新新貿易理論中，強調生產力為決定廠商是否參與出口活動的重要因素。近年來，則有部分學者開始將「出口活動產生的額外成本，需要依靠流動性以及外部資金融通」的現象模型化。在此類模型中，廠商的出口行為會受到「信用限制」，也就是廠商向外融資難易程度的影響。
本研究選用「信用風險溢酬」做為信用限制的衡量標準，分別檢定其對廠商出口機率(Extensive Margin)以及出口總值(Intensive Margin)的影響。在實證模型的使用上，對於Extensive Margin的檢測嘗試了線性機率模型、Probit模型、隨機效果Probit模型、以及動態GMM模型；對於Intensive Margin，則使用Heckman Correction模型。
本研究中樣本資料的來源為「台灣經濟新報資料庫」，選取其中上市上櫃製造業廠商之資料，從實證結果觀察到以下的現象：(1) 信用限制對於廠商出口參與的機率以及出口總值皆沒有顯著的影響；(2) 總要素生產力高的廠商，出口總值顯著的較高，但對其於出口決策沒有顯著的影響；(3) 代表廠商資產變現能力的「流動性」則為影響廠商出口決策以及出口總值的重要因素。這三個結果不會因為使用不同的信用限制衡量方式而改變。

While New New Trade Theory emphasizes that firm productivity is an important determinant of firms’ participation in the export market, some literature had found that firms’ exporting behavior is also influenced by their ability to acquire external funds.
In my research, I use “Credit Risk Premium” as the measurement of credit constraints and examine whether it affects the Extensive and Intensive Margin of Trade significantly. The Extensive Margin of Trade is tested by the Linear Probability model, Pooled Probit model, Random-effect Probit model, and Dynamic GMM model. As for the Intensive Margin, the Heckman Correction model is used.
The data are acquired from Taiwan Economic Journal (TEJ) database and all the publicly traded companies in the manufacturing industry are included. I find that (a) credit constraints have no significant influence on both Extensive and Intensive Margin; (b) firm productivity affects the Intensive Margin significantly, but plays no significant role on the Extensive Margin; (c) Liquidity has a significant impact on both Extensive and Intensive Margin of Trade. Furthermore, these results are not sensitive to different measurements of credit constraints.

【中文文獻】
沈中華，王健安 (2000), “融資限制對公司投資的影響”, 中央研究院經濟研究所, 經濟論文 28：1, 67-95.

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