【摘要】 利用2009—2016年开展对外直接投资的中小板和创业板上市的民营企业的面板数据,采用面板固定效应和倾向得分匹配方法,从补助类型的角度评估了政府补助对中小企业OFDI的因果效应。研究结果表明:一般性政府补助和政府非国际化补助并不会影响企业OFDI,而政府国际化补助与中小企业OFDI之间既存在显著的正相关关系,也存在显著的因果关系。进一步考察行业竞争程度和区域制度环境对政府国际化补助作用效果的影响,发现对市场化程度较低地区的中小企业而言,政府国际化补助对企业OFDI的促进作用更加明显。更多还原

【Abstract】 Using data of Chinese private firms listed in the small and medium-sized enterprises(SMEs) board and growth enterprise markets between 2009 and 2016, this paper conducts an empirical study by the fixed-effects model and the propensity score matching to investigate the causal effects of government subsidies on OFDI(outward foreign direct investment)of SMEs. The results show that general government subsidies and non-internationalization subsidies do not affect SMEs’ OFDI, and there is significant positive correlation and causal relationship between government internationalization subsidies and SMEs’ OFDI. In addition, we examine the moderate role of industry competition degree and regional institution environment,and find that the effect of government internationalization subsidies on SMEs’ OFDI is more significant for firms located in the low marketization area.更多还原