汇率制度、金融市场化与企业出口持续性

Abstract:Enterprises’export persistence plays an important role in the stable development of export trade.Based on the 8-digit export product data of manufacturing enterprises in China，this paper analyzes the effect of financial liberalization on Chinese enterprises’exports persistence before and after the reform of exchange rate regime in 2005.The results show that financial liberalization has positive and significant effect on enterprises’export persistence.The effect of financial liberalization on enterprises’exports persistence is positive but relatively limited before the reform of exchange rate regime，while the influence of financial liberalization on enterprises’exports persistence is improved after the reform of exchange rate regime.The empirical evidences of subsamples suggest that the impact of financial liberalization on enterprises’exports persistence is increased significantly after the reform of exchange rate regime especially in the eastern provinces and high-tech industries.The evidences provide important reference for the further development of export trade in China.

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