本文關(guān)鍵詞：微觀金融健康、生產(chǎn)率與企業(yè)出口轉(zhuǎn)OFDI行為　出處：《浙江工商大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：對(duì)外直接投資是保證中國(guó)經(jīng)濟(jì)可持續(xù)發(fā)展的主要?jiǎng)恿χ?也是中國(guó)參與世界經(jīng)濟(jì)一體化進(jìn)程的重要途徑。中國(guó)作為世界上最大的發(fā)展中國(guó)家,在經(jīng)濟(jì)和社會(huì)發(fā)展上取得了令人矚目的成績(jī),隨著中國(guó)對(duì)外格局的縱深化發(fā)展,企業(yè)的國(guó)際化能力以及國(guó)家整體經(jīng)濟(jì)實(shí)力顯著增強(qiáng),對(duì)外直接投資發(fā)展極其迅猛。在全球?qū)ν庵苯油顿Y形勢(shì)受到金融危機(jī)以及全球范圍內(nèi)經(jīng)濟(jì)下行的影響呈現(xiàn)出下降趨勢(shì)的背景下,中國(guó)對(duì)外直接投資卻能夠逆勢(shì)增長(zhǎng),已實(shí)現(xiàn)連續(xù)12年增長(zhǎng),在這種情況下研究何種因素決定中國(guó)對(duì)外投資出現(xiàn)這種快速增長(zhǎng)是具有重大理論和現(xiàn)實(shí)意義的。本文首先對(duì)企業(yè)對(duì)外直接投資的文獻(xiàn)進(jìn)行了梳理,并依據(jù)本文的研究?jī)?nèi)容分別綜述了生產(chǎn)率與對(duì)外直接投資、融資約束與對(duì)外直接投資兩個(gè)方面的文獻(xiàn)。接著分別從生產(chǎn)率視角以及融資約束視角出發(fā),在理論上闡述兩者如何影響企業(yè)的對(duì)外直接投資決策。以微觀金融健康作為企業(yè)融資能力的代表,分別從長(zhǎng)期償債能力、短期償債能力以及企業(yè)經(jīng)營(yíng)能力三個(gè)方面進(jìn)行分析。按照理論機(jī)制,本文通過(guò)理論模型對(duì)其進(jìn)行進(jìn)一步的推導(dǎo)分析,通過(guò)建立一個(gè)三個(gè)國(guó)家異質(zhì)性企業(yè)模型,在不受融資約束單考慮生產(chǎn)率水平影響,本文得到自然排序的企業(yè)決策選擇,考慮到中國(guó)存在的生產(chǎn)率悖論問(wèn)題,本文按照生產(chǎn)率悖論將出口企業(yè)分為加工貿(mào)易完全出口企業(yè)以及非加工貿(mào)易出口企業(yè),并對(duì)其加以分析,最后得到在生產(chǎn)率悖論下的中國(guó)企業(yè)決策選擇。在考慮到融資約束的情況下,本文通過(guò)加入融資成本對(duì)模型進(jìn)行了擴(kuò)充。隨后對(duì)中國(guó)整體的對(duì)外投資現(xiàn)狀進(jìn)行分析,分析結(jié)果顯示中國(guó)整體的對(duì)外投資在時(shí)間節(jié)點(diǎn)上存在過(guò)兩次跨越式的發(fā)展。隨著對(duì)外投資規(guī)模的不斷擴(kuò)大,呈現(xiàn)出投資覆蓋范圍越來(lái)越廣,投資水平越來(lái)越高,投資質(zhì)量越來(lái)越好的局面。通過(guò)整體分析結(jié)果可以發(fā)現(xiàn)中國(guó)對(duì)這三大經(jīng)濟(jì)體投資既存在著共性,也存在著差異性。最后基于1998年到2013年25295家出口企業(yè)的數(shù)據(jù),采用二值Logit模型對(duì)全要素生產(chǎn)率、微觀金融健康以及企業(yè)的OFDI決策進(jìn)行了實(shí)證分析。結(jié)果表明:按照De-loecker方法測(cè)算出的全要素生產(chǎn)率以及微觀金融健康均會(huì)對(duì)企業(yè)的OFDI決策起到關(guān)鍵性作用并且有顯著的正面影響;非國(guó)有企業(yè)相較于國(guó)有企業(yè)具有更高的對(duì)外投資概率并且非國(guó)有企業(yè)的全要素生產(chǎn)率以及微觀金融健康對(duì)于企業(yè)進(jìn)行OFDI決策的影響比國(guó)有企業(yè)更顯著。按照實(shí)證的結(jié)果,本文擬通過(guò)金融制度改革、出口管理政策和境外金融體系建設(shè)方面分別從國(guó)有和非國(guó)有企業(yè)角度提出具有針對(duì)性的政策建議,并建議將重心放在這幾個(gè)方面的結(jié)合上。
[Abstract]:Foreign direct investment (FDI) is one of the main driving forces to ensure the sustainable development of China's economy and an important way for China to participate in the process of world economic integration. China is the largest developing country in the world. Remarkable achievements have been made in economic and social development. With the in-depth development of China's external structure, the internationalization capability of enterprises and the overall economic strength of the country have been significantly enhanced. The development of OFDI is extremely rapid. Under the background that the global FDI situation is affected by the financial crisis and the global economic downturn, it shows a downward trend. China's foreign direct investment (OFDI) has been able to rise against the trend for 12 years in a row. In this case, it is of great theoretical and practical significance to study which factors determine the rapid growth of China's foreign investment. Firstly, this paper reviews the literature of foreign direct investment of enterprises. And according