中文摘要：

本文考察了出口对中国企业融资约束的影响。我们在经典的“投资一现金流敏感度”框架之上建立了实证模型，并依托世界银行2005年的企业调查数据进行了实证研究。估计结果显示，在中国，私人企业投资对现金流表现出显著的正相关，而出口则降低了这一相关性。对于出口，我们采取了三种度量方式，但得到的结果是一致的。有出口的企业、出口规模大的企业，或者是拥有出口权限的企业，它们面临的融资约束都更小一些。这意味着，出口可能通过提高获取流动性的便利性、规避国内营商环境的不确定性、分散市场的风险性以及发送企业资质“信号”等渠道，对企业融资产生了积极影响。在调整变量和样本、考虑内生性以及重新定义企业属性之后，这些结果依然稳健。

英文摘要：

This paper investigates the impact of export on financial constraints of firms in China. We build up an empirical model under the ＂investment - cash flow sensitivity＂ framework and carry out empirical studies using firm survey of World Bank in 2005. The empirical results show that, for private firms, investment is positively correlated with cash flow and export alleviates this correlation. This indicates that private firms have financial constraints and export could alleviate such constraints. Firms which export, export more or have authorization to export are less financially constrained. This suggests that export produces positive effects on firms＇ financing by creating liquidity, diversifying risk and sending ＂signal＂. The results keep the same when we adjust the sample and variables, take endogeneity into account and redefine firms＇ ownership.