中国境外金融机构促进了对外直接投资吗
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摘要
"资金融通"和"贸易畅通"作为"一带一路"建设的重要组成部分,前者是否对后者具有促进作用?本文分别以中国金融机构境外布点和对外直接投资为例进行研究,认为母国金融机构境外布点有助于跨国企业克服信息不对称问题,通过降低企业海外经营风险、减少交易成本和缓解融资约束,以及促进企业研发创新与提高生产率等途径,促进母国企业对东道国的直接投资;本文基于中国2003—2014年对147个国家和地区的对外直接投资数据和境外金融机构布点数据研究发现:中国金融机构境外布点不仅显著地促进了中国对东道国的直接投资规模,还促进了投资的企业数量;而且,其促进作用具有异质性,主要促进了中国对发展中国家的直接投资。
The "financial integration" and "unimpeded trade" are important compo-nents for the " Belt and Road" Initiative. However, does the former have a facilitationeffect on the latter? Based on the examples of the overseas branches of China.s financialinstitutions and outward foreign direct investment, the following conclusions are drawn inthis paper. First, the overseas branches of financial institutions of home country can pro-mote foreign direct investment of enterprises in host countries by overcoming informationasymmetry. Second, it can reduce the risk of overseas business operations and transactioncosts and ease financing constraints. The third positive effect is promoting enterprises to in-novate and improving productivity, and increasing the direct investment of home countryenterprises in the host country. Using a panel data of China.s outward foreign direct invest-ment and foreign financial institutions in 147 countries over the period 2003-2014, wefind that overseas branches of China.s financial institutions significantly facilitate China.soutward foreign direct investment in the host countries, and meanwhile increase thenumber of enterprises that directly invested in the host country. Moreover, the effects areheterogeneous, which mainly stimulate China.s direct investment in developing countries.
The "financial integration" and "unimpeded trade" are important compo-nents for the " Belt and Road" Initiative. However, does the former have a facilitationeffect on the latter? Based on the examples of the overseas branches of China.s financialinstitutions and outward foreign direct investment, the following conclusions are drawn inthis paper. First, the overseas branches of financial institutions of home country can pro-mote foreign direct investment of enterprises in host countries by overcoming informationasymmetry. Second, it can reduce the risk of overseas business operations and transactioncosts and ease financing constraints. The third positive effect is promoting enterprises to in-novate and improving productivity, and increasing the direct investment of home countryenterprises in the host country. Using a panel data of China.s outward foreign direct invest-ment and foreign financial institutions in 147 countries over the period 2003-2014, wefind that overseas branches of China.s financial institutions significantly facilitate China.soutward foreign direct investment in the host countries, and meanwhile increase thenumber of enterprises that directly invested in the host country. Moreover, the effects areheterogeneous, which mainly stimulate China.s direct investment in developing countries.
引文
[1]杜思正,冼国明,冷艳丽.中国金融发展、资本效率与对外投资水平[J].数量经济技术经济研究,2016, 33(10):17-36.
[2]宫旭红,任颋.融资约束、信贷支持与民营企业对外直接投资[J].产业经济研究, 2017(5):25-37.
[3]郝景芳,马弘.引力模型的新进展及对中国对外贸易的检验[J].数量经济技术经济研究, 2012(10):52-58.
[4]黄志勇,万祥龙,许承明.金融发展对我国对外直接投资的影响——基于省级面板数据的实证分析[J].世界经济与政治论坛, 2015(1):122-135.
[5]蒋冠宏,张馨月.金融发展与对外直接投资——来自跨国的证据[J].国际贸易问题, 2016(1):166-176.
[6]李桂芳,于泓珺.商业银行国际化与助力企业“走出去”研究——以中国银行支持双汇国际收购史密斯菲尔德案为例[J].经济体制改革, 2016(4):157-160.
[7]李磊,包群.融资约束制约了中国工业企业的对外直接投资吗?[J].财经研究, 2015, 41(6):120-131.
[8]刘莉亚,何彦林,王照飞,程天笑.融资约束会影响中国企业对外直接投资吗?——基于微观视角的理论和实证分析[J].金融研究, 2015(8):124-140.
[9]王碧珺,谭语嫣,余淼杰,黄益平.融资约束是否抑制了中国民营企业对外直接投资[J].世界经济,2015, 38(12):54-78.
