摘要
进一步增强金融服务实体经济能力,应引导更多金融资源配置到开放领域的关键环节,“一带一路”建设就是其中的重要方面。“一带一路”倡议实施为研究高水平对外开放对增强金融服务实体经济能力的影响,提供了合适的准自然实验样本。本文利用2003~2019年企业层面的绿地投资数据,采用双重差分方法识别了“一带一路”倡议实施对中资银行与实体企业对外直接投资匹配度的增长效应。结果发现,相较于非沿线国家,“一带一路”倡议实施之后中资银行与实体企业对外直接投资匹配度显著增加。异质性分析结果表明,在沿海国家、陆上丝绸之路国家组别,在房地产业组别,“一带一路”倡议实施对投资匹配度的增长效应显著更大,与我国的地理距离对投资匹配度并无显著影响。进一步研究发现,中资银行通过持续深耕海外实体经济显著提升了自身绩效,尤其是在经济发展水平较高、对外开放程度较高的东道国,规模较大的银行,相关绩效提升效应显著存在。本研究为我国深化金融改革开放,进一步增强金融服务实体经济能力,推动银行业高水平对外开放,深度融入“一带一路”倡议提供了有益的政策启示。
To further enhance the ability of finance serving the real economy,it is necessary to guide the allocation of more financial resources to key links in the open field.The construction of“The Belt and Road Initiative”has been one of the important aspects.The implementation of“The Belt and Road Initiative”has provid⁃ed a suitable quasi natural experiment sample for researching the impact of high⁃level opening to the outside world on enhancing the ability of finance serving the real econ⁃omy.By taking advantage of the data of Green field Investment at the enterprise level from 2003 to 2019,the double difference method is adopted to identify the growth effect of the implementation of“The Belt and Road Initiative”on the matching de⁃gree of foreign direct investment between Chinese banks and real enterprises.According to the results,it indicates that the implementation of“The Belt and Road In⁃itiative”has significantly increased the matching degree of the foreign direct invest⁃ment between Chinese banks and entity enterprises.The heterogeneous effect analy⁃sis suggests that in the groups of coastal countries and countries along the Land Silk Road,and in the two industry categories of real estate,the implementation of the“Belt and Road”initiative has a significantly greater growth effect on investment matching,while geographical distance from China has no significant effect on invest⁃ment matching.According to the further research,it is found that Chinese banks have significantly improved their own performance by continuing to deepen the over⁃seas real economy,especially in host countries with a high level of economic devel⁃opment and a high degree of openness.For large⁃scale banks,the related perform⁃ance improvement effect significantly exists.Through the research in this thesis,the useful policy inspiration has been provided for our country to deepen financial reform and opening up,further enhance the ability of finance serving the real economy,pro⁃mote high⁃quality open
作者
鲍洋
鲍志斌
陈冉
BAO Yang;BAO Zhibin;CHEN Ran(Economic and Social Development ResearchInstitute of Dongbei University of Finance and Economics,Dalian 116025,China;School of International Economics&Trade of Dongbei University of Finance and Economics,Dalian 116025,China)
出处
《产业组织评论》
2022年第4期23-45,共23页
Industrial Organization Review
基金
国家社会科学基金青年项目“‘一带一路’倡议下中国对外投资合作对沿线国家政府债务削减效应研究”(19CJL042)
关键词
“一带一路”
金融服务实体经济
对外直接投资匹配度
银行绩效
“The Belt and Road Initiative”
financial services entity econo⁃my
matching degree of foreign direct investment
bank performance
