本研究利用2004至2006年中國電子產業廠商出口資料，來探討廠商財務因素對其出口決策的影響。實證結果顯示，廠商面對的財務限制越高時，會降低出口產品品質；但是財務限制對出口產品數目以及出口國數目等出口廣度並沒有顯著影響力。相對地，廠商的生產力和廠商規模對出口廣度的影響則較大。廠商所有權方面，本文發現外資廠商擁有較高的出口總值，同時出口產品品質較高，但是控制廠商平均薪資後此效果會被吞噬。最後，經過交乘項的檢驗發現高生產力的廠商以及外資廠商可以降低財務限制對廠商出口產品品質的影響。因此，廠商若想擴張本身出口優勢，除了提升廠商本身生產力之外，同時也必須改善廠商財務狀況，開拓更多外部融資管道以湊齊營運所需資金。 Using electronics industry’s firm data from China, this paper estimates the impact of credit constraints on firms’ export. There are four key findings. First, tight credit constraints faced by a firm reduce its product quality and increase its international trade flows. But the impact of credit constraints on firms’ extensive margin of trade like export product scope and number of export destinations is insignificant. Second, firm productivity have significant positive influence on both intensive and extensive margin of trade. Third, we find that foreign-owned affiliates have higher international trade flow and product quality than private domestic firms. Finally, foreign-owned affiliates and high productivity firms can decrease the negative influence of credit constraints on product quality. Our results suggest that firms can not only increase productivity, but also improve financial condition to promote export product quality.
