金融发展、生产率与中国企业对外直接投资

发布时间：2018-06-20 11:32

本文选题：金融发展 + 生产率　；参考：《南开大学》2014年博士论文

【摘要】：对外直接投资是(Outward Direct Investment,ODI)是中国参与世界经济一体化进程的重要途径,也是保证中国经济可持续发展的主要动力之一。进入21世纪后,中国的对外直接投资获得了迅猛的发展,2010年中国对外直接投资达到了678亿美元,是2004年的32.25倍!对外直接投资为中国经济的可持续发展提供了强大的动力,但中国对外直接投资的高速增长是否可持续?中国对外直接投资是政府推动的还是市场推动?决定中国对外直接投资的主要因素是什么?等问题也成为学者们关注的焦点。以Melitz(2003)为代表的“新新贸易理论”指出,企业是否对外直接投资的一个重要影响因素是生产率的高低。与对外出口以及国内生产销售相比,企业在国外投资生产,必须要承担国外建厂等固定成本,因此,只有企业的生产率高于某一门槛时,企业在国外的投资才是有利可图的。最终结果是,生产率高的企业才对外直接投资,生产率次高的企业对外出口,生产率最低的企业则只在国内生产与销售。“新新贸易理论”分析了生产率与企业投资抉择的关系,但是该理论的假设是企业并不存在融资约束,也即企业的投资都能够获得足够的资金支持。而实际上,在现实中许多企业往往在融资问题上遇到困难,即使企业的生产率水平足以让其在国外的生产中获利,但假使企业没有足够的资金在国外建立或是并购工厂,同样无法实现对外直接投资,因此,企业要进行对外直接投资还必须迈过一个融资约束的门槛(Buch等,2010)。从中国企业的生产率发展看,改革开放后,中国经济有了举世瞩目的发展,中国企业的生产率也得到了较大的提高,这为中国企业对外直接投资奠定了基础。但从中国企业面临的融资约束问题看,虽然金融规模有了较大的增长,但中国企业的融资约束问题依旧严重。由于金融市场并没有完全市场化,国家干预金融市场的问题较为严重,金融抑制现象在中国十分明显。如利率的国家管制,中国的资金价格并非由市场供需决定,而在很大程度上是国家行政决策制定的。从储蓄看,居民存款到哪家银行的结果基本一致,银行之间并没有价格上的竞争。从贷款看,在国家的行政干预下,银行贷款存在明显的国有企业偏向,一方面国有企业能够很容易的获得贷款,但国有企业对资金的利用效率却十分低下；另一方面,一些具有发展潜力的民营中小企业却很难得到银行的资金支持,融资约束现象十分严重。在此背景下,本文在“新新贸易理论”的基础上,将融资约束问题纳入分析框架,从理论上明晰金融发展、生产率对企业对外直接投资的作用机制；并利用省份与企业层面的双层结构数据,结合适合的计量模型,从实践上检验金融发展、生产率与企业对外直接投资之间的关系。本文的具体安排如下：全文共七章,第一章,绪论。主要阐述本文的选题背景,研究的理论与现实意义,介绍研究目标、研究思路、结构安排、研究方法、研究特点,从而为理解全文结构提供了线索；第二章,文献综述。介绍金融发展、跨国企业与对外直接投资的概念与相关知识,进而系统回顾和评述国内外关于金融发展、对外直接投资以及金融发展与对外直接投资关系的相关文献。在此基础上进行评述,并提出值得扩展研究的空间,确定本研究的切入点；第三章,构建本文的理论分析框架。该部分主要探讨“新新贸易理论”框架下,企业对外直接投资需要迈过的生产率门槛,以及考虑到融资约束后企业对外直接投资需要迈过的融资约束门槛,在此基础上,进一步探讨金融发展通过作用于生产率间接影响企业的对外直接投资,以及金融发展通过降低融资成本、分散投资风险、促进企业技术创新等方面来直接影响企业对外直接投资的作用机制；第四章,指标构建与典型特征事实。该部分的主要内容是对文章的被解释变量中国企业的对外直接投资,以及主要解释变量金融发展和生产率进行准确的测度,并在测算结果的基础上对中国金融发展、对外直接投资的典型特征事实进行描述；第五章,金融发展与中国企业生产率的实证研究。该部分利用中国各省相关数据,以及中国《工业企业数据库》的大样本面板数据进行实证检验,根据数据结构采用多层线性模型回归方法,从金融规模扩张、金融结构调整以及金融效率提升三个方面来研究金融发展对中国企业生产率的作用。研究结果表明,中国金融规模的扩张、金融结构调整以及金融效率的提升都能显著的促进企业生产率的提升,也证实了金融发展通过促进生产率提升来影响企业对外直接投资的间接路径；第六章金融发展、生产率与中国企业对外直接投资的实证研究。该部分利用中国商务部公布的2004-2011年《中国企业对外直接投资名录》与《中国工业企业数据库》匹配后的大样本数据,根据被解释变量的数据结构,采用Logit回归,从金融规模扩张、金融结构调整以及金融效率提升三个方面来研究金融发展对企业对外直接投资的影响；研究金融规模扩张、金融结构调整以及金融效率提升之间对企业对外直接投资的协调作用；研究金融发展与生产率对企业对外直接投资的协调作用。结果显示,中国金融规模扩张、金融结构调整以及金融效率提升都能显著的促进企业对外直接投资,金融规模扩张、金融结构调整以及金融效率提升之间的交互项对企业对外直接投资的影响都为正,说明中国金融发展需要三个指标的协调发展,才能更有效的促进中国企业的对外直接投资；第七章结论、政策启示以及研究展望。总结全文的研究结论,对中国的金融改革与对外直接投资提出相应的政策建议。
