The Effect of Financing Constraints on China’s Enterprise Export

Abstract

This paper constructs an export model of heterogeneous enterprises with financing constraints and put forward the hypothesis of financing constraints and export. Based on the panel data of China's industry enterprises from 2005 to 2014, this paper establishes a model and estimates the hypothesis. The main conclusions are as follows: the larger the financing constraint, the less export; Compared with domestic financing constraints, export enterprises are more constrained by external financing constraints; In the process of export, the state-owned enterprises are less constrained than the private ones, and the private ones are heavily affected by the financing constraints. Among them, the influence of exogenous financing constraints is the biggest.