عنوان انگلیسی مقاله:
An Empirical Assessment of the Export—Financial Constraint Relationship: How Different are Small and Medium Enterprises?
ترجمه فارسی عنوان مقاله:
ارزیابی تجربی از صادرات و رابطه محدودیت مالی : شرکت های کوچک و متوسط چقدر متفاوت هستند؟
Sciencedirect - Elsevier - WORLD DEVELOPMENT, 79 (2016) 152-163. doi:10.1016/j.worlddev.2015.11.012
We analyze the financial constraint—export relationship in a framework that is consistent with stylized features of data.
The analysis accounts for whether firms need loans or have sufficient capital, and studies the use of bank loans (quantity of finance) and
availability of overdraft facilities (flexibility of finance). We develop a two-stage estimation procedure that uses an equation of bank
financing in the first stage and an export equation in the second. We find that export participation (extensive margin) and the share
of exports in total sales (intensive margin) increase with the availability of overdraft facilities, particularly so for SMEs with loan needs.
The percentage of foreign ownership, ISO certification, and operation in manufacturing sector are also significant and positively
associated with a firm’s export participation and firm’s share of exports in total sales. The main results are robust to a battery of econometric specifications and statistical tests applied on the firm-level data from our sample countries. The finding of a large economic
significance of the overdraft facility variable is consistent with a growing concern from SMEs that the regulatory response to the Global
Financial Crisis has forced banks to tighten risk management, thereby raising the rejection rates of overdraft and loan applications from
SMEs. For SMEs in developing countries and emerging markets, the improvement of alternative financing forms and supportive
government interventions has become ever more challenging.
Key words — credit access | SME | exporting firms | financial structure | Asia | Thailand
قیمت: 1000 تومان