| Since the reform and opening up,China’s export trade has developed rapidly,and the export trade has been ranked first in the world.However,due to the international division of labor and other factors,the low and low-end characteristics of China’s export products are very obvious.With the increase of labor cost in our country,enterprises have been forced to change from the initial stage of development to the development of the export scale by relying on large-scale and cheap labor force to obtain the initial stage of trade interests.China’s current financial market development lags behind,the financing environment faced by enterprises will directly affect the availability of funds and financing costs,and will further affect the scale of export enterprises.Therefore,the financing constraints and trade relations have attracted more and more scholars’ attention.With the development of world economy and the improvement of living standard,the domestic and international consumer demand for Chinese products is increasing rapidly,and the path of Chinese manufacturing products to improve market share by price advantage is unsustainable.Although China’s economic strength continues to grow,however,China’s export enterprises are still facing many problems.As a developing country,China has not only the general sense of financial repression,but also the credit discrimination of ownership.It is difficult for state-owned enterprises to obtain stable loans while private enterprises are difficult to obtain equal financial status.The rapid growth of China’s economy is closely related to the development of enterprise export trade.National exports are made up of various industries and enterprises.When examining the factors of export growth,the investigation from the industry level and the enterprise level will make the research more convincing.Under this background,this article from the current situation of the export trade and financing environment of our country,expounds the significance and framework of the article,mainly from the influence factors of enterprise financing constraints and the export behavior of export enterprises to enhance the scale of analysis of two aspects of the literature review and summary.This paper considers the influence of external financing and endogenous financing on the export growth of enterprises.Based on the incomplete financial market,this paper studies the heterogeneity of financing,and takes the financing constraints as the factors that influence the export growth of enterprises.In this paper,the data using the full sample data in 2011 China industrial enterprise database,at the same time,the empirical part of this paper is the external financing constraints and endogenous financing constraints are considered to evaluate the financing constraints on export growth.The structure of this article mainly has the following six parts:the first part focuses on the background and significance of the article,and explains the research ideas,structure arrangement,methods and innovation points.Analysis of the literature review and the mechanism of the second part,based on the existing theories,scholars mainly from the aspects of financing constraints,enterprise export growth,have more experience,the third part is to analyze the effect of financing constraints enterprises export growth in theory,scholars have studied the causes of corporate financing constraints,mechanism of action financing constraints affect the enterprise export growth.The fourth part mainly introduces model setting,selection of variables and description of samples,which is the basis of empirical analysis.The paper mainly uses the existing literature research for model setting,and selects the financing constraints and the related variable indicators of enterprise export growth,so as to know more about the factors affecting the export growth of enterprises.The fifth part is the empirical results and analysis,the effect of financing constraints scale export enterprises preliminary regression,and analyze the impact of financing constraints on variables such as the scale of export enterprises upgrade from internal and external sources of financing constraints,different regions and enterprises holding perspective.The sixth part is policy recommendations,mainly summarized the research conclusions of the full text.In the existing research on the basis of the results from theory to analyze the cause of financing constraints and reasons of financing constraints influence mechanism to enhance the scale of export enterprises,and referring to the existing theoretical model,deduces the financing constraints of enterprises to reduce the export scale upgrade.In the empirical part,the paper selects the main variables and other control variables,and comprehensively analyzes the impact of financing constraints on the export scale of enterprises,and tests the robustness of the model and the treatment of endogeneity problems.In the regression on the basis of the results,this article from the enterprise characteristic,carries on the analysis from the inside and outside source financing,different enterprises,holding different geographical perspective,accurate understanding of the effect of financing constraints on export scale promotion.The results show that:(1)after the robustness test of the empirical model and endogenous treatment,the financing constraints significantly reduce the export scale of enterprises.(2)in different classification perspective,the financing constraints have a restraining effect on the export scale of enterprises,but the effects and sizes are different.(3)enterprise total factor productivity,foreign capital share and capital intensity promote the export scale of enterprises,while the scale of enterprises hinders the development of export scale.Finally,this paper suggests that the government should improve the financing environment,diversify the capital market,actively promote the development of small and medium-sized financial institutions,deepen financial reform,and rationally allocate financial resources. |
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