The Financial Constraints Effect Induced By The Firm's Export And Export Agglomeration

In the past decades,benefiting from international trade,China's economy has maintained a high-speed growth,as well as the significant improvement of the trade structure and industrial structure.However,90%of China's export enterprises are located in eastern China,along with the phenomenon of export agglomeration.One should be concerned is that the export agglomeration will lead to vicious competition and space crowding among firms.Through the positive spillover effect caused by agglomeration promotes the expansion of export trade,the negative effect induced by that is also worth of study.This paper investigates the impact of firm's export behavior and regional export agglomeration on firm's financial constraints.The study found that the increase of firm's exports will ease the financial constraints,while the increase of export agglomeration in the regions where the firms are located will aggravate the financial constraints.Furthermore,by distinguishing the ownership and trade forms of enterprises,it indicates that the influence of export behavior and regional export agglomeration on financial constraints is obvious for state-owned enterprises and foreign-owned enterprises,and it is not obvious for private enterprises.Also,the financial constraints of processing trade enterprises are not affected by the export behavior and regional export agglomeration while the general trade enterprises are significantly affected.These results hold significant among different industries.