中小企业OFDI股权投资与政府信贷支持

OFDI Equity Entry to Small and Medium-sized Enterprises and Government Financial Support

在Decker and Zhao模型基础上引入母国政府信贷支持政策变量使用预算约束优化和比较静态分析方法推导出了更具一般性的异质性中小企业OFDI国际化股权投资最优结构选择的影响因素模型。经过国内机会成本调整后的相对利润、中小企业的所有者的风险规避参数、东道国市场运营风险、母国政府信贷支持政策是本文模型中影响最优所有权比例的主要因素。包括投资保险、融资担保、优惠贷款、税收优惠、征信机制、海外投资立法等多种方式的广泛意义上的支持政策和法规将使中小企业OFDI股权投资收益良多。

According to Decker and Zhao model, the authors introduce a variable of home country＇ s credit support. Further, with methods of budget constrained optimization and comparative statics, they derive a general quantitative model of heterogeneous small and medium - sized enterprises （SMEs） for the optimum structure choice of outward foreign direct investment （OFDI）. In the model, the comparative profit after adjustment of domestic op- portunity cost, SME owner＇ s risk aversion parameter, estimated operation risk in the host country and the home country government support measures are vital factors to determine the optimal ownership ratio. A more comprehen- sive financial support measures including investment insurance, finance guarantee, preferential loan and tax reduc- tion and laws will make SMEs＇ benefit a lot from the equity OFDI overseas.