Financing Constraints,Financial Development and Enterprise Export Behavior

Abstract

This paper studies the effect of financing constraints and financial development on the enterprise export behavior using the World Bank investment climate survey data.The results show that financing constraints and financial development are the important factors that affect the enterprise export probability and export earnings.Furthermore,the authors find that the impact of financing constraints and financial development on export probability and export earnings exists differences due to different ownership,private enterprise financing constraints reduce to the probability of enterprise exports and export earnings played a promoting significant role,and the impact of the state-owned enterprises and foreign-funded enterprises financing constraints reduce on the probability of enterprise exports and export earnings was not significant.In addition,the mitigation effects of financial development on the enterprises financing constraints of different ownership exists differences,with the continuous improvement of the financial development level,private enterprise financing constraints will be significantly ease,but financial development have not notable effect to the state-owned enterprises and foreign-funded enterprises financing constraints ease.