本文關(guān)鍵詞： 融資異質(zhì)性 出口 企業(yè)國際化 中國　出處：《南開大學(xué)》2014年博士論文　論文類型：學(xué)位論文

【摘要】：上世紀(jì)90年代開始,中國政府已經(jīng)開始推動中國企業(yè)“走出去”的國家發(fā)展戰(zhàn)略。根據(jù)世界貿(mào)易組織秘書處的初步統(tǒng)計數(shù)據(jù),2013年我國已經(jīng)成為世界第一貨物貿(mào)易大國,全年中國的貨物進(jìn)出口總額首次突破4萬億,其中出口額是2.21萬億美元,進(jìn)口額是1.95萬億美元。與此同時,伴隨著政府政策的推動和企業(yè)自身競爭力的提升,企業(yè)對外直接投資(Outward Foreign Direct Investment,OFDI)逐漸成為中國企業(yè)開展國際化業(yè)務(wù)的又一種重要模式。 然而,與政府大力倡導(dǎo)企業(yè)國際化進(jìn)程不同,配套的中國金融體制改革仍然處于滯后階段。尚處于轉(zhuǎn)型階段的中國,企業(yè)在獲得金融資源時不僅面臨市場機(jī)制中一般意義的金融摩擦,還會受到由于中國金融體制不健全導(dǎo)致的其他復(fù)雜因素的影響。既有由于計劃經(jīng)濟(jì)時期歷史遺留的“所有制歧視的信貸”問題,又有基于關(guān)系型社會結(jié)構(gòu)所引致的企業(yè)融資環(huán)境的迥異,更有大范圍普遍存在的金融市場分割現(xiàn)象,這些都會在不同程度上對企業(yè)的國際化行為產(chǎn)生影響。WTO報告(2013)指出的一國的制度環(huán)境(包括經(jīng)濟(jì)體制、政治制度、社會結(jié)構(gòu)等)也是影響一國開展國際化行為的重要因素,并且是形成國家比較優(yōu)勢的重要來源。正因?yàn)槿绱?在金融市場不完全的情況下,企業(yè)國際化行為和貿(mào)易自由化進(jìn)程如何有序開展的問題逐漸成為國內(nèi)外學(xué)者關(guān)注的重心。 隨著新新貿(mào)易理論的發(fā)展進(jìn)一步補(bǔ)充了傳統(tǒng)的基于比較優(yōu)勢的行業(yè)、國家層面的新古典理論以及基于規(guī)模經(jīng)濟(jì)和產(chǎn)品多樣性的新貿(mào)易理論。異質(zhì)性貿(mào)易理論從企業(yè)層面對國際貿(mào)易的原因進(jìn)行了全新的解釋。他們強(qiáng)調(diào)企業(yè)間的效率存在異質(zhì)性,由于出口時會面臨較大數(shù)額的固定成本,包括獲得外部市場的信息、目標(biāo)國消費(fèi)者的偏好和建立分銷渠道等,因此,只有效率足夠高的企業(yè)才能克服較高的出口固定成本實(shí)現(xiàn)出口。國際貿(mào)易理論的發(fā)展也推動了金融因素與企業(yè)國際化的研究的演進(jìn)。無論是國內(nèi)生產(chǎn)還是國際化經(jīng)營都會面臨大量的需提前墊付的資金,而這一部分資金是企業(yè)無法從未來的銷售收入或內(nèi)部現(xiàn)金流來完全滿足的。同時,企業(yè)實(shí)現(xiàn)國際化經(jīng)營還需要提前墊付額外的固定成本,使得國際化經(jīng)營的企業(yè)較之國內(nèi)銷售更加依賴于外部融資。尤其是2008年金融危機(jī)爆發(fā)后,越來越多的研究著眼于考察金融因素對實(shí)體經(jīng)濟(jì)的影響,全球貿(mào)易和外商直接投資下降不僅是由外部需求縮減導(dǎo)致的,更為嚴(yán)峻的外部融資狀況也是重要原因之一。 本文將在經(jīng)典的異質(zhì)性貿(mào)易與融資分析框架下,探討由于金融體制不健全導(dǎo)致的中國的特有現(xiàn)象(所有制因素、關(guān)系型社會結(jié)構(gòu)以及金融市場分割)與融資約束的交互作用下(即中國市場中所獨(dú)有的金融異質(zhì)性)對企業(yè)國際化行為的影響機(jī)制,嘗試解釋其中與經(jīng)典的異質(zhì)性貿(mào)易理論分析框架預(yù)測不完全一致的現(xiàn)象(或稱之為“中國悖論”),將邊界外的貿(mào)易問題研究與中國的邊界內(nèi)的制度問題的探討有機(jī)結(jié)合。在此基礎(chǔ)上,為中國金融體制改革和經(jīng)濟(jì)體制轉(zhuǎn)型提供來自貿(mào)易層面的支持。 本文共七章：第一章為導(dǎo)論,總領(lǐng)概括本文的主要研究內(nèi)容及研究意義,并對文章整體的脈絡(luò)和思路進(jìn)行系統(tǒng)性梳理。第二章為文獻(xiàn)綜述,本文從新古典貿(mào)易理論中涉及的有關(guān)金融因素與企業(yè)國際化行為的研究作為起點(diǎn),全面總結(jié)了相關(guān)的理論和實(shí)證文獻(xiàn),并將分析的重心著眼于新新貿(mào)易理論對金融異質(zhì)性和企業(yè)國際化問題的探討,以此為本文即將開展的研究做必要的理論鋪墊,也為更好的界定本文對新新貿(mào)易理論下的中國研究的邊際貢獻(xiàn)提供給了扎實(shí)的基礎(chǔ)。第三章通過構(gòu)建基本的金融異質(zhì)性與企業(yè)國際化的理論分析框架,來考察中國企業(yè)的融資能力對國際化行為的影響機(jī)制,并通過微觀企業(yè)層面的數(shù)據(jù)對理論假說進(jìn)行必要的驗(yàn)證。第四章在考慮了政治體制中存在的所有制問題的基礎(chǔ)上,系統(tǒng)性的分析了企業(yè)所有制因素對貿(mào)易行為的影響,尤其著重于關(guān)注國有企業(yè)的“出口悖論”問題的破解。第五章針對目前社會結(jié)構(gòu)中廣泛存在的關(guān)系型社會結(jié)構(gòu)現(xiàn)象,通過民營企業(yè)的出口決策行為分析民營企業(yè)與政府的隸屬關(guān)系對其國際化行為的影響機(jī)理。第六章結(jié)合中國金融體制改革中尚存在的金融市場分割和信貸歧視現(xiàn)象,考察我國特殊經(jīng)濟(jì)結(jié)構(gòu)下的金融與貿(mào)易問題的。第七章為結(jié)論、展望及未來的研究方向。 在理論和經(jīng)驗(yàn)分析基礎(chǔ)上,本文得到主要結(jié)論如下：首先,外部融資能力不僅是影響企業(yè)國際化的重要因素,還會導(dǎo)致企業(yè)國際化經(jīng)營中出現(xiàn)“就近取舍集中”的現(xiàn)象。