融资异质性对企业对外直接投资倾向的影响——基于中国工业企业数据的检验  

Effect of Financial Heterogeneity on Propensity of Firm's OFDI:Test Based on Chinese Industrial Enterprises

作　　者：邱立成[1,2] 刘奎宁[1] 

机构地区：[1]南开大学,天津300071 [2]天津商业大学,天津300071

出　　处：《财贸研究》2016年第3期47-54,共8页Finance and Trade Research

基　　金：教育部人文社会科学重点研究基地重大项目"新时期中国企业跨国经营战略与绩效研究"(13JJD790016);教育部人文社科重点研究基地重大项目"对外直接投资支持体系:国际比较研究"(12JJD790035)

摘　　要：基于中国工业企业2004—2007年数据,运用Probit模型实证分析融资能力异质性对企业对外直接投资倾向的影响。研究表明,内部融资能力、外部融资能力与企业对外直接投资倾向呈同向变动关系;内部融资能力、商业信用融资能力与私营企业对外直接投资倾向呈同向变动关系,而对国有企业和外资企业影响不显著;商业信用融资能力与非出口企业对外直接投资倾向呈同向变动关系,对出口企业影响不显著。这都表明,私营企业和非出口企业对外直接投资面临的融资约束问题较为严重。Probit model is used in the paper to analyze the effect of financing ability heterogeneity on the propensity of firm ＇s OFDI based on firm- level panel data from 2004 to 2007. The result show s that internal financial ability and external financial ability change to the same direction w ith the propensity of OFDI,the ability of the internal financial ability and the commercial financial ability move to the same direction w ith the private firms＇ propensity of OFDI,but the effect on state ow ned enterprises and foreign ow ned firms is not significant. The ability of the commercial financial ability changes to the same direction w ith the non- exporters propensity of OFDI,but its effect on exporters is insignificant. This paper suggests that private firms and non- exporting firms face stronger financial constraints of OFDI.

关 键 词：融资能力异质性 对外直接投资倾向 不同所有制企业 

分 类 号：F812.7[经济管理—财政学]