东道国金融发展对中国企业对外直接投资的影响:二元边际与生产率门槛

文章基于中国上市企业2008-2015年对外直接投资数据，分析东道国金融发展在扩展边际和集约边际上对企业对外直接投资决策以及投资所需生产率水平的影响。研究发现，在不同生产率的企业中东道国金融发展的影响是异质性的。较高的金融发展水平会系统性地降低投资所需的生产率水平，进而促进中国企业对外直接投资的概率、次数和规模。进一步的研究还发现，在经济发展水平比中国高的东道国金融发展的生产率效应更显著，投资所需生产率下降得更多。尽管如此，高经济发展水平东道国的最低生产率门槛仍然高于低经济发展水平的东道国。控制了金融发展指标和企业全要素生产率的内生性后，结果依然稳健。

A Study on the Effects of Financial Development in Host Countries on Outward Foreign Direct Investment of Chinese Enterprises: Binary Margins and Productivity Threshold

Using the data of Chinese listed enterprises in 2008-2015, we investigate the impact of Financial Development in host countries on extensive and intensive margins and productivity of Chinese Outward Foreign Direct Investment (OFDI). The results show that Financial Development exerts heterogeneous effects among enterprises of different productivities. Higher Financial Development in host countries can systematically lower productivity for OFDI and foster Chinese OFDI in investment probability, numbers and scales. It is also found that the productivity effects are more significant in host countries that are more developed than China. Nevertheless, the basic productivities for OFDI remain higher in more developed host countries than those in less developed ones. The results are robust if the endogeneity of Financial Development and TFP are dealt with.