本文關(guān)鍵詞：政策性金融支持中國企業(yè)在中亞直接投資研究　出處：《山西財經(jīng)大學》2017年碩士論文　論文類型：學位論文

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【摘要】：目前,中國企業(yè)在對外直接投資過程中面臨著三方面的問題:一是缺乏資金,企業(yè)在對外直接投資過程中既需要前期大量資金的投入,同時需要后續(xù)資金的持續(xù)性補充。而企業(yè)自身資金相對有限,同時由于國內(nèi)商業(yè)性金融出于利益與風險的顧慮難以從商業(yè)性金融機構(gòu)取得及時的資金支持,從而約束中國企業(yè)的對外直接投資之路;二是中國企業(yè)“走出去”卻難以“走進去”,主要是由于與投資東道國在文化環(huán)境有所差異,同時以往的中國企業(yè)在對外直接投資活動中缺乏一定的社會責任感;三是缺乏與東道國之間的政治性互助,尤其東道國對中國海外投資企業(yè)的政策性支持。中國企業(yè)選擇在中亞的直接投資活動是在“新絲綢之路經(jīng)濟帶”建設這一大戰(zhàn)略背景下進行,“新絲綢之路經(jīng)濟帶”建設的提出也得到了中亞各國的支持,這為中國企業(yè)在中亞直接投資活動提供良好的政治環(huán)境。政策性金融是國家通過投入一定資金,以此吸引多數(shù)金融機構(gòu)進行對外直接投資項目,促進國家政策欲意扶植促進其發(fā)展的產(chǎn)業(yè)領(lǐng)域和區(qū)域經(jīng)濟發(fā)展,增強產(chǎn)業(yè)發(fā)展?jié)撃堋医?jīng)濟政策導向作用是政策性金融獨有的資金支持特點,體現(xiàn)國家經(jīng)濟政策的發(fā)展目標,通過國家規(guī)定的各項貸款利率優(yōu)惠政策、資金借貸期限、境外投資擔保等不同金融支持方式為國家政策支持的不同產(chǎn)業(yè)領(lǐng)域、經(jīng)營主體等提供特殊的融資服務,盡力為進行海外直接投資企業(yè)提供各項金融便利條件。資源與能源是中國企業(yè)在中亞投資的主要領(lǐng)域,資源與能源行業(yè)建設周期長且資金需求量大,因此在需要大量前期投資同時還需后續(xù)資金的不斷補充,由于國內(nèi)商業(yè)性金融在盈利性與風險性方面的嚴格要求,能為中國企業(yè)在這兩個行業(yè)提供長期且穩(wěn)定資金來源的只有國內(nèi)政策性金融支持。本文在分析政策性金融在資金來源有限的情況下仍支持我國企業(yè)在中亞五國境外投資的動因以及我國企業(yè)在中亞對外直接投資的現(xiàn)狀以及存在的問題進行分析,并詳細分析歐美發(fā)達國家以及20世90年代快速發(fā)展的新興國家政策性金融支持本國企業(yè)進行海外投資的特點與經(jīng)驗后,處用方差分解分析不同對外直接投資金融支持方式的貢獻率進一步結(jié)合我國政策性金融支持我國企業(yè)在中亞對外直接投資活動中資金支持的實際情況,提出了拓寬政策性金融機構(gòu)業(yè)務經(jīng)營范圍、多樣化政策性金融機構(gòu)金融支持方式、完善中國企業(yè)在中亞對外直接投資活動中信息咨詢服務體系、改革政策性金融機構(gòu)傳統(tǒng)管理方式并積極推進政策性金融機構(gòu)業(yè)務經(jīng)營的多樣化運作機制為建立多方位政策性金融服務體系等對策建議,進而充分發(fā)揮政策性金融對我國企業(yè)在中亞五國對外直接投資活動中的支持作用。
[Abstract]:At present, Chinese enterprises face three problems in the process of foreign direct investment: first, lack of funds, enterprises in the process of foreign direct investment both need a large amount of capital investment. At the same time, it needs the continuous replenishment of the follow-up funds. However, the enterprise's own funds are relatively limited, at the same time, it is difficult to obtain timely financial support from the commercial financial institutions because of the domestic commercial finance because of the concern of interest and risk. Thus constrains the Chinese enterprise's outward direct investment road; Second, it is difficult for Chinese enterprises to "go out", mainly because they are different from the host country in the cultural environment. At the same time, Chinese enterprises in the past lack of a certain sense of social responsibility in foreign direct investment activities; Third, the lack of political mutual assistance with the host country. In particular, the host country's policy support to Chinese overseas investment enterprises. Chinese enterprises choose direct investment activities in Central Asia under the "New Silk Road Economic Belt" construction of the strategic background. The construction of the "New Silk Road Economic Belt" has also been supported by the Central Asian countries, which provides a good political environment for Chinese enterprises to invest directly in Central Asia. This will attract most financial institutions to OFDI projects and promote national policies to foster industrial areas and regional economic development that promote their development. Strengthen the potential of industrial development. The guiding role of national economic policy is the unique characteristics of policy-oriented finance, reflecting the development objectives of national economic policy, through the various loan interest rate preferential policies stipulated by the state. Different forms of financial support, such as the term of capital borrowing and the guarantee of overseas investment, provide special financing services for the different industries and business entities supported by national policies. Try to provide various financial facilities for overseas direct investment enterprises. Resources and energy are the main areas of Chinese enterprises investing in Central Asia. The construction period of resources and energy industry is long and the demand for funds is large. Therefore in need of a large amount of pre-investment but also need to continue to supplement the follow-up funds due to domestic commercial finance in the profitability and risk of strict requirements. The only way to provide Chinese enterprises with long-term and stable sources of funds in these two industries is to provide domestic policy-based financial support. This paper analyzes the fact that policy-oriented finance can still support Chinese enterprises in the five Central Asian countries under the condition of limited sources of funds. The motivation of foreign investment and the current situation and problems of Chinese enterprises' foreign direct investment in Central Asia are analyzed. And detailed analysis of the European and American developed countries as well as the rapid development of the emerging countries in 90s, the characteristics and experience of supporting their enterprises to invest abroad. With variance decomposition analysis of the contribution of different forms of foreign direct investment financial support rate further combined with our country's policy financial support in Central Asia foreign direct investment activities of Chinese enterprises in the actual situation of financial support. It proposes to broaden the business scope of policy-oriented financial institutions, to diversify the financial support methods of policy-oriented financial institutions, and to perfect the information consulting service system of Chinese enterprises in the activities of foreign direct investment in Central Asia. Reform the traditional management mode of policy-oriented financial institutions and actively promote the diversified operation mechanism of policy-oriented financial institutions to establish a multi-directional policy-oriented financial service system and other countermeasures. Then give full play to the support role of policy finance to Chinese enterprises in the activities of foreign direct investment of the five Central Asian countries.
【學位授予單位】：山西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.4;F279.2;F125

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