【作者】 王敏；

【导师】 孔祥贞；

【作者基本信息】 华中师范大学 ， 金融（专业学位）， 2022， 硕士

【摘要】 尽管在百年变局和世界疫情的叠加冲击下,2020年我国成为全球唯一实现经济正增长的主要经济体。但2008年金融危机后,随着工业产能过剩、实体领域利润率下降等问题日益凸显,我国实体与金融部门的收益差距拉大,诸多实体企业偏离主业,将资本投向投资周期短、利润率高的金融行业,这在微观层面表现为实体企业金融化。与此同时,实体企业走出去步伐越迈越大,尤其是“一带一路”建设实施以来,越来越多的实体企业选择对外直接投资(OFDI)方式参与国际经营。实体企业金融化与OFDI之间存在一定联系。有文献认为两者是正相关,也有文献认为是负相关,还有文献认为是非线性关系。尽管在两者关系上学术界没有达成共识,但基本都支持实体企业的金融投资存在适度性。已有研究主要聚焦实体企业金融化对国内投资的研究,关注实体企业金融化对OFDI影响的研究相对少见。基于此,本文研究实体企业金融化对其OFDI的影响。在梳理相关文献和理论的基础上,本文主要做了如下工作:一是,从宏观和微观层面分析我国实体企业金融化和OFDI的现状;二是,利用2009-2020年我国非金融上市企业面板数据,系统检验实体企业金融化对其OFDI的影响及该影响在企业金融投资期限结构、企业所有制、地理位置等方面的异质性;三是,进一步分析实体企业金融化影响OFDI的融资约束机制。本文得到如下主要研究结论:(1)实体企业金融化对OFDI有倒U型影响,适度金融化促进OFDI,过度金融化抑制OFDI。(2)不同投资期限下的实体企业金融化和OFDI呈倒U型关系,但长期金融化对OFDI的边际影响更大;非国有实体企业金融化和OFDI呈倒U型关系,而国有实体企业金融化与OFDI的关系不显著;与内陆地区相比,沿海地区实体企业金融化与OFDI间的倒U型关系更为明显。(3)融资约束在实体企业金融化对OFDI的影响中发挥中介效应,融资约束是实体企业金融化影响OFDI的重要途径。即总体而言,实体企业配置金融资产能够有效缓解融资困境,为企业开展OFDI提供资金支持。本文的研究为实体企业更好走出去和合理开展金融投资提供借鉴。更多还原

【Abstract】 Despite the combined impact of a century of changes and the world epidemic,our country become the only major economy in the world to achieve positive economic growth.However,after the 2008 financial crisis,problems such as overcapacity in the industry and the decline in profit margins in the real sector have become increasingly prominent.The income gap between my country’s real and financial sectors has widened.Many real enterprises have deviated from their main businesses and invested capital in enterprises with short investment cycles and high profit margins,which is manifested in the financialization of real enterprises at the micro level.At the same time,the pace of physical enterprises going global is getting bigger and bigger,especially since the implementation of the "Belt and Road" initiative,more and more physical enterprises have chosen to participate in international operations by way of Outward Foreign Direct Investment(OFDI).There is a certain connection between the financialization of real enterprises and OFDI.Some literatures believe that the two are positively correlated,some literatures believe that they are negative correlations,and some literatures believe that they are non-linear relationships.Although the academic community has not reached a consensus on the relationship between the two,they basically support the appropriateness of financial investment in real enterprises.Existing studies mainly focus on the study of the financialization of real enterprises on domestic investment,and the research on the impact of the financialization of real enterprises on OFDI is relatively rare.Based on this,this paper studies the impact of the financialization of real enterprises on OFDI.On the basis of sorting out relevant literature and theories,this paper mainly does the following work:First,analyze the current situation of financialization and OFDI of my country’s real enterprises from the macro and micro levels;second,use the panel of non-financial listed companies in my country from 2009 to 2020 Data,systematically examine the impact of the financialization of real enterprises on OFDI and its heterogeneity in terms of financial investment term structure,enterprise ownership,geographical location,etc.;thirdly,further analyze the financing constraint mechanism of the financialization of real enterprises affecting OFDI.This paper draws the following main research conclusions:(1)The financialization of real enterprises has an inverted U-shaped impact on OFDI.Moderate financialization promotes OFDI,while excessive financialization inhibits OFDI.(2)The financialization of real enterprises and OFDI under different investment periods have an inverted U-shaped relationship,but the long-term financialization has a greater marginal impact on OFDI;the financialization of non-state-owned entity enterprises and OFDI have an inverted U-shaped relationship,while state-owned entity enterprises The relationship between financialization and OFDI is not significant;compared with inland areas,the inverted U-shaped relationship between financialization of real enterprises and OFDI is more obvious in coastal areas.(3)Financing constraints play an intermediary effect in the impact of the financialization of real enterprises on OFDI,and financing constraints are an important way for the financialization of real enterprises to affect OFDI.In general,the allocation of financial assets by real enterprises can effectively alleviate financing difficulties and provide financial support for enterprises to carry out OFDI.The research in this paper provides reference for real enterprises to better go out and carry out financial investment reasonably.更多还原