Internal Financing Capability And Enterprise Export

The international market is an extension of the domestic market.China’s economic development still needs to seize the opportunity of economic globalization to open up the international market,and maintain the stability of the global industrial supply chain.At present,the international situation is complicated,and sudden crises such as the financial crisis and the new crown epidemic occur frequently,thus export enterprises bear huge uncertain risks.When a sudden crisis occurs,the external demand of export enterprises will shrink,the scale of production will shrink,and the international circulation will be difficult to maintain smooth.The development of China’s capital market has yet to be improved,and external financing channels for enterprises are relatively limited.Export enterprises,especially small and medium-sized export enterprises,face greater financing constraints.Enterprises with a group company background can obtain funds from the group’s internal capital market.The internal capital allocation of the group company is relatively flexible,and resources can be optimally allocated internally according to the development strategy.When the subsidiary is facing tight liquidity,it is more likely to apply for financial support from the group companyThis paper constructs a sample of treat group of subsidiaries of export company and a control group.Then we set the crisis impact year as 2008.The DID variable is constructed to perform panel data fixed-effect regression.The regression results show that the subsidiaries with the background of listed group companies have better export performance in the face of crisis.It shows that group management can bring positive effects to export enterprises,so that export enterprises can maintain export scale even in the face of international systemic crisis.At the same time,it also shows that the listing of the company not only brings financial convenience to the company itself,but also allows the subsidiary to obtain external financial support indirectly.Based on the above analysis,policy recommendations are put forward:(1)Export enterprises strengthen group operation and rationally use internal capital market to improve their ability to deal with crises;(2)Export enterprises strengthen capital diversification and increase financing channels.(3)Improve the basic system of the capital market,promote the diversification of the listing system of enterprises,and open up the channels for export enterprises to obtain external funds.(4)The financial institutions should innovate the loan system for export enterprises,and formulate appropriate loan systems for the complex international situation faced by export enterprises.