中资银行“走出去”对中国境外投资企业绩效影响及机制研究  

The Impact and Mechanisms of Chinese Banks' Globalization on the Performances of Chinese Overseas Investment Companies

作　　者：傅缨捷 张兴健[3] 张洪胜 Fu Yingjie;Zhang Xingjian;Zhang Hongsheng(School of International Economics and Trade,Dongbei University of Finance and Economics;Jinhe Center for Economic Research,Xi'an Jiaotong University;China Academy of Digital Trade,Zhejiang University)

机构地区：[1]东北财经大学上海合作组织研究中心 [2]东北财经大学国际经济贸易学院 [3]西安交通大学金禾经济研究中心 [4]浙江大学中国数字贸易研究院 [5]浙江大学经济学院

出　　处：《国际金融研究》2024年第11期75-85,共11页Studies of International Finance

基　　金：国家自然科学基金面上项目“数字贸易平台推动我国贸易高质量创新发展研究”(72273125);国家自然科学基金青年项目“跨境电商推动全球价值链地位提升研究”(71803173);东北财经大学省级以上科研平台支持专项“‘银行业’双向开放对中国制造业企业全要素生产率的影响——基于RCEP区域的研究”(PT202117);辽宁省教育厅高校基本科研项目“银行国际化赋能中国跨国企业海外投资效率:机理、效果与政策研究”(LJ112410173015)资助。

摘　　要：中国高质量对外直接投资需要金融高质量发展的有效支持。本文利用1994—2020年中资商业银行国际化数据和中国境外投资企业财务数据,考察中资银行“走出去”对中国境外投资企业绩效的影响。研究发现:中资银行“走出去”显著提升中国境外投资企业的绩效水平,该绩效提升作用因东道国、行业及企业类型不同而存在异质性。机制分析表明:中资银行“走出去”通过缓解中国境外投资企业外源融资约束、降低外来者劣势,提升其绩效水平。此外,中资银行恰当应用跨境移民网络有助于增强其对企业绩效的提升作用。进一步分析发现:中资银行“走出去”有利于改善中国境外投资企业的生存绩效,有助于中国境外投资企业应对东道国银行业危机的冲击。本文的研究对于更好地理解建设金融强国目标下金融服务实体经济高质量发展和推动新时期中国高质量对外直接投资具有重要意义。The international expansion of Chinese banks offers crucial capital support and investment services to overseas enterprises invested by China,promoting the high-quality development of Chinese enterprise' overseas direct investment.This paper investigates how the globalization strategy of Chinese banks affects the performance of overseas enterprises invested by China,focusing on both the impact and the mechanisms involved.Based on the data from 1994 to 2020 on the internationalization of Chinese commercial banks and the financial data of Chinese enterprises' overseas subsidiaries,this paper empirically examines the impact of Chinese banks' internationalization on the performance of Chinese overseas enterprises investment through a fixed effects model.The study finds that Chinese banks' globalization significantly improves the performance of Chinese overseas enterprises.Such improvement effect is heterogeneous depending on the host countries,industries and characteristics of overseas enterprises.Mechanistic analysis shows that Chinese banks' going global improves the performance of Chinese overseas enterprises by easing external financing constraints and mitigating liability of foreignness.Additionally,the cross-border migration network strengthens the improvement impact on Chinese overseas enterprises' performance.Further analysis reveals that Chinese commercial banks' overseas expansion benefits the survival performance of China's overseas enterprises and helps them withstand the impact of banking crises in host countries.This paper offers several policy recommendations to enhance the role of Chinese banks' internationalization in supporting the high-quality development of China's enterprises' overseas direct investment.Firstly,continue to advance the international expansion of Chinese banks and expand their overseas networks to better support China's enterprises operating abroad.Secondly,optimize the layout of Chinese banks' overseas institutions to unlock their growth potential.Thirdly,encourage Chinese banks t

关 键 词：中资银行国际化 境外投资企业绩效 金融服务实体经济 中国高质量对外直接投资 

分 类 号：F832[经济管理—金融学]