Political Connection,Financing Constraints And Export Of Chinese Enterprises

With the development of economic globalization and the promotion of trade liberalization,export has become the focus of scholars.Many scholars study the export behavior of enterprises based on the theory of heterogeneous enterprises.Some scholars also study the influence of external factors such as market segmentation,factor market distortion,government subsidies and infrastructure on the export behavior of enterprises.However,political connection is often ignored.Political connection has always been an important topic for economists to study.Based on the data of manufacturing listed companies from 2013 to 2017,this paper examines how political connections and financing constraints affect the export behavior of Chinese enterprises in China’s unique institutional environment.The conclusions of this paper are as follows:(1)Political connection has a significant positive impact on the export behavior of enterprises.(2)Financing constraints play a regulatory role in the impact of political ties on the export of enterprises,but empirical evidence can only test that the marginal effect of political ties on the export volume of enterprises will be affected by financing constraints.(3)The influence of political connections between the eastern region and the central and western regions on the export behavior of enterprises is positive,but the influence is different.Financing constraints have a moderating effect on political connections in the eastern and western regions,but enterprises in the western region are more subject to financing constraints.(4)The impact of political ties on exports will also be affected by ownership.However,there are differences between state-owned enterprises and private enterprises.Finally,according to the results of this study,some suggestions are put forward for the government departments and manufacturing listed enterprises.Government: first of all,the government should actively promote the healthy development of the financial industry,eliminate domestic credit discrimination,and fundamentally improve the financing difficulties faced by enterprises in export;the government should guide and encourage enterprises to carry out technological innovation,improve the productivity of enterprises,and promote the competitiveness of Chinese enterprises in export;and create a fair and just business environment for enterprises.The suggestions for enterprises are: actively change the development concept,not to use limited resources and energy to build political connections,improve the ability of innovation and independent research and development,and enhance their core competitiveness.It is hoped that the study of political connection and export in this paper will be a supplement to the study of enterprise export,provide a new perspective for the study of enterprise export,and also have reference value for the government and enterprises.