摘 要
融资约束是制约世界各国企业出口的重要障碍。中国融资环境差,融资约束对
中国企业出口的制约作用就更加明显。2007年金融危机爆发后,巾国出口额明显下
降,出口增速急剧逆转,甚至出现了鲜见的出口负增长局面,即使今天,山口贸易
依然没有完全摆脱金融危机的阴霾。进入2011年以来,中国江浙一带民营出U企业
和中小出口企业因融资困难纷纷退出出口市场或倒闭。尽管己有文献从商业信用、银
行信贷等视角研究融资约束对企业出口行为的影响,但是这些文献没有思考:商业
信用融资成本高于银行信贷,企业其至是容易得到银行贷款的企业为什么还选用商
业信用方式融资企业这一 “非理性”融资行为会对企业出口带来怎样的“意外”
效果正是带着以上疑问,本文开展了有关商业信用、银行信贷和企业出口行为的
如下研究:
本文首先在分析国内外企业出口与融资现状基础上,提出了本文的研究命题:
商业信用对银行信贷的作用及其对企业出口行为的影响。其次基于商业信用的产品
保证机制,木文分析了商业信用对银行信贷的促进作用,并将融资约束纳入异质企
业贸易理论,通过建立统.的数理模型,将商业信用对银行信贷的促进作ffl和企业
的生产率联系起来,证明了商业信爪对银行信贷的促进作川对生产率水平处于
[(l + ^)rc,(l + ^)BC]间企业出口的积极作用。接着使用细化到微观层面的2004-2007年
中国80余万家企业大样本数据,实证检验了数理模型的结论,发现商业信用确实能
够促进银行信贷,并且这一促进作用能够提高生产率在[3.12, 3.25]之间企业的出U
概率。最后,结合研究结论,本文认为深化银行体系改革、支持和发展商业倍用是促
进企业出口的;要举措。

木文的研究将广受忽视的商业信用对银行信贷的促进作用与异质企业贸易理论
结合起来,得到了商业信用对银行信贷的促进作用有利于企业出口的结论。这--研
究结果为拓展异质企业贸易理论和深化融资约束与出口的相关研究提供了新颖的洞
见,为企业和政府提高商业信用融资的肃视程度提供了理论证明和经验支持,为企
业实现出I」发展和各级政府制定冇关企业出U政策、融资政策提供了有价值的理论
参考和现实指导。

