廠商的財務因素與出口行為-中國電子產業研究

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蕭志成(Chih-cheng Shiao) 查詢紙本館藏

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產業經濟研究所

論文名稱

廠商的財務因素與出口行為-中國電子產業研究

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摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 廠商異質性
★ 財務限制
★ 出口品質

關鍵字(英)

★ Firm heterogeneity
★ Finance constraint
★ Export quality

論文目次

第一章緒論..................................................1
1.1 研究動機..................................................1
1.2 前言......................................................1
第二章文獻回顧.............................................5
2.1 產業層級..................................................5
2.2 廠商層級..................................................8
第三章資料來源與變數...................................12
3.1 資料來源..................................................12
3.2 主要應變數................................................14
3.2.1 廠商財務變數............................................15
3.2.2 廠商所有權變數..........................................16
3.2.3 貿易型態................................................17
3.2.4 其他廠商變數............................................19
第四章實證模型..........................................22
4.1 基本模型..................................................22
4.2 進階模型..................................................26
第五章實證結果..........................................28
5.1 基本模型實證結果..........................................28
5.1.1 出口總值................................................28
5.1.2 出口產品數與出口國數....................................32
5.1.3 出口單價................................................35
5.2 交乘模型實證結果..........................................38
5.2.1 出口總值、出口產品數以及出口國家數......................38
5.2.2 出口產品單價............................................41
5.3 敏感性測試................................................44
5.3.1 加工出口樣本............................................44
5.3.2 加工出口虛擬變數........................................47
5.3.3 去除國有與集體企業......................................49
第六章結論...............................................53
參考文獻...................................................55

參考文獻

中文文獻
何毓慧(2011)，《信用限制對廠商出口之影響: 利用台灣上市櫃公司之資料分析。》國立清華大學經濟學系研究所碩士論文。
吳俊彥(2012)，《信貸限制對出口市場與國內市場之行為影響: 中國廠商資料實證。》國立清華大學經濟學系研究所碩士論文。
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指導教授

鄒孟文

審核日期

2013-7-9

推文