[10]王是业.政策性金融机构支持企业“走出去”模式探析——来自欧美国家的经验[J].现代经济探讨,2017(1):88-92.
[11]王昱,成力为.制度门槛、金融发展与对外直接投资[J].世界经济研究, 2014(5):66-73.
[12]王忠诚,薛新红,张建民.东道国金融发展对中国企业对外直接投资的影响:二元边际与生产率门槛[J].南方经济, 2018(3):1-18.
[13]徐清.金融发展、生产率与中国企业对外直接投资——基于大样本企业数据的Logit模型分析[J].投资研究, 2015, 34(11):53-63.
[14]严兵,张禹.生产率、融资约束与对外直接投资[J].世界经济研究, 2016(9):86-96.
[15]余官胜,都斌.企业融资约束与对外直接投资国别区位选择——基于微观数据排序模型的实证研究[J].国际经贸探索, 2016, 32(1):95-104.
[16]余官胜.融资约束、东道国汇率风险与企业对外直接投资区位选择——基于浙江省微观企业层面数据的实证研究[J].浙江工商大学学报, 2017(6):87-96.
[17]宗芳宇,路江涌,武常岐.双边投资协定、制度环境和企业对外直接投资区位选择[J].经济研究,2012, 47(5):71-82.
[18]卓丽洪,郑联盛,胡滨.“一带一路”战略下政策性金融机构支持企业“走出去”研究[J].经济纵横, 2016(4):82-87.
[19] ANTRàS P, DESAI M A, FOLEY C F.Multinational Firms, FDI Flows, and Imperfect Capital Markets[J].Quarterly Journal of Economics, 2009, 124(3), 1171-1219.
[20] BUCH C M, KESTERNICH I, LIPPONER A, et al.Financial Constraints and Foreign Direct Investment:FirmLevel Evidence[J]. Review of World Economics, 2014, 150(2):393-420.
[21] CLAESSENS S, TZIOUMIS K.Measuring Firms.Access to Finance[R]. World Bank, 2006:1-25.
[22] DESAI M A, FOLEY C F, HINES JR J R.Capital Structure with Risky Foreign Investment[J]. Journal of Financial Economics, 2008, 88(3):534-553.
[23] DE LA TORRE A, PERíA M S M, SCHMUKLER S L.Bank Involvement with SMEs:Beyond Relationship Lending[J]. Journal of Banking&Finance, 2010, 34(9):2280-2293.
[24] GIANNETTI M, ONGENA S.Lending by Example:Direct and Indirect Effects of Foreign Banks in Emerging Markets[J]. Journal of International Economics, 2012, 86(1), 167-180.
[25] GIL-PAREJA S, VIVERO R L, PANIAGUA J.The Effect of the Great Recession on Foreign Direct Investment:Global Empirical Evidence with A Gravity Approach[J]. Applied Economics Letters, 2013, 20(13):1244-1248.
[26] GROSSMAN G M, HELPMAN E.Integration versus Outsourcing in Industry Equilibrium[J]. The Quarterly Journal of Economics, 2002, 117(1), 85-120.
[27] HALE G, Bank Relationships, Business Cycles, and Financial Crises[J]. Journal of International Economics,2012, 88(2):312-325.
[28] HELPMAN E, MELITZ M J, YEAPLE S R.Export versus FDI with Heterogeneous Firms[J]. American Economic Review, 2004, 94(1):300-316.
[29] KOGUT B, SINGH H.The Effect of National Culture on the Choice of Entry Mode[J]. Journal of International Business Studies, 1988, 19(3):411-432.
[30] LA PORTA R, LOPEZ-DE-SILANES F, SHLEIFER A, et al.Law and Finance[J]. Journal of Political Economy, 1998, 106(6):1113-1155.
[31] LEVINE R.Financial Development and Economic Growth:Views and Agenda[J]. Journal of Economic Literature, 1997, 35(2):688-726.
[32] MELITZ M J.The Impact of Trade on Intra-industry Reallocations and Aggregate Industry Productivity[J].Econometrica, 2003, 71(6):1695-1725.
[33] POELHEKKE S.Do Global Banks Facilitate Foreign Direct Investment?[J]. European Economic Review,2015, 76, 25-46.
[34] RAJAN R, SERVAES H, ZINGALES L.The Cost of Diversity:The Diversification Discount and Inefficient Investment[J]. The Journal of Finance, 2000, 55(1):35-80.
