Corporate Internationalization Strategy In Development Of Chinese Strategic Emerging Industries

In order to explore the development of enterprises internationalization of China strategic emerging industries,this paper,based on heterogeneous enterprise trade model and from perspective of credit constraints,studies the relationship between credit constraints and export intensive margin and extensive margin of strategic emerging industries by using theoretical models and empirical measures.This paper first reviews the research results of scholars in different countries under the framework of heterogeneous enterprise trade and related papers of strategic emerging industries.Secondly,under the trade framework of heterogeneous enterprises,this paper analyses the effect mechanism of credit constraints on the export intensive margin and extensive margin.In the derivation of the basic trade model from Melitz,it is concluded that only enterprises with higher efficiency will choose to export.In the expansion model,it is concluded that when the financial market is not complete,enterprises will face more severe credit constraints,which will significantly inhibit the export intensive margin and extensive margin.On this basis,this paper uses the enterprise data of the A-share listed companies belonging to the strategic emerging industries from 2011 to 2017 and describes the typical fact of the international development and credit constraint status of China strategic emerging industries.In terms of empirical research,this paper builds an empirical model using Heckman two-step method and analyses to prove that credit constraint has a significant inhibiting effect on the export intensive margin and extensive margin.This paper also puts forward policy suggestions for accelerating internationalization development of China strategic emerging industries from perspective of improving Chinese financial system.