融资约束制约了中国工业企业的对外直接投资吗?
财经研究 2015 年 第 41 卷第 06 期, 页码:
摘要
参考文献
摘要
在资金短缺与融资困难制约着中国企业成功“走出去”的背景下,文章采用《中国境外投资企业(机构)名录》与《中国工业企业数据库》合并的微观数据集,首次考察了融资能力对我国工业企业对外直接投资的影响。研究表明:(1)信贷融资能够显著地促进我国的工业企业“走出去”,融资能力越强的工业企业不仅更有可能发生对外直接投资行为,而且越倾向于进行多次投资以及在多个国家进行投资。(2)与国有工业企业相比,民营工业企业的对外直接投资更有可能从融资支持中获益;在融资依赖度低的行业中,融资能力更有可能影响我国工业企业的对外直接投资。因此,发达且完善的国内融资体系对我国工业企业“走出去”具有重要的意义。
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[2]郭杰,黄保东.储蓄、公司治理、金融结构与对外直接投资:基于跨国比较的实证研究[J].金融研究,2010,(2):76-90.
[3]黄速建,刘建丽.中国企业海外市场进入模式选择研究[J].中国工业经济, 2009,(1):108-117.
[4]李春顶.出口贸易、FDI与我国企业的国际化路径选择——新-新贸易理论模型扩展及我国分行业企业数据的实证研究[J].南开经济研究,2009,(2):15-28.
[5]刘小玄,李双杰.制造业企业相对效率的度量和比较及其外生决定因素(2000-2004)[J] .经济学(季刊),2008,(3):843-868.
[6]聂辉华,江艇,杨汝岱.中国工业企业数据库的使用现状和潜在问题[J].世界经济,2012,(5):142-158.
[7]盛丹,王永进.基础设施、融资依赖与地区出口比较优势[J].金融研究,2012,(5):15-29.
[8]王伟,孙大超,杨娇辉.金融发展是否能够促进海外直接投资——基于面板分位数的经验分析[J].国际贸易问题,2013,(9):120-131.
[9]张建红,周朝鸿.中国企业走出去的制度障碍研究——以海外收购为例[J].经济研究,2010,(6):80-91.
[10]郑志刚.金融发展的决定因素——一个文献综述[J].管理世界,2007,(3):138-151.
[11]Antràs P.Firms,contracts and trade structure[J].The Quarterly Journal of Economics,2003,118(4):1375-1418.
[12]Alvarez R,López R A.Financial development,exporting and firm heterogeneity in Chile[J].Review of World Economics,2013,149(1):183-207.
[13]Blomstrom M,Lipsey R E.Firm size and foreign direct investment[R].NBER Working Paper No. 2092,1986.
[14]Buch C M,Kesternich I,Lipponer A,et al.Exports versus FDI revisited:Does finance matter?[R].CEPR Discussion Paper No.DP7839,2010.
[15]Buch C M,Kesternich I,Lipponer A,et al.Financial constraints and foreign direct investment:Firmlevel evidence[J].Review of World Economics,2014,150(2):393-420.
[16]Buckley P,Clegg J,Wang C.Is the relationship between inward FDI and spillover effects linear? An empirical examination of the case of China[J].Journal of International Business Studies,2007,38(3):447-459.
[17]Chaney T.Liquidity constrained exporters[R].NBER Working Paper No.19170,2013.
[18]Claessens S,Tzioumis K.Measuring firms,access to finance[R].World Bank Working Paper, 2006.
[19]Deng P.Why do Chinese firms tend to acquire strategic assets in international expansion?[J].Journal of World Business,2009,44(1):74-84.
[20]Feenstra R C,Li Z,Yu M.Exports and credit constraints under incomplete information:Theory and evidence from China [R].NBER Working Papers No.16940,2011.
[21]Forlani E.Liquidity constraints and firm’s export activity [R].Centro Studiluca D’agliano Development Studies Working Paper No.291,2010.
[22]Ge Y,Qiu J. Financial development,bank discrimination and trade credit [J].Journal of Banking and Finance,2007,31(2):513-530.
[23]Giovanni F,Liu L.Honor thy creditors beforean thy shareholders:Are the profits of Chinese stateowned enterprises real [J].Asian Economic Papers,2010,9(3):50-71.
[24]Helpman E,Melitz M J,Yeaple S R.Export versus FDI with heterogeneus firms[J].American Economic Review, 2004,94(1):300-316.
[25]Huang H,Shi X,Zhang S.Countercyclical substitution between trade credit and bank credit [J].Journal of Banking and Finance,2011,35(8):1859-1878.
[26]Oldenski L. Export versus FDI and the communication of complex information[J].Journal of International Economics,2012,87(2):312-322.
[27]Manova K.Credit constraints,heterogeneous firms,and international trade [J].NBER Working Paper No.14531,2008.
[28]Melitz M.The impact of trade on intraindustry reallocations and aggregate industry productivity [J].Econometrica,2003,71(6):1695-1725.
[29]Peng M,Sun S,Pinkham B,et al.The institutionbased view as a third leg for a strategy tripod [J].Academy of Management Perspectives,2009,23(3):63-81.
[30]Poncet S,Steingress W,Vandenbussche H.Financial constraints in China:Firmlevel evidence [J].China Economic Review,2010,21(3):411-422.
[31]Rajan R,Zingales L.Financial dependence and growth [J].American Economic Review, 1998,88(3):559-586.
[32]Wang C,Hong J,Kafouros M,et al.What drives outward FDI of Chinese firms? Testing the explanatory power of three theoretical frameworks [J].International Business Review,2012,21(3):425-438.
[33]Yamakawa Y,Peng W,Deeds D L.What drives new ventures to internationalize from emerging to developed economies?[J].Entrepreneurship Theory and Practice,2008,32(1):59-82.
引用本文
李 磊, 包 群. 融资约束制约了中国工业企业的对外直接投资吗?[J]. 财经研究, 2015, 41(6): 0.
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