Abstract:
Using a firm-level data set of Chinese enterprises in 2005 from a World Bank survey, this paper investigates the effect of eating and drinking on corporate export in China. We find that eating and drinking can alleviate the detrimental effect of external financing constraint on both corporate export participation and quantity, and the effect varies with ownership type. Compared to state-owned enterprises, the effect is more pronounced for private firms. This result can explain why for a long time, although private firms are discriminated in the credit market, they are still playing significant roles on China’s exportation. After using instrumental variable and PSM method to weak the endogeneity of eating and drinking, the above results still hold. Further evidences show that the helping hand of eating and drinking for private firms is more pronounced in regions with less bank competition and low marketization. Those results suggest for a developed financial system and a pro- market mechanism, which is the key to curtail corruption in China.
张璇, 王鑫, 刘碧. 吃喝费用、融资约束与企业出口行为——世行中国企业调查数据的证据[J]. 金融研究, 2017, 443(5): 176-190.
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