地方金融发展能够影响FDI的区位选择吗?——一个基于城市商业银行设立的准自然实验  

Can Local Financial Development Affect the Location Selection of FDI? A Quasi-natural Experiment Based on City Commercial Banks

作　　者：吕朝凤[1] 毛霞 LYU Chaofeng;MAO Xia(School of Economics,Southwestern University of Finance and Economics)

机构地区：[1]西南财经大学经济学院,四川成都611130

出　　处：《金融研究》2020年第3期58-76,共19页Journal of Financial Research

基　　金：国家社科基金项目一般项目“基于不完全契约的金融市场化改革对经济增长的影响效应及机制研究”(项目号:17BJL035)的资助。

摘　　要：本文以城市商业银行的设立为自然实验,结合1990-2015年中国295个地级市数据以及成立的184家城市商业银行,运用双重差分方法系统考察了地方金融机构对FDI区位选择的影响。研究表明,城市商业银行的成立显著促进了城市FDI的流入;经过一系列稳健性检验和进行倾向得分匹配(PSM)估计之后,这一结论依然成立。结合企业数据证实城商行的设立提升了企业从银行获得贷款的可能性,能够通过缓解企业融资约束而影响FDI的区位分布。对城商行兼并和异地扩张行为的进一步分析表明:城商行经营规模的扩张,无论是对属地还是异地城市FDI的促进作用均不明显,而城商行资金规模的扩张对FDI有明显促进作用。这些发现将为我国完善金融体系和升级银行业结构、吸引FDI促进区域经济协调发展提供理论和经验支持。Foreign direct investment(FDI) that involves advanced technologies plays an important role in the global diffusion of technology and can contribute to the rapid development of the host country’s economy. Vigorously promoting FDI is an important strategic decision for developing countries and regions, as it can enhance their core competitiveness in technology. The financing constraints that multinational companies may face in a host country’s financial market are an important factor in their investment decisions. Most studies of FDI location selection focus on a certain country or province, and discuss the differences in the infrastructures of potential host countries. Few studies have examined the impact of local financial institutions, especially the structure of the banking industry, on FDI at the city level. Since its reform and opening up policy in 1978, the Chinese government has implemented a series of financial system reforms aimed at reducing friction in financial markets and alleviating the huge financing constraints faced by enterprises. This study uses a sample of city commercial banks to study the impact of local financial development on FDI location selection. The aim is to create a reference that will improve the regional distribution of FDI and alleviate imbalances in local development in China.The theoretical analysis shows that establishing city commercial banks can attract FDI through two channels: directly, by expanding the external financing channels of the enterprise;and indirectly, by supporting the city’s overall economic development. Accordingly, we collect the data on 295 prefecture-level cities in China and 184 city commercial banks established between 1990 and 2015. We take the differences in the establishment dates of city commercial banks in different regions as a "quasi-natural experiment" and use the difference-in-differences(DID) method to study the relation between local financial development and FDI location selection. In addition, we combine these data with data on Chinese

关 键 词：金融发展 城市商业银行 FDI 双重差分法 

分 类 号：F832.6[经济管理—金融学] F224