融资约束对中国民营企业对外直接投资的影响

发布时间：2018-06-15 23:56

本文选题：OFDI + 民营企业　；参考：《国际贸易经济合作研究院》2017年硕士论文

【摘要】：对外直接投资是中国企业参与国际分工、国际竞争的主要方式之一,而且对于推动外向型经济发展具有重大意义。改革开放以来,中国通过实施“引进来”的经济政策,从国外吸引大量外商直接投资,极大地促进了国内经济发展和进出口贸易增长。而随着中国成为全球第二大经济体,企业参与国际分工合作的程度不断加深,单向地接受外资已经不能适应经济发展的需要。经过了三十多年的发展,中国对外直接投资已经走在世界前列,2015年中国对外直接投资流量创下了1456.7亿美元的历史新高,占到全球流量份额的9.9%,同比增长18.3%,金额仅次于美国位列世界第二。但是需要注意的是,中国对外直接投资的一个非常显著的特征是国有企业占主体,2015年末,在对外非金融类直接投资的9382亿美元存量中,国有企业占50.4%。民营企业的对外直接投资发展进程明显滞后于国有企业。造成这一现象的一个很重要的原因就是融资约束的存在,很大比例的民营企业存在不同程度的融资约束问题。在进行对外直接投资时,民营企业获取外部融资的能力明显低于国有企业,其走出国门进行海外经营的障碍较多,这严重制约着中国民营企业对外直接投资的发展。为了探究融资约束如何影响民营企业对外直接投资,本文首先在异质性贸易理论的框架下构建了理论模型,来分析企业如何进行国际化选择,并且提出了文章的两个主要假说。其次,通过采用微观层面的数据库,《2013中国工业企业数据库》及《商务部对外境外投资企业(机构)名录》,利用Logit模型对中国企业对外直接投资的影响因素进行了回归分析,并且验证了本文提出的主要假说。本文发现,融资约束的改善可以显著提高中国企业进行对外直接投资的概率。而且对民营企业而言,融资约束的改善可以更明显的提高企业进行对外直接投资的概率。在当前全球经济一体化程度不断加深的情况下,对外直接投资是中国经济改革可持续发展的重要保证。本文结合中国对外直接投资发展进程的实际情况,分别从法制建设、金融机构发展、民营企业自身提出了相应的政策建议。
[Abstract]:Foreign direct investment (FDI) is one of the main ways for Chinese enterprises to participate in international division of labor and international competition, and it is of great significance to promote the development of export-oriented economy. Since the reform and opening up, China has adopted the economic policy of "introducing in" and attracted a large amount of foreign direct investment from abroad, which has greatly promoted the domestic economic development and the growth of import and export trade. As China becomes the second largest economy in the world, the degree of enterprises' participation in international division of labor and cooperation is deepening, and the one-way acceptance of foreign capital can no longer meet the needs of economic development. After more than 30 years of development, China's foreign direct investment has been in the forefront of the world. In 2015, the flow of China's foreign direct investment reached a historical high of 145.67 billion US dollars. It accounted for 9.9 percent of global traffic, up 18.3 from a year earlier, the second largest in the world after the United States. However, it should be noted that a very significant feature of China's foreign direct investment is the dominance of state-owned enterprises. At the end of 2015, state-owned enterprises accounted for 50.4of the US $938.2 billion stock of foreign non-financial direct investment. The development process of foreign direct investment of private enterprises obviously lags behind that of state-owned enterprises. A very important reason for this phenomenon is the existence of financing constraints, a large proportion of private enterprises have different degrees of financing constraints. In the process of foreign direct investment, the ability of private enterprises to obtain external financing is obviously lower than that of state-owned enterprises, and there are many obstacles for them to go abroad, which seriously restricts the development of Chinese private enterprises' foreign direct investment. In order to explore how financing constraints affect foreign direct investment (FDI) of private enterprises, this paper first constructs a theoretical model under the framework of heterogeneous trade theory to analyze how enterprises make internationalization choices, and puts forward two main hypotheses in this paper. Secondly, by using microcosmic database, < 2013 China Industrial Enterprise Database > and Ministry of Commerce's list of Foreign Investment Enterprises (Organization list), this paper uses logit model to analyze the influencing factors of Chinese enterprises' foreign direct investment (FDI). The main hypotheses proposed in this paper are verified. This paper finds that the improvement of financing constraints can significantly increase the probability of Chinese firms to make foreign direct investment (OFDI). And for private enterprises, the improvement of financing constraints can significantly improve the probability of foreign direct investment. With the deepening of global economic integration, foreign direct investment (FDI) is an important guarantee for the sustainable development of China's economic reform. According to the actual situation of the development process of China's foreign direct investment, this paper puts forward the corresponding policy suggestions from the legal system construction, the development of financial institutions and the private enterprises themselves.
【学位授予单位】：国际贸易经济合作研究院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.5;F125;F275

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