金融发展对中国对外直接投资影响的实证研究

An Empirical Study of Financial Development and China's Outward Foreign Direct Investment

"走出去"战略实施以来,中国对外直接投资(OFDI)快速增长。相比于国内市场,企业进入国际市场需要更多的资金支持,因而有必要考察金融发展对中国对外直接投资的影响。通过构建分别反映间接融资和直接融资规模与效率的四个金融发展指标,基于2004—2012年我国省级面板数据的研究发现,间接融资规模对我国OFDI有显著为正的影响,而直接融资的影响不明显。此外,经济发展水平、对外贸易、资本密集度对我国对外直接投资有促进作用。考虑内生性问题后的回归结果与基准模型保持一致。分地区回归结果表明,对于东部和中部地区,间接融资规模和直接融资规模对对外直接投资有显著为正的影响,融资效率的作用不明显;对于西部地区,不论是直接融资还是间接融资,金融发展都未促进对外直接投资。

This paper investigates the effect of financial development on China's OFDI by using panel data of 31 provinces during the period of 2004—2012. Firstly,examining the effect of financial development from the perspectives of indirect financing and direct financing on China's OFDI,the result shows that in general the size of credit market promotes China's OFDI significantly. Secondly,this paper further discusses the potential effect of long-existing financial repression in China on its foreign direct investment. The result shows that the financial repression does play a certain role on China's OFDI. This paper also examines the effects of financial development on OFDI of different regions.