[35] SILVA J M C S, TENREYRO S.The Log of Gravity[J]. The Review of Economics and statistics, 2006, 88(4):641-658.
[36] SPENCE M.Product Selection, Fixed Costs, and Monopolistic Competition[J]. The Review of Economic Studies, 1976, 43(2):217-235.
(1)“中国金融40人论坛”研究部第154期CF40要报指出,“银行业是中国金融业的主体,金融机构‘走出去’就是银行业‘走出去’”,http://www.cf40.org.cn/plus/view.php?aid=5516(访问时间2017-06-03)。
(1)Spence(1976)认为这些费用生成服务可能是借贷的策略补充,能够增加金融机构的收益。
(1)对于东道国而言,中国每年的GDP变量相同,在年份上的差异亦被年份固定效应所控制,故略去。
(1)后文的分析也证实了双边投资协定的签订主要促进了中国对发展中国家的境外直接投资。
(1)国内文献,蒋冠宏和张馨月(2016)也采用一国法律起源作为该国金融发展的工具变量,研究了东道国金融发展对企业对外直接投资的影响。
(1)由于利用PPML方法进行估计时,因变量必须大于等于0,而本文在以消除价格因素影响后的中国对各东道国对外直接投资流量的对数值作为因变量时,有6个样本值小于0,故本文将此予以了剔除。同时,本文还分别直接以中国对各东道国对外直接投资流量的对数值和将消除价格因素影响后小于0的对数值替换为0作为因变量,估计结果仍然支持本文的结论。
[2]宫旭红,任颋.融资约束、信贷支持与民营企业对外直接投资[J].产业经济研究, 2017(5):25-37.
[3]郝景芳,马弘.引力模型的新进展及对中国对外贸易的检验[J].数量经济技术经济研究, 2012(10):52-58.
[4]黄志勇,万祥龙,许承明.金融发展对我国对外直接投资的影响——基于省级面板数据的实证分析[J].世界经济与政治论坛, 2015(1):122-135.
[5]蒋冠宏,张馨月.金融发展与对外直接投资——来自跨国的证据[J].国际贸易问题, 2016(1):166-176.
[6]李桂芳,于泓珺.商业银行国际化与助力企业“走出去”研究——以中国银行支持双汇国际收购史密斯菲尔德案为例[J].经济体制改革, 2016(4):157-160.
[7]李磊,包群.融资约束制约了中国工业企业的对外直接投资吗?[J].财经研究, 2015, 41(6):120-131.
[8]刘莉亚,何彦林,王照飞,程天笑.融资约束会影响中国企业对外直接投资吗?——基于微观视角的理论和实证分析[J].金融研究, 2015(8):124-140.
[9]王碧珺,谭语嫣,余淼杰,黄益平.融资约束是否抑制了中国民营企业对外直接投资[J].世界经济,2015, 38(12):54-78.
[10]王是业.政策性金融机构支持企业“走出去”模式探析——来自欧美国家的经验[J].现代经济探讨,2017(1):88-92.
[11]王昱,成力为.制度门槛、金融发展与对外直接投资[J].世界经济研究, 2014(5):66-73.
[12]王忠诚,薛新红,张建民.东道国金融发展对中国企业对外直接投资的影响:二元边际与生产率门槛[J].南方经济, 2018(3):1-18.
[13]徐清.金融发展、生产率与中国企业对外直接投资——基于大样本企业数据的Logit模型分析[J].投资研究, 2015, 34(11):53-63.
[14]严兵,张禹.生产率、融资约束与对外直接投资[J].世界经济研究, 2016(9):86-96.
[15]余官胜,都斌.企业融资约束与对外直接投资国别区位选择——基于微观数据排序模型的实证研究[J].国际经贸探索, 2016, 32(1):95-104.
[16]余官胜.融资约束、东道国汇率风险与企业对外直接投资区位选择——基于浙江省微观企业层面数据的实证研究[J].浙江工商大学学报, 2017(6):87-96.
[17]宗芳宇,路江涌,武常岐.双边投资协定、制度环境和企业对外直接投资区位选择[J].经济研究,2012, 47(5):71-82.
[18]卓丽洪,郑联盛,胡滨.“一带一路”战略下政策性金融机构支持企业“走出去”研究[J].经济纵横, 2016(4):82-87.
