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信贷约束与企业出口行为的关系近年来引起越来越多的关注,不过目前尚没有文献分析信贷约束对于企业出口模式的影响。本文在内部化理论的框架下,构建模型分析了信贷约束对于企业出口模式及社会福利的影响。分析显示,如果出口国金融市场存在不完全性,则出口企业面临的信贷约束越高,越倾向于在进口国市场选择代销模式。相反,如果进口国金融市场存在不完全性,则当地代理企业面临的信贷约束越高,出口国企业越倾向于在进口国市场选择直销模式。企业的出口模式会影响进口国与出口国的社会福利水平,出口国的福利水平在直销模式下要高于代销模式下,进口国的福利水平则在代销模式下要高于直销模式下。因此信贷约束无论是发生在出口国还是进口国,都会对当地社会的福利水平产生负面影响。
The relationship between credit constraints and corporate export behavior has drawn more and more attention in recent years. However, there is no literature analyzing the impact of credit constraints on corporate export models. Under the framework of internalization theory, this paper constructs a model to analyze the impact of credit constraints on the export patterns and social welfare of enterprises. The analysis shows that if there are some incomplete financial markets in exporting countries, the higher the credit constraints faced by exporting enterprises, the more inclined to choose consignment mode in the importing country market. On the contrary, if the financial market in the importing country is not complete, the higher the credit constraints faced by the local agency enterprises, the more inclined the exporting country enterprises choose the direct selling model in the importing country market. The export mode of enterprises will affect the social welfare level of importing and exporting countries. The welfare level of exporting countries is higher than direct selling mode in direct selling mode, while that of importing country is higher than direct selling mode in importing mode. Therefore, credit constraints, whether they occur in the exporting or importing countries, will have a negative impact on the welfare of local communities.