摘要
基于融资的新视角,本文运用192家民营企业面板数据经验分析了FDI对民营企业出口的影响。研究发现:相比国有企业,民营企业的出口更为依赖外源融资能力;外商直接投资仅对合资民营企业和处于产业集聚区的非合资民营企业的出口起到融资缓解效应,而外商直接投资的当地融资则加剧了未处于产业集聚区的非合资民营企业出口的外源融资困境;对合资民营企业而言,出口融资约束的缓解很大程度上依赖外商直接投资,而非合资民营企业出口融资约束的缓解则主要依赖于金融市场改革。
Using the firm-level data,the paper empirically tests the effect of FDI on China′s private firms′ export from the new perspective of financing.The results show that private firms′ export depends on their external financing to a great degree,while state-owned firms hardly do.Joint venture and non-joint venture private firms located in cluster zone export more due to the financing effect of FDI.Unfortunately,non-joint venture firms′ exports in non-cluster zone are more constrained because of local loans from FDI.Moreover,compared with FDI,financial market reform plays a more important role in non-joint venture private firms′ export.
出处
《世界经济研究》
CSSCI
北大核心
2011年第1期61-66,89,共6页
World Economy Studies
