【作者】 王锐；

【导师】 李小平；

【作者基本信息】 中南财经政法大学 ， 国际商务（专业学位）， 2019， 硕士

【摘要】 在当前国际和国内经济形势之下,中国经济增速放缓,迫切需要新的增长动力,出口质量的重要性不断提高。但目前我国企业的生产水平与全球高端产品相比,在品种,质量和品牌方面仍然有十分明显的差距。近年来对于出口产品质量提升及其影响因素的研究一直是国际贸易领域的热点问题之一,在微观企业数据库日趋完善之后,基于此的产品和企业层面的研究也在不断升温。中国的金融市场在为广大企业提供融资这一功能上还存在明显的缺陷,而融资约束会使得企业在研发、生产、出口等各个环节受限,因此,研究企业面临的内外部融资约束对出口产品质量的影响无论在理论和现实上都具有重要意义。在此背景下,本文从中国出口贸易融资环境的现状出发,阐述了本文的研究意义和框架。本文在重点分析和总结关于企业出口活动及融资约束相关文献的基础上,探究融资约束对出口产品质量的具体影响及影响机制。在现有学者研究成果的基础上,利用现有的理论模型探究在企业的出口行为中,融资约束是如何在各个环节对出口产品质量产生作用的机制。在实证检验部分,本文选取主要变量和其他控制变量,全面分析融资约束对出口产品质量的影响。对于出口产品质量的测量,本文基于海关企业数据库和工业企业数据库的匹配数据,采用回归逆方法,计算了产品层面的出口产品质量,从总体、所有制和区域等不同视角进行考察。在融资约束的测量上,本文采用代理变量法,用利息保障倍数和内部现金流指标分别衡量内外部融资约束,不同视角下的企业无论是在整体融资约束上,还是在两个指标的具体表现上,均存在显著的差异,与现实情况基本相符。在回归结果的基础上,本文从企业特征的角度,从不同地区和不同所有制的角度分析,剖析融资约束对出口产品质量的影响。研究发现:(1)融资约束指标大大降低了出口产品的质量。(2)在不同的分类视角下,融资约束对出口产品的质量有一定的抑制作用,但差异的大小和重要性不同。(3)全要素生产率,企业规模,企业年龄,资本劳动力等显着促进了出口产品质量的提高。政府还需要深化金融改革,改善企业融资环境,促进资本市场多元化,并根据当地情况调整具体方案。更多还原

【Abstract】 Under the current international and domestic economic situation,China’s economic growth has slowed down,and new growth drivers are urgently needed.The importance of export quality continues to increase.However,compared with the global high-end products,the production level of Chinese enterprises still has a very obvious gap in terms of variety,quality and brand.In recent years,research on the quality improvement of export products and its influencing factors has been one of the hot issues in the field of international trade.After the micro-enterprise database is getting better and better,research based on this product and enterprise level is also heating up.China’s financial market still has obvious defects in the function of providing financing for the majority of enterprises,and financing constraints will make enterprises restricted in various aspects such as research and development,production,and export.Therefore,research companies face internal and external financing constraints on exports.The impact of product quality is of great importance both in theory and in reality.In this context,this paper expounds the research significance and framework of this paper from the current situation of China’s export trade financing environment.Based on the analysis and summary of the literature on corporate export activities and financing constraints,this paper explores the specific impact and impact mechanism of financing constraints on the quality of export products.On the basis of the existing scholars’ research results,the existing theoretical model is used to explore how the financing constraint affects the quality of export products in all aspects of the export behavior of enterprises.In the empirical test section,this paper selects the main variables and other control variables to comprehensively analyze the impact of financing constraints on the quality of export products.For the measurement of export product quality,based on the matching data of customs enterprise database and industrial enterprise database,this paper uses the regression inverse method to calculate the quality of export products at the product level,and examines from different perspectives such as overall,ownership and region.In the measurement of financing constraints,this paper uses the proxy variable method to measure the internal and external financing constraints by the interest guarantee multiple and the internal cash flow indicators respectively.The enterprises in different perspectives are in the overall financing constraints or the specific performance of the two indicators.There are significant differences in the above,which are basically consistent with the reality.On the basis of the regression results,this paper analyzes the impact of financing constraints on the quality of export products from the perspective of enterprise characteristics,from the perspective of different regions and different ownership systems.The study found that:(1)financing constraints have greatly reduced the quality of export products.(2)Under different classification perspectives,financing constraints have a certain inhibitory effect on the quality of export products,but the size and importance of the differences are different.(3)Total factor productivity,enterprise scale,enterprise age,capital labor,etc.significantly promoted the improvement of export product quality.The government also needs to deepen financial reforms,improve the corporate financing environment,promote capital market diversification,and adjust specific programs according to local conditions.更多还原