity are significant.However,you need to distinguish between the similarities and differences between commercial credit function.The empirical results found that the commercial credit(accounts payable)on demand significantly influence on enterprises to export decisions,when the enterprises to export,it is the commercial credit become no longer significantly on demand.And supply the commercial credit(accounts receivable)effect on the strength of enterprises to export more significant.The fourth,the enterprise credit financing and the relationship between commercial credit(accounts receivable),the empirical shows both the enterprise export strength has significant negative impact,but their impact on enterprises to export strength is relatively independent.Finally on the basis of theoretical model,the main conclusion of the empirical testing,this paper put forward from two aspects of micro and macro crack our country export enterprise’s financing constraint problem coping strategies,as well as the realistic policy recommendations.