信贷供给对企业利用外资的影响

The Impactof Credit Supplyon Enterprises'Useof FDI

站在外资需求方视角,信贷供给扩张对企业利用外资存在两种方向相反的效应,其中替代效应通过降低国内融资成本进而对企业利用外资产生挤出,需求效应通过扩张企业外部资金需求进而对企业利用外资产生促进。货币暴露和融资约束是信贷供给影响企业利用外资的关键机制,低现金流企业的外资替代效应占主导地位,高融资约束企业的外资需求效应占主导地位。进一步研究发现,信贷供给变化对企业利用外资存在非对称影响,紧缩时期的信贷供给变化对企业利用外资的边际效应更强;同时中国国内其他地区的信贷环境变化也会影响本地企业的利用外资选择。这对中国如何持续利用外资和实施信贷政策精准调控具有一定的启示作用。

From the perspective of foreign capital demanders,this paper takes China's industrial enterprises from 1998 to 2013 as the research sample,and examines the impact and mechanism of credit supply changes on enterprises'use of foreign capital.The study found that:credit supply changes have two opposite effects on enterprises'use of foreign capital.Among them,the substitution effect crowds out the use of foreign capital by reducing domestic financing costs,and the demand effect expands the external capital demand of enterprises and then encreases the use of foreign capital.Currency exposure and credit constraints are the key mechanisms for credit supply changes to affect enterprises'use of foreign capital.The substitution effect for enterprises with high currency exposure has a dominant position,and expanding credit supply restricts their choices of using foreign capital.The demand effect for high credit constrainting enterprises has also a dominant position,and expanding credit supply encourages their choices of using foreign capital.Further research finds that credit supply changes have asymmetric effects on enterprises'use of foreign capital.Credit supply changes during credit tight periods have a stronger marginal effect on enterprises'use of foreign capital.At the same time,changes in the credit supply from other regions will also affect the choice of local enterprises to use foreign capital.This paper has certain economic implications on China's continuous use of foreign capital and precise implementation of macro-policy.