Credit Constraint,capital Allocation And Enterprise Export

The export behavior of enterprises is the micro-basis of studying export problems.The degree of credit constraints and the efficiency of capital allocation will affect the export behavior of enterprises at the capital level.When the literature studies the impact of credit constraints and capital allocation on export,it will lead to erroneous estimates if the probability of export is not taken into account.On the basis of correcting sample selection errors,this paper measures the role of credit constraints and capital allocation in enterprises'export behavior The final conclusion is that the comprehensive effect of credit constraints on enterprise exports is negative,and the effect of capital allocation efficiency on enterprise exports is positive.The effect of capital allocation on export is regulated by commercial credit constraints rather than by bank credit constraints.This paper is roughly divided into five parts,the introduction focuses on the background and significance of this study,and then puts forward the research methods and innovations of this paper-the Heckman model.The literature review part mainly combs the literature on credit constraint,enterprise export and capital allocation and enterprise export,and then makes a brief comment.Then it mainly introduces the source of data,variable description and export model construction.This paper mainly refers to the Heckman model,establishes the export decision model and the export scale equation.The main variables affecting export decision-making in the model are the value of export delivery in the previous year,the proportion of accounts receivable in the previous year,the degree of capital-intensive,the ownership of enterprises,the scale of enterprises,the actual tax rate level of enterprises,and the quality of enterprises'input labor force.hen this paper uses heckman's two-step estimation method to solve the problem of error estimation caused by deletion of "zero export volume" data.This paper designs three research strategies.The first strategy is to estimate the export effect of credit constraints without controlling the efficiency of capital allocation.The second strategy is to measure the export effect of credit constraints under the two groups of high and low efficiency of capital allocation,to examine whether there are systemic differences.The third strategy is to introduce the interaction term of credit constraints and capital allocation efficiency to capture the marginal effects of credit constraints(allocation efficiency)vary with allocation efficiency(credit constraints).Finally,this paper summarizes the empirical analysis results above,and puts forward countermeasures from the perspective of government and enterprises.