融资约束、信贷支持与民营企业对外直接投资  

Financial constraints,credit support and OFDI of private enterprises

作　　者：宫旭红[1] 任颋[1] 

机构地区：[1]北京大学汇丰商学院,广东深圳518000

出　　处：《产业经济研究》2017年第5期25-37,共13页Industrial Economics Research

基　　金：中国博士后基金项目(2111110571);国家自然科学基金面上项目(71273142)

摘　　要：融资约束是民营企业对外直接投资(OFDI)所面临的首要难题,借助中国民营企业"走出去"与竞争力调查问卷数据,实证检验融资约束对民营企业对外直接投资的影响。分析发现,第一,融资约束是影响民营企业对外投资广度边际的重要因素,就企业异质性角度而言,融资约束对高生产率企业的影响显著高于低生产率企业;第二,融资约束对民营企业对外投资集约边际的作用不显著;第三,进一步将信贷支持纳入分析框架,发现信贷支持对民营企业对外投资的广度边际有一定作用,但对对外投资集约边际的作用不显著。稳健性回归结果支持了研究结论。Financial constraints is the primary problem faced by private enterprises in outward foreign direct investment.Using the survey data of ＂going out＂and competitiveness of Chinese private enterprises,we empirically test the impact of financial constraints on private enterprises＇ OFDI. The results show that：（ 1） Financial constraints is an important factor affecting the extensive margin of private enterprises＇ OFDI,and the analysis of firm heterogeneity suggests that the impact of financial constraints on the high-productivity enterprises is more significant than low-productivity enterprises;（ 2） The impact of financial constraints on intensive margin of private enterprises＇ OFDI is not significant;（ 3） The impact of credit support on extensive margin of private enterprises＇ OFDI is significant,but not significant on intensive margin. The results of robust regression support the conclusions of this paper.

关 键 词：融资约束 对外直接投资 广度边际 集约边际 信贷支持 

分 类 号：F27[经济管理—企业管理]