Financial Development,FDI and Manufacturing Export Performance of China:Empirical Analysis Based on New New Trade Theory
基于新新贸易理论，利用中国制造业出口数据，检验了金融发展和外商直接投资对企业出口决策和出口规模的双重边际影响，发现两者均能缓解信贷约束，促进出口。
Base on new new trade theory,this paper classified 80 million pieces of Chinese manufacturing export datas into the national economy industry classification.Then we use Probit model and Heckman selection model to test the dual margin impact of finance and FDI.Study shows that credit constraints is an important factor of export decisions,and financial development helps companies ease financing constraints,maked them producting in the best state,enabling them to enter the export market,expanding the share of exports,have a positive impact on the intensive margin and extensive margin.Meanwhile,FDI also ease the credit constraints of China's export enterprises and promote exports of dual marginal of high-finance-dependent sectors,play the same role of financial development.Further estimates suggest that FDI functions through substitution of bank credit.