“走出去”对企业融资约束的影响——基于“一带一路”倡议准自然实验的证据

本文基于“一带一路”倡议这一准自然实验,使用双重差分法,以中国2007-2017年A股上市企业为样本,实证检验了“走出去”对企业融资约束的影响。研究发现,参与“一带一路”倡议的企业与未参与的企业相比,融资约束水平有所上升。该效应对处于重点对接省份的参与企业可能更为明显。与国有企业相比,参与“一带一路”倡议的私人企业的融资约束有所上升,而且处在重点对接行业和省份的参与“一带一路”倡议的民营企业融资约束更有可能上升。从机制上看,由于观察周期尚短和其它因素的限制,企业参与“一带一路”倡议以后,其在信贷资源获取、利润率和生产率等方面还未体现出优势来。从政策来讲,为更好地支持国家的“一带一路”倡议,需要进一步拓宽思路对企业形成更有效的金融支持,以提高“一带一路”建设的可持续性。

“Going Global” and Financial Constraints of Enterprises: The “Belt & Road” Initiative as a Quasi-natural Experiment

In this work, we study the impact of “going global” on the financing constraints faced by enterprises. Two facts about the Chinese economy motivate us to study this topic. First, since the implementation of the “going global” strategy, enterprises' pace of participation in the international market and the scale of outward direct investment have increased. The “Belt & Road” initiative proposed in 2013 encourages enterprises to improve their level of internationalization and to make better use of domestic and international markets. Second, enterprises, especially private enterprises and small and medium-sized enterprises, frequently face financing constraints. According to a survey conducted by the World Bank, 75% of China's private enterprises report financing difficulties as the main obstacle to their development. In the process of “going global,” the convenience with which private enterprises access financing has greatly improved, but with the existing modes of financing, it remains difficult for enterprises to fulfill their capital needs.
Treating the Belt & Road initiative as a quasi-natural experiment, we perform a difference-in-differences study of the impact of “going global” on the financing constraints faced by enterprises in China. Based on data from listed companies, the estimation results show that the financing constraints faced by enterprises participating in Belt & Road construction activities have not been alleviated. Instead, the financing constraints faced by private enterprises located in key provinces and in key industries are likely to worsen when participating in Belt & Road construction activities, which is not the case for state-owned enterprises. In terms of mechanism, preliminary evidence shows that private firms participating in Belt & Road construction activities have not accrued any advantage in terms of credit resources, profitability, and productivity due to the short observation period and other factors. From a policy viewpoint, we need to further broaden our thinking, provide more effective financial support to private enterprises, and improve the sustainability of Belt & Road construction activities.
The Belt & Road initiative is an important symbol of China's reform and opening up of its markets in the new era, which provides opportunities for enterprises to “go global.” However, in the Belt & Road construction process, private enterprises have not received effective external support. In response to this situation, we propose five policy suggestions. First, it is necessary to optimize the commercial financial support provided to enterprises involved in Belt & Road construction activities. Overreliance on indirect financing is unhealthy and expanding the use of direct financing is necessary. Ownership and scale discrimination should be further eliminated, and financial support for private enterprises and small and medium-sized enterprises should be enhanced. Rating agencies and other institutions should be invited to participate in Belt & Road construction activities to reduce the information asymmetry between financial institutions and enterprises. Second, it is necessary to strengthen the support of policy finance to enterprises involved in Belt & Road construction activities. Belt & Road construction is a pioneering and long-term cause. The activities that these enterprises are engaged in are exploratory and can produce positive externalities. It is not enough to rely solely on commercial finance, and the participation of policy finance is also necessary. Third, it is necessary to expand international financial support to enterprises involved in Belt & Road construction activities. The Belt & Road initiative is a platform for international cooperation. The participation of Chinese financial institutions alone would be inadequate to cover the requirements. Enterprises should find ways to secure financing support from countries covered by Belt & Road projects and other international financial institutions. Fourth, other policy instruments can be used to support enterprises involved in Belt & Road construction activities. In addition to financial instruments, tax authorities, customs, and other governmental departments should implement some measures to provide support. Fifth, it is necessary to enhance the complementarity between the government and the market in supporting enterprises involved in Belt & Road construction activities.In accordance with their respective conditions, local governments should guide qualified enterprises to participate in Belt & Road construction activities. The government should return to its position as soon as possible after “paving the way and building a platform,”and make market forces play a major role.