我国商业银行在东盟的对外投资区位选择研究

The Location Choice of Foreign Investment for China's Commercial Banks In ASEAN

2008年次贷危机为我国商业银行对外投资提供了历史机遇,"一带一路"倡议的提出进一步推进了我国银行业的对外投资进程。中国——东盟自由贸易区的启动很大程度上促进了区域对外投资,为我国商业银行进入东盟国家提供了广阔的市场机会。本文通过选取"一带一路"沿线东盟国为研究对象,利用固定效应模型对影响中农工建四大国有商业银行对外投资区位选择的因素进行研究。实证结果表明:双边贸易额、对外直接投资额、东道国市场潜力、集聚经济效应及自然资源禀赋等因素均显著正向影响四大银行海外机构数量,而地理距离、金融开放程度与海外机构数量呈现负相关。基于此,本文立足"一带一路"倡议,为稳步推进四大商业银行对东盟地区的投资区位布局以及完善商业银行境外机构网络提出针对性的对策与建议。

Commercial banks in China have accelerated the pace of international operation after the 2008 Subprime Mortgage Crisis and“The Belt and Road”has promoted the progress of internationalization.The start of China-ASEAN Free Trade Area has greatly promoted regional foreign investment and provided broad market opportunities for China's commercial banks.The paper chooses ASEAN countries as samples and uses the fixed effect model to study factors affecting the location choice of foreign investment of the four Chinese state-owned commercial banks in ASEAN.The results show that bilateral trade volume,foreign direct investment,market potential of host country,agglomeration economic effect and natural resources are positively related to the number of the banks'overseas institutions,while geographical distance,financial openness are negatively related to the number.Accordingly,the paper puts forward countermeasures and suggestions to promote the foreign investment location layout in ASEAN and improve the network of overseas institutions of the banks.