融资约束、金融财税政策和中国企业对外直接投资

中国已是世界第三大对外投资国,对外直接投资发展迅速的同时结构不平衡,行业较为集中。文章从微观企业视角研究融资约束和金融财税政策如何影响对外直接投资,在梳理政策脉络、阐明理论机制的基础上,匹配中国工业企业数据库和商务部境外投资企业名录,构建logit模型进行实证研究。研究发现:(1)融资约束对中国企业对外直接投资具有显著影响,融资能力越强的企业越倾向进行对外直接投资。(2)政府出台的金融财税政策可以提高企业对外直接投资的概率,同时弱化融资能力对企业对外直接投资的积极影响,但该调节作用不适用于国有企业和外资企业,在行业层面仅适用于采矿业、金属冶炼业和纺织业。

Financing Constraints,Finance and Taxation Policies and OFDI of China’s Enterprises

China has become the third largest foreign investor in the world. Its OFDI develops rapidly, while the structure is unbalanced and the industries are relatively concentrated.This paper studies how financing constraints as well as finance and taxation policies affect OFDI from the perspective of micro enterprises. Based on sorting out the policy context and clarifying the theoretical mechanism, the paper constructs the logit model for empirical research by matching Chinese industrial enterprises database and the directory of foreign investment enterprises of the Ministry of Commerce. The research indicates that:( 1) financing constraints have significant effect on OFDI of China’s enterprises, and the enterprises with stronger financing ability are more inclined to undertake OFDI;( 2) finance and taxation policies implemented by the government can increase the probability of the enterprises ’OFDI, and weaken the positive effect of financing ability on the enterprises’ OFDI. But this adjustment effect is inapplicable to the state-owned and foreign-funded enterprises. It is only applicable to mining, metal smelting and textile industries at the industry level.