How The Credit Constraints Affect Heterogeneous Enterprises' "Going Global" Decision?

With the further refinement of the international division of labor,the traditional national boundaries are weakening.Multinational enterprises,instead,are active in the international market as the subject of economic activities.Therefore,the research on international trade and investment in the academic circle is gradually transferred from the national level to the enterprise level.In 2003,represented by Melitz,new-new trade theory arises.This theory as the forefront of international trade theory,its main contribution is regarding micro enterprises as the research object,breaking the previous theory of enterprise homogeneity assumption.It considers that the enterprise heterogeneity causes the enterprise internationalization path selection.In this paper,based on the new-new trade theory,combined with the reality of China's exports and foreign direct investment,we explore the credit constraints on the effects of heterogeneous enterprises' "going global" decision from two angles of theory and practice.Referring to relevant literature research,we use the interest expense divided by sales revenue reflecting the enterprise's credit constraints.Building Probit model,we test credit constraints' impact on enterprises to export and foreign investment decisions.At the same time,combining with China's national conditions,we further study the heterogeneity of enterprises' behavior of "going global".Through analysis,this paper mainly draws two conclusions: first,the credit constraint influences the enterprises' "go global" decision.Second,the impact of credit constraints on the "going global" decisions of enterprises is different in ownership.