【摘要】：本文基于異質(zhì)性企業(yè)模型,結(jié)合我國(guó)金融與貿(mào)易的發(fā)展現(xiàn)狀,運(yùn)用相關(guān)理論模型和計(jì)量方法研究金融發(fā)展對(duì)我國(guó)企業(yè)出口二元邊際的影響,從金融發(fā)展層面為我國(guó)企業(yè)出口二元邊際的改善提出相應(yīng)的政策建議。文章首先從金融與貿(mào)易角度對(duì)國(guó)內(nèi)外學(xué)者的研究成果進(jìn)行回顧與評(píng)述,其次從理論模型角度分析金融發(fā)展對(duì)出口二元邊際的作用機(jī)理。分析發(fā)現(xiàn),在金融市場(chǎng)不完備時(shí),企業(yè)面臨的外部融資約束對(duì)其出口二元邊際具有抑制作用,而金融發(fā)展通過(guò)緩解外部融資約束這一途徑使企業(yè)出口二元邊際得以增長(zhǎng)。在此基礎(chǔ)上,本文運(yùn)用2001年至2007年工業(yè)企業(yè)數(shù)據(jù)庫(kù)與中國(guó)金融統(tǒng)計(jì)年鑒的相關(guān)數(shù)據(jù)描述了我國(guó)金融和貿(mào)易發(fā)展的典型化事實(shí)。在實(shí)證研究方面,本文以Melitz(2003)企業(yè)異質(zhì)性理論為基礎(chǔ),并參考Manova(2008)中信貸約束影響國(guó)際貿(mào)易的模型設(shè)定,通過(guò)構(gòu)造多項(xiàng)金融發(fā)展指標(biāo)研究其對(duì)中國(guó)企業(yè)出口二元邊際的影響。研究結(jié)果表明:從全國(guó)企業(yè)出口層面來(lái)看,企業(yè)出口集約邊際能夠隨著金融發(fā)展規(guī)模、金融發(fā)展結(jié)構(gòu)、金融市場(chǎng)化程度及金融發(fā)展效率的提高而顯著增長(zhǎng),但是出口擴(kuò)展邊際受到制約。在將企業(yè)分別按照地區(qū)、行業(yè)以及所有制劃分后研究發(fā)現(xiàn),金融發(fā)展對(duì)上述分組企業(yè)出口二元邊際的影響存在明顯差異。金融發(fā)展促進(jìn)東部、中部地區(qū)存續(xù)時(shí)間長(zhǎng)、勞動(dòng)力成本高的企業(yè)出口擴(kuò)展邊際增長(zhǎng),卻難以使西部地區(qū)企業(yè)實(shí)現(xiàn)出口擴(kuò)展邊際與集約邊際的擴(kuò)張;對(duì)于技術(shù)密集型和資本密集型行業(yè),金融發(fā)展對(duì)其出口二元邊際的作用方向相同,而勞動(dòng)密集型行業(yè)企業(yè)的出口二元邊際受金融發(fā)展的影響較小;在不同所有制下,金融發(fā)展顯著促進(jìn)國(guó)有企業(yè)和外資企業(yè)出口集約邊際的增長(zhǎng),而私營(yíng)企業(yè)在信貸資金分配程度較高的情況下能夠?qū)崿F(xiàn)出口擴(kuò)展邊際的增長(zhǎng)。最后文章根據(jù)理論和實(shí)證分析得出相關(guān)結(jié)論并提出政策建議,包括地區(qū)金融發(fā)展水平的提升、信貸配給政策的調(diào)整等,同時(shí)對(duì)文中研究的不足進(jìn)行了相關(guān)說(shuō)明。
[Abstract]:Based on the heterogeneous enterprise model and the current situation of China's finance and trade, this paper studies the impact of financial development on the dual marginal value of Chinese enterprises' exports by using relevant theoretical models and econometric methods. From the aspect of financial development, the paper puts forward corresponding policy suggestions for the improvement of dualistic margin of export of Chinese enterprises. This paper reviews and comments on the research achievements of domestic and foreign scholars from the perspective of finance and trade, and then analyzes the mechanism of financial development acting on the dualistic margin of export from the perspective of theoretical model. It is found that when the financial market is not complete, the external financing constraints faced by enterprises can inhibit the dualistic marginal value of export, while the financial development can increase the dual marginal value of export by easing the external financing constraints. On this basis, this paper describes the typical facts of the development of finance and trade in China by using the relevant data of the Industrial Enterprise Database and the China Financial Statistics Yearbook from 2001 to 2007. In empirical research, based on the heterogeneity theory of Melitz (2003), and referring to the model of Manova (2008) that credit constraints influence international trade, this paper studies its influence on the dualistic margin of export of Chinese enterprises by constructing several financial development indicators. The results show that: from the national enterprise export level, the enterprise export intensive marginal can increase significantly with the improvement of financial development scale, financial development structure, financial marketization degree and financial development efficiency. But the margin of export expansion is restricted. After dividing enterprises according to region, industry and ownership, it is found that there are obvious differences in the influence of financial development on the dualistic marginal value of export of these grouped enterprises. Financial development promotes the marginal growth of export expansion of enterprises in the eastern and central regions for a long time and high labor costs, but it is difficult for enterprises in the western region to realize the expansion of the marginal and intensive margins of export expansion; For technology-intensive and capital-intensive industries, the role of financial development on their dual marginal exports is the same, while that of enterprises in labor-intensive industries is less affected by financial development. Financial development significantly promotes the growth of export intensive margin of state-owned enterprises and foreign-funded enterprises, while private enterprises can achieve the growth of export expansion margin under the condition of higher distribution of credit funds. Finally, based on the theoretical and empirical analysis, the paper draws relevant conclusions and puts forward policy recommendations, including the promotion of regional financial development level, the adjustment of credit rationing policy, etc.
【學(xué)位授予單位】：東南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F752.62;F832

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