本文選題：融資約束 + 出口貿(mào)易增加值率�。� 參考：《東南大學(xué)》2017年碩士論文

【摘要】：經(jīng)濟(jì)全球化的環(huán)境下,我國(guó)的出口貿(mào)易規(guī)模迅速擴(kuò)張,然而出口總額的驚人增長(zhǎng)是否意味著我國(guó)企業(yè)在全球生產(chǎn)網(wǎng)絡(luò)中的地位也得到了相應(yīng)的提升呢?本文首先對(duì)全球價(jià)值鏈相關(guān)理論的發(fā)展、企業(yè)在全球價(jià)值鏈中地位的衡量、全球價(jià)值鏈與出口貿(mào)易增加值之間的關(guān)系、融資約束的概述、融資約束與企業(yè)出口等相關(guān)文獻(xiàn)進(jìn)行了系統(tǒng)的梳理,找出現(xiàn)有文獻(xiàn)可能存在的不足,并借此為新的視角展開(kāi)本文的研究。其次,利用2001年到2007年中國(guó)工業(yè)企業(yè)數(shù)據(jù)庫(kù)對(duì)我國(guó)不同類型的出口企業(yè)貿(mào)易增加值率的變化和和企業(yè)面臨的融資約束進(jìn)行了描述性分析;最后,根據(jù)CES消費(fèi)者效用函數(shù)對(duì)融資約束與出口貿(mào)易增加值率之間的機(jī)理進(jìn)行推導(dǎo),得出不同類型的融資約束與出口貿(mào)易增加值率之間的關(guān)系。并據(jù)此建立本文的計(jì)量模型來(lái)分析融資約束與出口貿(mào)易增加值率之間的關(guān)系。變量測(cè)度中,由于一般貿(mào)易和加工貿(mào)易是我國(guó)出口貿(mào)易的兩種主要形式,所以文中用不同的方法計(jì)算了相應(yīng)的出口貿(mào)易增加值率。對(duì)于融資約束的衡量,本文以企業(yè)的現(xiàn)金流占總資產(chǎn)的比率作為內(nèi)部融資約束的代理指標(biāo),以企業(yè)的利息支出占固定資產(chǎn)的比重作衡量其外部融資約束的代理變量,以產(chǎn)品銷售收入中的應(yīng)收賬款比重作為商業(yè)信貸約束的代理變量。實(shí)證部分,分別對(duì)全樣本、分所有制的樣本、分企業(yè)規(guī)模的樣本和分企業(yè)資本密集度的樣本進(jìn)行了實(shí)證研究和對(duì)比分析。全文的基本結(jié)論如下:(1)整體上,融資約束是影響我國(guó)出口貿(mào)易增加值率的重要因素,企業(yè)融資環(huán)境以及融資能力的改善能夠有效地推動(dòng)出口貿(mào)易增加值率的增長(zhǎng),進(jìn)而有助于我國(guó)出口企業(yè)在全球生產(chǎn)分工網(wǎng)絡(luò)中地位的深入;(2)分所有制來(lái)看,在加工貿(mào)易企業(yè)中,內(nèi)部融資約束的減小對(duì)外資企業(yè)和私營(yíng)企業(yè)出口貿(mào)易增加值率的促進(jìn)作用較為顯著。在一般貿(mào)易企業(yè)中,內(nèi)部融資約束的減小對(duì)私營(yíng)企業(yè)出口貿(mào)易增加值率的促進(jìn)作用較為明顯;(3)融資環(huán)境對(duì)出口貿(mào)易增加值率的影響與企業(yè)規(guī)模有關(guān)。內(nèi)部融資約束的減少對(duì)大中型企業(yè)出口貿(mào)易增加值率的促進(jìn)作用明顯大于小型企業(yè);(4)政府補(bǔ)貼不僅沒(méi)有達(dá)到預(yù)想的增加出口貿(mào)易增加值率的效果,反而弱化了內(nèi)部現(xiàn)金流和商業(yè)信貸能力對(duì)出口貿(mào)易增加值率的影響;
[Abstract]:Under the environment of economic globalization, the scale of China's export trade expands rapidly. However, does the astonishing increase of total export volume mean that the status of Chinese enterprises in the global production network has also been promoted accordingly? In this paper, the development of relevant theories of global value chain, the measurement of the position of enterprises in global value chain, the relationship between global value chain and value added of export trade, the overview of financing constraints, are discussed in this paper. Financing constraints and related documents such as enterprise exports are systematically combed to find the possible deficiencies of the literature and to carry out the research in this paper from a new perspective. Secondly, using the China Industrial Enterprise Database from 2001 to 2007, the paper makes a descriptive analysis of the changes in the value added rate of different types of export enterprises in China and the financing constraints faced by the enterprises. According to the CES consumer utility function, the mechanism between the financing constraint and the value added rate of export trade is deduced, and the relationship between different types of financing constraints and the value added rate of export trade is obtained. The econometric model of this paper is established to analyze the relationship between financing constraints and export value added rate. Because general trade and processing trade are two main forms of Chinese export trade, the paper calculates the value added rate of export trade by different methods. For the measurement of financing constraints, this paper takes the ratio of cash flow to total assets of enterprises as the proxy index of internal financing constraints, and uses the proportion of interest expenditure in fixed assets as the proxy variable to measure the external financing constraints. The proportion of accounts receivable in product sales income is regarded as the agent variable of commercial credit constraint. In the empirical part, the author makes empirical research and comparative analysis on the whole sample, the sample of ownership, the sample of enterprise scale and the sample of capital intensity of enterprise. The basic conclusions are as follows: (1) on the whole, financing constraint is an important factor affecting the value added rate of China's export trade. The improvement of financing environment and financing ability of enterprises can effectively promote the growth of value added rate of export trade. This will be helpful to the deepening of the position of Chinese export enterprises in the global production division network. (2) in terms of ownership, in processing trade enterprises, The reduction of internal financing constraints can promote the value added rate of export trade of foreign enterprises and private enterprises. In the general trade enterprises, the reduction of internal financing constraints promotes the value added rate of export trade of private enterprises more obviously; (3) the influence of financing environment on the value added rate of export trade is related to the scale of enterprises. The reduction of internal financing constraints has a significant effect on promoting the value added rate of export trade of large and medium-sized enterprises than that of small enterprises; (4) the government subsidies have not only failed to achieve the desired effect of increasing the value added rate of export trade. On the contrary, it weakens the influence of internal cash flow and commercial credit ability on the value added rate of export trade;
【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
【分類號(hào)】：F752.62;F279.2;F275

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