What Restrains The Export Of Enterprise?

The export structure of enterprises has a great impact on a country’s competitive force in the current wave of economic globalization, especially on China which is a trade giant. As far as the influencing factors of enterprise export are concerned, scholars mostly have been studying them from the perspective of financial constraints wtih export or innovation ability with export; however, this paper tried to study the influencing factors of enterprise by means of connecting financial constraints, innovation and export together. Thus this paper primarily examined the financial constraints and innovation’s comprehensive effects to the export of enterprise while at the same time examined the financial constraints and innovation’s independent effects to export.This paper used the database of Chinese industrial enterprise from 2005 to 2007 and measured financial constraints of enterprise according to the ratio of debt to total assets. In addition, this paper also conducted an empirical test to the influencing mechanism of financial constraints, enterprise innovation and export by using the probit model. By analyzing the results of regression respectively to overall samples, system of ownership and regional sub-samples, this paper drew the following conclusions. Firstly, there is a "Financial constraints paradox" for Chinese enterprises, namely, the bigger the financial constraints is, the higher the possibility of export is. Secondly, enterprise’s innovation activies could facilitate its export. Thirdly, "Financial constraints-Innovation-Export" transmission mechanism is not obvious in short term for Chinese enterprises, while it is notable in long term. At last, the export of enterprises in the eastern areas of China is more likely to be affected by financial constraints and innovation compared with central and western areas of China due to regional disparity.Accordingly, this paper came up with the following policies and advices. For one thing, the government is supposed to make policies to improve financing and innovation environment. For another, enterprise ought to develop toward collectivization and large-scale to achieve scale advantage by making the full use of some means like merger and acquisition; and enterprises also need to build a favorable image of financing so as to acquire research and development fund and finally facilitate the export. Finally, enterprises should attach importance to transforming traditional operation consciousness, innovating on their own initiative and altering export structure in order to improve competitive force of export eventually.