出口企业的金融化与产品质量:挤出抑或蓄水池

我国作为出口大国,出口产品数量极大却普遍质量偏低。同时,大量出口企业不断突破主业企图通过金融投资获利。为探究出口企业金融化与产品质量之间的影响模式,本文使用2000~2009年海关数据库、国泰安数据库以及我国工业企业数据库进行匹配所得的大量微观数据,运用非参数分位数面板实证分析发现:(1)出口企业金融化对产品质量呈现出非线性影响,且在中高分位点处存在最优金融化水平(分别为0.4857与0.4361),使产品质量达到最大化;(2)出口企业金融化对产品质量呈现出异质影响,在高分位点处,过度金融化更多表现为倒U形挤出特征,而在中低分位点处更多表现为蓄水池效应;(3)非国有企业、高技术企业的出口产品质量对企业金融化程度的变化更为敏感。

Financialization and Product Quality of Export Firms: Extrusion or Reservoir

In order to analyze the mode of influence between the financialization and product quality of export enterprises, this paper matches the data of the China Industrial Enterprise Database, the Customs Database and the Guotaian Database between 2000 and 2009 to obtain the large sample microdata. Combined with the nonparametric quantile panel, it is found that: (1)The financialization of export enterprises has a non-linear impact on product quality, and there is an optimal level of financialization at the middle and high score points (0.4857 & 0.4361 ,respectively) to maximize product quality. (2)The financialization of export enterprises has a heterogeneous impact on product quality. At the high score point, excessive financialization is more represented by the inverted U-shaped extrusion effect, while at the middle and low quantile points, it is more represented as a reservoir effect. (3)The quality of non-state-owned enterprises and high-tech products is more sensitive to the level of enterprise financialization.