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2008年美国“次贷危机”对中国出口贸易造成了巨大的冲击。文章在Manova(2013)理论模型中引入次贷危机冲击变量,从“供给冲击”角度分析了“次贷危机”通过融资约束对中国企业出口影响的微观作用机理,为研究金融危机与国际贸易的关系提供了一种理论解释。在此基础上,利用中国2005-2009年企业层面的数据对理论模型的结论进行了检验,实证结果表明美国“次贷危机”明显降低了中国企业的出口参与和出口收入,并额外降低了行业外部融资依赖较高企业的出口收入,从而证实了“次贷危机”确实通过融资渠道对中国企业的出口收入造成了负面影响,进而支持了理论模型的结论。
The U.S. “Subprime Mortgage Crisis” in 2008 caused a huge impact on China’s export trade. This paper introduces the subprime mortgage crisis impact variable into the theoretical model of Manova (2013) and analyzes the micro mechanism of the subprime mortgage crisis on the export of Chinese enterprises from the perspective of “supply shock ”. In order to study the financial crisis And the relationship between international trade provides a theoretical explanation. On this basis, we use the data from 2005-2009 in China to test the conclusion of the theoretical model. The empirical results show that the U.S. subprime mortgage crisis significantly reduces the export participation and export revenue of Chinese enterprises with an additional reduction The external financing of the industry relies on the export earnings of higher enterprises, thus confirming that the “subprime mortgage crisis” does have a negative impact on the export earnings of Chinese enterprises through financing channels, thus supporting the conclusion of the theoretical model.