[Abstract]:Outward Direct Investment (ODI) is an important way for China to participate in the process of world economic integration. It is also one of the main driving forces to ensure the sustainable development of China's economy. After twenty-first Century, China's foreign direct investment has developed rapidly. In 2010, China's foreign direct investment reached 67 billion 800 million US dollars, which is 20 32.25 times more than 04 years! Foreign direct investment has provided a strong impetus for the sustainable development of China's economy, but is the high speed growth of China's foreign direct investment sustainable? Is China's foreign direct investment driven by the government or market? What are the main factors to determine China's foreign direct investment? The "new new trade theory", represented by Melitz (2003), points out that an important factor affecting enterprises' FDI is productivity. Compared with foreign exports and domestic production and sales, enterprises have to invest in foreign plants and other fixed costs in foreign investment production. Therefore, only the productivity of the enterprises is the only one. When it is higher than a certain threshold, the investment of an enterprise abroad is profitable. The final result is that the enterprises with high productivity are direct foreign investment, the enterprises with high productivity are exported to the outside world, and the enterprises with the lowest productivity are only in domestic production and sales. The hypothesis is that the enterprise does not exist financing constraints, that is, the investment of the enterprise can obtain sufficient capital support. In fact, in reality, many enterprises often have difficulties in financing problems, even if the productivity level of the enterprise is enough to make it profitable in foreign production, but if the enterprise does not have enough funds abroad. To establish or be a merger and acquisition plant, it is also impossible to achieve foreign direct investment. Therefore, it is necessary for enterprises to carry out foreign direct investment through a threshold of financing constraints (Buch, 2010).
