中文摘要：

本文就融资约束对企业出口决策的影响进行分析。在构建一个包含融资约束因素的异质性企业出口决策模型基础上,采用中国工业企业数据库的大样本微观企业数据考察了融资约束影响企业出口决策的机制。结果发现,企业融资约束的降低不但能直接提高企业出口市场进入的可能性,还会通过放大企业的＂自选择效应＂,间接地提高生产率对出口市场进入的促进作用。同时,企业所处的外部融资环境的改善还会对企业自身融资约束对出口的影响起到进一步的放大作用。而不同所有制类型的企业不但在出口市场的进入倾向上存在差异,企业融资约束状况变化对不同所有制企业出口市场进入决策的影响也有所不同。

英文摘要：

This paper investigates the effects of financial constraints on firm＇s decision to export.Based on a heterogeneous- firms trade model with financial constraints,we employ the firm- level data from Chinese Industrial Enterprises Database to study the mechanism through which financial constraints affect firm＇s decision to export. The results show that a better financial condition could not only facilitate new market entry,but also augment the positive impacts of productivity on the choice to participate in the export market by interacting positively with productivity. Furthermore,the results also suggest that the effects of the firm＇s financial conditions on export decision tend to be larger in more developed financial markets. Finally,there are significant differences in the probability of market entry and the impacts of financial conditions on the choice of export participation in different ownerships of firms.