摘要
金融发展与出口贸易转型升级均是经济高质量发展阶段政策制定者和学术界共同关注的重要议题。本文利用中国商业银行分支机构数据、中国工业企业数据库和中国海关进出口数据库的匹配数据,考察了银企距离对出口贸易转型升级的影响。研究发现,中国银企距离在2000—2010年总体呈下降趋势,银企距离缩短显著提高了企业一般贸易出口比重,有利于出口贸易转型升级。影响机制检验表明,降低融资成本和强化风险控制是银企距离缩短促进出口贸易转型升级的重要传导渠道。异质性检验表明,缩短企业与中小银行之间的距离以及制度环境不完善、金融发展落后和交通基础设施欠发达地区的银企距离对一般贸易出口比重的提升作用更强。对出口贸易转型升级的多维分析发现,缩短银企距离还显著提升了企业出口产品质量、出口技术复杂度、全球价值链地位与创新能力。本文的发现为深化对金融发展与出口贸易转型升级关系的理解提供了新视角,也为当前深入推进金融供给侧结构性改革提供了启示。
Since China's reform and opening up,processing trade has played a decisive role in boosting China's export miracle.However,the nation s extensive participation in processing trade has not effectively improved the productivity of China's export sector.So far during the 21st century,China's export structure has shown a long-term trend of transformation and upgrading from processing trade to ordinary trade.In terms of productivity,technological sophistication,and added value,the ordinary trade sector has always shown better export performance than processing trade.Thus,the increasing share of ordinary trade in total exports reflects the transformation and upgrading of China's export production from an expansion in volume to an efficiency enhancement.Previous studies have found that China's disproportionate development of processing trade happened largely due to the lack of domestic funds during the early stage of reform and opening up.Recently,this situation has undergone a fundamental change,as the supply of domestic funds to the real economy has greatly increased.One of the intuitive manifestations of this change is that the geographical distance between banks and enterprises(also called“borrower-lender distance”)is greatly shortened due to the increased number of banking branches.The question arises of whether the shortening of borrower-lender distance promotes the transformation and upgrading of export trade.Research has not yet provided an answer to this question.Therefore,this paper attempts to determine whether or how the distance between banks and enterprises affects the transformation and upgrading of export trade.This analysis introduces the geographical factors of financial supply into the research framework of“new-new”trade theory.Using a database of matched Chinese banking branches,an industrial enterprise database,and a customs database,this paper empirically examines the effects of borrower-lender distance on the transformation and upgrading of export trade.The results show that the borrower-lender distance in China has had a generally downward trend from 2000 to 2010,and that this shortening of borrower-lender distance significantly promotes the transformation and upgrading of export trade,as characterized by the share of ordinary trade.Reduced financing costs and decreased default probabilities are the main channels by which the shortening of borrower-lender distance promotes the transformation and upgrading of export trade.These positive effects of shortening borrower-lender distance,however,are heterogeneous.For small and medium-sized banks,and for areas with imperfect institutional environments,backward financial systems,and underdeveloped transportation infrastructure,the shortening of borrower-lender distance tends to greatly increase the share of ordinary trade exports by local enterprises.A multi-dimensional analysis of the transformation and upgrading of export trade finds that shortening borrower-lender distance also significantly improves the quality of export products,the technological sophistication of exports,the status of local firms in the global value chain,and the capacity of these firms for innovation.This paper makes three main contributions to the literature.First,this is the first paper to examine the effects of borrower-lender distance on the transformation and upgrading of export trade.Unlike most studies on the effects of financial development on production for export,this investigation explores the role of geographical distance between enterprises and financial institutions.This paper shows how financial geography affects the roles that local enterprises play in international trade.Second,this paper provides the first overall assessment of the geographical distance between Chinese industrial enterprises and banking branches.Using the matched Chinese industrial enterprises database and data on the financial institution licenses obtained from the China Banking Regulatory Commission(CBRC)from 2000 to 2010,we determine the precise address information for Chinese industrial enterprises and banking branches.Then we directly calculate the coordinate distances between enterprises and banking branches using the open platform of AMAP.Third,this paper goes beyond measuring the share of ordinary trade and constructs a comprehensive system for evaluating the transformation and upgrading of export trade.This transformation of exports is evaluated in terms of the quality,technological sophistication,level of innovation,and status of firms in the global value chain.
作者
许和连
金友森
王海成
XU Helian;JIN Yousen;WANG Haicheng(School of Economics and Trade,Hunan University;Institute of Industrial Economics and Technological Economics,NDRC;Academy of China Macroeconomics)
出处
《经济研究》
CSSCI
北大核心
2020年第11期174-190,共17页
Economic Research Journal
基金
国家社会科学基金重大项目(16ZDA038)
湖南省研究生科研创新项目(CX2018B158)
国家发展和改革委员会重大课题(2019GJS02-1)
中国宏观经济研究院重点课题(A2020041007)的资助。
关键词
银企距离
银行分支机构
一般贸易
出口贸易转型升级
Borrower-Lender Distance
Banking Branches
Ordinary Trade
Transformation and Upgrading of Export Trade
