Empirical Analysis On Export,Financial Constraints And Labor Productivity Of Service Industry

The new trade theory is keystone of academic researches and enterprise heterogeneity is the core of the theory, and heterogeneous productivity is an important aspect of heterogeneity, so scholars have done a lot of research around heterogeneous productivity, among which export and financial constraints are important research perspectives. Being able to afford sunk costs for access to export market, high productivity enterprises choose to export their productions, which is self-selection effect. After entering the export market, enterprises can make full use of domestic and foreign market to absorb advanced technology and to improve productivity, which is learning by exporting effect. However, empirical research of Chinese scholars found a paradox in manufacturing, productivity of export enterprises is generally lower than non-export enterprises. As to financial constraints and productivity, it is generally believed that the financial constraints restrict productivity increase. By reviewing former studies it can be found that studies on exports, financial constraints and productivity are mainly concentrated on manufacturing sector, besides, exports and financial constraints effects on productivity are researched separately. Therefore, based on services sector data, this article will not only examine effects of export and financial constraints on enterprises productivity separately but also investigate interaction of export and financial constraints.Firstly of all, this article logically analyzed how export increase productivity and financial constraints restrict productivity, and then do empirical analysis based on services sector data collected by the World Bank in 2012, there are several main conclusions. There is no paradox in services sector. Subjective financial constraint is positively related with services enterprises labor productivity, short-term and long-term credit financial constraints significantly restrict the improvement of productivity, and the commercial credit financial constraint has no significant effect on productivity. Export intensity interact strongly with short-term and long-term credit financial constraints, export needs short-term and long-term credit finance supports.Finally, this paper puts forward relevant policy recommendations based on the conclusions of study, including paying enough attention to pulling effect of export, reducing the cost and quantity of enterprise finance, etc.