关键词: 融资约束,出口产品价格,异质性

Abstract: This paper investigates the impact of financing constrains of different natures on the price competitiveness of China’s export products and their internal mechanism by using China’s industrial business database and the customs database. The results show that the ease of financing constraints can contribute to lowering the price of products and improving the competitiveness. In the general trade model, the ease of both internal and external financing constrains and the commercial credit constrains between enterprises can play a significant role in lowering the prices of export products, but it is not significant in enterprises engaged in processing trade. The financing constrains at different levels also have different impacts on the prices of export products of enterprises with different ownership. The price competitiveness of export products produced by private enterprises is most significantly affected by financing constrains.

Key words: financing constrains; prices of export products; heterogeneity