Mechanism And Empirical Study Of Financing Constraints' Impact On Chinese Enterprises' Export Product Quality

The report of the 19th Congress explicitly mentioned that China's economy has shifted from a high-speed growth phase to a high-quality development phase,emphasizing "quality first" and "quality power."Specific to the enterprise production level,it is necessary to narrow the gap with the global high-end products in terms of variety,quality,brand,and other aspects.In recent years,studies on the export quality improvement and relevant factors,especially on the product level and enterprise level based on large-scale microscopic databases,are also one of the hot topics in the international trade field.In China's financial market environment,financing constraints will further lead to the resource constraints of R&D,production,export,etc.Therefore,it is of theoretical and practical significance to explore the influence of internal and external financing constraints on the quality of export products of enterprises.The dissertation includes the theoretical mechanism,index measurement,fact descriptive statistics and empirical research.At the theoretical mechanism level,the financing constraints can hinder the R&D of enterprises and hinder the upgrading of existing products and the introduction of new products.They can also directly hinder the improvement of export product quality by the quality "adjustment effect" and"selection effect" of enterprises in the production and export sectors.At the same time,the influence of financing constraints on the quality of export products of enterprises is heterogeneous.For the calculation of export product quality,this paper is based on the data matched by the Customs Database and the Industrial Database.It uses the improved demand function method to calculate the quality of the standardized enterprise-level export products.The basic situation of export product quality of enterprises is observed from different perspectives such as overall,sub-ownership,sub-industry type and sub-region.In general,the quality of export products of enterprises is on the rise,and the difference in the quality of export products of various types of enterprises is generally shrinking.However,the quality of export products among similar enterprises is still distinct.For financing constraints,this article uses three indexes including interest guarantee multiple,internal cash flow,and paid-in capital as proxy variables for internal and external financing constraints.The basic results are in line with expectations,and the overall financing constraints of various types of enterprises are different from different perspectives.The specific performance of various indicators also differ among different enterprises.Based on the proposition,this paper sets up the basic equation in the empirical part to study the direct impact of financing constraints on the quality of export products,and also sets up an auxiliary equation to study the indirect impact of financing constraints on the quality of export products through R&D of enterprises.For the financing constraints,this paper uses three indicators-interest coverage,cash flow ratio,rate of change of paid-in capital as proxy variables for internal and external financing constraints(mitigation).The conclusion of the empirical research basically supports the hypothesis that the three types of financing constraints have significant direct and indirect impacts on the quality of export products.There are also significant differences of the three types of financing constraints' impacts on enterprises with different ownership,industries and regions.At the same time,the direct and indirect impacts of different financing channels are also different.Overall,the results are in line with expectations.