企业生产率对OFDI进入模式选择的影响——基于融资约束的调节作用  

Impact of Firm Productivity on the Selection of OFDI Entry Mode——Regulating Function Based on Financing Constraints

作　　者：刘海云[1] 陈露 LIU Haiyun;CHEN Lu(Huazhong University of Science and Technology,Wuhan 430074)

机构地区：[1]华中科技大学经济学院

出　　处：《首都经济贸易大学学报》2019年第6期45-55,共11页Journal of Capital University of Economics and Business

基　　金：国家社会科学基金一般项目“中国对外直接投资的产业转移效应及对策研究”(14BJY088);中央高校基本科研业务费资助项目“双向FDI(对外直接投资)的环境效应研究”(2017WKZDJC008)

摘　　要：利用《境外投资企业机构目录》和西风(Zephyr)全球并购数据库匹配后的数据,基于企业生产率的视角研究对外直接投资进入模式的选择机制,并进一步根据融资约束差异对其进行异质性分析。研究结果显示:(1)企业的生产率越高越有可能选择海外并购的方式进入国际市场,而生产率低的企业则倾向于选择新建投资模式进入国际市场;(2)生产率的这种影响机制在不同地区/行业间存在差异,东部地区企业或制造行业企业生产率的影响更为显著;(3)融资约束弱化了企业生产率对对外直接投资模式选择的作用。Based on the data matched by "Catalogue of Overseas Investment Enterprises" and "Zephyr Global Merger and Acquisition Database",this paper studies the selection mechanism of OFDI entry mode from the perspective of firm productivity,and further analyses the heterogeneity of OFDI entry mode according to the difference of financing constraints.The results show that:(1) The higher the productivity of firms,the more likely they will choose overseas M&A to enter the international market,while the lower productivity firms tend to choose new investment mode to enter the international market.(2) The influence mechanism of productivity varies in different regions/industries,especially in the eastern region.(3) Financing constraints weaken the role of firm productivity in the choice of OFDI models.When firms are facing weak financing constraints,productivity can significantly affect the choice of OFDI mode;when firms are facing strong financing constraints,productivity has no impact on their decision-making.

关 键 词：对外直接投资进入模式 企业生产率 绿地投资 海外并购 融资约束 

分 类 号：F125[经济管理—世界经济]