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基于融资的新视角,本文运用192家民营企业面板数据经验分析了FDI对民营企业出口的影响。研究发现:相比国有企业,民营企业的出口更为依赖外源融资能力;外商直接投资仅对合资民营企业和处于产业集聚区的非合资民营企业的出口起到融资缓解效应,而外商直接投资的当地融资则加剧了未处于产业集聚区的非合资民营企业出口的外源融资困境;对合资民营企业而言,出口融资约束的缓解很大程度上依赖外商直接投资,而非合资民营企业出口融资约束的缓解则主要依赖于金融市场改革。
Based on the new perspective of financing, this paper analyzes the impact of FDI on the export of private enterprises by using the empirical data of 192 private enterprises. The results show that the export of private enterprises is more dependent on external financing than that of state-owned enterprises. Foreign direct investment plays a financing mitigation role only for the exports of joint-ventured private enterprises and non-joint ventures in industrial agglomeration areas. Foreign direct investment Of the local financing exacerbated the exogenous financing difficulties of non-JV-owned enterprises that are not located in industrial agglomeration areas; for JVs, the easement of export financing constraints relies heavily on FDI but not on the exports of JV-owned private enterprises The alleviation of financing constraints mainly depends on financial market reform.