民间金融发展对民营企业对外直接投资的影响——基于温州企业层面数据的实证研究

The Influence of Informal Finance on Private Enterprises' Foreign Direct Investment——An Empirical Study Based on Wenzhou Enterprise Level Data

资金缺乏是民营企业在对外直接投资中遇到的主要瓶颈,民间金融发展则构成了解决该问题的主要途径,文章通过影响机制分析表明民间金融发展是否能促进民营企业对外直接投资取决于企业生产率。匹配中国工业企业数据库中的温州民营企业微观数据和温州商务局的民营企业对外直接投资信息进行实证研究,通过二值选择模型回归发现民间金融发展能提升高生产率民营企业的对外直接投资倾向,但却会降低低生产率民营企业的对外直接投资倾向。文章的实证研究进一步发现民间金融发展不影响民营企业对发达国家的对外直接投资,但对民营企业对发展中国家的对外直接投资有较为显著的影响。

Lacking of funds is the main bottleneck encountered by private enterprises in foreign direct investment,and the development of informal finance constitutes the main approach to solve this problem. This paper reveals that according to influence mechanism analysis,whether or not the development of informal finance can promote private enterprises' foreign direct investment depends on enterprises' productivity. This paper matches micro data of Wenzhou private enterprises in China's industrial enterprises database and the information of private enterprises' foreign direct investment by Wenzhou bureau of commerce for empirical studying,and the two value model regression shows that informal finance development can promote the foreign direct investment tendency of high-productivity private enterprises,but will reduce the foreign direct investment tendency of low-productivity private enterprises.This empirical study further reveals that informal finance development does not influence private enterprises' foreign direct investment to developed countries,but has a significant impact on the private enterprises' foreign direct investment to developing countries.