Credit constraints and exports: : a survey of empirical studies using firm-level data
Credit constraints and exports: : a survey of empirical studies using firm-level data
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信贷约束和出口：：使用企业层面数据进行的实证研究调查
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发表时间：
2014
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通讯作者：
J Wagner
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文献类型：
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作者：
J Wagner
企业管理人员很清楚，信贷限制会妨碍甚至阻止出口。直到最近，经济学家才开始将这些论点纳入异质性企业的理论模型，并利用企业层面的数据对这些模型的含义进行计量经济学检验。从Greenaway、Guariglia和Kneller的开创性研究（Journal of International Economics，2007）开始，越来越多的实证论文使用企业层面的数据来研究金融约束与出口活动之间的联系。本文介绍了一个表格调查的32个实证研究，涵盖14个不同的国家和5个多国研究。总体情况可以概括如下：资金限制对公司的出口决定很重要：出口公司比非出口公司受到的资金限制要少。着眼于这一联系方向的研究通常报告称，受限制较少的公司会自我选择出口，但出口并不能改善公司的财务健康状况。本文认为，手头的结果不应该被视为程式化的事实，可以指导政策制定者以证据为基础的方式，并提出了一项战略，以进一步提高我们在这一领域的知识。
Business managers are well aware of the fact that credit constraints can hamper or even prevent exporting. Economists only recently started to incorporate these arguments in theoretical models of heterogeneous firms and to test the implications of these models econometrically with firm-level data. Starting with the pioneering study by Greenaway, Guariglia, and Kneller (Journal of International Economics, 2007), a growing number of empirical papers looked at the links between financial constraints and export activities using data at the level of the firm. This article presents a tabular survey of 32 empirical studies that cover 14 different countries plus five multi-country studies. The big picture can be summarized as follows: financial constraints are important for the export decisions of firms: exporting firms are less financially constrained than non-exporting firms. Studies that look at the direction of this link usually report that less constrained firms self-select into exporting, but that exporting does not improve financial health of firms. The article argues that the results at hand should not be considered as stylized facts that can guide policy makers in an evidence-based way and suggests a strategy to further improve our knowledge in this area.