【摘要】 文章使用中国2008~2015年上市企业匹配的微观数据,研究了全球金融危机后东道国资本管制对中国企业OFDI二元边际的影响及影响机制。研究发现,东道国资本管制放松可以显著地促进中国企业对外直接投资,主要原因是资本管制放松会降低资本使用成本,方便企业在当地融资,而且这种正向效应主要发生在对外直接投资的扩展边际上。另外,在拥有较高法治和金融发展水平,特别是政府治理水平的东道国,资本管制放松对中国企业的吸引力更大。文章的研究为中国企业"走出去"的区位选择提供了经验证据,融资约束紧的企业更适合选择到资本管制较轻的国家或地区投资。更多还原

【Abstract】 In this paper the impacts of Capital Controls in host countries on both the extensive and the intensive margins of Chinese Outward Foreign Direct Investment( OFDI) are analyzed using the data of listed companies from 2008 to 2015. The channels through which Capital Controls work are also tested. It is found that Capital Control deregulation exerts significant positive effect on Chinese OFDI,because the deregulation can reduce capital cost and make it easier for OFDI companies to finance locally. This positive effect is mainly found in the extensive margin of OFDI. What’s more,in host countries with higher level of rule of law and financial development,especially higher level of governance,Chinese companies are more attracted by their deregulation of Capital Controls. This paper provides empirical advice for the location decision of"Going Out". Countries with less Capital Controls are better choice for firms who are financially constrained.更多还原