融资流动性、生产效率与企业出口增长的空间溢出——基于260个城市的空间杜宾模型经验分析
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摘要
从城市的角度将企业出口样本进行统一,利用空间杜宾模型分析了260个城市2005—2013年的全样本、东中西部样本的金融抑制约束,包括外源性金融抑制的银行信贷融资与商业信贷融资,及内源性企业利润融资,对企业出口增长的直接效应和空间溢出效应。同样,文章也对不同生产效率的国有、民营和外资企业的金融抑制对企业出口增长进行空间杜宾估计。结论表明:带动城市企业出口增长的最根本的流动性来自内源性融资流动性(lnprof)的增加。外源性融资流动性对出口的推动幅度更大,但银行信贷融资流动性(lncred)增加对出口推动只在东部地区企业与外资企业样本显著存在空间辐射。商业信贷融资流动性(lninte)对民营企业出口直接推动和跨区域空间推动效应最强。而汇率上升带来的流动性(ln(prof×rate))增加,会带来企业的研发投入的增加,因此,短期内带动新产品的多元化出口增长,降低出口的专业化。
Unifying city datas and firm datas based on exports angle, the paper uses 2005-2013 data of heterogeneous firms respectivly in 260 cities,east region,middle region and west region.Base on these samples, the paper analyzes the direct influnce and space spillover influence of financial liquidity including bank credit,comercial credit and inner profit financing on the firms exports growth.Meanwhile,the paper also analyzes the space spillover effect of finacial liquidity to firms exports growth in state-owned,private-owned and joint-venture firms.We get the conclusion:the most effective liquidity to impel fims' exports growth is coming from inner liquidity increase(lnprof).i.e.profits accumulation.External liquidity increase(lncred) can improve exports with a higher degree. However, hank liquidity increase can lead to space spillover effect only in east sample and joint-venture enterprise sample.Comercial liquidity increase(lninte) has the strongest direct and space effect on private-owned firms. The liquidity increase caused by RMBexchange rate rise,will stimulate firms to increase R&D funds,which will expand new products exports and decrease the existing products exports.
Unifying city datas and firm datas based on exports angle, the paper uses 2005-2013 data of heterogeneous firms respectivly in 260 cities,east region,middle region and west region.Base on these samples, the paper analyzes the direct influnce and space spillover influence of financial liquidity including bank credit,comercial credit and inner profit financing on the firms exports growth.Meanwhile,the paper also analyzes the space spillover effect of finacial liquidity to firms exports growth in state-owned,private-owned and joint-venture firms.We get the conclusion:the most effective liquidity to impel fims' exports growth is coming from inner liquidity increase(lnprof).i.e.profits accumulation.External liquidity increase(lncred) can improve exports with a higher degree. However, hank liquidity increase can lead to space spillover effect only in east sample and joint-venture enterprise sample.Comercial liquidity increase(lninte) has the strongest direct and space effect on private-owned firms. The liquidity increase caused by RMBexchange rate rise,will stimulate firms to increase R&D funds,which will expand new products exports and decrease the existing products exports.
引文
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[17]刘修岩,吴燕.出口专业化、出口多样化与地区经济增长——来自中国省级面板数据的实证研究[J].管理世界,2013(8):30-40.
[18]唐宜红,姚曦.本地市场效应与中国出口贸易结构转变——基于模型结构突变的实证检验[J].世界经济研究, 2015(7):53-62.
[2] Desai M A,C.F.Foley, K.J. Forbes. Financial Constraints and Growth:Multinational and Local Firm Responses to Currency Depreciations[J]. Review of Financial Studies, 2008, 21(6):2857-2888.
[3] Stein, J. C. An Adverse Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy[J].,Rand Journal of Economics,1998, 29, 466-486.
[4] Erik Gilje. Exporting liquidity:Branch Banking and Financial Integation[J]. NBER Working Paper No. 2013, 19403, JEL No. G21.
[5]魏浩.进口定价权、进口价格与不同类型商品的进口战略——基于微观产品数据的实证分析[J].世界经济与政治论坛,2016(1):80-105.
[6] Rice,T., Strahan, P. E. Does Credit Competition Affect Small-Firm Finance[J]. Journal of Finance,2010, 65, 861-889.
[7] Melitz. The Impact of Trade on Intra-industry Reallocations and Aggregation Industry Productivity[J]. Econometrica,,2003, Vol.71,No.6,1695-1725.
[8] Feenstra, R., Zhiyuan Li, Miaojie Yu. Exports and Credit Constraints under Incomplete Information:Theory and Evidence from China.[J].Joural of Finance&Economic, 2017,96(4):729-744.
[9]刘海洋,李兴龙,马艳艳.政府管理强度是否驱动出口行为?[J].世界经济研究, 2013(12):26-32
[10]陈旭.融资约束与出口产品价格竞争力——基于中国制造业企业数据的实证研究[J],当代财经,2015(3):100-108.
[11]董二磊.金融危机是否对企业出口存在异质性冲击——基于融资约束视角的分析[J].2015(2):146-154.
[12]阳佳余.融资约束与企业出口行为:基于工业企业数据的经验研究[J].经济学(季刊),2012(4):1503-1524.
[13] Thomas Chaney.The Gravity Equation in International Trade:An Explanation[J]. NBER Working Paper, August 2013, No. 19285.
[14]郭于玮,马弘.融资约束与出口汇率弹性[J].中国经济问题,2016(3):42-54.
[15]项松林.融资约束与中国出口增长的二元边际[J].国际贸易问题,2015(4):85-94.
[16] Paul Krugman, Scale economies. Product Differentiation, and the Pattern of Trade[J]. The American Economic Review, 1980, Vol.70, No.5.(Dec.), pp.950-959.
[17]刘修岩,吴燕.出口专业化、出口多样化与地区经济增长——来自中国省级面板数据的实证研究[J].管理世界,2013(8):30-40.
[18]唐宜红,姚曦.本地市场效应与中国出口贸易结构转变——基于模型结构突变的实证检验[J].世界经济研究, 2015(7):53-62.