微观金融健康、生产率与企业出口转OFDI行为

发布时间：2018-01-03 07:39

本文关键词：微观金融健康、生产率与企业出口转OFDI行为　出处：《浙江工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：对外直接投资是保证中国经济可持续发展的主要动力之一,也是中国参与世界经济一体化进程的重要途径。中国作为世界上最大的发展中国家,在经济和社会发展上取得了令人瞩目的成绩,随着中国对外格局的纵深化发展,企业的国际化能力以及国家整体经济实力显著增强,对外直接投资发展极其迅猛。在全球对外直接投资形势受到金融危机以及全球范围内经济下行的影响呈现出下降趋势的背景下,中国对外直接投资却能够逆势增长,已实现连续12年增长,在这种情况下研究何种因素决定中国对外投资出现这种快速增长是具有重大理论和现实意义的。本文首先对企业对外直接投资的文献进行了梳理,并依据本文的研究内容分别综述了生产率与对外直接投资、融资约束与对外直接投资两个方面的文献。接着分别从生产率视角以及融资约束视角出发,在理论上阐述两者如何影响企业的对外直接投资决策。以微观金融健康作为企业融资能力的代表,分别从长期偿债能力、短期偿债能力以及企业经营能力三个方面进行分析。按照理论机制,本文通过理论模型对其进行进一步的推导分析,通过建立一个三个国家异质性企业模型,在不受融资约束单考虑生产率水平影响,本文得到自然排序的企业决策选择,考虑到中国存在的生产率悖论问题,本文按照生产率悖论将出口企业分为加工贸易完全出口企业以及非加工贸易出口企业,并对其加以分析,最后得到在生产率悖论下的中国企业决策选择。在考虑到融资约束的情况下,本文通过加入融资成本对模型进行了扩充。随后对中国整体的对外投资现状进行分析,分析结果显示中国整体的对外投资在时间节点上存在过两次跨越式的发展。随着对外投资规模的不断扩大,呈现出投资覆盖范围越来越广,投资水平越来越高,投资质量越来越好的局面。通过整体分析结果可以发现中国对这三大经济体投资既存在着共性,也存在着差异性。最后基于1998年到2013年25295家出口企业的数据,采用二值Logit模型对全要素生产率、微观金融健康以及企业的OFDI决策进行了实证分析。结果表明:按照De-loecker方法测算出的全要素生产率以及微观金融健康均会对企业的OFDI决策起到关键性作用并且有显著的正面影响;非国有企业相较于国有企业具有更高的对外投资概率并且非国有企业的全要素生产率以及微观金融健康对于企业进行OFDI决策的影响比国有企业更显著。按照实证的结果,本文拟通过金融制度改革、出口管理政策和境外金融体系建设方面分别从国有和非国有企业角度提出具有针对性的政策建议,并建议将重心放在这几个方面的结合上。
[Abstract]:Foreign direct investment (FDI) is one of the main driving forces to ensure the sustainable development of China's economy and an important way for China to participate in the process of world economic integration. China is the largest developing country in the world. Remarkable achievements have been made in economic and social development. With the in-depth development of China's external structure, the internationalization capability of enterprises and the overall economic strength of the country have been significantly enhanced. The development of OFDI is extremely rapid. Under the background that the global FDI situation is affected by the financial crisis and the global economic downturn, it shows a downward trend. China's foreign direct investment (OFDI) has been able to rise against the trend for 12 years in a row. In this case, it is of great theoretical and practical significance to study which factors determine the rapid growth of China's foreign investment. Firstly, this paper reviews the literature of foreign direct investment of enterprises. And according to the research content of this paper, respectively summarized the productivity and foreign direct investment, financing constraints and foreign direct investment two aspects of literature, and then from the perspective of productivity and financing constraints respectively. In theory, it expounds how the two influences the decision of enterprises' foreign direct investment. Taking the micro-financial health as the representative of the enterprise's financing ability, the long-term solvency of the enterprises is separately discussed. According to the theoretical mechanism, this paper further deduces and analyzes the short-term solvency and enterprise management ability, and establishes a heterogeneous enterprise model of three countries. Considering the influence of productivity level without financing constraints, this paper obtains the natural ranking of enterprises' decision choices, taking into account the productivity paradox in China. According to the paradox of productivity, this paper divides export enterprises into complete export enterprises of processing trade and non-processing trade export enterprises, and analyzes them. Finally, we get the decision choice of Chinese enterprises under the productivity paradox, taking into account the financing constraints. This paper expands the model by adding the financing cost, and then analyzes the current situation of China's overseas investment as a whole. The results show that there have been two leap-forward developments in the time node of China's overall foreign investment. With the continuous expansion of the scale of foreign investment, the scope of investment has become more and more extensive, and the level of investment is becoming higher and higher. Through the overall analysis, we can find that China's investment in these three major economies already has a common character. Finally, based on the data of 25295 export enterprises from 1998 to 2013, the binary Logit model is used to analyze the total factor productivity (TFP). The results show that: (1) the health of microfinance and the OFDI decision of enterprises are analyzed empirically. The results show that:. According to the De-loecker method, the total factor productivity and micro-financial health will play a key role in the OFDI decision-making and have a significant positive impact. Compared with state-owned enterprises, non-state-owned enterprises have higher probability of outward investment and the total factor productivity and micro-financial health of non-state-owned enterprises have more significant influence on OFDI decision-making than state-owned enterprises. According to the empirical results. Through the reform of financial system, export management policy and the construction of offshore financial system, this paper proposes some policy suggestions from the angle of state-owned and non-state-owned enterprises, respectively. And suggest to focus on these aspects of the combination.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.6;F752.62

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