摘要
中国对外直接投资浪潮已经形成,然而中国对外投资企业面临比较严重的融资约束问题。对此,本文基于融资约束视角研究城商行信贷对企业对外直接投资的影响。研究发现:城商行信贷对企业对外直接投资具有正向影响;融资约束是影响路径,城商行信贷可以降低融资约束对企业对外直接投资的负面影响;城商行信贷更有利于促进国有企业的对外直接投资,扩张性货币政策会增强城商行信贷影响企业对外直接投资的积极作用,但货币政策冲击没有明显扩大城商行信贷影响国有企业和民营企业对外直接投资的差距;民营企业参与“一带一路”建设有利于增强城商行信贷的正向影响。
This paper conducted a study on the impact of urban commercial bank loans on enterprises’ OFDI from the perspective of financing constraints.The result shows that urban commercial bank loans have a positive impact on enterprises’ OFDI through the path of Financing constraints,and urban commercial bank loans can reduce the negative impact of financing constraints on enterprises’ OFDI.Urban commercial bank loans are more conducive to promoting OFDI of state-owned enterprises,and expansionary monetary policy can enhance the positive effect of loans from urban commercial bank on enterprises’ OFDI.However,the impact of monetary policy does not significantly widen the gap between the OFDI of state-owned enterprises and private enterprises.The participation of private enterprises in the Belt and Road construction is conducive to enhancing the positive impact of loans from urban commercial bank.
作者
李柯楠
LI Kenan(School of Business,Hunan Normal University,Changsha,Hunan,410000)
基金
国家社会科学基金项目“国际生产组织视角下我国民营企业海外投资困境化解及高质量发展的推进机制研究”(19BJL120)。
关键词
城商行信贷
对外直接投资
所有制
融资约束
Urban Commercial Bank Loans
Outward Foreign Direct Investment
Ownership
Financing Constraints
