Liwei An Yawen Zhang

Abstract： This paper studies the impact of firm's export and the regional export agglomeration on their financial constraints.It is found that the increase of firm's own export will relieve the financial constraints,and the increase in the region's export agglomeration will aggravate the financial constraints,that is,the financial competition effect exists.By differentiating the ownership and trade types,this paper further finds that：first,the financial constraints of stateowned enterprises and foreign invested enterprises have no significant reaction to their own exports and the regional export agglomeration,while the financial constraints of private firms are significantly affected by their own exports and export agglomeration；second,the financial constraints of processing trade firms are not affected by their exports and the export agglomeration.The financial constraints of the general trade firms depend on their exports and the export agglomeration.The above results are still robust after considering the different financial dependence of different industries.

Key words： Financial constraints；Financial competition effect；Export agglomeration；Firm ownership；Trade mode

JEL Classification： F1 fAXiN8aRuT47cVHJArzLJp2sRDGsxjfd43ehKCYEPDAYOk7GEBq5eWr/LiJkZmXe