| 国内生产网络中的商业信用与企业出口绩效 |
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| 引用本文：但佳丽，包群，杨智斐.国内生产网络中的商业信用与企业出口绩效[J].湖南大学学报社会科学版,2025,(6):41-52 |
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| 中文摘要:通过合并2009—2016年上市公司财务数据库、供应链数据库与海关数据库，考察了国内生产关联下企业间商业信用融资对出口表现的影响。研究发现：企业从供应商处获取的商业信用水平显著提升其出口绩效，这一作用通过缓解融资约束、提升存货周转效率和供应商质量来实现。因为2013年“钱荒”事件的冲击，企业面临正规融资收紧引致的流动性枯竭困境，不得不转向依赖商业信用融资以维持和促进出口绩效增长。商业信用对出口的促进作用在国内生产网络相关特征下表现得更加明显：具备共享关系、新供应关系搜寻效率越高及供应关系维系能力强的企业更能通过商业信用融资获得出口绩效提升。 |
| 中文关键词:国内生产网络 商业信用 出口绩效 流动性冲击 |
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| Trade Credit and Firm Export Performance in Domestic Production Networks |
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| Abstract:By merging firm-level financial data, supply chain data, and customs data of the listed Chinese firms from 2009 to 2016, this paper investigates the impact of inter-firm trade credit financing within domestic production linkages on firms’ export performance. We find that the level of trade credit obtained from suppliers significantly enhances firms’ export performance. This effect operates by alleviating financial constraints, improving inventory turnover efficiency, and enhancing supplier quality. Moreover, using the 2013 “credit crunch” (the so-called “money shortage” event) as a quasi-natural shock, we find that when formal financing tightens and liquidity dries up, firms are compelled to rely more heavily on trade credit to sustain and enhance export performance. Finally, the positive impact of trade credit on exports is more pronounced when certain characteristics of the domestic production network are present: firms with shared relationships, higher search efficiency for new suppliers, and stronger capabilities in maintaining supply relationships benefit more from trade credit in boosting export outcomes. |
| keywords:domestic production networks trade credit export performance liquidity shock |
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