摘要
本文以2004-2014年我国A股非金融类上市公司为样本,研究宏观货币政策与微观企业融资约束对企业对外直接投资决策的影响。研究发现,货币政策越宽松,企业对外直接投资的可能性越大;在货币政策紧缩期,企业对外直接投资受融资约束的抑制作用更加明显。进一步研究发现,融资约束对企业对外直接投资的抑制作用在金融危机后更为显著;且企业所处地区市场化程度越低、企业资本密集度越高、企业所处行业为制造业、企业与银行不存在关联关系时,企业对外直接投资受融资约束负向影响越大。
Using Chinese nonfinancial A-share listed companies＇ data from 2004 to 2014, this paper investigates the impact of macro-monetary policy and micro financial constraints on outward foreign direct investment （＂OFDI＂ hereafter）. This paper finds that the loose monetary policy increases firms＇ willingness of OFDI. During the period of tight monetary policy, finan- cial constraints significantly restrain the possibility of OFDI. Further analysis shows that the negative effect of financial con- straint on OFDI is more pronounced after the financial crisis. In addition, when firms exists in regions with lower degree of marketization, having higher capital intensity, belonging to the manufacturing industry and having no bank connection, their OFDI is more influenced by financial constraint.
出处
《投资研究》
CSSCI
北大核心
2018年第3期4-23,共20页
Review of Investment Studies
基金
国家社会科学基金重点项目(14AGL008)
中国人民大学"研究品牌计划"项目(15XNI010)
国家留学基金委博士生联合培养项目(CSC201606360197)
北京旅游发展研究基地科研项目(LYFZ18A001)
关键词
货币政策
融资约束
企业对外直接投资
Monetary policy
Financial Constraints
Outward Foreign Direct Investment
