Research On The Effect Of Internal And External Financing Constraints On Enterprise Export Intensity

With the continuous promotion of financial marketization,the financing constraints,which are regarded as export barriers by most Chinese small and medium-sized enterprises,have been paid more attention.This paper starts from the internal and external environment of enterprises,discusses the relationship between financing constraints and export intensity of enterprises,based on fixed effect model,mainly uses the FGLS method to analyze the data of Chinese industrial enterprises.To verifies the results of empirical analysis,then taking Shanghai Huafon Aluminum Corporation as an example,through analysis of its financial data and financing constraints.The results of both empirical analysis and case analysis show that the increase of financing constraints caused by both internal and external environment will inhibit the enterprise export intensity,furthermore,the impact of external financing constraints on export intensity is more significant remarkable.To solve this problem effectively,it needs establish a good financial market and enterprise evaluation system as well as maintain good liquidity of assets.