The Impact Research Of Export And Financing Constraints On R&D Innovation Of Private Enterprises

It has always been a hot topic in the field of innovation to study the innovation behavior of micro enterprises from the perspective of international trade and financing.At present,the research on export,financing constraints and enterprise innovation behavior mainly focus on binary relation,the literature on the integration of the three into a unified framework are relatively rare,and the research based on the comprehensive perspective of export and financing constraints is even scarcer.Therefore,based on the close and complex connections among the three factors,we systematically combed the mechanism of the independent effect of export and financing constraints on enterprise innovation,meanwhile we focus on the interaction mechanism of the two and their joint influence mechanism on enterprise innovation,and further put forward the corresponding conjectures.Finally,this paper introduces the data of micro Chinese enterprises to verify the above theoretical mechanism and conjectures,and puts forward some useful policy suggestions for the realistic predicament and outlet of the innovative development of private enterprises.Based on the data of China's industrial enterprise from 2001-2007,this paper use three indicators of cash flow,interest payments and accounts receivable to measure the financing constraints of enterprises,empirically tests the theoretical mechanism and analyzes the effect between exports behavior and financing constraints of enterprise using propensity score matching with difference in differences.And through the comparative analysis based on ownership,it affirmed the relief effect of export to the financing constraints of private enterprises.The results show that in different financing modes,exports generally alleviate the financing constraints of private enterprises,and relief effect has obvious hysteresis and sustainability.The sensitivity of different financing methods to export determines the relief effect.Subdividing the sample,we can also found that the relief effect show variation among the enterprises due to the difference of size and region.The alleviation of financing constraints shows more obvious in eastern enterprises and small private enterprises.It indicates that export is an effective way to solve the problem of financing for private enterprises and its important role cannot be ignored.Further,this thesis takes the private enterprise data from 2005-2007,using R&D expenses to measure enterprise innovation tendency and combing the probit model,empirically test the joint effect of export and financing constraints working on private enterprise innovation under three financing modes,and also analysis the substitutional relations of the export and financing constraints in the mutual influence relationship.The study found that: No matter what kind of financing mode,the combined effect of export and financing constraints on enterprise innovation is significantly negative;the negative inhibitory effect is very obvious on both the expansion margin and intensive margin of the export.The mechanism transmission power of “financing constraintexport-enterprise innovation” is greater than “export-financing constraint-enterprise innovation",and the restraining effect of financing constraints on exports is stronger than the relieve effect of export on financing constraints.The positive effect of export on R&D innovation is weakened with the continuous increase of financing constraints,while the inhibitory effect of financing constraints on R&D innovation has an inverted U trajectory with the increase of export intensity,showing that the interaction effect between the two is not symmetrical in the process of jointly influencing on the R&D innovation behavior of enterprises.