融资约束对中国台湾企业对外直接投资的影响

The Impact of Financing Constraints on China Taiwan's Enterprises'Outward Foreign Direct Investment

基于2008-2019年的中国台湾企业数据,可考察异质性贸易理论下融资约束对企业海外直接投资活动的影响。研究发现:融资约束对企业的海外直接投资决策、金额、次数及投资区域数均呈现明显抑制作用。以投资的区域属性分析,融资约束对企业投资各类经济体都呈现明显抑制作用,但对投资发展中地区或中国内地的边际效应明显较高。依企业规模的分类研究发现,融资约束会明显抑制大型企业的海外投资活动,但对中小型企业的影响不明显。研究表明,在探究中国台湾企业对外投资动能降低的原因时,管理部门可将融资约束列为重要的影响原因,并适时利用金融奖励政策支持企业进行跨境经营,以提升岛内企业在全球经贸结构中之地位。

Based on the data of China Taiwan's enterprises from 2008 to 2019,this paper applies the heterogeneous trade theory to the analysis of the impact of financing constraints on Taiwan firms'out-ward foreign direct investment activities.The results show that financing constraints have a significant inhibitory effect on the decision-making,amount,frequency,and number of regions of Taiwan firms'overseas direct investment.As seen from the analysis of the regional attribute of invest-ment,financing constraints have a substantial inhibitory effect on enterprises'investment in various economies and the Chinese mainland,but the marginal effect on developing regions or the Chinese mainland is significantly higher.By classifying enterprises by size,financing constraints greatly in-hibit the overseas investment activities of large enterprises,but the impact on small and medium-sized firms is not significant.The study indicates that when exploring the reasons for the decrease in China Taiwan's corporate investment momentum,regulatory departments may consider financing constraints as an important factor and use financial incentive policies to support enterprises in cross-border op-erations,thereby enhancing the status of domestic enterprises in the global economic and trade structure.