民间借贷与企业对外直接投资:非正规金融重要吗  

Private Lending and Outward Foreign Direct Investment of the Enterprises:Is Informal Finance Important

作　　者：金祥义 张文菲 JIN Xiangyi;ZHANG Wenfei

机构地区：[1]兰州大学经济学院

出　　处：《国际经贸探索》2024年第1期71-86,共16页International Economics and Trade Research

基　　金：国家自然科学基金青年项目(72203083);甘肃省哲学社会科学规划一般项目(2022YB022);甘肃省基础研究计划-软科学专项(23JRZA373);中央高校基本科研业务费专项基金(2023lzujbkydx031)。

摘　　要：在非正规金融体系中民间借贷是一种重要的形式,深刻影响企业对外直接投资(OFDI)的决策。文章利用中国私营企业调查问卷数据库对民间借贷与企业OFDI之间的因果关系进行识别。研究发现,民间借贷能够促进企业开展OFDI,并且该影响因企业不同的外部融资特性而存在差异。机制研究表明,信息成本降低和融资约束缓解是民间借贷影响企业OFDI的具体渠道。同时,在考虑经济发展政策、宏观金融环境冲击、计量模型设定等多方面的稳健性检验并通过工具变量回归来解决内生性问题后,民间借贷产生的企业OFDI促进效应依然稳健。因此,文章认为提高企业寻求外部融资模式的多元化、扩大企业从非正规金融体系中获取融资的规模是实现中国企业未来更快“走出去”的有效途径。In the informal financial system,private lending is an important form that deeply affects the decision-making of the enterprises in outward foreign direct investment(OFDI).Based on the questionnaire database of China's private enterprises,this paper identifies the causal relationship between private lending and OFDI of the enterprises.The research shows that private lending can promote the enterprises to engage in OFDI and this effect varies depending on the external financing characteristics of the enterprises.The mechanism research reveals that reducing information costs and easing financing constraints are the specific channels through which private lending affects OFDI of the enterprises.Meanwhile,the promotion effect of private lending on OFDI of the enterprises remains robust after the robustness tests of economic development policies,macro-financial environment shocks and econometric model settings are conducted and the endogenous problem is solved through instrumental variable regression.Therefore,enhancing the diversification of modes for the enterprises to seek external financing and expanding the scale of financing obtained by the enterprises from the informal financial system are the effective ways for China's enterprises to achieve faster"going global"in the future.

关 键 词：民间借贷 非正规金融 对外直接投资 中小微企业 民营企业 

分 类 号：F832.4[经济管理—金融学]