融资结构对企业海外直接投资的影响——基于创新研发的中介效应检验  

The impact of financing structure on direct overseas investment of enterprises——intermediary effect test based on innovative R&D

作　　者：蔡冬青 王纯 CAI Dongqing;WANG Chun(School of Economics,Nanjing University of Posts and Telecommunications,Nanjing 210023,China;Business School,Nanjing University,Nanjing 210098,China)

机构地区：[1]南京邮电大学经济学院,江苏南京210023 [2]南京大学商学院,江苏南京210098

出　　处：《南京邮电大学学报（社会科学版）》2022年第4期82-94,共13页Journal of Nanjing University of Posts and Telecommunications(Social Science Edition)

基　　金：教育部人文社科基金项目“制度性交易成本对中国企业海外投资的影响机制及政策研究”(7YJCGJW001);国家社科基金项目“全球新产业政策对中国企业海外战略资产寻求的影响机制和对策研究”(19BGJ020)。

摘　　要：利用2010—2019年中国A股1732家上市公司的微观数据,建立债股比指标用于衡量企业的融资结构。基于Probit模型的回归结果发现,融资结构与企业是否进行对外直接投资存在显著负相关,即企业融资结构越偏向股权融资,越能促进海外直接投资行为的发生。企业融资结构与对外直接投资之间这种反向变动关系不因企业所有制不同而有所改变。同时,利用中介效应模型,研究发现企业融资结构能通过创新研发影响对外直接投资。企业完善外源融资结构,有利于企业创新及对外直接投资,提高在国际市场中的竞争力和影响力。By using the micro data of 1732 Chinese A-share listed companies from 2010 to 2019,this paper constructs the debt equity ratio index to measure the financing structure of enterprises.Based on the regression results of Probit model,it is found that there is a significant negative correlation between the financing structure and whether the enterprise conducts direct overseas investment,that is,the more the enterprise financing structure is inclined to equity financing,the more it can promote the occurrence of direct overseas investment.The reverse changing relationship between enterprise financing structure and direct overseas investment will not change due to different enterprise ownership.At the same time,using the intermediary effect model,it is found that enterprise financing structure can affect direct overseas investment through innovative R&D.Enterprises’improvement of external financing structure is conducive to enterprise innovation and direct overseas investment,and improve their competitiveness and influence in the international market.

关 键 词：融资结构 对外直接投资 创新研发 

分 类 号：F831.6[经济管理—金融学]