网络出版日期: 2017-09-28
基金资助
国家社科基金一般项目"金融发展与我国企业国际化的互动机制研究"（项目编号：14BJL055）。
An Empirical Study of Financial Development and China's Outward Foreign Direct Investment
走出去战略实施以来，中国对外直接投资（OFDI）快速增长。相比于国内市场，企业进入国际市场需要更多的资金支持，因而有必要考察金融发展对中国对外直接投资的影响。通过构建分别反映间接融资和直接融资规模与效率的四个金融发展指标，基于2004-2012年我国省级面板数据的研究发现，间接融资规模对我国OFDI有显著为正的影响，而直接融资的影响不明显。此外，经济发展水平、对外贸易、资本密集度对我国对外直接投资有促进作用。考虑内生性问题后的回归结果与基准模型保持一致。分地区回归结果表明，对于东部和中部地区，间接融资规模和直接融资规模对对外直接投资有显著为正的影响，融资效率的作用不明显；对于西部地区，不论是直接融资还是间接融资，金融发展都未促进对外直接投资。
陈琳 , 朱一帆 . “金融发展对中国对外直接投资影响的实证研究”[J]. 华东师范大学学报(哲学社会科学版), 2017 , 49(5) : 117 -124 . DOI: 10.16382/j.cnki.1000-5579.2017.05.014
This paper investigates the effect of financial development on China's OFDI by using panel data of 31 provinces during the period of 2004-2012.Firstly,examining the effect of financial development from the perspectives of indirect financing and direct financing on China's OFDI,the result shows that in general the size of credit market promotes China's OFDI significantly.Secondly,this paper further discusses the potential effect of long-existing financial repression in China on its foreign direct investment.The result shows that the financial repression does play a certain role on China's OFDI.This paper also examines the effects of financial development on OFDI of different regions.
黄益平,2013,《对外直接投资的"中国故事"》,《国际经济评论》第1期。
蒋冠宏、张馨月,2016,《金融发展与对外直接投资——来自跨国的证据》,《国际贸易问题》第1期。
刘莉亚、何彦林、王照飞、程天笑,2015,《融资约束会影响中国企业对外直接投资吗?——基于微观视角的理论和实证分析》,《金融研究》第8期。
施炳展、齐俊妍,2011,《金融发展、企业国际化形式与贸易收支》,《世界经济》第5期。
王勋,2013,《金融抑制与发展中国家对外直接投资》,《国际经济评论》第1期。
Antràs P., Desai M. and Foley C.F., 2009, "Multinational Firms, FDI Flows and Imperfect Capital Markets", Quarterly Journal of Economics, Vol.124, No.3.
Buch C.M., Kesternich I., Lipponer A. and Schnitzer M., 2009, "Financial Constraints and the Margins of FDI", GESY Discussion Paper, No.272.
Buch C.M., Kesternich I., Lipponer A.and Schnitzer M., 2010, "Exports Versus FDI Revisited:Does Finance Matter? " GESY Discussion Paper, No.340.
Buckley P.J., Clegg L.J., Cross A.R., Liu X., Voss H.and Zheng P., 2009, "The Determinants of Chinese Outward Foreign Direct Investment", Journal of International Business Studies, Vol.40, No.2.
Desbordes R. and Wei S-J., 2017, "The Effects of Financial Development on Foreign Direct Investment", Journal of Development Economics, Vol.127.
Dunning J.H., 1981, International Production and the Multinational Enterprises, London:Allen & Unwin.
Helpman E., Melitz M. and Yeaple S.R., 2004, "Exports Versus FDI with Heterogeneous Firms", American Economic Review, Vol.94, No.1.
Hymer S., 1960, The International Operations of National Firms:A Study of Direct Foreign Investment, PhD Dissertation, MIT:Cambridge(published under same title in 1976).
Kletzer K. and Bardhan P., 1987, "Credit Markets and Patterns of International Trade", Journal of Development Economics, Vol.27, No.1.
Manova, K., 2013, "Credit Constraints, Heterogeneous Firms, and International Trade", Review of Economics Studies, Vol.80.
/
| 〈 |
|
〉 |
国家社会科学基金学术期刊资助入选期刊