to the research content of this paper, respectively summarized the productivity and foreign direct investment, financing constraints and foreign direct investment two aspects of literature, and then from the perspective of productivity and financing constraints respectively. In theory, it expounds how the two influences the decision of enterprises' foreign direct investment. Taking the micro-financial health as the representative of the enterprise's financing ability, the long-term solvency of the enterprises is separately discussed. According to the theoretical mechanism, this paper further deduces and analyzes the short-term solvency and enterprise management ability, and establishes a heterogeneous enterprise model of three countries. Considering the influence of productivity level without financing constraints, this paper obtains the natural ranking of enterprises' decision choices, taking into account the productivity paradox in China. According to the paradox of productivity, this paper divides export enterprises into complete export enterprises of processing trade and non-processing trade export enterprises, and analyzes them. Finally, we get the decision choice of Chinese enterprises under the productivity paradox, taking into account the financing constraints. This paper expands the model by adding the financing cost, and then analyzes the current situation of China's overseas investment as a whole. The results show that there have been two leap-forward developments in the time node of China's overall foreign investment. With the continuous expansion of the scale of foreign investment, the scope of investment has become more and more extensive, and the level of investment is becoming higher and higher. Through the overall analysis, we can find that China's investment in these three major economies already has a common character. Finally, based on the data of 25295 export enterprises from 1998 to 2013, the binary Logit model is used to analyze the total factor productivity (TFP). The results show that: (1) the health of microfinance and the OFDI decision of enterprises are analyzed empirically. The results show that:. According to the De-loecker method, the total factor productivity and micro-financial health will play a key role in the OFDI decision-making and have a significant positive impact. Compared with state-owned enterprises, non-state-owned enterprises have higher probability of outward investment and the total factor productivity and micro-financial health of non-state-owned enterprises have more significant influence on OFDI decision-making than state-owned enterprises. According to the empirical results. Through the reform of financial system, export management policy and the construction of offshore financial system, this paper proposes some policy suggestions from the angle of state-owned and non-state-owned enterprises, respectively. And suggest to focus on these aspects of the combination.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.6;F752.62

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本文編號(hào)：1373013