| 摘要(英) |
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. |
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