上市公司比非上市公司有更快的对外直接投资速度吗?——基于中介效应检验的实证研究

Do Listed Companies Secure Foreign Direct Investment More Quickly Than Non-listed Companies?: An Empirical Study Based on Mediating Effect

文章从速度视角研究上市公司和非上市公司的对外直接投资特征差异,并探寻其中的影响渠道。在理论上,文章阐述了上市公司对外直接投资速度的融资便利正向影响和决策滞缓负向影响机理。在实证上,文章研究发现上市公司对外直接投资速度在总体上慢于非上市公司。进一步地,由于企业异质性的存在,上市公司对外直接投资速度慢于非上市公司的实证结果仅出现在发达国家东道国分样本和非国有企业分样本中。此外,文章采用倾向得分匹配估计验证了各样本实证研究结果的稳健性;中介效应检验则进一步确认了上市公司对外直接投资速度的融资便利正向影响渠道和决策滞缓负向影响渠道。

This paper studies the differences of FDI characteristics between listed companies and non - listed companies from the perspective of speed and explores the influencing channels. In theory, this essay introduces the positive impact of the financing convenience of listed companies on foreign direct investment speed and the negative impact mechanism of the slowdown in decision-making. Our empirical study finds that the foreign direct investment speed of China's listed companies is generally slower than non-listed companies. In addition, due to the heterogeneity of the enterprise, the empirical results of listed companies that foreign direct investment is slower than non-listed companies only appear in sub-sample of host country in developed countries and non-state-owned enterprises. Furthermore, in this paper, propensity score matching (PSM) is used to verify the robust-ness of the empirical results of each sample. The mediating effect test further confirms that the financing convenience of listed companies has positive impact on the foreign direct investment speed and has negative impact on decision - making slowdown.