朱玉杰,钟汉麟

• 1:清华大学经济管理学院

摘要(Abstract)：

本文采用2002年到2007年的规模以上工业企业调查数据以及中国海关的进出口企业数据库数据,研究了融资约束对出口企业产品市场竞争表现的影响。我们利用2005年的汇率改革作为外生冲击,发现融资约束越紧的企业在汇率冲击下受到越严重的市场竞争冲击;同时,在金融发展不足的地区和融资需求更大的行业中,企业所受到的负面冲击会更严重。在影响渠道方面,融资约束通过企业的产品定价、运营效率和销售投入对企业的市场竞争表现产生作用。本文证明了融资约束是制约出口企业市场竞争能力的重要因素之一,为我国金融市场化改革和出口企业的运营提供了经验指引。

关键词(KeyWords)： 融资约束;产品市场竞争;出口企业;人民币汇率

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 朱玉杰,钟汉麟

DOI: 10.16513/j.cnki.cje.2020.02.002

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• (1)我们将2003年后的样本转换到2003年之前的行业分类标准。