资本市场如何赋能企业“走出去”——基于股票流动性的检验  

How Capital Markets Empower Enterprises to“Go Global”——An Examination Based on Stock Liquidity

作　　者：赵瑞丰 蒋殿春[2,3] 程敏 ZHAO Ruifeng;JIANG Dianchun;CHENG Min(Nankai University,300071)

机构地区：[1]南开大学经济学院,300071 [2]南开大学跨国公司研究中心,300071 [3]南开大学经济行为与政策模拟实验室,300071

出　　处：《财贸经济》2025年第4期39-58,共20页Finance & Trade Economics

基　　金：教育部人文社会科学重点研究基地重大项目“数字型跨国公司的理论和政策研究”(22JJD790039);教育部哲学社会科学实验室专项资金项目“中美科技博弈及中国高科技产业技术发展”(H0122706)。

摘　　要：在当前以高水平开放促高质量发展、进一步提高资本市场发展质量的政策交汇期,深入探讨资本市场如何影响企业OFDI具有重要意义。本文从股票流动性水平的视角,讨论了资本市场对中国A股非金融类上市公司OFDI的影响与作用路径。结果显示,企业股票流动性水平的提升对其OFDI概率的提高与规模的增加有显著的促进作用。机制分析表明,优化股权结构、强化退出治理和构筑融资优势是流动性水平促进企业OFDI的主要作用渠道。进一步分析表明,股票流动性带来的融资和治理效应,还从微观层面赋予了企业区位选择优势,并和人民币国际化形成互动效应,影响企业的OFDI活动。异质性研究发现,流动性对OFDI的促进作用受企业产权性质、治理因素以及技术水平差异的影响。本文研究证明,依靠我国资本市场改革取得的重要进展,能够实现以高质量资本市场助力实体经济提质增效和扩大对外开放的目标。Promoting high-quality development through high-standard opening-up and a better capital market are key policy objectives in China.In this context,it is crucial to understand how the capital market influences enterprises'Outward Foreign Direct Investment(OFDI).While existing literature examines OFDI determinants such as productivity heterogeneity,financing ability,and corporate governance,few studies explore the role of the capital market in enabling Chinese enterprises to“go global”from a micro perspective.As a representative indicator of market microstructure,stock liquidity not only reflects the development quality of the capital market but also significantly shapes corporate strategic choices.Investigating its effect on OFDI provides insights into how the capital market empowers enterprises'global development strategies.Using data from Chinese A-share non-financial listed companies between 2007 and 2020,this paper examines how stock liquidity affects enterprises'OFDI and explores the underlying mechanisms.The findings reveal that improved stock liquidity significantly increases both the likelihood and scale of OFDI.Mechanism analysis reveals that liquidity promotes OFDI primarily through three channels:optimizing the equity structure,strengthening exit governance,and enhancing financing advantages.These financing and governance effects provide enterprises with location selection advantages at the micro level.Furthermore,stock liquidity interacts with RMB internationalization,further influencing OFDI activities.Heterogeneity analysis finds that liquidity's impact on OFDI varies depending on enterprise ownership,governance factors,and technological capabilities.This study contributes to the literature in several ways.First,it enriches the understanding of the economic effects of stock liquidity and provides new evidence of the capital market's influence on the real economy from an international perspective.Second,it extends the OFDI literature by exploring the significance of the home country's capital mark

关 键 词：股票流动性 对外直接投资 股权治理 退出治理 融资约束 

分 类 号：F830.91[经济管理—金融学]