金融支持与对外直接投资——基于中资商业银行在“一带一路”国家设立分支机构的新证据  

Financial support and outward financial direct investment:based on the new evidence of Chinese commercial banks setting up branches in“the Belt and Road”countries

作　　者：赵凌雪 林发勤 ZHAO Lingxue;LIN Faqin(School of International Trade and Economics,Central University of Finance and Economics,Beijing 102206,China;School of Economics and Management,China Agricultural University,Beijing 100083,China)

机构地区：[1]中央财经大学国际经济与贸易学院,北京102206 [2]中国农业大学经济管理学院,北京100083

出　　处：《长安大学学报（社会科学版）》2023年第3期35-54,共20页Journal of Chang'an University(Social Science Edition)

基　　金：国家社会科学基金重大项目(22&ZD086,22&ZD085);国家自然科学基金面上项目(72073128);国家自然科学基金国际(地区)合作与交流项目(72261147471,72061147002)。

摘　　要：为了探研金融支持促进对外直接投资的因素与路径等问题,利用2003-2018年中资商业银行在138个“一带一路”国家设立境外分支机构的数据、中国对外直接投资数据进行实证分析;借助异质性企业模型,分析外部融资约束、信息不对称等,是如何通过提升企业对外直接投资的临界生产率,进而影响企业对外投资决策;通过加入更多控制因素、重新进行OFDI测度、剔除“避税天堂”、运用PPML方法、滞后变量、异方差估计以及构造工具变量等论证了结论的可靠性。研究认为:中资商业银行境外机构的设立会显著促进中国对外直接投资,中资商业银行在东道国设立的分支机构数量每增加1个百分点,就会使得中国对该国的直接投资增加1.34个百分点;中资商业银行境外分支机构的设立将会通过增加外部融资可获得性、减少信息不对称来促进中国对外直接投资,这一促进作用对于收入水平较高的、政治稳定性程度、公民话语权以及政府效率较高的国家更强。研究表明,需要加快中资商业银行在“一带一路”国家的机构布局,构建完善的金融支持网络和东道国投资信息库;积极扩大业务范围,增加全方位多层次的金融服务供给,实现金融服务的供需匹配;提高金融系统的资源配置效率,增强对中小企业和民营企业的信贷支持和融资便利。In order to explore the factors and paths of financial support in promoting outward foreign direct investment,this paper conducts empirical analysis using the data of Chinese commercial banks setting up overseas branches in 138“the Belt and Road”countries from 2003 to 2018 and China's outward foreign direct investment data.With the help of heterogeneous enterprise model,this paper analyzes how external financing constraints and information asymmetry affect the decision-making of enterprises'foreign investment by improving the critical productivity of enterprises'foreign direct investment.The reliability of the conclusion is demonstrated by adding more control factors,re-measuring OFDI,eliminating“tax haven”,using PPML method,lagged variables,heteroscedasticity estimation and constructing instrumental variables.The research shows that the establishment of overseas branches of Chinese commercial banks will significantly promote China's foreign direct investment.For every 1 percentage point increase in the number of branches set up by Chinese commercial banks in the host country,China's direct investment in that country will increase by 1.34 percentage points.The establishment of overseas branches of Chinese commercial banks will promote China's outward foreign direct investment by enhancing the availability of external financing and reducing information asymmetry.This promotion effect is more prominently manifested in countries with higher income levels,higher political stability,stronger citizens'discourse power and higher government efficiency.The study believes that it is necessary to speed up the institutional layout of Chinese commercial banks in“the Belt and Road”countries,and build a sound financial support network and host country investment information database;actively expand the scope of business,increase the supply of all-round and multi-level financial services,and realize the matching of supply and demand of financial services;improve the efficiency of resource allocation in the financial

关 键 词：“一带一路” 对外直接投资 金融支持 外部融资可得性 信息不对称 中资商业银行 

分 类 号：F125[经济管理—世界经济] F832