我国金融发展对OFDI影响研究

发布时间：2019-06-05 16:15

【摘要】：21世纪以来,随着世界经济一体化的发展,各经济体之间的依赖度越来越高。我国顺应形势,不断加快对外开放的步伐,在对外经济方面取得一系列丰硕成果。2013年我国货物贸易总额位列全球第一,实际利用外资额居于发展中国家首位。较之我国经济发展与对外贸易的瞩目成就,我国对外直接投资起步较晚、发展较为落后,与发达国家还存在较大的差距。本文研究金融发展对我国对外直接投资的影响,对于我国参与全球资源配置、开拓利用国际市场、提升在全球价值链分工中的地位具有重要战略意义。全文共分六个章节。第一章在介绍选题背景与意义的基础上,对本文的研究思路、研究结构进行了简单介绍,并指出本文可能的创新与不足。第二章回顾了国外与国内学者的相关文献,对于金融发展的定义与OFDI影响因素的相关研究进行重点归纳。第三章是现状分析,首先描述了我国金融发展的宏观与微观现状,然后分析了我国OFDI的规模、主体、区位、行业分布等特点,最后阐述了我国金融发展对OFDI的影响现状。第四章是理论分析,本章先从宏观层面分析了一国经济均衡条件下OFDI的决定公式,阐述了金融发展对OFDI的宏观影响机制,然后从微观层面出发,分析了对外直接投资具体实践过程中,金融发展对企业的成本控制、风险保障、投资收益等环节的影响。第五章是实证分析。在宏观层面上,本文将金融发展分为规模、结构和效率三个维度,利用1993-2012年的数据进行计量检验,结论显示,我国金融发展规模的提升、金融发展效率的提高对于OFDI有着显著的正向影响,用私人信贷比衡量的金融结构的优化对于OFDI有负向影响。在微观层面上,本章选用了一个海外收购和一个海外直接建厂的案例,通过案例分析完整展现了金融发展在企业对外直接投资的不同环节中所起的作用。第六章是结论与政策建议,在前文理论与实证分析的基础上提出了相关政策建议,包括深化金融体制改革,鼓励金融机构跨境服务,加强政策性金融机构支持等。
[Abstract]:Since the 21 st century, with the development of world economic integration, the dependence of economies is getting higher and higher. China conforms to the situation, constantly speeds up the pace of opening to the outside world, and has made a series of fruitful achievements in foreign economy. In 2013, China's total trade in goods ranked first in the world, and the actual utilization of foreign capital ranked first in developing countries. Compared with the remarkable achievements of China's economic development and foreign trade, China's foreign direct investment started late, its development is relatively backward, and there is still a big gap with developed countries. This paper studies the influence of financial development on China's foreign direct investment, which is of great strategic significance for China to participate in the allocation of global resources, open up and utilize the international market, and enhance its position in the division of labor in the global value chain. The full text is divided into six chapters. In the first chapter, on the basis of introducing the background and significance of the selected topic, the research ideas and research structure of this paper are briefly introduced, and the possible innovations and shortcomings of this paper are pointed out. The second chapter reviews the relevant literature of foreign and domestic scholars, and focuses on the definition of financial development and the related research on the influencing factors of OFDI. The third chapter is the analysis of the present situation, first describes the macro and micro status of China's financial development, and then analyzes the scale, main body, location, industry distribution and other characteristics of China's OFDI, and finally expounds the current situation of the impact of China's financial development on OFDI. The fourth chapter is the theoretical analysis. This chapter first analyzes the OFDI decision formula under the condition of a country's economic equilibrium from the macro level, expounds the macro impact mechanism of financial development on OFDI, and then starts from the micro level. This paper analyzes the influence of financial development on the cost control, risk guarantee and investment income of enterprises in the process of foreign direct investment (OFDI). The fifth chapter is the empirical analysis. At the macro level, this paper divides financial development into three dimensions: scale, structure and efficiency, and uses the data from 1993 to 2012 to carry out econometric test. the conclusion shows that the scale of financial development in China has been improved. The improvement of financial development efficiency has a significant positive impact on OFDI, and the optimization of financial structure measured by private credit ratio has a negative impact on OFDI. At the micro level, this chapter selects an overseas acquisition and an overseas direct factory building case, through the case analysis to fully show the role of financial development in different links of enterprise OFDI. The sixth chapter is the conclusion and policy suggestion, which puts forward the relevant policy suggestions on the basis of the previous theoretical and empirical analysis, including deepening the reform of the financial system, encouraging the cross-border service of financial institutions, strengthening the support of policy-oriented financial institutions, and so on.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6

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