[19] ANTRàS P, DESAI M A, FOLEY C F.Multinational Firms, FDI Flows, and Imperfect Capital Markets[J].Quarterly Journal of Economics, 2009, 124(3), 1171-1219.
[20] BUCH C M, KESTERNICH I, LIPPONER A, et al.Financial Constraints and Foreign Direct Investment:FirmLevel Evidence[J]. Review of World Economics, 2014, 150(2):393-420.
[21] CLAESSENS S, TZIOUMIS K.Measuring Firms.Access to Finance[R]. World Bank, 2006:1-25.
[22] DESAI M A, FOLEY C F, HINES JR J R.Capital Structure with Risky Foreign Investment[J]. Journal of Financial Economics, 2008, 88(3):534-553.
[23] DE LA TORRE A, PERíA M S M, SCHMUKLER S L.Bank Involvement with SMEs:Beyond Relationship Lending[J]. Journal of Banking&Finance, 2010, 34(9):2280-2293.
[24] GIANNETTI M, ONGENA S.Lending by Example:Direct and Indirect Effects of Foreign Banks in Emerging Markets[J]. Journal of International Economics, 2012, 86(1), 167-180.
[25] GIL-PAREJA S, VIVERO R L, PANIAGUA J.The Effect of the Great Recession on Foreign Direct Investment:Global Empirical Evidence with A Gravity Approach[J]. Applied Economics Letters, 2013, 20(13):1244-1248.
[26] GROSSMAN G M, HELPMAN E.Integration versus Outsourcing in Industry Equilibrium[J]. The Quarterly Journal of Economics, 2002, 117(1), 85-120.
[27] HALE G, Bank Relationships, Business Cycles, and Financial Crises[J]. Journal of International Economics,2012, 88(2):312-325.
[28] HELPMAN E, MELITZ M J, YEAPLE S R.Export versus FDI with Heterogeneous Firms[J]. American Economic Review, 2004, 94(1):300-316.
[29] KOGUT B, SINGH H.The Effect of National Culture on the Choice of Entry Mode[J]. Journal of International Business Studies, 1988, 19(3):411-432.
[30] LA PORTA R, LOPEZ-DE-SILANES F, SHLEIFER A, et al.Law and Finance[J]. Journal of Political Economy, 1998, 106(6):1113-1155.
[31] LEVINE R.Financial Development and Economic Growth:Views and Agenda[J]. Journal of Economic Literature, 1997, 35(2):688-726.
[32] MELITZ M J.The Impact of Trade on Intra-industry Reallocations and Aggregate Industry Productivity[J].Econometrica, 2003, 71(6):1695-1725.
[33] POELHEKKE S.Do Global Banks Facilitate Foreign Direct Investment?[J]. European Economic Review,2015, 76, 25-46.
[34] RAJAN R, SERVAES H, ZINGALES L.The Cost of Diversity:The Diversification Discount and Inefficient Investment[J]. The Journal of Finance, 2000, 55(1):35-80.
[35] SILVA J M C S, TENREYRO S.The Log of Gravity[J]. The Review of Economics and statistics, 2006, 88(4):641-658.
[36] SPENCE M.Product Selection, Fixed Costs, and Monopolistic Competition[J]. The Review of Economic Studies, 1976, 43(2):217-235.
(1)“中国金融40人论坛”研究部第154期CF40要报指出,“银行业是中国金融业的主体,金融机构‘走出去’就是银行业‘走出去’”,http://www.cf40.org.cn/plus/view.php?aid=5516(访问时间2017-06-03)。
(1)Spence(1976)认为这些费用生成服务可能是借贷的策略补充,能够增加金融机构的收益。
(1)对于东道国而言,中国每年的GDP变量相同,在年份上的差异亦被年份固定效应所控制,故略去。
(1)后文的分析也证实了双边投资协定的签订主要促进了中国对发展中国家的境外直接投资。
(1)国内文献,蒋冠宏和张馨月(2016)也采用一国法律起源作为该国金融发展的工具变量,研究了东道国金融发展对企业对外直接投资的影响。
(1)由于利用PPML方法进行估计时,因变量必须大于等于0,而本文在以消除价格因素影响后的中国对各东道国对外直接投资流量的对数值作为因变量时,有6个样本值小于0,故本文将此予以了剔除。同时,本文还分别直接以中国对各东道国对外直接投资流量的对数值和将消除价格因素影响后小于0的对数值替换为0作为因变量,估计结果仍然支持本文的结论。
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