金融市场不完全、融资异质性与中国企业国际化

发布时间：2018-01-24 22:45

本文关键词： 融资异质性出口企业国际化中国　出处：《南开大学》2014年博士论文　论文类型：学位论文

【摘要】：上世纪90年代开始,中国政府已经开始推动中国企业“走出去”的国家发展战略。根据世界贸易组织秘书处的初步统计数据,2013年我国已经成为世界第一货物贸易大国,全年中国的货物进出口总额首次突破4万亿,其中出口额是2.21万亿美元,进口额是1.95万亿美元。与此同时,伴随着政府政策的推动和企业自身竞争力的提升,企业对外直接投资(Outward Foreign Direct Investment,OFDI)逐渐成为中国企业开展国际化业务的又一种重要模式。然而,与政府大力倡导企业国际化进程不同,配套的中国金融体制改革仍然处于滞后阶段。尚处于转型阶段的中国,企业在获得金融资源时不仅面临市场机制中一般意义的金融摩擦,还会受到由于中国金融体制不健全导致的其他复杂因素的影响。既有由于计划经济时期历史遗留的“所有制歧视的信贷”问题,又有基于关系型社会结构所引致的企业融资环境的迥异,更有大范围普遍存在的金融市场分割现象,这些都会在不同程度上对企业的国际化行为产生影响。WTO报告(2013)指出的一国的制度环境(包括经济体制、政治制度、社会结构等)也是影响一国开展国际化行为的重要因素,并且是形成国家比较优势的重要来源。正因为如此,在金融市场不完全的情况下,企业国际化行为和贸易自由化进程如何有序开展的问题逐渐成为国内外学者关注的重心。随着新新贸易理论的发展进一步补充了传统的基于比较优势的行业、国家层面的新古典理论以及基于规模经济和产品多样性的新贸易理论。异质性贸易理论从企业层面对国际贸易的原因进行了全新的解释。他们强调企业间的效率存在异质性,由于出口时会面临较大数额的固定成本,包括获得外部市场的信息、目标国消费者的偏好和建立分销渠道等,因此,只有效率足够高的企业才能克服较高的出口固定成本实现出口。国际贸易理论的发展也推动了金融因素与企业国际化的研究的演进。无论是国内生产还是国际化经营都会面临大量的需提前垫付的资金,而这一部分资金是企业无法从未来的销售收入或内部现金流来完全满足的。同时,企业实现国际化经营还需要提前垫付额外的固定成本,使得国际化经营的企业较之国内销售更加依赖于外部融资。尤其是2008年金融危机爆发后,越来越多的研究着眼于考察金融因素对实体经济的影响,全球贸易和外商直接投资下降不仅是由外部需求缩减导致的,更为严峻的外部融资状况也是重要原因之一。本文将在经典的异质性贸易与融资分析框架下,探讨由于金融体制不健全导致的中国的特有现象(所有制因素、关系型社会结构以及金融市场分割)与融资约束的交互作用下(即中国市场中所独有的金融异质性)对企业国际化行为的影响机制,尝试解释其中与经典的异质性贸易理论分析框架预测不完全一致的现象(或称之为“中国悖论”),将边界外的贸易问题研究与中国的边界内的制度问题的探讨有机结合。在此基础上,为中国金融体制改革和经济体制转型提供来自贸易层面的支持。本文共七章：第一章为导论,总领概括本文的主要研究内容及研究意义,并对文章整体的脉络和思路进行系统性梳理。第二章为文献综述,本文从新古典贸易理论中涉及的有关金融因素与企业国际化行为的研究作为起点,全面总结了相关的理论和实证文献,并将分析的重心着眼于新新贸易理论对金融异质性和企业国际化问题的探讨,以此为本文即将开展的研究做必要的理论铺垫,也为更好的界定本文对新新贸易理论下的中国研究的边际贡献提供给了扎实的基础。第三章通过构建基本的金融异质性与企业国际化的理论分析框架,来考察中国企业的融资能力对国际化行为的影响机制,并通过微观企业层面的数据对理论假说进行必要的验证。第四章在考虑了政治体制中存在的所有制问题的基础上,系统性的分析了企业所有制因素对贸易行为的影响,尤其着重于关注国有企业的“出口悖论”问题的破解。第五章针对目前社会结构中广泛存在的关系型社会结构现象,通过民营企业的出口决策行为分析民营企业与政府的隶属关系对其国际化行为的影响机理。第六章结合中国金融体制改革中尚存在的金融市场分割和信贷歧视现象,考察我国特殊经济结构下的金融与贸易问题的。第七章为结论、展望及未来的研究方向。在理论和经验分析基础上,本文得到主要结论如下：首先,外部融资能力不仅是影响企业国际化的重要因素,还会导致企业国际化经营中出现“就近取舍集中”的现象。外部融资能力最弱的企业选择仅在国内市场销售产品,融资能力较强的企业可以通过出口的形式步入国际化的行列,融资能力最强的企业则可以进行对外直接投资。其次,国有企业在融资和非生产效率上的显著优势弥补了其生产效率上的缺陷,使得国有企业在总体上表现出比民营企业更加倾向于出口的现象,这也就是导致“国有企业出口悖论”出现的原因。同时,由于“歧视信贷”现象的存在,政治关联扩大了民营企业间的融资异质性,对出口决策起到显著的正向促进作用。再次,金融市场的金融摩擦并不必然导致出口水平的下降,如果金融摩擦主要体现在金融市场分割和信贷不平衡上,那么它对出口的总体影响取决于两种影响的相对大小。但通过信贷不平衡换取的高出口是一种畸形的繁荣,会给社会带来严重的福利损失。最后,总体上而言,随着中国经济体制转型和金融市场改革的推进,国有企业基于所有制歧视获得的信贷偏袒、政治关联引致的融资异质性对出口的影响正在逐渐缩减,政府对国有企业或存在隶属关系企业的信贷政策偏袒的资源配置模式开始松动。
[Abstract]:In the beginning of 90s, the government has begun to promote the China China enterprises "going out" national development strategy. According to preliminary statistics the Secretariat of the World Trade Organization in 2013, China has become the world's largest trade in goods, the goods China annual total import and export volume exceeded 4 trillion, of which exports $2 trillion and 210 billion, imports is $1 trillion and 950 billion. At the same time, with the government policy to promote and enhance the competitiveness of enterprises, enterprises of foreign direct investment (Outward Foreign Direct Investment, OFDI) has gradually become an important mode of China enterprises to develop international business.
However, with the government vigorously promote the internationalization of enterprises, China supporting financial system reform still in the lag phase. Chinese is still in the transition stage, the enterprises not only face the general market financial frictions in the mechanism of access to financial resources, but also affected by other complicated factors caused by China in the financial system is not perfect both. There is in the period of planned economy, the historical legacy of "ownership discrimination credit" problem, and the financing environment caused by the different type of social structure based on the