Using European Central Bank restricted-access biannual data on European small- and medium-sized enterprises (SMEs) over the period 2014–2017, we analyze the impact that innovation, financial constraints, and an efficient regulatory environment exert on the probability of switching from the status of nonexporter to exporter and vice versa. We find that either the use of finance for innovation or undertaking product innovation increases the likelihood of starting to export and lowers the likelihood of stopping exporting. Although SMEs’ financial frictions are negligible for foreign market entry, they matter for increasing the probability of exiting. We also document that a friendly regulatory environment is conducive to start—but not to stop—exporting. Our findings provide empirical support for the recent European Commission policies on both SMEs’ internationalization and access to finance.

使用欧洲中央银行2014-2017年间关于欧洲中小企业的限制访问的半年度数据，我们分析了创新，财务约束和有效监管环境对从中小型企业转产的可能性的影响。非出口商对出口商的地位，反之亦然。我们发现，使用金融进行创新或进行产品创新都会增加开始出口的可能性，而降低了停止出口的可能性。尽管中小企业的财务摩擦对于进入国外市场可以忽略不计，但它们对于增加退出的可能性至关重要。我们还记录到，友好的监管环境有利于开始（但不停止）出口。我们的发现为最近欧盟委员会有关中小企业国际化和融资渠道的政策提供了经验支持。