融资约束、东道国汇率风险与企业对外直接投资区位选择——基于浙江省微观企业层面数据的实证研究

Financing Constraints,Exchange Rate Risk of Host Country and Location Choice of Enterprises' Foreign Direct Investment ——An Empirical Study Based on Micro Enterprises' Data of Zhejiang Province

融资约束和东道国风险分别是阻碍我国企业对外直接投资稳定性和可持续发展的国内和国外因素,因而研究两者产生的对外直接投资区位选择至关重要。基于此,文章研究企业融资约束如何影响对外直接投资的东道国汇率风险选择,通过模型化东道国汇率风险对我国企业对外直接投资产生的正向和负向影响,文章的理论模型表明融资约束较大的企业在对外直接投资区位选择中倾向于汇率风险较高的东道国。在实证研究中,文章匹配多个数据库构建微观层面数据,并利用两个国际数据来源度量东道国汇率风险,通过设计二值选择模型和排序模型进行实证研究,发现融资约束较高的对外直接投资企业倾向于选择高汇率风险的东道国,双变量二值选择模型确保了这一结果的稳健性。综合理论和实证研究结果,文章发现融资约束的存在提高了企业在对外直接投资区位选择中的风险偏好程度。

Financing constraints and exchange rate risk of host country are domestic and foreign factors which will hinder the stability and sustainable development of China's enterprises foreign direct investment,so the interaction influence of these two factors on location choice of foreign direct investment is also crucial.Based on this,in this paper we study the foreign direct investment choice of host countries'exchange rate risk when exist of financing constraints,through modeling the negative influence of revenue losing and positive influence of financing cost reducing,our model finds that foreign direct investment enterprises with higher financing constraints tend to host countries with t higher exchange rate risk in location choice.In empirical study,we match multiple database to construct the micro level data,and use two international data sources to measure exchange rate risk of host countries,our empirical study finds that foreign direct investment enterprises with higher financing constraints tend to choose higher exchange rate risk countries through binary choice model and sorting model,the result of bivariate binary choice model ensure the robustness of our empirical research.Based on the comprehensive of theoretical and empirical research results,we find the existence of financing constrains improves the risk preference in the foreign direct investment location choice.