民间借贷与企业对外直接投资——理论机理与实证检验

Private Lending and Enterprise Foreign Direct Investment:Theoretical Mechanism and Empirical Test

在"一带一路"战略背景下,金融发展支持对于推动企业对外直接投资而言至关重要,民间金融则在其中扮演重要角色。从理论和实证研究民间借贷如何影响企业对外直接投资规模,在估算民间借贷规模的基础上通过理论和实证研究得出两点主要结论:第一,民间借贷规模的扩大会减少劳动工资较低地区的企业对外直接投资,仅增加劳动工资较高地区的企业对外直接投资;第二,民间借贷规模的扩大会减少技术水平较低地区的企业对外直接投资,仅增加技术水平较高地区的对外直接投资。针对企业对外直接投资项目数的实证研究则表明民间借贷的直接推动作用较为明显,并且第一个结论仍然成立,而第二个结论不再显著。

In the background of "one zone and one road",financial development support is important for promoting enterprise foreign direct investment,and in which informal finance also plays an important role.In this paper,we study how private lending influencing the scale of enterprise foreign direct investment from theoretical and empirical view point,we get two main conclusions based on the estimation of private lending scale:firstly,in low wage areas,the expansion of private lending scale will reduce enterprise foreign direct investment,and only increase enterprise foreign direct investment of high labor wage areas;secondly,in low technical level area,the expansion of private lending scale will reduce enterprise foreign direct investment,and only increase enterprise foreign direct investment of high technical level areas.The empirical study on project number of enterprise foreign direct investment found the direct promote effect is obvious,and the first conclusion is still valid,the second conclusion is no longer significantly.