The Logic Of Export In Chinese Enterprises: Research On Financial Constraints And Productivity

With the continuous improvement of China's economic development level,more and more enterprises choose to go out of the country and choose export,which is the inevitable result of the improvement of economic level and the requirement of the era of economic globalization.From the development situation of most enterprises in our country,the main method of enterprise export is through exclusive sales or agency,which limits the development of export enterprises to a certain extent and damages the mechanism of improving the innovation ability and learning ability of enterprises.According to our observation and analysis,the choice of enterprise export mode limits the "learning by export effect" of Chinese enterprises to a large extent.From the root cause of this phenomenon,the reason for the emergence of this situation in Chinese enterprises lies in the serious financing constraints in domestic market.Export enterprises conduct marginal adjustment of the export proportion,which seems to be "irrationar" and hurt themselves.Actually,however,it's because that enterprises need to weigh the relationship between this "injury" and serious corporate liquidity,that is,the relationship between financial constraints and total factor productivity(TFP).This paper highlights the four aspects of the research results.First of all,the author explains the reasons why Chinese enterprises lack of "learning by export effect" and the mechanism of export enterprises.And the main reason is that most enterprises choose the means of exclusive sales or agency in the export process,which limits the export learning ability and innovation ability of Chinese enterprises.Besides,the author unlocks the reason of"the mystery of export enterprise productivity".Secondly,the author further analyzes the deep reason of the low"learning by export effect" of Chinese enterprises,and points out that China's financial constraints restrict the export innovation and learning ability of the enterprises to a great extent.Thirdly,through the analysis of the export proportion adjustment of enterprises,the author studies the relationship between financial constraints and TFP in export enterprises.Fourthly,the author continues to explore the export trade of Chinese enterprises that mainly through exclusive sales and agency,and finds that it has negative "crowding out effect" on entrepreneurial talent,innovation and other elements.Specifically,in classic trade theory,corporate export behavior is regarded as a kind of market expansion on the basis of domestic sales.On the one hand,export enterprises must have sufficient capacity(efficiency)and can achieve export through the payment of additional costs.On the other hand,enterprises that achieve export can earn higher profits due to the expansion of market size.After considering the impact of financial constraints on the export of heterogeneous enterprises,it is concluded that non-export enterprises and export enterprises are heterogeneous in financing demand,and export enterprises face stronger financial constraints than non-export enterprises.Therefore,only enterprises that have stronger liquidity can choose to export.Based on the discussion of the export of Chinese enterprises,the author analyzes the promotion effect of enterprise export on economic growth,and explains the particularity of China's export trade by analyzing the changes of the structure of exports.Unlike the exports of developed countries,developing China has a large number of exports related to processing trade or foreign direct investment in the export process.The author puts forward another mechanism and logic to describe the export behavior of Chinese enterprises,and compares and analyzes the productivity and financial constraints of all kinds of enterprises.In the author's opinion,on the one hand,the export modes of exclusive sales and agency make the inefficient enterprises have free access to the export market without the need to pay additional costs,the lower export financial barrier may be the reason of the failure of export "self selection effect".On the other hand,enterprises improve the use efficiency of funds and improve the financial state through the export,but it's at the expense of the reduction of production efficiency.Therefore,the export enterprises coordinate and control production efficiency and financial constraints through the marginal adjustment of export proportion.Secondly,according to the actual situation of China,the author takes into account the two export behaviors of the enterprises simultaneously,including processing trade and ordinary trade.On the basis of the classical theory of Melitz(2003)and the introduction of liquidity constraints by Chaney(2016),the author constructs a theoretical model by two export behaviors,and points out that the reason why enterprises choose to export is because of the strong financial constraints.Enterprises with different productivity choose different ways to ease their own financial constraints.And then,the author uses the relevant data to test the dynamic relationship between the productivity and financial constraints of Chinese export enterprises,so as to provide reliable empirical evidence for the theoretical conclusions drawn from the mechanism and logic proposed by the author according to Chinese enterprises' export behavior.First of all,the author classifies the export enterprises according to the changes of the export proportion of enterprises,and analyzes the characteristics of productivity and financial constraints of various types of enterprises.Secondly,the authors uses PSM method to match the different types of enterprises and makes analysis,and draws the conclusion that the matching characteristics are consistent with the prediction of the theoretical model.Finally,use matched enterprises and Heckman two-stage model to modify "sample selectivity error" and test the impact of the export ratio change on the productivity of the enterprises.The author further explores the reasons for the failure of '"learning by export effect" of enterprises,and uses the empirical analysis to test the export trade of the Chinese enterprises based on agency.The financial constraints of enterprises are the important factors leading to the increase of the export proportion of enterprises.Besides,the increase of export proportion is helpful for enterprises to alleviate the financial constraints.However,due to the reason that the export modes of exclusive sales and agency "crowding out" the entrepreneurial talent and innovation and other elements,the "learning by export effect" of Chinese export enterprises disappeared.Therefore,the relationship between the financial constraints and the productivity of the export enterprises is mainly coordinated and controlled by the marginal adjustment of the export proportion.In order to reverse this situation,we should continue to promote the transformation of the growth pattern of export trade from the root.Through the export of high-end value chain and high-quality elements such as brand,research and development,management and marketing network,the export enterprises can gain international competitiveness and increase export additional value and efficiency.At the same time,we should cultivate a number of competitive multinational companies that can step into the development path of promoting industrial transformation and upgrading through the internationalization of elements.