【作者】 张悦；

【导师】 罗勇；

【作者基本信息】 华中科技大学 ， 国际贸易学， 2017， 硕士

【摘要】 随着我国对外经济活动的不断深化,越来越多企业走出国门,加入到全球竞争中。近年来,我国企业对外直接投资取得了显著成绩,2015年我国对外直接投资流量位居全球第二,成功跻身国际投资大国行列。与此同时,我国金融市场体制改革滞后,难以满足企业的资金需求。在此背景下,从企业角度出发,研究企业对外直接投资受融资问题的影响具有十分重要的理论和现实意义。理论分析部分,通过对Melitz企业异质性模型进行扩展,本文将企业资金来源分为内源融资和外源融资,在考虑外源融资成本时也不忽略内源资金的机会成本,从而建立受融资约束的企业对外直接投资理论模型。从理论上证实了融资约束是企业对外直接投资的主要影响因素之一。在理论分析的基础上,本文采用Logit模型,利用2009年中国工业企业数据库数据,验证融资约束与对外直接投资的关系,并进一步从企业控制权角度分析不同控制权的企业对外直接投资时受融资约束影响是否一样。通过实证分析本文得出以下结论:融资问题是制约企业对外直接投资的主要影响因素之一,存在外源融资约束时,企业所要求对外直接投资临界生产率提高。在划分控制权分析中,国有企业对外直接投资不受融资约束的影响,而非国有企业的对外直接投资显著受融资问题的制约。因此,缓解企业融资难题应主要着手解决非国有企业融资问题,从而协助我国企业在国际化道路上走得更稳,行得更远。更多还原

【Abstract】 With the development of Chinese foreign economic activities,more and more enterprises go abroad to participate in global competition.In recent years,Chinese foreign direct investment has made remarkable achievements.In 2015,Chinese foreign direct investment flows ranked second in the world,successfully become the international investment power.It is difficult to meet the enterprise’s financial needs for the lag of Chinese financial market system reform.In this context,from the enterprise point of view,the study of corporate foreign direct investment financing problems have a very important theoretical and practical significance.In the theoretical analysis part,by expanding the firm heterogeneity model of Melitz,the paper divides the enterprise’s capital source into the internal financing and external financing.When considering the external financing cost,it also does not neglect the opportunity cost of the internal funds,then to create a theoretical Model of Corporate External Direct Investment.It proves that the financing constraint is one of the main factors influencing the foreign direct investment theoretically.This paper based on Logit model and use the database of Chinese industrial enterprises in 2009 to verify the relationship between financing constraints and foreign direct investment,and further analyzes whether the constraint is the same when the financing of enterprises with different control rights from the perspective of corporate control.Through the empirical analysis,the results show that the financing problem is one of the main factors that restrict the foreign direct investment.When there is external financing constraint,the critical productivity of foreign direct investment required will rise.In the analysis of the division of control,the foreign direct investment of state-owned enterprises is not affected by the financing constraints,and the foreign direct investment of non-state-owned enterprises are obviously restricted by the financing problem.Therefore,to solve the problem of corporate finance should be mainly to solve the problem of non-state-owned enterprise financing,so it will help our enterprises go much better and further in the road of internationalization.更多还原