“一带一路”沿线国家金融生态环境与中国OFDI企业“走下去”——基于资源基础观和制度基础观相结合的视角  

Financial Ecological Environment of Countries along“the Belt and Road”and“Going on”of China’s OFDI Firms:Based on the Combination of Resource‑based View and Institutional‑based View

作　　者：余珮[1] 彭思凯 Yu Pei;Peng Sikai(Wuhan University of Technology,Wuhan 430070,China)

机构地区：[1]武汉理工大学经济学院,武汉430070

出　　处：《技术经济》2021年第1期70-81,共12页Journal of Technology Economics

基　　金：国家社会科学基金一般项目“全球价值双环流下中国先进制造企业国际竞争力脆弱性的防范策略研究”(19BJY107);国家社会科学基金重大项目“构建人类命运共同体进程中国际经济规则重建的理论逻辑及中国的战略选择”(19ZDA054)。

摘　　要：资金融通是“一带一路”倡议的重要支撑,也是决定企业国际化经营的关键。“一带一路”沿线大多数国家金融外部环境的不确定性可能导致中国已经“走出去”的企业面临能否“走下去”的困境。本文创新性的基于“制度基础观‑资源基础观”视角,构建金融生态环境评估体系,从微观层面深入分析东道国金融生态环境对中国对外直接投资(OFDI)企业经营绩效影响的机理,重点关注金融生态环境对企业内部融资约束的调节作用。以2013—2017年204家上市企业在30个沿线国家的投资为样本的实证检验发现,东道国良好的金融生态环境有助于提升企业的生存能力,并缓解企业内部融资约束。跨国并购和国有企业短期内“风险偏好”的特征得以证实。Financial integration is an important support for“the Belt and Road”initiative,and meanwhile,it is the key determinant of firm’s internationalization.The uncertainty in the financial external environment of most countries along“the Belt and Road”may lead to the dilemma of the survival capability of Chinese OFDI firms.Based on the perspective of“institution‑based view‑resource‑based view”,an assessment system of financial ecological environment is innovatively constructed to analyze the mechanism of the impact of the host country’s financial ecological environment on the operating performance of Chinese OFDI firm’s from the micro level,and the moderating effect of financial ecological environment on firm’s internal financing constraints is focused.Taking the OFDI decision through 30 countries along“the Belt and Road”,conducted by 204 Chinese listed firms from 2013 to 2017,the empirical results reveal that the good financial ecological environment of the host country is conducive to improving the viability of the sample firms and easing their internal financing constraints,and especially private firms and green field investments.The characteristics o“f risk appetite”of state‑owned firms and cross‑border M&A have been proved.

关 键 词：金融生态环境 资源基础观和制度基础观 “一带一路”沿线国家 中国OFDI企业的经营绩效 

分 类 号：F125[经济管理—世界经济]