外部融資能力最弱的企業(yè)選擇僅在國內(nèi)市場銷售產(chǎn)品,融資能力較強(qiáng)的企業(yè)可以通過出口的形式步入國際化的行列,融資能力最強(qiáng)的企業(yè)則可以進(jìn)行對外直接投資。其次,國有企業(yè)在融資和非生產(chǎn)效率上的顯著優(yōu)勢彌補(bǔ)了其生產(chǎn)效率上的缺陷,使得國有企業(yè)在總體上表現(xiàn)出比民營企業(yè)更加傾向于出口的現(xiàn)象,這也就是導(dǎo)致“國有企業(yè)出口悖論”出現(xiàn)的原因。同時,由于“歧視信貸”現(xiàn)象的存在,政治關(guān)聯(lián)擴(kuò)大了民營企業(yè)間的融資異質(zhì)性,對出口決策起到顯著的正向促進(jìn)作用。再次,金融市場的金融摩擦并不必然導(dǎo)致出口水平的下降,如果金融摩擦主要體現(xiàn)在金融市場分割和信貸不平衡上,那么它對出口的總體影響取決于兩種影響的相對大小。但通過信貸不平衡換取的高出口是一種畸形的繁榮,會給社會帶來嚴(yán)重的福利損失。最后,總體上而言,隨著中國經(jīng)濟(jì)體制轉(zhuǎn)型和金融市場改革的推進(jìn),國有企業(yè)基于所有制歧視獲得的信貸偏袒、政治關(guān)聯(lián)引致的融資異質(zhì)性對出口的影響正在逐漸縮減,政府對國有企業(yè)或存在隸屬關(guān)系企業(yè)的信貸政策偏袒的資源配置模式開始松動。
[Abstract]:In the beginning of 90s, the government has begun to promote the China China enterprises "going out" national development strategy. According to preliminary statistics the Secretariat of the World Trade Organization in 2013, China has become the world's largest trade in goods, the goods China annual total import and export volume exceeded 4 trillion, of which exports $2 trillion and 210 billion, imports is $1 trillion and 950 billion. At the same time, with the government policy to promote and enhance the competitiveness of enterprises, enterprises of foreign direct investment (Outward Foreign Direct Investment, OFDI) has gradually become an important mode of China enterprises to develop international business.
However, with the government vigorously promote the internationalization of enterprises, China supporting financial system reform still in the lag phase. Chinese is still in the transition stage, the enterprises not only face the general market financial frictions in the mechanism of access to financial resources, but also affected by other complicated factors caused by China in the financial system is not perfect both. There is in the period of planned economy, the historical legacy of "ownership discrimination credit" problem, and the financing environment caused by the different type of social structure based on the widespread more major financial market segmentation phenomenon, which will affect the internationalization of.WTO report on corporate behavior in different extent (2013) pointed out the institutional environment of a country (including economic system, political system, social structure and so on) are important factors which influence the development of international behavior of a country, and It is an important source of the national comparative advantage. Because of this, under the incomplete financial market, the problem of how to conduct the internationalization of enterprises and the process of trade liberalization has gradually become the focus of attention of scholars both at home and abroad.
