文章基于中国工业企业统计数据实证分析了区域金融发展水平对制造业企业对外直接投资的影响及作用机制。结果表明：①区域金融发展不仅促进当地制造业企业对外直接投资（OFDI）,也促进邻近城市企业OFDI,具有显著的地理空间溢出效应。排除以避税为目的的对外直接投资、缓解内生性问题后,上述结论依然成立。②区域金融发展对企业OFDI的影响集中在东部地区,且对OFDI到发达经济体的作用更显著。③区域金融发展对企业OFDI的促进作用主要集中在非国有企业以及融资约束程度较高的企业样本中,说明区域金融发展主要通过缓解企业融资约束促进企业对外直接投资。研究认为,要推动企业“走出去”,需要进一步深化金融市场改革,改善企业融资环境。
This paper empirically analyzes the impact and the mechanism of regional financial development level on OFDI of manufacturing enterprises based on Chinese Industrial Enterprise Database. The findings show that: 1) Regional financial development not only promotes OFDI of local manufacturing enterprises,but also promotes OFDI of enterprises in neighboring cities,with significant geospatial spillover effects. After excluding OFDI for tax avoidance purposes and alleviating endogeneity problems,the above findings still hold. 2) The impact of regional financial development on enterprise OFDI is concentrated in the eastern region,and the effect on OFDI to developed economic bodies is more significant. 3) The promotion effect of regional financial development on the enterprise OFDI is mainly concentrated in the sample of non-state enterprises and enterprises with higher financing constraints,indicating that regional financial development promotes the enterprise OFDI mainly by alleviating the enterprise financing constraints. To promote enterprises to "go global",it is necessary to further deepen the financial market reform and improve the enterprise financing environment.
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