發(fā)布時(shí)間：2018-05-04 20:11

  本文選題：融資約束 + 異質(zhì)性投資　； 參考：《哈爾濱工業(yè)大學(xué)》2012年碩士論文

【摘要】：企業(yè)出口決策的微觀動(dòng)因是近期國際貿(mào)易實(shí)證研究的熱門論題，現(xiàn)有經(jīng)典文獻(xiàn)主要集中于企業(yè)異質(zhì)性討論，本文認(rèn)為企業(yè)的異質(zhì)性關(guān)鍵來源于企業(yè)投資行為的異質(zhì)性。而目前我國金融發(fā)展水平低、地區(qū)差異大、企業(yè)面臨融資約束是企業(yè)缺乏創(chuàng)新與技術(shù)進(jìn)步投資，進(jìn)而產(chǎn)能過剩對(duì)出口依賴的根本原因。本文將融資約束引入到企業(yè)投資與出口行為的分析框架，試圖從金融低效導(dǎo)致的融資約束出發(fā)，解釋我國本土企業(yè)創(chuàng)新動(dòng)力不足，過度偏好出口的雙重困境。 首先，在分析融資約束對(duì)企業(yè)異質(zhì)性投資行為影響的基礎(chǔ)上，借助PhilippeAgion(2011)所構(gòu)建的經(jīng)濟(jì)增長與波動(dòng)模型，但與之不同，本文賦予金融效率的約束條件，并在定義企業(yè)異質(zhì)性投資（生產(chǎn)性投資與研發(fā)投資）的基礎(chǔ)上，對(duì)模型求解得到：低效的金融市場，使企業(yè)面臨更嚴(yán)重的外部融資約束，融資約束增加了研發(fā)投資的風(fēng)險(xiǎn)，生產(chǎn)者將更多的資金配置到生產(chǎn)性投資，從而研發(fā)投資不足；在此基礎(chǔ)上借助于PolAntra`s(2007)的分析框架，區(qū)分了兩類不同的企業(yè)家，以及兩種不同的產(chǎn)品，，考察了金融發(fā)展水平差異導(dǎo)致的融資約束，最終如何影響企業(yè)的出口偏好與國際貿(mào)易分工的格局。其次，使用2005-2007年我國近30萬家工業(yè)企業(yè)作為研究樣本，描述性地分析了我國企業(yè)研發(fā)投資與出口的分布特征；使用分組回歸與面板Tobit模型檢驗(yàn)了融資約束下的企業(yè)研發(fā)投資與出口行為。結(jié)果表明：小規(guī)模、新成立，以及私營性質(zhì)企業(yè)面臨更嚴(yán)重的融資約束；融資約束限制了企業(yè)從事研發(fā)投資的積極性；受融資約束的企業(yè)更傾向于進(jìn)行生產(chǎn)性投資，為外商提供貼牌生產(chǎn)，導(dǎo)致出口擴(kuò)張，驗(yàn)證了理論模型的結(jié)論；最后，提出了加快金融市場化改革進(jìn)程、推動(dòng)金融市場多元化建設(shè)、鼓勵(lì)并規(guī)范民間借貸等緩解融資約束的政策建議。
[Abstract]:The micro motivation of enterprises' export decision is a hot topic in the recent empirical research on international trade. The existing classical literatures mainly focus on the discussion of enterprise heterogeneity. This paper holds that the key to enterprise heterogeneity lies in the heterogeneity of enterprise investment behavior. At present, the financial development level of our country is low, the regional difference is big, the enterprise faces the financing restriction is the enterprise lacks the innovation and the technological progress investment, and then the overcapacity depends on the export. This paper introduces financing constraints into the analytical framework of enterprise investment and export behavior, and tries to explain the dual dilemma of domestic enterprises' lack of innovation power and excessive preference for export from the financial constraints caused by financial inefficiency. First of all, on the basis of analyzing the influence of financing constraints on heterogeneous investment behavior of enterprises, the economic growth and volatility model constructed by Philip Agion (2011) is used. But different from this model, this paper gives constraints to financial efficiency. Based on the definition of heterogeneous investment (productive investment and R & D investment), it is concluded that the inefficient financial market makes the enterprise face more serious external financing constraints, and the financing constraint increases the risk of R & D investment. Producers allocate more money to productive investment and thus underinvest in R & D; on this basis, with the help of the analytical framework of PolAntra's 2007, they distinguish between two different types of entrepreneurs and two different products. This paper examines the financing constraints caused by the differences in financial development levels and how the export preference of enterprises and the pattern of international trade division are ultimately affected. Secondly, using nearly 300000 industrial enterprises in China from 2005 to 2007 as research samples, the distribution characteristics of R & D investment and export of Chinese enterprises are analyzed in a descriptive way. Group regression and panel Tobit model are used to test the R & D investment and export behavior of firms under financing constraints. The results show that: small scale, newly established, and private enterprises face more serious financing constraints; financing constraints limit the enthusiasm of enterprises engaged in R & D investment; The conclusion of the theoretical model is verified by providing foreign companies with label production, which leads to export expansion. Finally, the paper proposes to accelerate the process of financial marketization reform and to promote the diversification of financial markets. Encourage and standardize private lending and other policy recommendations to ease financing constraints.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.4;F275;F279.23

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