真实合规审查、融资约束与企业OFDI

Authenticity Compliance Review,Financing Constraints and Enterprise OFDI

2001年起,中国企业在“走出去”政策支持下快速进行全球投资布局,但近些年国内外经济环境发生了巨大变化。2017年8月18日,《关于进一步引导和规范境外投资方向的指导意见》出台,对外直接投资(OFDI)迎来新的监管政策——真实性、合规性审查,中国对外直接投资进入了新阶段。基于权衡理论和优序融资理论,定性定量研究融资约束和真实合规审查对中国企业OFDI决策的影响并对政策实施效果进行科学评估。研究结果表明:企业融资约束和真实合规审查都会抑制企业对外直接投资,该政策有利于精准优化对外投资结构。建议企业真正理解真实合规审查政策要求,降低融资约束程度,以及相关管理部门进一步完善审查内容和范围,真正发挥出OFDI的逆向技术效应,实现出口与投资的良性互动,促进对外投资持续健康发展。

Since 2001,supported by the"go global"policy,Chinese enterprises have made rapid global investment layout,but in recent years,the domestic and international economic environment has undergone great changes.On August 18,2017,Guidance on further guiding and standardizing the direction of overseas investment was released,ushering in a new regulatory policy for OFDI--authenticity and compliance review,China's OFDI entered a new stage.Based on the theory of tradeoff and optimal financing,this paper qualitatively and quantitatively studies the impact of financing constraints and true compliance review on OFDI decision-making of Chinese enterprises and makes a scientific evaluation of policy implementation effect.The research results show that both financing constraints and authenticity compliance review can inhibit enterprises'ofdi,and this policy is conducive to accurately optimizing the structure of ofdi.It is suggested that enterprises really understand the requirements of the real compliance review policy,reduce the degree of financing constraints,and relevant management departments further improve the review content and scope,so as to truly play the reverse technical effect of OFDI,realize the positive interaction between export and investment,and promote the sustainable and healthy development of overseas investment.