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文章在Melitz(2003)的基础上,将融资约束引入异质性企业贸易模型,进而研究不同贸易方式中企业出口比重变化在融资约束和企业生产率上的差异和变化。研究结果表明:(1)企业出口比重提高有助于降低融资约束。(2)低生产率的企业以加工贸易的形式扩大出口,高生产率的企业会以一般贸易的形式扩大出口。实证研究采用海关数据和制造业企业数据,检验结果支持理论假设。中国出口企业主要通过出口比重的边际调整来最大化融资约束与企业生产率之间的得失,因此若想通过“出口学习效应”更快成长,政府应该采取双管齐下的策略即松解融资约束和转变出口增长方式。
On the basis of Melitz (2003), the article introduces financing constraints into the heterogeneous enterprise trade model, and then studies the differences and changes in the proportion of firm export in different modes of trade on financing constraints and firm productivity. The results show that: (1) Increasing the proportion of export of enterprises helps to reduce financing constraints. (2) Enterprises with low productivity will increase their exports in the form of processing trade, while those with high productivity will expand their exports in the form of general trade. Empirical studies using the customs data and manufacturing business data, test results support the theoretical assumptions. Chinese export enterprises mainly maximize the gains and losses between financing constraints and firm productivity through the marginal adjustment of export proportion. Therefore, if the government wants to grow faster through the “exit learning effect”, the government should adopt a two-pronged strategy of releasing financing constraints and Change the mode of export growth.