Abstract: This article studies the effects of enterprises’ failed export experience on their domestic business status from the angle of theoretical derivation and empirical facts. The results of theoretical analysis show that export failed enterprises will be more vulnerable to liquidity constraints compared with the domestic enterprises and sustained export enterprises. The empirical analysis uses difference-in-difference method and the propensity score variable weight regression to examine the short term effects and long term effects about the failed export experiences based on the Chinese industrial enterprises’ data. The results show that the domestic business conditions of domestic enterprises, export enterprises and failed export enterprises are not significantly different in the short term. But in the long run, the failed export experience has a negative influence on the enterprises’ domestic sales and financial situation.

摘要： 本文分别从理论推导与经验分析角度考察了企业进入出口市场失败的经历对于其今后转回国内继续经营的影响。理论分析的结果表明，与持续出口企业和内销企业相比，出口失败后的企业更容易受到流动性约束的限制，经营状况会恶化。实证研究基于1998-2009年中国工业企业数据，采用倍差法和倾向得分变权回归考察了出口失败经历对于企业国内经营状况短期与长期的影响：短期内，持续出口企业、内销企业与出口失败企业之间国内经营状况并无显著差异；从长期看，出口失败经历则会使得企业国内销售状况与财务状况恶化，存在显著的负向影响。