中资银行境外分支机构与对外直接投资

Overseas Branches of Chinese Banks and Outbound Foreign Direct Investments

随着内资金融机构的境外分支迅速发展,研究其是否提升投资便利化是我国金融对外开放的重要命题。利用2003—2018年中国对51个经济体的OFDI流量数据和中资银行在东道国(地区)的子公司及分支机构数量的数据,可以考察中资银行境外分支机构对我国对外直接投资的影响。实证研究表明:银行的境外分支机构数量与中国企业对该经济体的直接投资正相关;基于分位数处理效应(QTE)模型的因果分析证实了这一结果不是由反向因果关系驱动的;异质性分析表明,对于市场导向型投资以及治理水平较差的经济体,中资银行境外分支机构的促进作用更为明显。研究结果为我国提升银行国际化水平以推动实体企业“走出去”提供了政策依据。

With the rapid increase of overseas China-funded financial branch institutions,whether it can promote investment facilitation is an important topic for the study about China's financial opening-up.Using data from China's outbound foreign direct investment(OFDI)on 51 economies from 2003 to 2018 and data on the number of subsidiaries or branches of Chinese banks in host countries/regions,this paper examines the impact of overseas branches of Chinese banks on direct investment by multinational companies.The research results identify that the establishment of overseas branches of Chinese banks is directly related to the OFDI of Chinese enterprises in host countries/regions.A causal analysis based on the quantile treatment effects(QTE)model confirms that this result is unlikely to be driven by a reverse causality.This paper further discusses the impact of heterogeneity,and discovers that the impact is more pronounced for market-oriented investment as well as for host countries/regions with deficient institutional management qualities.These findings provide a policy basis for enhancing the internationalization of Chinese banks and promote Chinese enterprises“going global”.