融资约束与RCEP出口伙伴关系:来自中国制造业企业的证据

IF 2.9 3区 经济学 Q1 ECONOMICS
Qing Peng , Zhenhao Chen , Jie Li
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引用次数: 0

摘要

新冠肺炎疫情后,中国出口持续增长,但对贸易关系稳定性的担忧依然存在。特别是在区域全面经济伙伴关系(RCEP)中,中国的一个重要出口伙伴,许多公司层面的伙伴关系的持续时间很短。通过生存分析,我们证明了融资限制在这些不稳定的RCEP出口伙伴关系中所起的重要作用。与出口的优先顺序理论一致,融资限制促使企业要么减少出口目的地的数量,要么转向更大的经济体作为出口伙伴,从而破坏与RCEP成员国的出口伙伴关系。此外,我们的研究结果表明,虽然传统的银行支持有利于大企业缓解融资约束的不利影响,但小企业更多地依赖中介机构的资金支持和政府补贴。除了资金支持外,企业还可以通过出口产品多样化与RCEP保持稳定的出口伙伴关系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Financing constraints and the export partnerships with RCEP: Evidence from manufacturing firms in China
Despite the continued growth of Chinese exports post the COVID-19 shock, concerns persist regarding trade relationship stability. Particularly within the Regional Comprehensive Economic Partnership (RCEP), a critical export partner for China, many firm-level partnerships exhibit short durations. Through survival analysis, we demonstrate the significant role of financing constraints in these unstable export partnerships with RCEP. Aligned with the pecking order theory of exports, financing constraints prompt firms to either reduce the number of export destinations or shift to larger economies as export partners, thereby destabilizing export partnerships with RCEP members. Moreover, our findings indicate that while traditional bank support benefits large firms in mitigating the adverse effects of financing constraints, small firms rely more on financial support from intermediaries and government subsidies. In addition to financial support, firms can maintain stable export partnerships with RCEP by diversifying export products.
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来源期刊
CiteScore
4.70
自引率
9.40%
发文量
90
期刊介绍: The Journal of Asian Economics provides a forum for publication of increasingly growing research in Asian economic studies and a unique forum for continental Asian economic studies with focus on (i) special studies in adaptive innovation paradigms in Asian economic regimes, (ii) studies relative to unique dimensions of Asian economic development paradigm, as they are investigated by researchers, (iii) comparative studies of development paradigms in other developing continents, Latin America and Africa, (iv) the emerging new pattern of comparative advantages between Asian countries and the United States and North America.
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