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文章讨论了在“银行-企业”不完全信息条件下,国内企业和出口企业面对的信贷约束为何不同。由于企业的生产率等信息对于银行而言属于内部信息,银行为了保持激励相容,会向企业提供少于企业所需最优数量的贷款。这种贷款的约束构成了企业面对的信贷约束。出口企业的运输时间越长,相比国内企业就会面临更紧的信贷约束。使用中国企业的数据验证这一理论,我们发现,对中国企业而言,出口业务占比越大、运输时间越长、生产率差异越大,企业面临的信贷约束也就越紧。
The paper discusses the different credit constraints faced by domestic and export enterprises under the condition of incomplete information in Bank-Enterprise. Because information such as firm’s productivity is internal information to the bank, in order to be incentive-compatible, the bank will provide the enterprise with less than the optimal number of loans needed by the enterprise. The constraints of such loans constitute the credit constraints that businesses face. The longer shipping time for exporters, the tighter credit constraint than domestic enterprises. Using data from Chinese companies to validate this theory, we find that for Chinese companies, the larger the proportion of export business, the longer the transportation time and the greater the difference in productivity, the more stringent the credit constraints enterprises will face.