企業通常需要透過融資行為以支持出口活動的龐大成本，本研究即探討當融資活動受到限制時，對企業出口金額與出口比例的影響。使用台灣經濟新報(TEJ)資料庫中，自2002年至2019年共17年，台灣上市上櫃的製造業公司資料，將現金流量、槓桿比率與流動比率作為融資限制的代理變數，且控制廠商總要素生產力、規模、廠商年齡與研發費用等，並透過縱橫資料模型作為主要的分析方法。

結果發現融資限制對出口金額與出口比率的皆有負向影響，其中出口金額受到的衝擊更為強烈。另外發現生產力對出口活動亦有顯著的正向效果，且相對於融資限制，其影響力是更加強烈。在政策的含義上，當政府希望提升國內整體的對外貿易活動，以促進國內經濟成長時，激勵國內資本市場，提升企業融資的能力，從根本帶動廠商生產力之成長，或許為合適的選擇。

Companies usually need to use financing to support the huge costs of export activities. We explore the impact on the export value and export ratio of firms when they face the financial constraint. We construct our dataset from panel data of manufacturing companies by Taiwan Economic Journal (TEJ) databases. This provides information on companies for the period 2002–2019. Cash flow, leverage ratio, and liquidity ratio are used as proxy variables for financial constraint, and control the total factor productivity, firm’s size, firm’s age and RD costs. We choose the panel data model as the main analysis method.

We find that financial constraints have negative correlation on both the export value and the export ratio, and the impact on export value is stronger. In addition, it finds that productivity also has a significant positive effect on export activities, and its influence is stronger than financial constraint. In the policy implications, When the government wants to enhance the trade of exports to promote domestic economic growth, Stimulating the domestic capital market, improving firms financing capabilities and increasing manufacturers' productivity are the good choice.

1. Bellone F, Musso P, Nesta L, Schiavo S (2010) Financing constraints and firm export behaviour. World Econ 30:347–373.
2. Berman N, Hericourt J (2010) Financing factors and the margins of trade: evidence from cross-country firm- level data. J Dev Econ 93:206–217.
3. Bernard AB, Jensen BJ (1999) Exceptional exporter performance: cause, effect or both? J Int Econ 47:1–25 Bernard AB, Jensen BJ (2004) Why some firms export? Rev Econ Stat 86:561–569.
4. Chaney T 2005 Liquidity constrained exporters. Mimeo: University of Chicago.
5. Egger P, Kesina M (2014) Financing constraints and exports: evidence from Chinese firms. Rev Dev Econ 18: 625–639.
6. Greenaway D, Guariglia A, Kneller R (2007) Financing factors and exporting decisions. J Int Econ 73:377– 395.
7. Krugman P (1980) Scale economies, product differentiation, and the pattern of trade. Am Econ Rev 70:950– 959.
8. Levinsohn J, Petrin A (2003) Estimating production functions using inputs to control for unobservables. Rev Econ Stud 70:317–341.
9. Manova K (2013) Credit constraints, heterogeneous firms, and international trade. Rev Econ Stud 80:711–744.
10. Melitz M (2003) The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica 71:1695–1725.
11. Secchi A, Tamagni F, Tomasi C (2016) Financial constraints and firm exports: accounting for heterogeneity, self-selection and Endogeneity. Ind Corp Chang 25:1–15.
12. Carboni OA, Medda G. Linkages between R&D, Innovation, Investment and Export Performance: Evidence from European Manufacturing Firms. Technology Analysis and Strategic Management. 2020;32(12):1379-1392.
13. Chaney T. Liquidity Constrained Exporters. 2013.
14. Rosa Forte & Ana Salomé Moreira (2018) Financial Constraints and Small and Medium-Sized Firms’ Export Propensity: Evidence from Portuguese Manufacturing Firms, International Journal of the Economics of Business, 25:2, 223-241.
15. Hausman JA. Specification Tests in Econometrics. Econometrica. 1978;46(6):1251-1271.
16. Jensen MC, Meckling WH. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics. 1976;3(4):305-360.
17. Kiendrebeogo Y, Minea A. Financial Factors and Manufacturing Exports: Firm-Level Evidence from Egypt. Journal of Development Studies. 2017;53(12):2197-2213.
18. Liao H, Liu X, Holmes M, Weyman-Jones T. The Impact of Foreign R&D on Total Factor Productivity in the East Asian Manufacturing Industry. Manchester School. 2009;77(2):244-270.
19. Melitz MJ. The Impact of Trade on Intra-industry Reallocations and Aggregate Industry Productivity. Econometrica. 2003;71(6):1695-1725.
20. Musso P, Schiavo S. The Impact of Financial Constraints on Firm Survival and Growth. Journal of Evolutionary Economics. 2008;18(2):135-149.
21. Muuls M. Exporters, Importers and Credit Constraints. Journal of International Economics. 2015;95(2):333-343.
22. Myers SC, Majluf NS. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics. 1984;13(2):187-221.
23. Ossorio M. Does R&D Investment Affect Export Intensity? The Moderating Effect of Ownership. International Journal of Managerial and Financial Accounting. 2018;10(1):65-83.
24. Sasidharan S, Padmaja M. Do Financing Constraints Impact Outward Foreign Direct Investment? Evidence from India. Asian Development Review. 2018;35(1):108-132.
25. Padmaja M, Sasidharan S. Financing Constraints and Exports: Evidence from India. Journal of Economics and Finance. 2021;45(1):118-145.
26. Pietrovito F, Pozzolo AF. Credit Constraints and Exports of SMEs in Emerging and Developing Countries. Small Business Economics. 2021;56(1):311-332.
27. Tsou M-W, Liu J-T, Hammitt JK, Wang K-H. Exporting and Productivity Growth: Evidence from the Taiwan Electronics Plants. Scottish Journal of Political Economy. 2008;55(2):190-209.