Credit Rationing's Influence On Chinese Enterprises' Exporting Behavior

In this article,we use 2012 world bank China enterprise survey which provides a more detailed data analysis of the enterprise from the firm level to research the credit constraints' impact on the enterprises' export behavior.This paper is mainly based on the framework of Melitz(2003)heterogeneity enterprise model,in addition add credit constraint as a core variable,and then use probit function.In order to eliminate the 2SLS and control endogenous problems,we use the biprobit regression to verify.During the study,we analyze the samples first,and then classify sample companies by region,industry,in order to explore the credit constraints' influence on enterprises in different areas and different industry.In the end,we also take the export proportion of the total sales volume of enterprises as the replacement of enterprise export volume,and study how the credit constraint affects the export intensive margin of enterprise.The results show that the credit constraint has a negative effect on the export of enterprises and significantly reduces the export volume of enterprises.In addition,the manager's work experience in related fields,whether the enterprise has the internationally recognized certificate of quality and the enterprise R&D expenditure also have a significant effect on the export of enterprises.On the basis of the results of the study,we also take the present situation of credit constraints domestic enterprises,especially small and medium-sized enterprises facing into consideration,and give some advice from the government and enterprise two aspects to ease export enterprises in our country is the credit constraints,we believe in the government to deepen financial reform,build perfect multi-level financial market,promote the reform of the supply side,encouraging innovation of enterprises,reduce the enterprise cost,support small and medium-sized enterprises(SMEs),at the same time,enterprises should also increase their investment in innovation,improve innovative ability,strengthen the enterprise's own financial and strategic management,and actively cultivate management talent team,to create a good entrepreneur team.