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信贷融资对中国企业出口行为的影响——基于双重信贷和双重出口边际的研究.docx

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信贷融资对中国企业出口行为的影响——基于双重信贷和双重出口边际的研究 Abstract Withtheworseningglobaleconomicenvironment,China'sexport-orientedenterprisesarefacingamorecomplexandchallengingenvironmentthaneverbefore.Tomaintaincompetitivenessandovercomefinancialconstraints,somefirmsrelyoncreditfinancing.Inthispaper,westudytheimpactofcreditfinancingonexportbehaviorofChineseenterprisesthroughthelensofdualcreditanddualexportmargins.Thefindingsshowthatcreditfinancinghasapositiveandsignificanteffectonexportparticipation,exportintensity,andexportdiversification,buthasanegativeimpactonproductqualityupgradingandinnovation.Ourstudysuggeststhatpolicymakersandfinancialinstitutionsshouldprovidetargetedanddiversifiedfinancialservicestohelpfirmsimproveexportcompetitivenessandpromotesustainableeconomicgrowth. Keywords:creditfinancing,exportbehavior,dualcreditmargin,dualexportmargin Introduction Chinahasbeentheworld'slargestexportersince2009,butsteadygrowthinexportvolumehasslowedsince2015.Inrecentyears,increasingcosts,weakeningdemandfromtraditionalmarkets,andtheriseofnewprotectionistmeasureshaveputChineseenterprises,especiallysmallandmedium-sizedones,underintensepressuretomaintaintheirexportcompetitiveness.Thetightfinancialconstraintsfacedbythesefirmsexacerbatethisproblem.Therefore,creditfinancingisveryimportantforthemtoexplorenewmarkets,upgradeproductquality,andrealizesustainabledevelopment.ThispaperaimstoinvestigatetheimpactofcreditfinancingontheexportbehaviorofChineseenterprises. TheoreticalFramework Thedualcreditmarginanddualexportmarginaretwoimportantconceptsthatneedtobeconsideredinthisstudy.Thedualcreditmarginreferstothedecisionoffirmstoparticipateincreditfinancingornot,whilethedualexportmarginreferstothedecisionoffirmstoparticipateintheexportmarketornot.Thetwomarginsareinterrelatedandaffecteachother,soitisnecessarytoconsiderbothwhendiscussingtheimpactofcreditfinancingonexportbehavior. Creditfinancingcanaffecttheexportbehaviorofenterprisesthroughvariouschannels.First,creditfinancingcanincreasefirms'workingcapita