金融结构对长三角地区OFDI的影响研究

发布时间：2017-12-30 21:25

本文关键词：金融结构对长三角地区OFDI的影响研究　出处：《南京财经大学》2016年硕士论文　论文类型：学位论文

【摘要】：改革开放30年以来,随着经济环境的日益改善,全球一体化程度的加深,经济发展水平发生了巨大的改变。其中东部沿海地区特别是长三角地区的经济水平更加突出,究其原因,除去长三角地区良好的基础设施、政府的鼓励政策、较高的人力资本等,我们会发现长三角地区的对外直接投资也是其取得良好经济基础的重要因素之一。然而对外直接投资活动的进行以及发展依赖于一定的外部环境,尤其对资金的需求和金融结构有着特殊的要求。一国(或地区)的金融结构主要由其融资模式和资金结构决定,根据其渠道的发展而发生相应的变化,以适应不同产业和企业的融资需求。目前我国金融结构主要表现为以国有银行为主的模式,而这种金融结构模式是否会对对外直接投资产生有益的影响,是一个值得深究的问题。因此在这样的时代背景之下,以典型的长三角区域为例研究金融结构对对外直接投资的影响,具有重要的现实意义。本文总共分为五个部分,第一部分简要概述了论文的研究背景、研究意义、文献综述、研究思路以及创新点和不足;第二部分对金融结构与对外直接投资关系的相关理论基础进行了简要阐述,并着重分析了金融结构促进对外直接投资的作用机制,主要包括金融结构的风险分散机制、信息处理机制和资金融通机制;第三部分则运用融资结构指标、银行结构指标对长三角地区金融结构的现状进行了论述,并从投资规模、投资主体两个方面分析了对外直接投资的现状;第四部分通过长三角地区23个城市2007-2013年的面板数据实证检验了衡量金融结构不同指标对OFDI的影响并做出了相关分析,从而得出本文的结论,结论如下:(1)长三角地区融资结构和银行结构对OFDI都具有显著的正向作用,首先,意味着对于长三角对外直接投资企业,股市成交总量的增加会促进对外直接投资的扩大。银行结构指标实证结果则说明四大国有银行的贷款额在总贷款额中所占据比重的增加,对于企业的对外直接投资是起到促进作用的。(2)控制变量中,经济发展水平、经济开放水平变量对OFDI都是具有一定影响的,但是经济开放水平变量的影响可能存在一定时期的滞后现象。而外商直接投资和技术创新水平不显著,且技术创新水平变量可能产生的影响为负。第五部分,根据实证研究结论,提出了优化区域金融结构,促进长三角地区对外直接投资活动顺利进行的对策建议,并对进一步的研究方向做了工作展望。
[Abstract]:30 years since the reform and opening up, with the improvement of economic environment, the degree of global integration deepening, has undergone tremendous changes. The level of economic development in the eastern coastal areas especially the Yangtze River Delta region's economic level is more prominent, the reason for the removal of the Yangtze River Delta region good infrastructure, government policies to encourage higher human capital so, we will find that foreign direct investment in the Yangtze River Delta region is also achieved good economic basis. However, one of the important factors for the activities of foreign direct investment and development rely on the external environment, especially the demand for capital and financial structure has special requirements. A country (or region) of the financial structure is mainly determined by the the mode of financing and capital structure changes according to the development of its channels, to meet the financing needs of different industries and enterprises. At present our country gold Financial structure is mainly dominated by state-owned banks mode, and whether this model of financial structure will have a beneficial effect on foreign direct investment, is a question worth studying. In this background, the Yangtze River Delta region as a typical case study of financial structure on the impact of foreign direct investment, has practical significance important. This paper is divided into five parts, the first part briefly introduces the research background, research significance, literature review, research ideas and innovation and deficiencies; briefly introduces related theory basis of the second part on the relationship between financial structure and foreign direct investment, and emphatically analyzes the financial structure promoting mechanism foreign direct investment, including the risk spreading mechanism of financial structure, information processing mechanism and financing mechanism; the third part is the use of the financing structure index, This paper discussed the bank structure index of financial structure in the Yangtze River Delta region, and from the two aspects of investment scale, investment analysis of the current situation of foreign direct investment; the fourth part of the Yangtze River Delta region 23 city 2007-2013 panel data empirical test to measure the financial effect of different indexes on the structure of OFDI and make related analysis. In order to draw the conclusion of this paper, the conclusions are as follows: (1) the Yangtze River Delta region and bank financing structure has a positive effect on the structure of OFDI, the first significant means for the Yangtze River Delta, foreign direct investment enterprises, the stock market total turnover increase will promote the expansion of foreign direct investment. The empirical results shows that the proportion of the index structure of bank loans increased the four major state-owned banks occupy in the total amount of loans, foreign direct investment for enterprises is to play the role. (2) control variable in economy The development level, the level of economic openness variable is has certain effect on OFDI, but the level of economic openness lag influence variables may exist in a certain period of time. While there was no significant difference of foreign direct investment and the level of technological innovation, and technological innovation level variables may influence is negative. In the fifth part, according to the empirical research conclusion, put forward the optimization of the financial structure, countermeasures and suggestions to promote the activities of foreign direct investment in Yangtze River Delta region smoothly, and the direction of further research work in future.

【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F125;F832

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