金融市场摩擦与企业对外投资  

Financial Market Friction and Enterprises Foreign Investment

作　　者：何康 方显仓[2,3] 项后军 于洋[5] He Kang;Fang Xiancang;Xiang Houjun;Yu Yang

机构地区：[1]广西大学中国-东盟经济学院 [2]华东师范大学国际金融研究所 [3]华东师范大学经济与管理学院 [4]广东金融学院金融与投资学院 [5]山东财经大学金融学院

出　　处：《统计研究》2024年第8期43-55,共13页Statistical Research

基　　金：国家社会科学基金重点项目“防范化解经济金融领域风险研究”(22AZD040);国家社会科学基金面上一般项目“人口老龄化与货币政策有效性研究”(20BJY243)。

摘　　要：利用我国全球投资跟踪数据,本文探讨了金融市场摩擦影响企业对外投资的作用方向和作用机制。理论建模与实证检验发现,金融市场摩擦会显著降低企业对外投资,且存在明显的行业异质性。具体而言,金融市场摩擦对金融、科技、化工和房地产行业的企业对外投资具有显著影响,而针对能源、农业、物流、冶金等行业企业的影响则不显著;此外,金融市场摩擦显著负向影响企业对中高收入和高收入国家的投资,而对低收入和中低收入国家没有显著影响,这种差异与企业和行业属性有着密切关系,且金融市场摩擦只对企业的非绿地投资有显著负向影响。基于因果中介分析方法的机制检验表明,金融市场摩擦通过影响企业外部融资溢价和抵质押约束进而影响企业对外投资,两者中介效应占总效应的比例分别为16.8%和36.3%。该研究可为企业对外投资合作高质量发展提供一定参考。Using global investment tracking data from China,this article explores the direction and mechanism of the impact of financial market frictions on enterise foreign investment.Theoretical modeling and empirical testing show that financial market friction will significantly reduce enterprises foreign investment,and there is significant industry heterogeneity.Specifically,financial market frictions have a significant impact on enterprises foreign investment in the finance,technology,chemical,and real estate industries,while the impact on industries such as energy,agriculture,logistics,and metallurgy is not significant;In addition,financial market friction has a significant negative impact on enterprises"investment in high-income and middle-income countries.This difference is closely related to the industry and attributes of enterprises,and financial market friction only has a significant negative impact on enterprises'non-green field investment.The mechanism test based on causal mediation analysis method shows that financial market friction affects external financing premiums and collateral constraints of enterprises,thereby affecting their foreign investment.The proportion of the intermediary effect of the two to the total effect is 16.8%and 36.3%,respectively.Research can provide a certain reference for high-quality development of enterprises foreign investment and cooperation.

关 键 词：金融市场摩擦 企业对外投资 因果中介分析 

分 类 号：F125[经济管理—世界经济]