企业融资约束与对外直接投资国别区位选择——基于微观数据排序模型的实证研究

Enterprises' Financing Constraints and the Country-specific Location Choice of Outward FDI: An Empirical Research Based on Micro Data Ordering Model

企业对外直接投资是我国近年来重要的对外开放战略,其持续发展和国别区位选择对国内外经济均有重要的影响。文章从微观层面研究融资约束如何影响企业对外直接投资国别区位选择,在阐明理论机理的基础上通过匹配《中国境外投资企业(机构)名录》、《中国工业企业数据库》中的浙江省企业数据,并依据世界银行发布的《世界发展指数》中的东道国宏观经济数据构建排序模型进行实证研究。研究发现融资约束越大的对外直接投资企业倾向于选择GDP规模较小、经济发展水平较低以及技术相对落后的东道国,限制了东道国的选择范围。此外还发现对于低生产率企业而言,较大的融资约束使其倾向于选择金融发展程度较高的东道国;而对于高生产率企业,较大的融资约束使其倾向于选择金融发展程度较低的东道国。

In recent years, outward FDI has been an important strategy for China＇s opening up, and its sustainable development and country-specific location choice will have an important influence on domestic and foreign economy. This paper studies how financing constraints affect the country- specific location choice of outward FDI, and makes an empirical research by matching the firm data of Zhejiang in the List of China＇s Foreign Investment Enterprises（Institutions） and China＇s Industrial Enterprise Database based on theoretical mechanism and constructing an ordering model based on host countries＇ macroeconomic data in the World Development Index. It finds that the outward FDI enterprises which have greater financing constraints tend to choose the host countries with a smaller GDP size, a lower level of economic development and a relatively backward technology, which limits the choice of host countries. In addition, it finds that for low productivity firms, larger financing constraints will make them tend to choose the host countries with a higher degree of financial development; for high productivity firms, larger financing constraints will make them tend to choose the host countries with a lower degree of financial development.