widespread more major financial market segmentation phenomenon, which will affect the internationalization of.WTO report on corporate behavior in different extent (2013) pointed out the institutional environment of a country (including economic system, political system, social structure and so on) are important factors which influence the development of international behavior of a country, and It is an important source of the national comparative advantage. Because of this, under the incomplete financial market, the problem of how to conduct the internationalization of enterprises and the process of trade liberalization has gradually become the focus of attention of scholars both at home and abroad.
With the development of new new trade theory further adds the comparative advantage industries based on the traditional new classical theory, and based on the national level of new trade theory, economies of scale and product diversity. The heterogeneity of trade theory in the cause of international trade from the business layer of the whole new interpretation. They emphasize the efficiency of inter enterprise heterogeneity when, as exports will face a large amount of fixed costs, including access to the external market information, target consumer preferences and set up distribution channels, therefore, only the fixed cost efficiency is high enough to overcome the high export enterprises export. The development of international trade theory also promoted the evolution of international financial and business factors the. Whether domestic production or international business will face a lot of need to advance funds, which is not a part of the capital of enterprise From future sales revenue or internal cash flow to fully meet. At the same time, the internationalization of enterprises management also need to advance in advance of additional fixed costs, the internationalization of enterprises than domestic sales more dependent on external financing. Especially in 2008 after the outbreak of the financial crisis, more and more studies focus on the effects of financial factors on the entity economic, trade and foreign direct investment is not only caused by the global decline in external demand is shrinking, one of the more serious situation of external financing is also an important reason.
The heterogeneity of trade and financing under the framework of classical analysis, with a discussion of the unique phenomenon of financial system is not perfect due to the Chinese (ownership factors, relationship between social structure and financial market segmentation) interaction and the financing constraints (i.e. China market under the unique financial heterogeneity) influence mechanism of enterprise internationalization behavior, try to explain the heterogeneity with the classical trade theory analysis of the phenomenon of forecasting framework is not fully consistent (also called "Chinese paradox"), will explore the organic combination of system on trade issues and the China boundary within the boundary. On this basis, from the level of trade support for China reform the financial system and economic system transformation.
