外资银行贷款与中国企业国际化——基于我国上市公司的经验证据

Foreign Bank Lending and Chinese Firms Internationalization

本文检验了外资银行贷款与中国企业国际化程度之间的关系。利用2001—2013年我国A股上市公司数据,本文发现获得外资银行贷款企业的国际化程度更高,并且这一效应在金融市场化水平高的地区更强。本文还进一步考察了外资银行贷款影响企业国际化的作用路径,发现高声誉的外资银行更能提升企业的国际化程度,并促进中国企业在发达国家或地区开展国际化。本文的结论有助于理解外资银行进入后的作用体现及其机制,同时也将国际化进程理论引入到金融研究领域。

This study examines the impact of foreign bank lending on Chinese firms internationalization. Using the sample of Chinese A-share listed firms from 2001 to 2013, we find that foreign bank lending can accelerate the international process of Chinese firms, and the effect is more pronounced in areas where the marketization of financial market is higher. We further investigate how foreign bank lending affects international process, and find that lending from foreign banks with higher reputation accelerates the international process and OFDI in advanced economies, whereas that from foreign banks with lower reputation doesn＇t. Our findings provide evidence on the function of foreign banks after their entry, and we also introduce the internationalization theory to finance research.