融资约束对外资企业出口和创新影响的分析
文章摘要:外资企业能否健康成长,对稳定出口具有重要意义。通常认为外资企业能够免受融资约束之苦,但实际情况如何?本文基于2005~2007年中国工业企业数据,构建循环结构联立方程模型,探究外资企业融资约束、出口和创新间的关系。针对外资企业的特征,采用银行信贷和商业信贷两个指标衡量其所受的融资约束,结果发现:民企所受的银行信贷和商业信贷约束最严重,外企次之,国企最小;从银行信贷指标衡量,外资企业的融资约束缓解和出口、创新三者间存在自我加强的循环效应;从商业... 展开
Abstract:The paper analyses relationship between external financing constraints of foreign enterprises,export and innovation,and compares with the results of the state-owned enterprises and private enterprises by using the data of industrial enterprises from 2005-2007,through establishing the simultaneous equations model of loop structure. We use bank credit and commercial credit to measure enterprise financing constraints. The results show... 展开