银行业集聚、融资约束与中国企业对外直接投资  

Banking Agglomeration,Financing Constraint and Outward Foreign Direct Investment of Chinese Enterprises

作　　者：毛霞 陈霄 Mao Xia;Chen Xiao(School of International Business,Hainan University,Haikou 570228,Hainan,China;School of Public Finance and Taxation,Southwestern University of Finance and Economics,Chengdu 611130,Sichuan,China)

机构地区：[1]海南大学国际商学院,海南海口570228 [2]西南财经大学财政税务学院,四川成都611130

出　　处：《金融发展研究》2024年第8期65-75,共11页Journal Of Financial Development Research

基　　金：海南省自然科学基金项目“区域开放视域下金融资源配置效率研究:兼论对海南自贸港的启示”(724QN238);海南省教育厅高等学校科学研究项目“海南省金融发展水平影响外商直接投资的效率研究”(58-4265)。

摘　　要：本文使用《境外投资企业(机构)名录》和银行业分支机构信息,以中国工业企业数据为基础考察了银行业集聚对企业对外直接投资的影响。研究结果显示,银行业集聚通过缓解企业融资约束,显著提升了其对外直接投资的概率。异质性分析表明,银行业集聚对化工行业企业和外资企业的对外直接投资有显著的促进效应,对民营企业的对外直接投资有抑制作用。本研究对于推动金融机构改革、完善金融服务体系以更好地支持中国企业“走出去”和实现更高水平对外开放具有借鉴意义。Using the Directory of Enterprises(Institutions)Investing Abroad and information on banking branches,this paper examines the impact of banking agglomeration on enterprises'outward FDI based on data on Chinese industrial enterprises'.The results of the study show that banking agglomeration significantly increases the probability of OFDI by firms by alleviating their financing constraints.Heterogeneity analysis shows that banking agglomeration has a significant promotional effect on OFDI of chemical industry firms and foreign firms,and a dampening effect on OFDI of private firms.This study is of great significance in promoting the reform of financial institutions and improving the financial service system to better support Chinese enterprises in"going out"and realizing a higher level of opening up to theoutsideworld.

关 键 词：银行业集聚 融资约束 对外直接投资 

分 类 号：F830.59[经济管理—金融学]