結果發現融資限制對出口金額與出口比率的皆有負向影響，其中出口金額受到的衝擊更為強烈。另外發現生產力對出口活動亦有顯著的正向效果，且相對於融資限制，其影響力是更加強烈。在政策的含義上，當政府希望提升國內整體的對外貿易活動，以促進國內經濟成長時，激勵國內資本市場，提升企業融資的能力，從根本帶動廠商生產力之成長，或許為合適的選擇。 ;Companies usually need to use financing to support the huge costs of export activities. We explore the impact on the export value and export ratio of firms when they face the financial constraint. We construct our dataset from panel data of manufacturing companies by Taiwan Economic Journal (TEJ) databases. This provides information on companies for the period 2002–2019. Cash flow, leverage ratio, and liquidity ratio are used as proxy variables for financial constraint, and control the total factor productivity, firm’s size, firm’s age and RD costs. We choose the panel data model as the main analysis method.
We find that financial constraints have negative correlation on both the export value and the export ratio, and the impact on export value is stronger. In addition, it finds that productivity also has a significant positive effect on export activities, and its influence is stronger than financial constraint. In the policy implications, When the government wants to enhance the trade of exports to promote domestic economic growth, Stimulating the domestic capital market, improving firms financing capabilities and increasing manufacturers′ productivity are the good choice.
