关键词: 金融空间结构, 金融集聚, 出口规模, 出口质量, 企业

Abstract: This paper aims to explore the impact of the spatial structure of finance on the exports at the micro level. First, the impact mechanism of financial agglomeration on firms’ exports is uncovered by extending a heterogeneous firm and trade theoretical model. Second, this paper demonstrates the theoretical hypothesis by employing the unconditional quantile regression model and micro-data from China: financial agglomerations help improve the volume and quality of firms’ exports. The conclusion stands robustness test. Results of heterogeneity analysis indicate that the local market (spatial spillover) effect of finance improves the export volume more for small and micro (large and medium-sized ) firms; financial agglomerations improve the exports more for state-owned and private firms, for high and new technology firms at the low quantile, for firms in central and western regions of China; and financial agglomerations help the export recovery of firms after the financial crisis. Moreover, this paper demonstrates that the input efficiency of fixed costs is the mechanism by which financial agglomerations impact firms’ exports. Financial agglomerations also help improve the resource allocation efficiency of regions. This paper provides new insights for firms’ exports of China, especially export quality improvement and micro-evidence for implementations of financial market reform.

Key words: Spatial Structure of Finance, Financial Agglomeration, Export Volume, Export Quality, Firms