The Influence Of Credit Constrains On Heterogeneous Firms Export

In order to explore the micro-level interaction between corporate exports and credit constraints,and to reveal the dynamic link between financial reform and opening up of China,this paper analyzes the relationship between credit constraints and heterogeneous corporate exports from both theoretical and empirical perspectives.In terms of theoretical research,under the classical framework of heterogeneous firms,this paper uses theoretical model based on the Chaney(2016)to analyze the impact of credit constraints on corporate exports.As is demonstrated in the model,start-ups with high productivity and insufficient internal resources can expand exports through the use of external financing,but extremely high external credit constraints will hinder the export of low-credit enterprises.As far as the export preferences policies in developing countries are concerned,the strong credit preference on export can lower the productivity threshold of export for those preferred enterprise,which could promote export participation,while might distort the exportproductivity relationship to some extent.In empirical research,according to the once existed deposit and loan ratio management of commercial banks in China,this paper obtains province-level loan-to-deposit ratio as a proxy for regional credit constraint from the China Financial Statistical Yearbook and combines with micro-data collected from annual surveys of manufacturing enterprises conducted by the National Bureau of Statistics of China to construct a firm-level panel dataset across 2000 to 2007.This paper first constructs a random coefficient model about firm-level interest payment and export,then uses the fixed effect-instrumental variable estimator.The study found that,although enterprises in general obtain external financing(and pay interest)to promote their exports,but for areas where external credit constraints are more rigorous,this relationship will be reversed.In regions with high deposit and loan ratio,Enterprises no longer obtain loans for export.This empirical result verifies the previous theoretical analysis.Then,through the research in group,this paper finds that this law is widespread in the eastern and western regions of China as well as enterprises of different scales,and the effect of credit constraints on new export companies is more obvious.