金融服务实体工业企业对外直接投资的研究

发布时间：2019-06-20 17:39

【摘要】：金融市场正在逐步完成市场化竞争的过程,其中中央地方对金融市场的行政干预仍然普遍存在,金融选择性倾斜和抑制的现象和案例在当前仍旧较为突出。我国要素市场由于市场化改革的滞后性一直处于非市场化运行状态。这种市场的不完全性,在资本以及劳动力等市场上有突出体现。我国民营企业当前的融资体系下面临着融资难,融资贵的歧视性融资环境。这种歧视性的融资环境释放了扭曲的市场信号,弱化了企业价值。体现为要素相对价格资源的资源禀赋结构是影响企业选择生产方式的重要因素,资本与劳动作为企业活动的主要投入要素,企业在融资成本相对较低的情况下倾向于采用资本密集型的生产方式。在歧视性的融资环境中,资本要素价格严重偏离其本身的边际贡献,与劳动力价格相比呈现出相对高估的状态,资本要素价格的相对高估,揭示了地区资本资源禀赋匮乏。文章重新考量投融资约束对原有模型的调整,从理论到实证来剖析中国金融发展状况、融资环境、要素扭曲、企业全要素生产率和技术创新影响异质性企业对外直接投资的选择等传导机制、作用原理,利用现有的国家地区企业等中观、微观数据库,来测算检验上述指标的内在联系。
[Abstract]:The financial market is gradually completing the process of market-oriented competition, its central and local administrative intervention in the financial market is still widespread, and the phenomenon and cases of financial selective tilt and suppression are still more prominent at present. Because of the lag of marketization reform, the factor market of our country has been in the state of non-market-oriented operation. The incompleteness of this kind of market is prominent in capital and labor market. Under the current financing system of private enterprises in our country, it is facing the discriminatory financing environment of financing difficulties and expensive financing. This discriminatory financing environment releases distorted market signals and weakens the value of enterprises. The resource endowment structure of factor relative price resources is an important factor that affects the choice of production mode of enterprises. Capital and labor are the main input elements of enterprise activities, and enterprises tend to adopt capital-intensive mode of production when the financing cost is relatively low. In the discriminatory financing environment, the price of capital elements deviates seriously from its own marginal contribution, showing a relatively overvalued state compared with the price of labor force, and the relative overestimation of the price of capital elements reveals the lack of regional capital resources endowment. This paper reconsiders the adjustment of investment and financing constraints to the original model, from theory to empirical analysis of China's financial development, financing environment, factor distortion, enterprise total factor productivity and technological innovation affect the choice of foreign direct investment of heterogeneous enterprises, the principle of action, using the existing national and regional enterprises and other meso, micro databases to measure and test the internal relationship of the above indicators.
【作者单位】：中国光大集团股份公司战略计划部、博士后科研工作站;清华大学五道口金融学院应用经济学博士后流动站;
【基金】：教育部人文社会科学重点基地重大项目“对外直接投资与我国经济发展的理论和政策研究”(项目号:13JJD790017) 国家社会科学基金重大项目“引进外资与对外投资两大开放战略的协调机制与政策研究”(项目号:15ZDA057)
【分类号】：F406.7;F425;F832.4

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