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本文拓展了G-S模型系统考察融资约束和货款拖欠作用于企业出口的机理,并使用2001～2007年微观企业数据对研究假说进行检验。研究发现,融资约束和货款拖欠对中国本土制造业企业的出口存在阻碍效应。在进一步研究中,将原样本按照所有制性质、企业规模、资本密集度以及与政府的联系进行划分后再检验发现,融资约束和货款拖欠对企业出口的阻碍效应表现出明显的异质性。检验结论表明,中国背景下融资约束及货款拖欠对企业出口的障碍效应,可能既包含了企业自身差异等内部因素,也包含了金融体系压制以及政府干预等外部因素。因此,优化外部市场环境,建立良好的社会信用体系和金融体系以缓解融资约束,积极消除导致企业间货款拖欠的各种障碍因素,是促进我国本土企业出口可持续发展的根本举措。
This paper expands the G-S model system to examine the mechanism of financing constraints and payment defaults on corporate exports, and uses the micro-enterprise data from 2001 to 2007 to test the research hypothesis. The study found that the financing constraints and defaults on loans have an impediment to the export of Chinese domestic manufacturing companies. In the further study, the original sample was divided according to the nature of the ownership, the size of the enterprise, the capital intensity, and the contact with the government. After testing, it was found that the obstructive effects of financing constraints and payment default on the company’s exports showed obvious heterogeneity. The conclusion of the inspection shows that the obstacles to the export of the financing constraints and defaults of the loans in the Chinese context may include internal factors such as the company’s own differences, as well as external factors such as suppression of the financial system and government intervention. Therefore, optimizing the external market environment, establishing a good social credit system and a financial system to ease the financing constraints, and actively eliminating various obstacles that result in arrears in the payment of goods between enterprises are the fundamental measures to promote the sustainable development of domestic enterprises’ exports.