金融发展何以影响对外直接投资——基于行业外部融资依赖视角的机制检验

How Does Financial Development Affect Outward Foreign Direct Investments?A Mechanism Study from the Perspective of Dependence on External Financing among Industries

基于行业融资依赖视角的理论分析,运用2004~2018年中国对外直接投资行业面板数据,实证检验金融发展水平影响OFDI的作用机制,研究发现,金融发展的行业外部融资依赖机制显著,能有效改善外部融资依赖对行业OFDI的消极作用,且表现出明显的门槛特征;现阶段,主要通过金融深化、金融机构海外布局拓展、银行业和保险业的间接融资、风险管理等发挥作用;对第三产业的影响强于整体水平,对并购投资的作用也更明显,且"一带一路"倡议的推进显著增强该机制的作用。因此,建议通过对内深化金融改革、对外加快人民币国际化和扩大跨境金融合作等,更好地发挥金融服务实体企业对外直接投资的作用。

Using the panel data of outward foreign direct investments(OFDI)in Chinese industries from 2004 to 2018,this study empirically tested the mechanism for the effect of financial development on OFDI,based on theoretical analysis from the perspective of dependence on external financing.The results showed that financial development played a significant role in industries’dependence on external financing as it could effectively reduce the negative effect of dependence on external financing on OFDI in industries,while exhibiting obvious threshold characteristics.This mechanism was found to be primarily realized through financial deepening,overseas expansion of financial institutions,indirect financing from the banking and insurance industries,and risk management.This mechanism had a greater effect on tertiary industries compared to the overall level and affect investments in mergers and acquisitions more significantly.Furthermore,the promotion of the"Belt and Road"initiative also significantly enhanced the effect of this mechanism.Therefore,it is recommended that the government deepen financial reform internally,speed up the internalization of the Renminbi and expand cross-border financial cooperation externally,as well as better realize the role of financial service institutions in OFDI.