The Quarterly Review of Economics and Finance Credit Constraints, Firm Exports and Financial Development: Evidence from Developing Countries
The Quarterly Review of Economics and Finance Credit Constraints, Firm Exports and Financial Development: Evidence from Developing Countries
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经济和金融信贷约束、企业出口和金融发展季度回顾：来自发展中国家的证据
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D. Fauceglia
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作者：
D. Fauceglia
JEL 分类：F10 F12 F14 G20 关键词：国际贸易 金融发展 信贷约束 出口利润 摘要 本文利用 17 个发展中国家的企业层面数据检验金融发展是否减少了信贷约束对出口决策的影响。我们通过公司的流动性比率来估算信用约束。根据带有借贷摩擦的 Melitz 型模型，回归分析证实，对于金融欠发达国家的企业来说，企业流动性对出口概率的积极影响更大。这一结果凸显了金融发展对于减少信贷约束的重要性。实证结果还表明，对于属于依赖外部融资的创新部门的企业来说，融资障碍和更好地获得融资带来的好处特别高。
JEL classification: F10 F12 F14 G20 Keywords: International trade Financial development Credit constraints Export margins a b s t r a c t This paper examines whether financial development reduces the impact of credit constraints on the exporting decision using firm-level data across 17 developing countries. We approximate credit constraints by a firm's liquidity ratio. In line with a Melitz-type model with borrowing frictions, the regression analysis confirms that the positive effect of a firm's liquidity on the exporting probability is larger for firms located in financially less developed countries. This result highlights the importance of financial development in reducing credit constraints. The empirical results also suggest that financing obstacles and the benefits from better access to finance are particularly high for firms belonging to innovative sectors dependent on external finance.