ZHOU Shouhua,etc:Enterprise Eco-efficiency, Financing Constraints Heterogeneity and Export Modes Selection ——Based on the Chinese Enterprises Survey Data of the World Bank in 2013

Abstract：Enterprises environmental and financing resources bear the function of value creation, and export modes selection is the means by which the value is realized.In this paper, the value creation mechanisms of corporate environmental, financing constraints and the export modes selection are analyzed from two perspectives of independent factors and synergistic effect respectively, and are tested empirically using the Chinese enterprises survey data released by the World Bank in 2013 in which export modes are classified as indirect, mixed and direct export.The result shows that when eco-efficiency is higher or finance constraint is lower, the industrial enterprises are more likely to choose direct export mode, if not, they are more inclined to use indirect export mode.Further study finds that the synergistic effect of enterprise eco-efficiency and financing constraints is larger than their total respective contributions to the tendency of direct export mode.There is a negative relationship between the synergistic effect of higher eco-efficiency and various levels of financing constraints and financing constraints.When eco-efficiency is lower, the industrial enterprises are more likely to export indirectly regardless of financing constraints.This means that positive synergy between corporate environmental and financial resources can create more values in which eco-efficiency plays a key role.The results suggest that in order to promote the enterprises international strategy and their value creation, China government should take full account of the three export modes in forming export policy and combine loose financing policy with eco-efficiency level of private enterprises closely.

Key words： Enterprise Eco-efficiency    Financing Constraints    Enterprise Value    Indirect Export    Direct Export

source:Finance & Trade Economics ,No.10,2015