| The US subprime mortgage crisis in 2007 and the European debt crisis in 2010 have had a profound effect on the world economic situation.The economic growth rate of major advanced economies has slowed down.In order to deal with the crisis,since 2010,the Chinese government has deepened the reform of the capital account liberalization,and actively liberalized the control of capital projects on the basis of promoting the internationalization of the renminbi,such as piloting the renminbi freedom in the Shanghai Free Trade Zone and the Qianhai Free Trade Zone,the opening of Shanghai-Hong Kong Stock Connect,Shenzhen-Hong Kong Stock Connect,and the prospect of Shanghai-London Stock Connect,etc.At the same time,the Chinese government has pushed the AIIB and the "One Belt and One Road" strategy to promote enterprises to develop international capacity cooperation.With the deepening of economic opening,international capital flows from the relative stable inflow phase after the reform and opening up,through a period of relatively stable outflow,and then to the rapid inflow phase.After 2010,China's international capital flows are rapidly flowing out.Around 2010,the direction of the net flow of China's international capital has reversed,which has seriously worsened the corporate financing environment.Therefore,whether the outflow of international capital can worsen the financing constraint environment of enterprises,improve the efficiency of capital allocation in China,and then increase the efficiency of corporate investment,will be the main issues of this study.Constrained by data and research methods,most studies mainly analyze the impact of international capital flows on economy and investment from a macro perspective.However,with the development of the third generation of international capital flow theory and modern enterprise investment theory,there are more and more researches about the impact of international capital flows on corporate investment from the perspective of the micro-enterprises.This dissertation takes the economic deepening as the background,from the perspective of financing constraints and capital allocation efficiency,through historical interpretation,theoretical analysis,empirical analysis,and policy analysis,to study the impact of international capital flow on corporate investment efficiency.This dissertation not only provides theoretical and empirical foundations for improving corporate investment efficiency in the context of capital account opening,but also provides a micro-perspective for evaluating capital account liberalization policies.The main conclusions of the full text are:First,in terms of theoretical research,this dissertation builds a theoretical model of the impact of international capital flows in multiple regions and industries on corporate investment efficiency based on international capital flow theory and modern enterprise investment theory,and finds that The international capital flow has reduced the financing constraints and capital resources misallocation,improved the corporate financing environment and the efficiency of corporate investment.Secondly,in terms of historical interpretation,China's foreign exchange reform system has undergone a two-track exchange rate,exchange settlement and sale of foreign exchange,simultaneous exchange rates,and exchange rate market reforms.At the same time,since the reform and opening up,the Chinese government has been adhering to the path of gradual reforms,opening up the capital account liberalization,and controlling the flow of medium and long-term capital,and then liberalizing short-term capital flow control,and then implementing pilot promotion.The policy until the ultimate realization of the capital account is fully open.Before 2010,international capital continued to flow into China,and the scale of China's foreign exchange reserves continued to increase.However,after 2010,international capital showed a net outflow.Third,the empirical analysis of the impact of international capital flows found that international capital flows can promote the improvement of corporate investment efficiency,but there are regional effects,industry effects,and corporate type effects:the impact of international capital flows on eastern enterprises is lower than that of central and western enterprises.The impact of international capital flows has promoted the investment of Chinese technology companies and low-tech enterprises to be reasonable,but it has exacerbated the problems of high investment and over-investment in high-tech enterprises;international capital flows have promoted the investment of private enterprises and foreign-funded enterprises to become more reasonable.However,it is not conducive to the improvement of public enterprise investment efficiency and has no effect on the efficiency of state-owned enterprises.Fourth,the empirical analysis of the impact mechanism of international capital flows found that the mechanism through which international capital flows can promote the improvement of corporate investment efficiency is that international capital flows can improve the efficiency of corporate investment by increasing the efficiency of capital allocation,and the beneficial effect of capital allocation efficiency mechanism is greater than that of financing.The adverse effects of the constraint mechanism.Moreover,the regional differences in the capital allocation efficiency mechanism and the financing restriction mechanism,industry differences,and business type differences have led to the regional effect,the industry effect,and the type effect of the international capital flow on the corporate investment efficiency.Fifth,an empirical analysis of the perspective of corporate finance behavior found that after the implementation of the Shanghai-Hong Kong Stock Connect Policy,international capital flows improved the financing environment for listed large companies but worsened the financing environment for listed small companies.The implementation of policies such as the Shanghai-Hong Kong Stock Connect has promoted the further opening up of China's capital market.Although international capital flows have worsened the problem of corporate financing constraints,it has also promoted the flow of capital from inefficient small companies to high-efficiency large companies and enhanced the financing capabilities of large companies.To promote its effective investment.International capital improves the efficiency of corporate investment by flowing to highly efficient companies,which means that when international capital flows out,high-efficiency companies have greater ability to raise capital in the capital market and invest more efficiently.Moreover,the scale of corporate assets can promote the improvement of corporate investment efficiency.It also shows that large companies are more efficient and have stronger financing capabilities in the capital market.The research conclusion of this dissertation shows that the mechanism that international capital flow can promote the corporate investment efficiency lies in that international capital flow can improve the efficiency of corporate investment by enhancing the efficiency of capital allocation,and the beneficial effect of capital allocation efficiency mechanism is greater than the adverse effect of the financial constraint mechanism.Moreover,regional differences in the efficiency of capital allocation mechanisms and financing constraints,differences in industries,and differences in types of businesses have led to regional effects of international capital flows on corporate investment efficiency,industry effects,and corporate type effects.Therefore,China needs to prevent capital flight on the macro level and build a capital account opening system.On the micro level,it must clear the capital allocation mechanism for international capital flows,solve the inefficient investment problems of high-tech enterprises,and strengthen the reform of state-owned enterprises to strengthen state-owned enterprises.vitality.The dissertation is divided into six chapters:The first chapter is the introduction.It mainly introduces the topic selection background and research topics,defines relevant concepts,sorts out the research results,clarifies the research ideas,contents and methods,and summarizes the research innovation points and deficiencies.The second chapter is the theoretical review and theoretical modelling.It mainly elaborates the development thread and main viewpoints of the international capital flow theory and the enterprise investment theory,and based on the deepening of China's economic development,the establishment of multi-regional and multi-industry international capital flow affects the investment efficiency of enterprises.The theoretical model illustrates that international capital flows afifect corporate investment efficiency through financing constraints and capital allocation efficiency mechanisms.The third chapter is the analysis of the status quo of China's international capital flow and enterprise investment efficiency.Based on the review of China's foreign exchange management system and capital opening process,the overall statistics describe the current situation of China's international capital flow and corporate investment efficiency.The fourth chapter is an empirical analysis of the impact of international capital flows,mainly based on the analysis of regional and industrial differences in the efficiency of Chinese business investment,empirical research on the impact of international capital flows on corporate investment efficiency,empirical analysis of regional effects,industry effects,Business type effect.And this chapter also from the perspective of corporate financing behavior,empirical analysis of the impact of international capital flows on the financing behavior of listed large companies and listed small companies to indirectly verify the impact of international capital flows on corporate investment efficiency and prove the empirical results is robust.The fifth chapter is an empirical analysis of the impact mechanism of international capital flows.It mainly analyzes the impact mechanism of international capital flow on corporate investment efficiency from the perspective of financing constraints and capital allocation efficiency.The sixth chapter is the research conclusion and policy suggestion of this dissertation. |
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