From the perspective of the productivity development of Chinese enterprises, China's economy has developed worldwide after the reform and opening up, and the productivity of Chinese enterprises has been greatly improved. This has laid the foundation for the direct investment of Chinese enterprises. The problem of financing constraints is still serious. As the financial market is not fully marketed, the problem of state intervention in the financial market is more serious. The phenomenon of financial restraining is very obvious in China. For example, the state control of interest rate, the price of China's capital is not determined by market supply and demand, but to a large extent, it is made by the national administrative decision. As a result, the result of the bank is basically the same, there is no price competition between the banks. From the loan, under the state administrative intervention, the bank loan has the obvious bias of the state-owned enterprise. On the one hand, the state-owned enterprises can get the loan easily, but the efficiency of the capital utilization is very low in the other country; the other is the other. On the other hand, some private SMEs with potential for development are difficult to get financial support from banks. In this context, on the basis of "new new trade theory", the problem of financing constraints is included in the framework of analysis, and the role of productivity to direct investment in enterprises is clearly defined. The relationship between the financial development, the productivity and the enterprise foreign direct investment is tested in practice by using the dual structure data of the province and the enterprise level and combining the suitable measurement model.
The specific arrangement of this article is as follows: the full text consists of seven chapters, the first chapter, the introduction. It mainly expounds the background of the topic, the theoretical and practical significance of the study, the objective of the study, the idea of research, the arrangement of the structure, the research methods and the characteristics of the research, thus providing a clue for the understanding of the full text structure; the second chapter, the literature review, and the introduction of financial development and transnational enterprises. With the concept of foreign direct investment and related knowledge, and then systematically review and review the relevant literature on financial development, foreign direct investment and the relationship between financial development and foreign direct investment. On the basis of this, we make a review, put forward the space to expand the research, and determine the breakthrough point of this study; the third chapter, the construction of this article On the basis of the new new trade theory, this part mainly discusses the threshold of productivity that needs to be taken under the framework of "new new trade theory", as well as the threshold of financing constraints that need to be taken into account after financing constraints. On this basis, the indirect impact of financial development on productivity is further explored. The foreign direct investment of the enterprise, and the financial development through reducing the financing cost, dispersing the investment risk, promoting the enterprise technology innovation and so on to directly influence the enterprise external direct investment mechanism; the fourth chapter, the index construction and the typical characteristic fact. Direct investment, and the accurate measurement of the financial development and productivity of the main explanatory variables, and on the basis of the calculated results, describe the typical characteristics of the Chinese financial development and the foreign direct investment; the fifth chapter, the empirical study of the financial development and the productivity of Chinese enterprises. The large sample panel data of China's industrial enterprise database are tested. According to the data structure, the multi-layer linear model regression method is used to study the effect of financial development on the productivity of Chinese enterprises from three aspects of financial expansion, financial structure adjustment and financial efficiency promotion. The results show that the scale of China's financial scale The expansion, the adjustment of financial structure and the promotion of financial efficiency can greatly promote the promotion of enterprise productivity. It also confirms the indirect path of financial development to influence the direct investment of enterprises through the promotion of productivity; the sixth chapter is the empirical study of the financial development, the productivity and the foreign direct investment of Chinese enterprises. According to the data structure of the explanatory variables, the Ministry of Commerce of China, published by the Ministry of Commerce for 2004-2011 years, matches the data structure of the explanatory variables, uses Logit regression to study the financial development to the enterprise from three aspects: financial expansion, financial structure adjustment and financial efficiency. The impact of direct investment; study the coordination role of financial scale expansion, financial structure adjustment and financial efficiency promotion to enterprise foreign direct investment; study the coordination role of financial development and productivity to enterprise foreign direct investment. The result shows that China's financial scale expansion, financial structure adjustment and financial efficiency have been promoted. The impact of the interaction between the foreign direct investment of enterprises, the expansion of financial scale, the adjustment of financial structure and the promotion of financial efficiency are all positive. It shows that the development of China's financial development needs the coordinated development of three indicators to promote the foreign direct investment of Chinese enterprises more effectively; the seventh chapter is a conclusion. The policy implications and research prospects are summarized. The conclusions of the paper are summarized, and corresponding policy recommendations for China's financial reform and foreign direct investment are put forward.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.6;F224;F279.2

【参考文献】