摘要
利用2008—2014年中国A股上市公司和《中国境外投资企业(机构)名录》的匹配数据,实证检验金融市场化对企业对外直接投资决策的具体影响。研究发现:金融市场化对企业对外直接投资存在显著促进作用;相较于国有企业、大规模企业、劳动密集型企业以及东部地区企业来说,金融市场化对非国有企业、中小规模企业、资本密集型企业、技术密集型企业以及中西部地区企业对外直接投资的促进作用更显著;进一步的机制检验表明,金融市场化能够通过缓解企业面临的融资约束,提升企业对外直接投资的概率。在处理核心变量内生性问题和经过多项稳健性检验后,主要结论仍然稳健。
By using the matching data of China’s A-share listed companies and the List of China’s Overseas Investment Enterprises(Institutions) from 2008 to 2014, this paper empirically examines the impact of financial marketization on the decision making of firm’s outward foreign direct investment(OFDI). The study shows that financial marketization has a significant promoting effect on firm’s OFDI. Compared with state-owned firms, large-sized firms, labor-intensive firms and firms in the eastern regions, the promoting effect of financial marketization on OFDI is stronger to non-state-owned firms, small and medium-sized firms, capital-intensive firms, technology-intensive firms, and firms in the central and western regions. Further mechanism tests show that financial marketization can improve the probability of firms’ OFDI by alleviating the financing constraints of the firms. After dealing with endogenous problems of the core variables and making a number of robustness tests, the main conclusions remain robust.
作者
杨栋旭
于津平
YANG Dong-xu;YU Jin-ping(Business School,Nanjing University,Nanjing 210093,China)
出处
《云南财经大学学报》
CSSCI
北大核心
2019年第10期79-93,共15页
Journal of Yunnan University of Finance and Economics
作者简介
杨栋旭(1992-),男,山西陵川人,南京大学商学院博士研究生,研究方向为国际投资;于津平(1964-),男,江苏海安人,南京大学商学院教授,博士,研究方向为国际贸易理论与政策。
