摘要
资金短缺与信贷约束同生产率一样,都是企业国际化路径的绊脚石。基于新新贸易理论,构建融资约束对企业国际化影响的理论模型,利用我国29个省、市、自治区2005~2013年的面板数据进行实证检验。实证结果显示:融资成本的增加要求企业有更高的生产率才能在国际市场上立足;较高的负债资本比对企业国际化有抑制作用,且对对外直接投资的影响更显著。因此应发展金融市场,提供多样化融资渠道,降低融资成本。
Funds shortage and credit constraints, just like productivity, are stumbling blocks inthe internationalization pathof enterprise. Based on the ＂new,new trade theory＂, this paper constructs a theoretical model to analyze the effects of financing constraints on enterprise internationalization, by using the panel data of 29 provinces in China from 2005 to 2013 for empirical tests. The empirical results show that the increasing funding costs requires higher productivity of companies to keep a foothold in the international market; higher liability to capital ratio has inhibitory effect on enterprise internationalization, and more significant effect on foreign direct investment. Therefore, it is necessary to develop financial marketand find diversified financing channelstoreduce the financing cost.
基金
国家社科基金青年项目"全球价值链
本地供应链与我国制造业集聚审计研究"(13CJY059)
教育部人文社会科学研究规划基金项目"集聚经济
自我选择与地区生产率差异-基于新新经济地理学视角"(13YJA790080)
教育部哲学社会科学重大研究课题攻关项目"中国-东盟区域经济一体化研究"(10JZD0022)
