| 摘要: |
| 企业的集团化发展不仅为企业带来了更多的生产合作，也为企业带来了集团内部融资便利以应对国际不确定性风险。本文以2008 年国际经济危机作为研究对象，以上市集团公司子公司为实验组构建PSM-DID 研究方法，研究在突发的危机冲击下，集团公司的内部资本市场是否更能帮助出口企业更好地应对危机。分析结果表明，拥有集团内部资本市场的出口企业在面对危机时具有更好的出口表现；集团公司的独资子公司、大型子公司在面对国际经济危机时出口表现更好。这些结果在更换冲击时间、变换对照组样本以及使用Bartik 工具变量的检验中仍然显著。说明内部资本市场确实能帮助出口企业应对突发危机，维持经营稳定。据此我们提出建议：中小出口企业加强内部合作或组建外贸集团公司，发展内部资本市场；对突发的国际经济系统性风险做出充分的风险预案，确保企业出口平稳健康地运行。 |
| 关键词: 集团公司 经济危机 内部融资能力 企业出口 |
| DOI： |
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| 基金项目:国家自科面上项目“ 铁路建设、生产效率与产业平衡发展”( 项目编号:7 1 8 7 3 1 0 6)； 教育部高校人文社会科学重点研究基地重大项目“ 统一大市场建设与长三角区域高质量一体化发展研究”( 项目编号:2 2 J J D 7 9 0 0 3 3 )；国家社科基金重大招标项目“我国制造业低碳化发展的理论体系、政策框架与实践路径研究” |
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| International Economic Shock, Internal Group Financing and Enterprises’Export Performance |
| LU Jian,ZHANG Linruo |
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| Abstract: |
| The grouped development of enterprises not only brings greater production cooperation, but also facilitates internal financing within the group to cope with international uncertainty risks. This paper takes the research of international financial crisis in 2008, and takes the subsidiaries of listed group companies as the experimental group to build PSM-DID model. It is studied whether the internal capital market of group companies can better help export enterprises cope with sudden international economic crisis. The results show that the export enterprises with the group’s internal capital market have better export performance when facing the economic crisis. The solo-owned and large subsidiaries of the group company have better export performance in the face of international economic crises. These results stay steady in changing the impact time, changing the control group samples, and using Batik instrument variables. All these results show that the internal capital market can indeed help export enterprises cope with sudden crises and maintain business stability. So we provide our suggestions. The first is small and medium-sized export enterprises need to strengthen internal cooperation, or establish international trade group companies to develop internal capital markets. The second is making adequate risk plans for sudden systemic risks of the international economy to ensure the smoot h and healthy operation of enterprise exports. |
| Key words: group company economic crisis internal financing firm export |
