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文章基于1998~2011年中国工业企业数据库数据,从融资约束的视角来探讨企业财务状况对出口退出的影响,并对比企业财务指标在金融危机期间和非金融危机期间对其影响的显著性。研究发现,企业出口持续时间段大多数处于2~6年之间;金融危机期间,企业退出出口市场的风险始终高于非危机期间;流动性强的企业出口退出风险要低,但杠杆率对出口市场退出风险有负效应,与我们的研究预期不一致。文章并进一步考虑了金融危机的调节作用,金融危机期间相对于非金融危机期间,流动性对企业出口退出风险的影响反转为正效应,杠杆率对企业出口退出风险的影响在减弱,高借贷比的企业相对于低借贷比企业有更强的出口优势,出口退出的风险相对要小。
Based on the data of Chinese industrial enterprises database from 1998 to 2011, the article explores the impact of corporate financial status on exit from the perspective of financing constraints, and compares the significance of corporate financial indicators during the financial crisis and non-financial crisis. The study finds that the export duration of enterprises mostly lies between 2 and 6 years. During the financial crisis, the risks of enterprises withdrawing from the export market are always higher than those during the non-crisis period. The liquidity of enterprises with higher exit risks is lower, but the leverage ratio Export market exit risk has a negative effect, which is inconsistent with our research expectation. The article further considers the regulatory role of the financial crisis. During the financial crisis, the effect of liquidity on the exit risk of the enterprise during the financial crisis is reversed. The effect of leverage on the exit of the enterprise’s exports is weakened. Compared with the low-lending enterprises than enterprises have a stronger export advantage, the exit exit risk is relatively small.