母国经济政策不确定性、融资约束与企业对外直接投资

Home Country’s Economic Policy Uncertainty,Financial Constraints and Outward Foreign Direct Investment

本文以2004—2014年中国A股上市企业为样本,采用经济政策不确定性指数,探究了母国经济政策不确定性对企业对外直接投资决策的影响。研究结果表明:母国经济政策不确定性会对企业对外直接投资产生抑制作用,且这一负面的影响效应在融资约束较强的企业中更为明显;在考虑企业国际化发展战略后,发现母国经济政策不确定性的增加还会对企业对外直接投资的深度产生抑制作用。由此,本文进一步拓展了经济政策不确定性和企业对外直接投资领域的相关研究,为政府制定加快促进企业对外直接投资的政策措施以及企业进一步增强自身防范与化解外部风险的能力提供了重要的理论指导。

Using Chinese A-share listed companies’data from 2004 to 2014,this study investigated the effect of home country’s economic policy uncertainty on outward foreign direct investment(OFDI)by using the economic policy uncertainty index constructed by Baker et al.(2013).This study finds that economic policy uncertainty of home country has a negative effect on Chinese outward foreign direct investment.This association is more pronounced with stricter financing constraints.After considering the international development strategy,this study finds that the increase of economic policy uncertainty of home country has an inhibitory effect on the depth of overseas investment.This study expands the literature on the economic policy uncertainty and outward foreign direct investment,and provides implications for how economic policies play a more effective role in promoting OFDI and how OFDI enterprises enhance their ability to respond to external risks.