关键词:融资约束;商业信用;银行信贷;出口行为
Abstract
Financing constraints is the important obstacle of enterprises&39; export in the world.
China&39;s bad financing environment restricts Chinese enterprises&39; export more apparently.
After the financial crisis, China&39;s export trade volume declined sharply, even the rate of export
trade was negative, even today, export trade doesn&39;t get rid of the shadow of the financial
crisis completely. Since 2011, private export enterprises and small and medium export
enterprises in Jiangsu and Zhejiang have to exit export market or close due to financing
difficulties. Although there have been literatures from the perspective of trade credit financing
and bank credit financing studying the impact of financing constraints on enterprises&39; export
behavior, but these literatures don&39;t think the following problems: the cost of trade credit is
higher than that of bank credit, why enterprises even those get bank loans easily also use trade
creditWhat surprise effect will have due to the irrational financing behavior of
enterprises With the above questions, this paper carries out the following studies about trade
credit, bank credit and enterprises&39; export behavior.
Firstly, this paper, basing on the analysis of present situations of domestic and foreign
enterprises&39; export and the financing and the related researches both at home and abroad, puts
forward the research proposition: the facilitation of trade credit to bank credit and its impact
on enterprises&39; export. Secondly,the paper basing on trade credit guarantee mechanism,
analyzes the facilitation of trade credit to bank credit, puts financing constraints into
heterogeneous enterprise trade theory, establishes an unified mathematical model combining
the facilitation of trade credit to bank credit with the productivity of enterprises and proves
the promoting function of trade credit to bank credit and its positive impact on enterprises&39;
export. Then, using the firm-level large sample data from 2004 to 2007 in China, this paper
tests the conclusions of mathematical model empirically basing on the sample. It is found that
there is promoting effect of trade credit on bank credit and the promoting effect can improve
Chinese enterprises&39; export probability. Finally,combining with the research conclusions, this
paper thinks reforming bank system and developing trade credit are the important measures to
promote the development of Chinese enterprises&39; export.
This paper combines the widely ignored promoting effect of trade credit on bank credit
with heterogeneous enterprise trade theory, and get the conclusion of trade credit&39;s promoting
flinction is beneficial to enterprises&39; export. This research results provide novel insight on
expanding heterogeneous enterprise trade theory and deepens relative studies on financing
constraints and enterprises&39; export. This paper also provides theory proof and empirical
support for enterprises and governments attach great importance on the development of trade
credit. This paper also provides valuable theoretical refcrcncc and practical guidance for
enterprises to achieve export and all levels of governments formulate enterprises&39; export
policy and finance policy.
Key Words: Financing Constraints; Trade Credit; Bank Credit; Export Behavior
1绪论
1.1选题背景及研究意义
1.1.1选题背景
融资困难是世界各国企业发展普遍面临的约束瓶颈。2007年之前,学术界主要关注
融资与投资[M]、中小企业融资15]、融资与股票价格变动[6]、融资与企业境外上市[7]、融
资与投资-现金流敏感性[8_9]等问题。但是金融危机爆发后,出口企业有当其冲地受到冲
击,全球及各国出口贸易额和出口贸易增速都出现不同幅度的短暂下降。作为世界最大
货物出口国的中国也不例外,我国货物出口额山2008年的14306.9亿美元下降为2009
年的12016.1亿美元,货物贸易增长速度由2008年的17.23%下降为2009年的-16.01%。

即使今天,金融海_巨浪己经退去,但大量遗留问题仍有待解决,例如,金融中介惜贷、
企业融资困难、外需不振等。这些问题使中国出口贸易至今还没有完全走出金融危机的
泥潭,危机爆发前的2006年中国出口贸只增速已经达到27.17%,而危机后的2012年
中国出口增速仅有7.98%。今年第一季度,我国出口贸括额虽然达到5088.7亿美元,但
也仅仅高出2012年第一季度790.2亿美元,增速放缓可能成为中国出口贸易的新常态。

受佥融危机制约,出口贸易己经缺位于拉动屮国经济把长的“二驾马车”之列。金融危
机后中国出口贸易的发展情况丨I诉我们,金融危机严重挫败了以出口导向为发展战略的
中国经济的发展,金融危机导致金融机构惜贷进而企业融资困难可能是制约出口贸易发
展的重要因素。

近年来,我国江浙一带出现了民营出U企业和中小出U企业因融资闲难由出口转内
销或扎堆倒闭或巾请破产保护的现象,进入2011年以來,这一现象愈发普遍,并有向
其他地区蔓延趋势。中国江浙地区民营出口企业和中小出口企业的发展实事也有力地说
明了 资困难可能是影响企业出口的重要方面。

Buch等学者是较早地针对始发于2007年的金融危机研究融资对出口贸易影响的代
表性者之一,Buch等(2009)发现金融危机导致全球贸易量减少,贸易额下降仅仅
是由外部需求减少导致的,融资困难也可能是制约企业出口能力的重要因素[ia】。此后,
许多国内外学者针对不同国别数据的一系列理论研究和经验分析也证实了 Buch等
(2009)的观点。

现有的多数文献认为融资约束制约企业出口固定成本支付进而影响企业出口行为。

企业出口前必须支付出口固定成本,如对国外市场的调研费用、对国外消费群体的信息
收集费用、适应出口 tl标国要求更换产品包装的费用、迎六国外消费者偏好以调整产品