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本文在区分所有制的前提下,检验了出口行为对中国工业企业融资约束的影响,并在此基础上首次识别其影响渠道。我们发现出口行为对不同所有制类型企业融资约束的影响及其影响渠道存在显著差异:出口可以缓解民营企业与外资企业的融资约束,但对国有企业影响甚微;出口主要通过“信号效应”与“销售市场多元化效应”缓解民营企业融资约束,而对于外资企业,则主要通过“销售市场多元化效应”与“融资市场来源的多元化效应”缓解其融资约束;参与出口可以有效减轻国有企业的“预算软约束”问题。
Under the premise of distinguishing ownership, this paper examines the impact of export behavior on the financing constraints of Chinese industrial enterprises, and on the basis of this, first identifies its influence channel. We find that export behavior has significant differences on the financing constraints of different types of ownership enterprises and their channels of influence: exports can ease the financing constraints of private enterprises and foreign-funded enterprises, but have little effect on state-owned enterprises; and exports mainly pass the “signal effect” And “the diversification effect of the sales market” to ease the financing constraints of private enterprises, while for foreign-funded enterprises, mainly through the “diversification effect of the diversification of the sales market” and “diversification of sources of financing financing market” to ease its financing constraints; Participating in export can effectively alleviate the “soft budget constraints” of state-owned enterprises.