The Influence Of Financing Constraints On Export Decisions Of Agricultural Products Processing Enterprises In China

Along with the development of China’s agricultural trade,the export scale of agricultural products is expanding,but compared with the United States and other large agricultural countries,the export structure of agricultural products is extremely unbalanced,and in recent years,the export growth rate of agricultural products has remained sluggish,and even showed negative growth twice.The development of China’s agricultural export trade can be said to be facing severe challenges.How to promote the growth of agricultural exports has turn into an urgent problem to be resolved.Agricultural products processing enterprises to participate in the global social division of labor through exports,at the same time,It can come true the purpose of promoting the optimization and upgrading of the structure of agricultural products,improving the added value of agricultural products and enhancing the international competitiveness of agricultural products,which means to agricultural products processing enterprises export growth promote agricultural exports increase becomes the key to solve the problem of China’s agricultural exports.There are a lot of elements affecting the export of agricultural products processing enterprises,but with the further research,it is found that export enterprises usually face huge financing problems.Hence,the impact of financing constraints on corporate export decisions has become a central issue concerned by scholars.Based on the above-mentioned background,this thesis investigates the influence of different forms of financing constraints on export decisions of agricultural products processing enterprises,and mainly analyzes the impact of three forms of financing constraints:endogenous financing constraints,bank credit constraints and commercial credit constraints on the export decisionmaking of enterprises.the answer to this question is of great significance for promoting the export of agricultural products processing enterprises and improving the competitive power of agricultural products.In the analysis,this thesis insists on integrating theory with practice.Firstly,combing literature,and the deficiencies of existing researches are summarized,which is used as a starting point to introduce the research topic of this thesis.Secondly,drawing on the analysis framework of heterogeneous enterprise trade theory,the theoretical mechanism of financing constraints affecting enterprises’ export is analyzed,and the corresponding theoretical model is deduced as the theoretical basis of this thesis.Finally,the data of industrial enterprises have been widely used in the study of enterprise behavior,and the export situation and financing constraints of Agricultural processing enterprises in China have not changed significantly for a long time.Therefore,the data from 2000 to 2013 are selected in this thesis.Probit model,Logit model and Ivprobit model are used to inquire into the impact of three forms of financing constraints on enterprises’export decisions,and to explore whether the interaction between bank credit and commercial credit has an impact on export decisions.Moreover,regions and ownership are further divided for heterogeneity analysis.The results show that:(1)the three kinds of financing constraints all significantly inhibit the export possibility of agricultural processing enterprises,and different financing constraints have different effects on the export decision,among which the bank credit has the greatest influence,the commercial credit has the second influence,and the internal capital has the least influence;(2)The interaction term between bank credit and commercial credit has no significant effect on export decision,that is to say,the influence of bank credit constraints and commercial credit constraints on export decision is independent;(3)The three financing constraints have a significant negative effect on the export decision of agricultural products processing enterprises in the eastern region.For the central and western regions,the internal financing constraints and commercial credit constraints have nothing to do with export decision,and the export of agricultural products processing enterprises is only restrained by bank credit constraints;(4)Non-state-owned agricultural processing enterprises are affected by three forms of financing constraints,while state-owned agricultural processing enterprises are mainly affected by bank credit constraints.