金融供给地理结构与企业对外直接投资  

The Geographical Structure of Financial Supply and Outward Foreign Direct Investment of Enterprises

作　　者：王世文 刘峻峰 季建文 钱燕 WANG Shi-wen;LIU Jun-feng;JI Jian-wen;QIAN Yan(School of Business,Suzhou University of Science and Technology,Suzhou 215009,China;Postdoctoral Research Station,Suzhou International Development Group Co.,Ltd,Suzhou 215301,China;School of Economics,Nankai University,Tianjin 300071,China)

机构地区：[1]苏州科技大学商学院,江苏苏州215009 [2]苏州国际发展集团有限公司博士后科研工作站,江苏苏州215301 [3]南开大学经济学院,天津300071

出　　处：《经济问题》2025年第3期101-108,共8页On Economic Problems

基　　金：中国博士后科学基金资助项目“绿色金融视角下双向投资协同发展的减污降碳效应研究”(2023M732562);中国物流学会、中国物流与采购联合会项目“区块链技术赋能绿色供应链金融发展的逻辑机理与优化进路研究”(2024CSLKT3-308)。

摘　　要：从金融供给地理结构的视角出发探讨银行网点布局与企业对外直接投资的关系,对中国推进高水平对外开放具有重要意义。基于2001—2022年上市公司数据和企业周边银行网点数量数据,考察金融供给地理结构对企业对外直接投资的影响,研究发现:集中的金融供给地理结构对企业对外直接投资具有显著的促进作用,这一结论在经过一系列稳健性检验后依然成立。机制检验表明,集中的金融供给地理结构提升了企业全要素生产率,进而促进了企业对外直接投资。距离效应检验结果表明,企业近距离的金融供给地理结构越集中对企业对外直接投资的正向影响越大。异质性分析表明,集中的金融供给地理结构对非沿海地区企业、大型企业、国有企业对外直接投资的促进效果更明显。研究认为通过金融供给地理结构的合理布局,能够对企业高质量的对外经济发展提供有力的支撑。Exploring the relationship between bank branch layout and enterprise outward foreign direct investment(OFDI)from the perspective of the geographical structure of financial supply is of great significance for China to promote high-level opening up to the outside world.Based on the data of listed companies from 2001 to 2022 and the number of bank outlets around the enterprises,this study examines the impact of the geographical structure of financial supply on the firms’OFDI.The study found that the geographical structure of centralized financial supply has a significant promoting effect on OFDI by enterprises,and this conclusion still holds true after a series of robustness tests.Mechanism testing shows that the centralized geographical structure of financial supply has improved the enterprises TFP,thereby promoting their OFDI.The results of the distance effect test show that the more concentrated the geographical structure of financial supply in close proximity to a company,the greater the positive impact on its OFDI.Heterogeneity analysis shows that the geographical structure of centralized financial supply has a more significant promoting effect on OFDI by non-coastal enterprises,large enterprises,and state-owned enterprises.Research has shown that a reasonable geographical layout of financial supply can provide strong support for high-quality external economic development of enterprises.

关 键 词：金融供给地理结构 对外直接投资 企业全要素生产率 

分 类 号：F752.62[经济管理—国际贸易] F832.3[经济管理—产业经济]