融资约束如何影响出口边际：来自我国制造业行业的证据
How Financial Constraints Affect the Export Margins：Evidences From Chinas Manufacturing Industries

借鉴出口三元边际的分解方法，采用117个主要国家的HS六位码出口贸易数据测算了2000—2013年我国25个制造业行业出口增长的扩展边际、价格边际和数量边际，进而建立计量模型，采用系统GMM方法，实证研究了融资约束对出口三元边际的影响。结果发现，我国制造业出口增长主要沿集约边际来实现，其中数量边际起主导作用；内外部融资约束的缓解对出口扩展边际与数量边际具有显著促进作用，而对出口价格边际的影响不一致；融资约束对于出口边际的影响作用在不同要素密集度行业之间存在差异性。
By using decomposition method of export margin and HS 6-digit export trade data of 117 countries，this paper decomposes Chinas export growth of 25 manufacturing industries during 2000—2013 into extensive，price and quantity margin.And then the econometric model is put forward and estimated by using system GMM method to empirically explore the impact of financial constraints on export three margins.The results show that Chinas export growth is mainly driven by intensive margin，especially by quantity margin.The ease of internal and external financial constraints can promote the growth of extensive and quantity margin，but play different roles on price margin.The impact of financial constraints on export margins varies among industries of different factor intensity.