商业经济与管理

企业对外直接投资是我国当前重要的外向经济发展战略,因此探明其影响因素对于深化对外开放具有重要意义。文章在此背景下从微观企业角度研究融资约束如何影响企业对外直接投资,构建理论框架阐明融资约束的提升会制约劳动密集型企业的对外直接投资决策,但是会逆向促进资本密集型企业的对外直接投资决策;在此基础上,通过匹配《中国工业企业数据库》和《中国境外投资企业(机构)名录》中的浙江省企业数据在微观上验证了理论推论。进一步地,分样本数据回归表明国有企业、外资企业和重工业企业对外直接投资不受融资约束制约,而非国有企业、非外资企业和轻工业企业对外直接投资受融资约束影响明显。此外,文章通过零膨胀回归和排序数据回归发现较低(高)的融资约束增加了劳动(资本)密集型企业的对外直接投资项目数并加快其投资决策时间,与对外直接投资倾向的影响机制一致。

Foreign direct investment is an important overseas economic development strategy in China. The exploration of it impact has great significance for China's opening up. This paper studies how financing constrains influence enterprises' foreign direct investment in China from the microcosmic viewpoint. A theoretical framework is set up to elucidate that the promotion of financing constraints will restrict foreign direct investment decision of labor intensive enterprises,but will promote foreign direct investment decision of capital intensive enterprise in reverse. Based on this,the theoretical deduction is verified by matching enterprises' data of Zhejiang province in China's Industrial Enterprise Database and List of China's Foreign Investment Enterprises( Institutions). Furthermore,the sample data regression shows that the foreign direct investment of state-owned enterprises,foreign-funded enterprises and heavy industrial enterprises are not restricted by financing constraints; but the foreign direct investment of non-state-owned enterprises,non-foreign-funded enterprises and light industrial enterprises are restricted by financing constraints. In addition,our zero-inflated regression and ordered data regression find that lower( higher) financing constraints increase the labor( capital) intensive enterprises' number of foreign direct investment projects and accelerate its investment decision time,which is consistent with the influence mechanism of foreign direct investment tendency.