An Empirical Study On The Survival Rate Of Chinese Industrial Enterprises With Financing Constraints

Over the past 40 years of reform and opening up,China's export trade has developed rapidly and its export scale has ranked first in the world.However,most export enterprises lack core technology,the added value of export products is not high,and the international competitiveness is not strong,which leads to the survival rate of Chinese export entities is not well.Facing the fierce international market and external shocks,the issue of financing constraints has become an important factor affecting the development and export of Chinese enterprises.The existing research on the export survival rate of China has a relatively short sample interval;there are few analysis from the perspective of financing constraints,especially considering the internal and external financing constraints of enterprises,and discussing the influence mechanism and channel of financing constraints on export productivity.Based on the matching data between China Industrial Enterprise Database and China Customs Database from 2000 to 2013,this paper first analyzes the survival rate curve of China's export enterprises by K-M product limit method,and then analyzes the survival rate curve by distinguishing different types of enterprises;The discrete survival analysis model studies the impact of financing constraints on the survival rate of Chinese export enterprises.The results show that the mitigation of financing constraints significantly improves the survival rate of Chinese export enterprises.Further analysis of the heterogeneity analysis of enterprise ownership,region,trade type,and export continuity found that there are differences in the impact of internal and external source financing constraints on the survival rate of different types of export enterprises.Finally,based on the product quality and productivity effects,the mediation effect model is used to test the mechanism.It is confirmed that the mitigation of financing constraints will reduce the risk of export enterprises exiting the export market by improving the productivity of enterprises and the quality of export products.Based on the conclusions drawn from the research,the article puts forward to corresponding suggestions.On the one hand,it is necessary to speed up financial market reform,innovate financing channels,improve risk mechanisms,give full play to the advantages of state-owned large commercial banks and various city commercial banks.Break traditional credit discrimination and allocate the funds accurately.On the other hand,enterprises need to change the mode of export trade,so increase the investment on basic research of products,promote the core technology innovation of enterprises,improve the quality of export products,build brilliant brands and improve the survival rate of export enterprises in the international market.