融资约束与中国企业对外直接投资模式:跨国并购还是绿地投资

Financial Constraint and the Mode of Outward Foreign Direct Investment: Cross-border Merge or Green Field Investment

本文在Manova(2008)理论研究的基础上,引入绿地投资和跨国并购两种投资方式,发现融资能力强的企业更倾向于选择跨国并购,于是运用2003—2010年中国工业企业中发生跨国并购和绿地投资的企业数据,实证检验融资约束如何影响企业对外直接投资的模式。结果表明:融资约束低的企业选择跨国并购的概率更大,融资约束相对较高的企业则选择绿地投资,具体表现为融资约束降低1%,企业选择跨国并购的概率将增加2.51%;在不同投资动机下,融资约束的影响有所差异,在商贸服务和生产型投资动机下,融资约束低的企业选择跨国并购的概率更大,而技术研发动机下,融资约束则不影响投资模式选择。

Basing on the theory of Manova(2008)this paper investigates how financial constraint affects the mode of outward foreign investment and finds that firms with less financial constraint will choose cross-border merge and acquisitions,while firms with greater financial constraint have to choose green field investment.Then the authors apply corporate data of 2003—2010 to test the above theory,and find that it is supported by empirical evidence.For example,by lowering the financial constraint by 1%,the probability of choosing cross-border M&A will increase by 2.51%.The above finding holds under different robust tests.When the income of host countries and motives of OFDI are considered,the results are still robust.