金融发展和中国对外直接投资——基于制造业行业面板数据的分析

论文考察了东道国金融发展水平对中国制造业企业对外直接投资的影响机制。理论分析指出,东道国金融发展能够通过竞争效应和融资效应两种渠道影响中国对外直接投资,而且两种效应的作用相反。经验研究结果表明东道国金融发展所产生的融资效应要大于竞争效应,且金融发展对中国对外直接投资的促进作用具有门槛系效应,只有当行业的融资需求达到一定水平,这一促进作用才存在。另外,金融发展对于技术密集型对外直接投资的影响更加明显。

Financial Development and Chinese OFDI:An Analysis Based on Panel Data of Manufacturing Industry

This paper evaluates the influence of host-country financial development on Chinese outward direct foreign investment(OFDI).Theoretical analysis points out that host-country financial development of can influence Chinese OFDI through the two channels:(1)competition effect;(2)financing effect,and the two channels affect the flow of Chinese OFDI in opposite ways.Empirical results show that host-country financial development can significantly promote the Chinese OFDI by alleviating financial constraints of Chinese firms.In addition,the results of sub-sample regression show that financial development has a threshold effect on the promotion of China’s OFDI.Only when the financing demand of the industry reaches a certain level,this promotion effect exists.Furthermore,this paper indicates that host-country financial development has a more significant impact on technology-intensive OFDI than labor and capital-intensive OFDI.