OFDI能否缓解企业的融资约束——基于A股非金融上市企业数据的实证分析

Can OFDI Alleviate The Financing Constraints Of Enterprises? ——The Empirical Test Basing on The Data of A-share Non-financial Listed Companies

本文探讨了OFDI通过拓展内源融资、拓展外源融资、实现制度规避和寻求优惠政策三条缓解企业融资约束的路径。在此基础上,以2003-2017年2978家A股非金融上市公司的面板数据为样本,利用控制时间、个体固定效应的OLS方法和修正的现金--现金流敏感度模型,实证检验了企业对外直接投资是否具有融资约束缓解效应,以及这种效应是否存在产权异质和行业异质性。

OFDI can alleviate the financing constraints of enterprises by expanding internal financing, expanding external financing, achieving institutional evasion and seeking preferential policies. Based on this, this paper uses the panel data of 2978 A-share non-financial listed companies in 2003-2017 as a sample, using the OLS method of controlling time and individual fixed effect, as well as the modified cash-cash flow sensitivity model to empirically test whether corporates’ foreign direct investment can alleviate financing constraints, and whether this effect has property rights heterogeneity and industry heterogeneity.