政策性金融支持中国企业在中亚直接投资研究

发布时间：2018-01-11 05:10

本文关键词：政策性金融支持中国企业在中亚直接投资研究　出处：《山西财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：目前,中国企业在对外直接投资过程中面临着三方面的问题:一是缺乏资金,企业在对外直接投资过程中既需要前期大量资金的投入,同时需要后续资金的持续性补充。而企业自身资金相对有限,同时由于国内商业性金融出于利益与风险的顾虑难以从商业性金融机构取得及时的资金支持,从而约束中国企业的对外直接投资之路;二是中国企业“走出去”却难以“走进去”,主要是由于与投资东道国在文化环境有所差异,同时以往的中国企业在对外直接投资活动中缺乏一定的社会责任感;三是缺乏与东道国之间的政治性互助,尤其东道国对中国海外投资企业的政策性支持。中国企业选择在中亚的直接投资活动是在“新丝绸之路经济带”建设这一大战略背景下进行,“新丝绸之路经济带”建设的提出也得到了中亚各国的支持,这为中国企业在中亚直接投资活动提供良好的政治环境。政策性金融是国家通过投入一定资金,以此吸引多数金融机构进行对外直接投资项目,促进国家政策欲意扶植促进其发展的产业领域和区域经济发展,增强产业发展潜能。国家经济政策导向作用是政策性金融独有的资金支持特点,体现国家经济政策的发展目标,通过国家规定的各项贷款利率优惠政策、资金借贷期限、境外投资担保等不同金融支持方式为国家政策支持的不同产业领域、经营主体等提供特殊的融资服务,尽力为进行海外直接投资企业提供各项金融便利条件。资源与能源是中国企业在中亚投资的主要领域,资源与能源行业建设周期长且资金需求量大,因此在需要大量前期投资同时还需后续资金的不断补充,由于国内商业性金融在盈利性与风险性方面的严格要求,能为中国企业在这两个行业提供长期且稳定资金来源的只有国内政策性金融支持。本文在分析政策性金融在资金来源有限的情况下仍支持我国企业在中亚五国境外投资的动因以及我国企业在中亚对外直接投资的现状以及存在的问题进行分析,并详细分析欧美发达国家以及20世90年代快速发展的新兴国家政策性金融支持本国企业进行海外投资的特点与经验后,处用方差分解分析不同对外直接投资金融支持方式的贡献率进一步结合我国政策性金融支持我国企业在中亚对外直接投资活动中资金支持的实际情况,提出了拓宽政策性金融机构业务经营范围、多样化政策性金融机构金融支持方式、完善中国企业在中亚对外直接投资活动中信息咨询服务体系、改革政策性金融机构传统管理方式并积极推进政策性金融机构业务经营的多样化运作机制为建立多方位政策性金融服务体系等对策建议,进而充分发挥政策性金融对我国企业在中亚五国对外直接投资活动中的支持作用。
[Abstract]:At present, Chinese enterprises face three problems in the process of foreign direct investment: first, lack of funds, enterprises in the process of foreign direct investment both need a large amount of capital investment. At the same time, it needs the continuous replenishment of the follow-up funds. However, the enterprise's own funds are relatively limited, at the same time, it is difficult to obtain timely financial support from the commercial financial institutions because of the domestic commercial finance because of the concern of interest and risk. Thus constrains the Chinese enterprise's outward direct investment road; Second, it is difficult for Chinese enterprises to "go out", mainly because they are different from the host country in the cultural environment. At the same time, Chinese enterprises in the past lack of a certain sense of social responsibility in foreign direct investment activities; Third, the lack of political mutual assistance with the host country. In particular, the host country's policy support to Chinese overseas investment enterprises. Chinese enterprises choose direct investment activities in Central Asia under the "New Silk Road Economic Belt" construction of the strategic background. The construction of the "New Silk Road Economic Belt" has also been supported by the Central Asian countries, which provides a good political environment for Chinese enterprises to invest directly in Central Asia. This will attract most financial institutions to OFDI projects and promote national policies to foster industrial areas and regional economic development that promote their development. Strengthen the potential of industrial development. The guiding role of national economic policy is the unique characteristics of policy-oriented finance, reflecting the development objectives of national economic policy, through the various loan interest rate preferential policies stipulated by the state. Different forms of financial support, such as the term of capital borrowing and the guarantee of overseas investment, provide special financing services for the different industries and business entities supported by national policies. Try to provide various financial facilities for overseas direct investment enterprises. Resources and energy are the main areas of Chinese enterprises investing in Central Asia. The construction period of resources and energy industry is long and the demand for funds is large. Therefore in need of a large amount of pre-investment but also need to continue to supplement the follow-up funds due to domestic commercial finance in the profitability and risk of strict requirements. The only way to provide Chinese enterprises with long-term and stable sources of funds in these two industries is to provide domestic policy-based financial support. This paper analyzes the fact that policy-oriented finance can still support Chinese enterprises in the five Central Asian countries under the condition of limited sources of funds. The motivation of foreign investment and the current situation and problems of Chinese enterprises' foreign direct investment in Central Asia are analyzed. And detailed analysis of the European and American developed countries as well as the rapid development of the emerging countries in 90s, the characteristics and experience of supporting their enterprises to invest abroad. With variance decomposition analysis of the contribution of different forms of foreign direct investment financial support rate further combined with our country's policy financial support in Central Asia foreign direct investment activities of Chinese enterprises in the actual situation of financial support. It proposes to broaden the business scope of policy-oriented financial institutions, to diversify the financial support methods of policy-oriented financial institutions, and to perfect the information consulting service system of Chinese enterprises in the activities of foreign direct investment in Central Asia. Reform the traditional management mode of policy-oriented financial institutions and actively promote the diversified operation mechanism of policy-oriented financial institutions to establish a multi-directional policy-oriented financial service system and other countermeasures. Then give full play to the support role of policy finance to Chinese enterprises in the activities of foreign direct investment of the five Central Asian countries.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.4;F279.2;F125

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