Firms leverage and export quality:evidence from France
Firms leverage and export quality:evidence from France
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企业杠杆和出口质量：来自法国的证据
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
Flora Bellone
中科院分区：
文献类型：
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作者：
M. Bernini;Sarah Guillou;Flora Bellone
公司财务结构是否是出口市场非价格竞争力的决定因素？在本文中，我们提供了一个肯定的答案，这个问题的发现，在非流动性出口商的杠杆率是负相关的，其出口商品的质量。这一结果是根据一个样本得出的，该样本包括6 229家法国公司在6个HS 6产品类别内出口的120 000多个出口流量。我们研究的主要方法贡献是使用了从需求结构模型估计中获得的出口质量的流量水平测量（Berry，1994）;这种估计量通过避免使用出口价格来衡量质量的缺点来提高我们方法的有效性，因为这是贸易文献中的常见做法。我们认为，杠杆对质量的负面影响与金融文献中的理论贡献是一致的，预测债务融资对企业进行质量升级投资的动机产生负面影响。
Is corporate financial structure a determinant of non-price competitiveness in export markets? In this paper we provide a positive answer to this question by finding that among illiquid exporters leverage is negatively correlated with the quality of their exported goods. This result is obtained on a sample including over 120,000 export flows of 6,229 French firms exporting within six HS6 products categories. The main methodological contribution of our study is the use of a flow-level measure of export quality obtained from the estimation of a structural model of demand (Berry, 1994); this estimator enhance the validity of our approach by avoiding the drawbacks of proxying for quality using export prices, as it is common practice in the trade literature. We argue that the negative impact of leverage on quality is consistent with theoretical contributions in the financial literature predicting a negative impact of debt financing on firms' incentive to undertake quality upgrading investments.