融资约束、对外直接投资与企业绩效  

Financial Constraints,Outward FDI and Firm Performance

作　　者：张爱美[1] 郭静思[1] 吴卫红[1] Zhang Aimei;Guo Jingsi;Wu Weihong(School of Economics and Management,Beijing University of Chemical Technology,Beijing 100029,China)

机构地区：[1]北京化工大学经济管理学院,北京100029

出　　处：《工业技术经济》2019年第1期151-160,共10页Journal of Industrial Technological Economics

基　　金：北京市社会科学基金项目"北京市科技创新产业联盟与产业自主创新"(项目编号:15JGB043)

摘　　要：本文选取我国A股上市公司2012～2017年数据,构建融资约束综合指标和SA指数,运用logit模型验证融资约束与OFDI的关系,采用倾向得分匹配法检验OFDI对企业绩效的影响及其滞后性,并探究了融资约束对OFDI经济后果的调节作用。实证结果显示:(1)融资约束会对企业OFDI决策产生抑制作用;(2) OFDI对企业绩效具有显著的促进作用,而且该正向影响存在滞后效应;(3)融资约束在OFDI影响企业绩效的过程中起到了扩大振幅的作用,即企业的融资约束程度越高,OFDI对企业绩效的促进作用愈加明显。Using a large panel of Chinese listed firms over the period 2012~2017,we construct Score and SA index as the aggregative indicators to measure financial constraints.Logistic regression is used to test the relationship between financial constraints and outward FDI behavior.Besides,we use the propensity score matching method to examine how outward FDI influences the performance,and what is the regulatory effect of financial constraints between outward FDI and firm performance.We find that:(1)financial factors constrain firms'foreign direct investment decisions;(2)outward FDI significantly improves the operating performance,besides the current effect of outward FDI,the lagging effect is also proved to be positive;(3)financial constraints can amplify outward FDI's positive influence in firm performance,the results indicate that outward FDI can improve financially constrained firms'performance more than performance of financially unconstrained firms.

关 键 词：融资约束 对外直接投资 企业绩效 倾向得分匹配 SA指数 股后管理 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]