This paper consists of seven chapters: the first chapter is the introduction, the main research contents and significance and summarizes the general and systematic combing of the context and the overall ideas. The second chapter is the literature review, the research on the financial factors and enterprise internationalization behavior from the new classical trade theory involved in as the starting point, comprehensive summarize the relevant theoretical and empirical literature, and analysis of the focus and focus of the Yu Xinxin trade theory to the problem of financial heterogeneity and the internationalization of enterprises, in order to make the necessary theoretical basis for this study is carried out, also the marginal contribution to better define the new trade theory under the Chinese research provides a solid the third chapter. Through the construction of international financial heterogeneity and enterprise basic theoretical framework to examine the China enterprise financing ability affects the international behavior of machine System, and through the micro enterprise level data is necessary to validate the hypothesis. The fourth chapter based on the ownership problem existing in the political system on the systematic analysis of the impact of corporate ownership factors on trade behavior, especially pay close attention to the state-owned enterprises "export paradox" crack in the fifth chapter. This type of social structure exists widely at present in the social structure, through the export decision behavior of private enterprises under the influence mechanism analysis of the relationship between private enterprise and the government for its international behavior. The sixth chapter discusses the phenomenon of financial market segmentation and credit discrimination still exist China financial system reform in the view of financial and trade issues China's special economic structure. The seventh chapter is the conclusion, the research direction and future prospect.
On the basis of theoretical and empirical analysis, the main conclusions obtained are as follows: firstly, the external financing capacity is not only an important factor affecting the internationalization of enterprises, will lead to enterprise internationalization appeared in "the nearest choice" phenomenon. Enterprises choose the weakest external financing capacity is only selling products in the domestic market, the financing ability of the enterprise can the form of exports into internationalization ranks, financing the strongest enterprises can carry out foreign direct investment. Secondly, a significant advantage in the financing of state-owned enterprises and non production efficiency on the defects in the production efficiency of the state-owned enterprises in the overall performance than private enterprises tend to export the phenomenon, that is cause the emergence of state-owned enterprises export paradox ". At the same time, due to the" credit discrimination "phenomenon, expand the political association of private The heterogeneity of financing between enterprises, to a significant positive effect on export decisions. Thirdly, financial frictions in financial markets will not necessarily lead to the decline in export level, if the financial friction is mainly reflected in the financial market segmentation and credit imbalance, so its overall impact on exports depends on the impact of two kinds of relative size. But the high export through credit balance exchange is an abnormal prosperity, will bring serious loss to social welfare. Finally, on the whole, with the Chinese transformation of economic system and financial market reform, the state-owned enterprise ownership discrimination based on partial access to credit, financing heterogeneity caused by the political association of export the government is gradually reduced, the resource allocation pattern of state-owned enterprises or the existence of the subordinating relation of the enterprise credit policy favoring start off.

【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.1;F279.2

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