中文摘要：

融资约束是制约企业出口的重要因素，对金融市场不发达的中国更是如此，这无法解释中国对外贸易快速发展的现实。本文将融资约束引入异质企业贸易模型，发现企业可以通过银行信贷、商业信贷、内部储蓄和跨国企业融资四重途径获取进入出口市场的资金，并且商业信贷还可以极大地促进银行信贷。进而运用2004—2007年中国40余万家企业数据进行实证检验，结果发现：上述融资途径可以提高企业出口参与、出口强度和出口规模；商业信贷对银行信贷的促进作用使拥有商业信贷的企业，不论出口参与还是出口规模与出口强度都优于没有商业信贷的企业。本文为探讨中国企业出口融资提供了综合性视角，为理解中国出口贸易奇迹和制定相关外贸政策提供了理论依据和实证支持。

英文摘要：

Financing constraint is an important factor for restricting export, especially in China with imperfect financial market. This phenomenon can＇t explain the booming development of international trade in China. This paper establishes a heterogeneous enterprise model under financing constraint and finds that domestic savings, bank credit, trade credit and transnational enterprises help enterprises get funds for export, and trade credit improves bank trade. We also have done empirical tests using data of more than 40 thousand Chinese enterprises from 2004 to 2007. It is found that the above financial ways not only improve firms to participate in export, but also improve export strength and export scale. Meanwhile, the effects of trade credit on bank credit make firms that having credit trades are better than firms without trade credit in export participation, export scale and export strength. This paper provides not only a comprehensive point of view in understanding export financing in China, but also the theory basis and empirical support in understanding Chinese international trade miracle and formulating related international trade policies.