Financing Constraint And Enterprise Export Behavior

Compared with many developed countries and emerging market countries,the financial market in China is still lacks perfection.Due to lacking of direct financing channels,many enterprises in China have financing constraints.Under the background of economic globalization,the export trade of enterprise in our country grows rapidly,but slowly recent years,even negative growth,in connection with financing constraints of enterprise.Based on the panel data of all listed companies that have continued export in 2011-2016,this paper studies the impact of financing constraints on enterprise export decision-making.The research is mainly based on Melitz(2003)heterogeneous enterprise trade theory framework,the basis of the financing constraints as a factor in the enterprise heterogeneity,respectively adopt mixed model,the fixed effect model and random effect model three ways to deal with data.Then,the three results were compared,and the optimal model was selected to analyze the influence of internal and external source financing constraints on their export behavior.This article take the comprehensive analysis of all the samples at first,then according to the type of industry,the enterprises are classified into primary industry enterprises,secondary industry enterprises and the third industry enterprises,to study financing constraints for the export of various types of enterprises to participate in decision-making.The empirical results of this paper show that,from the comprehensive analysis of the whole sample,the alleviation of financing constraints can promote the promotion of the possibility of enterprise export participation significantly.But the internal financing alleviate most of financing constraints,and promote the enterprise's export.Then is the contribution of the commercial credit financing,and the exogenous financing is minimal.The results also accord with the present situation of enterprise in our country:enterprises are more likely to gain endogenous financing,and to obtain exogenous financing exist all sorts of resistance.After distinguishing the industrial types of enterprises,the research results?show that the financing constraints have a differentiated impact on the export decision of different types of enterprises.Can say although the internal and external financing conditions improve can improve the first industry enterprise's export,but the second and third industry enterprises to export the promoting effect is more apparent,the third industry enterprises have the whole export advantage to the second industry enterprises.The improvement of financing environment is very significant for the export impact of primary industry,secondary industry and tertiary industry enterprises.