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与直接出口相比,间接出口降低了企业出口的固定成本,但增加了出口的可变成本。本文首先在Melitz(2003)的理论框架下引入融资约束和多种出口模式,研究发现融资约束大的企业更倾向于选择间接出口模式,以节约出口固定成本和缓解融资约束。基于此,本文利用世界银行2012年中国企业调查数据实证检验了融资约束对我国企业出口模式的影响。本文发现:第一,融资约束的增加不仅增加了企业间接出口的可能性,也增加了间接出口规模;第二,对外部融资依赖较大的企业而言,融资约束的增加对企业间接出口模式和间接出口规模的影响更加明显;第三,生产率对企业出口模式的影响不明显,但企业规模、经营时间、外资和研发投入的增加降低了间接出口的概率和规模。总之,融资约束的增加迫使企业选择间接出口模式,以节约出口的固定成本,而这对外部融资依赖较大的企业更加明显。
Compared with direct exports, indirect exports reduce the fixed costs of exports but increase the variable costs of exports. This paper first introduces the financing constraints and multiple export modes under the framework of Melitz (2003). It is found that firms with large financing constraints tend to choose indirect export modes in order to save export fixed costs and ease financing constraints. Based on this, this paper uses the World Bank survey of Chinese enterprises in 2012 to test the impact of financing constraints on the export patterns of Chinese enterprises. This paper finds that: First, the increase of financing constraints not only increases the possibility of indirectly exporting enterprises, but also increases the scale of indirect exports; secondly, for enterprises with large dependence on external financing, the increase of financing constraints has an indirect effect on the indirect export of enterprises The impact of the scale of indirect export is more obvious. Thirdly, the impact of productivity on the mode of export is not obvious. However, the increase of enterprise scale, operation time, foreign investment and R & D reduces the probability and scale of indirect export. In summary, the increase in financing constraints forces firms to choose an indirect export model to save on fixed costs of exports, which is more apparent for firms that depend more on external financing.