摘要
企业信贷声誉是影响企业出口的重要因素。数理模型分析表明:信贷声誉通过缓解融资约束促进企业出口;但总的来说,二者关系表现出非线性特征。文章通过界定并测度企业信贷声誉,使用probit和tobit模型并选取工具变量进行稳健性检验发现:(1)我国企业信贷声誉水平呈正态分布。(2)企业信贷声誉不仅直接促进企业出口决策,还可以通过影响融资约束这一间接渠道放松企业参与出口的条件,增大出口可能性,这一点在中小型企业中表现尤为明显;此外,企业信贷声誉也通过相同的渠道对出口密集度产生影响。(3)我国企业信贷声誉对出口的影响存在'倒U型'的关系,即随着企业信贷声誉的不断积累,其对企业出口的促进作用明显减弱,这可能是因为地区市场化水平与信贷声誉机制具有相互替代关系。因此,我们要注重培育良好的企业信贷声誉,不断优化营商环境。
Credit reputation of the enterprises is an important factor affecting export.Mathematical model analysis shows that credit reputation can promote the export of the enterprises by relieving financing constraints,but in general,the relationship between them is nonlinear.By defining and measuring credit reputation of the enterprises,this paper applies Probit and Tobit models and chooses instrumental variables for robustness test.The results reveal that:(1)the credit reputation level of China’s enterprises is normally distributed;(2)credit reputation of the enterprises not only directly promotes their export decision-making,but also relaxes the conditions for the enterprises to participate in export through the indirect channel of influencing financing constraints,so as to increase the possibilities of export.This is especially obvious in the small and medium-sized enterprises.In addition,credit reputation of the enterprises affects export intensity through the same channels;(3)the influence of credit reputation of China’s enterprises on export is inverted U-shaped.That is to say,with the continuous accumulation of credit reputation of the enterprises,its promoting effect on export is obviously weakened.This may be due to the substitution relationship between regional marketization level and credit reputation mechanism.Therefore,it is necessary to pay attention to cultivating good credit reputation of the enterprises and optimizing business environment constantly.
作者
史恩义
李珍
岳泽亮
SHI En-yi;LI Zhen;YUE Ze-liang
出处
《国际经贸探索》
CSSCI
北大核心
2019年第6期67-88,共22页
International Economics and Trade Research
基金
教育部人文社会科学研究项目“双边融资与国际产能合作:机制、效用和条件”(16YJA790043)
关键词
信贷声誉
融资约束
企业出口
非线性关系
credit reputation
financing constraints
enterprises’export
nonlinear relationship
作者简介
通讯作者:史恩义(1967-),山西襄汾人,山西财经大学国际贸易学院教授、硕士生导师,研究方向为国际经济与投资,电子邮箱:sny0906@126.com;李珍(1993-),女,山西临汾人,山西财经大学国际贸易学院研究生,研究方向为国际贸易理论与政策;岳泽亮(1991-),山西晋中人,山西财经大学国际贸易学院研究生,研究方向为国际贸易理论与政策。
