对外直接投资能缓解企业融资约束吗——基于中国工业企业的经验证据

Can Outward Foreign Direct Investment Reduce Enterprises' Financing Constraints——An Empirical Study on China's Industrial Firms

本文基于2002-2008年中国工业企业数据库及商务部境外投资企业(机构)名录匹配的微观数据集,采用PSM-DID方法,在控制内生性和自选择问题后,重点考察企业对外直接投资对融资约束是否具有缓解作用。研究结果表明:融资约束抑制了中国工业企业对外直接投资,企业融资能力越强,越倾向于开展对外直接投资;企业对外直接投资能够通过直接效应缓解融资约束,同时也能通过"生产率效应"和"出口效应"等间接效应缓解融资约束,但缓解作用存在时滞效应;对外直接投资缓解融资约束的作用受投资东道国特征的影响,投资于OECD国家和非避税地的企业,融资约束的缓解作用更为明显。

Using the data adopted from Chinese Industry Firms Database and The List of Foreign Investment Enterprises（Institutions）, this paper analyzes the cause-effect relationship between outward foreign direct investment and financing constraints by using PSM-DID method to control the endogenous and self-selection problems. It reaches the results as follows： firstly, the financing constraint has a negative impact on the enterprises＇ OFDI; enterprises with more powerful financing capability are more inclined to have OFDI; secondly, enterprises＇ OFDI can reduce the financing constraints directly, as well as through＂productivity effect＂ and ＂export effect＂ indirectly, but there is a time-lag; thirdly, the reducing effect of OFDI depends on the host country＇s characteristics, and it is stronger when investing in OECD countries and enterprises in non-tax area.