全要素生产率、融资约束与企业对外直接投资

›› 2019 ›› Issue (02): 31-41.

全要素生产率、融资约束与企业对外直接投资

刘敏¹, 黄亮雄², 黄翔³

1. 广东财经大学经济学院, 广东广州 510320;
2. 华南理工大学经济与贸易学院, 广东广州 510006;
3. 广东财经大学创业教育学院, 广东广州 510320

收稿日期:2018-07-18 出版日期:2019-03-15 发布日期:2019-03-25
作者简介:刘敏(1986-),女,重庆人,讲师,博士,研究方向为对外投资;黄亮雄(1985-)男,广东佛山人,副教授,博士,研究方向为对外投资;黄翔(1981-),广东梅州人,讲师,博士,研究方向为创业投资。
基金资助:
教育部人文社会科学基金青年项目"新时代背景下改善营商环境提升吸引外资水平的机制和影响因素研究"（18YJC790100）；广东省哲学社会科学"十三五"规划学科共建项目"双边伙伴关系推动中国企业对外投资的机制和效应研究：基于风险控制的视角"（GD17XYJ18）

Total Factor Productivity、 Financial Constraint and China's OFDI Choice

LIU Min¹, HUANG Liang-xiong², HUANG Xiang³

1. The Faculty of Economics, Guangdong University of Finance& Economics, Guangzhou, Guangdong 510320, China;
2. School of Economics and Commerce, South China University of Technology, Guangzhou, Guangdong 510006, China;
3. School of Entrepreneurship, Guangdong University of Finance & Economics, Guangzhou, Guangdong 510320, China

Received:2018-07-18 Online:2019-03-15 Published:2019-03-25

摘要/Abstract

摘要： 从微观层面检验全要素生产率、融资约束对企业对外直接投资的影响，展现全要素生产率与融资约束的交互效应。研究发现，全要素生产率越高的企业对外直接投资可能性越大，融资约束越少的企业对外直接投资的可能性越大。全要素生产率与融资约束存在替代关系，融资约束的负作用仅在全要素生产率较低的企业呈现。全要素生产率的提高能抹平融资约束对企业对外直接投资的负向影响。进一步，在内资企业和出口企业全要素生产率和融资约束对企业对外直接投资的交互效应更强。内资企业更能发挥全要素生产率的提高抹平融资约束对企业对外直接投资负向影响的作用，但该抹平作用仅在内资出口企业中成立。

关键词: 全要素生产率, 融资约束, 对外直接投资

Abstract: This paper tests the effect of total factor productivity and financial constraint on China's OFDI choice. Moreover, the interaction effect of total factor productivity and financial constraint are also displayed. The results show that, the higher the productivity is, the more likely for the firms to operate OFDI, in addition, the lower the financial constraint is, the less likely for the firms to do OFDI. Moreover, total factor productivity and financial constraint are mutual substituted, the negative effect of financial constraint on OFDI choice is larger in firms with lower total factor productivity, that is to say, raising total factor productivity can moderate the negative effect of financial constraint on OFDI choice. Moreover, the interaction effect of total factor productivity and financial constraint is larger in domestic firms and export firms. Raising total factor productivity of domestic firms and especially export firms can moderate the negative effect of financial constraint on OFDI choice,

Key words: Total factor productivity, Financial constraint, Outward Foreign direct investment, Firm heterogeneity

中图分类号:

F832.6

刘敏, 黄亮雄, 黄翔. 全要素生产率、融资约束与企业对外直接投资[J]. , 2019(02): 31-41.

LIU Min, HUANG Liang-xiong, HUANG Xiang. Total Factor Productivity、 Financial Constraint and China's OFDI Choice[J]. , 2019(02): 31-41.

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