国内生产网络中的商业信用与企业出口绩效

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中图分类号］F275 [文献标识码］A [文章编号]1008-1763（2025）06-0041-12

Trade Credit and Firm Export Performance in Domestic Production Networks

DAN Jiali，BAO Qun，YANG Zhifei （School of Economics，Nankai University，Tianjin3Ooo71，China）

Abstract：By merging firm-level financial data，supply chain data，and customs data of the listed Chinese firms from 2OO9 to 20l6，this paper investigates the impact of inter-firm trade credit financing within domestic production linkages on firms’export performance. We find that the level of trade credit obtained from suppliers significantly enhances firms’export performance. This effect operates by alleviating financial constraints，improving inventory turnover eficiency，and enhancing supplier quality. Moreover，using the 2013“credit crunch”（the so-caled“money shortage”event） as a quasi-natural shock，we find that when formal financing tightens and liquidity dries up，firms are compelled to rely more heavily on trade credit to sustain and enhance export performance. Finally，the positive impact of trade credit on exports is more pronounced when certain characteristics of the domestic production network are present： firms with shared relationships，higher search efficiency for new suppliers，and stronger capabilities in maintaining supply relationships benefit more from trade credit in boosting export outcomes.

Key words： domestic production networks; trade credit； export performance; liquidity shock

一 引言

近年来，贸易保护主义浪潮重拾市场，叠加公共卫生冲击与局部冲突频发，全球政治经济环境呈现多元风险交织的态势。（剩余18764字）