本文選題：OFDI + 民營企業(yè)�。� 參考：《國際貿(mào)易經(jīng)濟合作研究院》2017年碩士論文

【摘要】：對外直接投資是中國企業(yè)參與國際分工、國際競爭的主要方式之一,而且對于推動外向型經(jīng)濟發(fā)展具有重大意義。改革開放以來,中國通過實施“引進來”的經(jīng)濟政策,從國外吸引大量外商直接投資,極大地促進了國內(nèi)經(jīng)濟發(fā)展和進出口貿(mào)易增長。而隨著中國成為全球第二大經(jīng)濟體,企業(yè)參與國際分工合作的程度不斷加深,單向地接受外資已經(jīng)不能適應經(jīng)濟發(fā)展的需要。經(jīng)過了三十多年的發(fā)展,中國對外直接投資已經(jīng)走在世界前列,2015年中國對外直接投資流量創(chuàng)下了1456.7億美元的歷史新高,占到全球流量份額的9.9%,同比增長18.3%,金額僅次于美國位列世界第二。但是需要注意的是,中國對外直接投資的一個非常顯著的特征是國有企業(yè)占主體,2015年末,在對外非金融類直接投資的9382億美元存量中,國有企業(yè)占50.4%。民營企業(yè)的對外直接投資發(fā)展進程明顯滯后于國有企業(yè)。造成這一現(xiàn)象的一個很重要的原因就是融資約束的存在,很大比例的民營企業(yè)存在不同程度的融資約束問題。在進行對外直接投資時,民營企業(yè)獲取外部融資的能力明顯低于國有企業(yè),其走出國門進行海外經(jīng)營的障礙較多,這嚴重制約著中國民營企業(yè)對外直接投資的發(fā)展。為了探究融資約束如何影響民營企業(yè)對外直接投資,本文首先在異質(zhì)性貿(mào)易理論的框架下構(gòu)建了理論模型,來分析企業(yè)如何進行國際化選擇,并且提出了文章的兩個主要假說。其次,通過采用微觀層面的數(shù)據(jù)庫,《2013中國工業(yè)企業(yè)數(shù)據(jù)庫》及《商務部對外境外投資企業(yè)(機構(gòu))名錄》,利用Logit模型對中國企業(yè)對外直接投資的影響因素進行了回歸分析,并且驗證了本文提出的主要假說。本文發(fā)現(xiàn),融資約束的改善可以顯著提高中國企業(yè)進行對外直接投資的概率。而且對民營企業(yè)而言,融資約束的改善可以更明顯的提高企業(yè)進行對外直接投資的概率。在當前全球經(jīng)濟一體化程度不斷加深的情況下,對外直接投資是中國經(jīng)濟改革可持續(xù)發(fā)展的重要保證。本文結(jié)合中國對外直接投資發(fā)展進程的實際情況,分別從法制建設、金融機構(gòu)發(fā)展、民營企業(yè)自身提出了相應的政策建議。
[Abstract]:Foreign direct investment (FDI) is one of the main ways for Chinese enterprises to participate in international division of labor and international competition, and it is of great significance to promote the development of export-oriented economy. Since the reform and opening up, China has adopted the economic policy of "introducing in" and attracted a large amount of foreign direct investment from abroad, which has greatly promoted the domestic economic development and the growth of import and export trade. As China becomes the second largest economy in the world, the degree of enterprises' participation in international division of labor and cooperation is deepening, and the one-way acceptance of foreign capital can no longer meet the needs of economic development. After more than 30 years of development, China's foreign direct investment has been in the forefront of the world. In 2015, the flow of China's foreign direct investment reached a historical high of 145.67 billion US dollars. It accounted for 9.9 percent of global traffic, up 18.3 from a year earlier, the second largest in the world after the United States. However, it should be noted that a very significant feature of China's foreign direct investment is the dominance of state-owned enterprises. At the end of 2015, state-owned enterprises accounted for 50.4of the US $938.2 billion stock of foreign non-financial direct investment. The development process of foreign direct investment of private enterprises obviously lags behind that of state-owned enterprises. A very important reason for this phenomenon is the existence of financing constraints, a large proportion of private enterprises have different degrees of financing constraints. In the process of foreign direct investment, the ability of private enterprises to obtain external financing is obviously lower than that of state-owned enterprises, and there are many obstacles for them to go abroad, which seriously restricts the development of Chinese private enterprises' foreign direct investment. In order to explore how financing constraints affect foreign direct investment (FDI) of private enterprises, this paper first constructs a theoretical model under the framework of heterogeneous trade theory to analyze how enterprises make internationalization choices, and puts forward two main hypotheses in this paper. Secondly, by using microcosmic database, < 2013 China Industrial Enterprise Database > and Ministry of Commerce's list of Foreign Investment Enterprises (Organization list), this paper uses logit model to analyze the influencing factors of Chinese enterprises' foreign direct investment (FDI). The main hypotheses proposed in this paper are verified. This paper finds that the improvement of financing constraints can significantly increase the probability of Chinese firms to make foreign direct investment (OFDI). And for private enterprises, the improvement of financing constraints can significantly improve the probability of foreign direct investment. With the deepening of global economic integration, foreign direct investment (FDI) is an important guarantee for the sustainable development of China's economic reform. According to the actual situation of the development process of China's foreign direct investment, this paper puts forward the corresponding policy suggestions from the legal system construction, the development of financial institutions and the private enterprises themselves.
【學位授予單位】：國際貿(mào)易經(jīng)濟合作研究院
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F276.5;F125;F275

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本文編號：2024234