With the development of new new trade theory further adds the comparative advantage industries based on the traditional new classical theory, and based on the national level of new trade theory, economies of scale and product diversity. The heterogeneity of trade theory in the cause of international trade from the business layer of the whole new interpretation. They emphasize the efficiency of inter enterprise heterogeneity when, as exports will face a large amount of fixed costs, including access to the external market information, target consumer preferences and set up distribution channels, therefore, only the fixed cost efficiency is high enough to overcome the high export enterprises export. The development of international trade theory also promoted the evolution of international financial and business factors the. Whether domestic production or international business will face a lot of need to advance funds, which is not a part of the capital of enterprise From future sales revenue or internal cash flow to fully meet. At the same time, the internationalization of enterprises management also need to advance in advance of additional fixed costs, the internationalization of enterprises than domestic sales more dependent on external financing. Especially in 2008 after the outbreak of the financial crisis, more and more studies focus on the effects of financial factors on the entity economic, trade and foreign direct investment is not only caused by the global decline in external demand is shrinking, one of the more serious situation of external financing is also an important reason.
The heterogeneity of trade and financing under the framework of classical analysis, with a discussion of the unique phenomenon of financial system is not perfect due to the Chinese (ownership factors, relationship between social structure and financial market segmentation) interaction and the financing constraints (i.e. China market under the unique financial heterogeneity) influence mechanism of enterprise internationalization behavior, try to explain the heterogeneity with the classical trade theory analysis of the phenomenon of forecasting framework is not fully consistent (also called "Chinese paradox"), will explore the organic combination of system on trade issues and the China boundary within the boundary. On this basis, from the level of trade support for China reform the financial system and economic system transformation.
This paper consists of seven chapters: the first chapter is the introduction, the main research contents and significance and summarizes the general and systematic combing of the context and the overall ideas. The second chapter is the literature review, the research on the financial factors and enterprise internationalization behavior from the new classical trade theory involved in as the starting point, comprehensive summarize the relevant theoretical and empirical literature, and analysis of the focus and focus of the Yu Xinxin trade theory to the problem of financial heterogeneity and the internationalization of enterprises, in order to make the necessary theoretical basis for this study is carried out, also the marginal contribution to better define the new trade theory under the Chinese research provides a solid the third chapter. Through the construction of international financial heterogeneity and enterprise basic theoretical framework to examine the China enterprise financing ability affects the international behavior of machine System, and through the micro enterprise level data is necessary to validate the hypothesis. The fourth chapter based on the ownership problem existing in the political system on the systematic analysis of the impact of corporate ownership factors on trade behavior, especially pay close attention to the state-owned enterprises "export paradox" crack in the fifth chapter. This type of social structure exists widely at present in the social structure, through the export decision behavior of private enterprises under the influence mechanism analysis of the relationship between private enterprise and the government for its international behavior. The sixth chapter discusses the phenomenon of financial market segmentation and credit discrimination still exist China financial system reform in the view of financial and trade issues China's special economic structure. The seventh chapter is the conclusion, the research direction and future prospect.
On the basis of theoretical and empirical analysis, the main conclusions obtained are as follows: firstly, the external financing capacity is not only an important factor affecting the internationalization of enterprises, will lead to enterprise internationalization appeared in "the nearest choice" phenomenon. Enterprises choose the weakest external financing capacity is only selling products in the domestic market, the financing ability of the enterprise can the form of exports into internationalization ranks, financing the strongest enterprises can carry out foreign direct investment. Secondly, a significant advantage in the financing of state-owned enterprises and non production efficiency on the defects in the production efficiency of the state-owned enterprises in the overall performance than private enterprises tend to export the phenomenon, that is cause the emergence of state-owned enterprises export paradox ". At the same time, due to the" credit discrimination "phenomenon, expand the political association of private The heterogeneity of financing between enterprises, to a significant positive effect on export decisions. Thirdly, financial frictions in financial markets will not necessarily lead to the decline in export level, if the financial friction is mainly reflected in the financial market segmentation and credit imbalance, so its overall impact on exports depends on the impact of two kinds of relative size. But the high export through credit balance exchange is an abnormal prosperity, will bring serious loss to social welfare. Finally, on the whole, with the Chinese transformation of economic system and financial market reform, the state-owned enterprise ownership discrimination based on partial access to credit, financing heterogeneity caused by the political association of export the government is gradually reduced, the resource allocation pattern of state-owned enterprises or the existence of the subordinating relation of the enterprise credit policy favoring start off.

【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F832.1;F279.2

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