摘要
基于2011—2021年沪深A股上市公司数据,通过匹配地级市层面数字金融指数、国泰安海外直接投资数据库,测算上市公司对外直接投资规模,实证分析数字金融对企业对外直接投资的影响以及融资约束的中介效应。研究发现:数字金融从总体上以及三个分维度均能推动企业对外直接投资规模的增长;数字金融通过缓解融资约束这一渠道影响投资规模的增长;相较于国有企业、中西部地区而言,非国有企业和东部地区数字金融的作用效果更加明显。
Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021,by matching the digital finance index at the prefecture level and the CSMAR Overseas Direct Investment Database,the scale of outward direct investment of listed companies is calculated.Empirical analysis is conducted on the impact of digital finance on outward direct investment of enterprises and the mediating effect of financing constraints.Research has found that digital finance can promote the growth of outward foreign direct investment by enterprises in both overall and three sub dimensions;Digital finance affects the growth of investment scale by alleviating financing constraints through this channel;Compared to state-owned enterprises and the central and western regions,non-state-owned enterprises and digital finance in the eastern region have a more significant impact.
作者
杨轩
李洪亚
Yang Xuan;Li Hong-ya
出处
《生产力研究》
2024年第2期150-155,F0003,共7页
Productivity Research
基金
教育部人文社会科学研究基金项目“税收激励政策影响中国企业规模分布的理论与实证研究”(18YJC790077)
宁波大学龙元建设金融研究院课题“数字金融与建筑企业成长:基于上市公司数据的研究”(HS2021000092)。
