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在异质性企业分析框架下,构建了企业在面临不同程度的融资约束下贸易自由化与创新决策的理论模型,分析表明随着全球化的深入,不同企业融资约束程度的异质性在不断扩大,融资约束程度较高的企业由于更加难以获得外部融资支持,进行技术创新的激励大大减小。运用中国制造业企业数据的实证结果表明融资约束会减弱贸易自由化对技术升级的促进效应,不完全的资本市场会制约贸易自由化带来的贸易所得。因此在我国加快构建开放型经济体制的形势下,要尽快改善广大企业的融资环境,以便最大程度地利用贸易开放所带来的契机,激发企业创新活力。
Under the framework of heterogeneous enterprise analysis, a theoretical model of the trade liberalization and innovation decision-making under the constraints of various levels of financing is constructed. The analysis shows that with the deepening of globalization, the heterogeneity of the financing constraints of different enterprises continues Expanding, the financing of a higher degree of constraint as more difficult to obtain external financial support, the incentive to carry out technological innovation greatly reduced. Empirical results from the data of Chinese manufacturing enterprises show that the financing constraints will weaken the promotion effect of trade liberalization on technological upgrading, and the incomplete capital market will restrict the trade gains from trade liberalization. Therefore, under the situation of accelerating the construction of an open economy in our country, we must improve the financing environment for the vast number of enterprises as soon as possible in order to make the best use of the opportunities brought by the opening up of trade and stimulate the vitality of enterprises’ innovation.