The Influence Of Financing Constraints On China's Enterprise Export Decision-making

Since the reform and opening up,the rapid development of China's import and export trade has not only stimulated the development of China's national economy,but also provided China with a lot of jobs,and has become an important pillar of China's economic development.However,China's current export structure still does not change the early intensive growth.Exports are single and their added value is low.Export growth is now slowing down.Because the international trade environment is very complex and full of uncertainty,the initial period of the company's participation in international trade requires high costs and faces high export risks,so the financing environment has an important impact on the company's export decision-making.Financing constraints have become a major difficulty faced by China's export companies and have hindered the healthy development of export enterprises.Therefore,the transformation of export trade,which is the pillar of the national economy,is very urgent.Scholars have found that the development of financial markets has a significant impact on the financing constraints.However,based on the flow of funds that is full of political will in our country,the impact of financing constraints on enterprises with different ownership systems is quite different.There are few state-owned enterprises.Constrained by financing,foreign-funded enterprises have foreign capital injections,and the same financing constraints are also low,but private enterprises in China are facing serious financing constraints.Many private enterprises have promoted the development of China's export trade,but the financial market has very little support for it.How to ease the problem of financing constraints and allow more enterprises to participate in international trade has become a hot topic for Chinese scholars to study.Based on the existing literature,this standard refers to Melitz's model of corporate heterogeneity,taking into account the influence of internal liquidity and external financing costs on corporate export decision-making,deepening the reasons for financing constraints and the mechanism of its impact on corporate export behavior.Taking China's enterprises as a sample and using data from Chinese industrial companies for the period of 2010-2012,we have concretely verified the impact of financing constraints on China's export decision-making.The empirical results show that the external financing cost has a significant restrictive effect on the export decision-making of private enterprises in China;due to differences in the ownership system and the size of the enterprise,the impact of financing constraints is very different.Private companies are subject to significant internal and external financing constraints,and the state-owned.The external financing constraints imposed on firms are not significant,and the larger the firms are,the lower the financing constraints are;the more firms with accounts receivable are,the less likely they are to export.Based on the financing status of China's enterprises and the development status reflected by finance,this article analyzes the financing difficulties encountered by Chinese private enterprises when they participate in exports.Based on the research results,it gives some policies to improve the financing constraints of Chinese private enterprises and increase their export possibilities.The proposal is important from the government,the enterprise itself,and the financial market:the company itself should increase investment in innovation and increase its own productivity;the government can ease the liquidity caused by excessive accounts receivable by increasing preferential loans or discount rates.Difficulty,ease the pressure of its internal financing;financial markets should further improve the regulatory system,promote the development of private banking financial institutions as much as possible,break the monopoly of state-owned banks,and ease the foreign financing constraints of the company.