Financing Constraints,Productivity Distribution And The Internationalization Of Chinese Enterprises

With the rapid development of China's economy,more and more Chinese companies have begun to participate in the process of economic globalization.As an export-oriented economy,China's economy has been highly dependent on overseas exports in the past 20 years.However,in recent years,the global economic growth has slowed down and the international trade situation is uncertain,which has laid hidden dangers for the further expansion of China's trade.In order to further promote my country's technological progress and industrial upgrading,and ensure stable and healthy economic development,the state has stepped up its efforts to encourage enterprises to carry out foreign direct investment,and proposed policies and measures such as the "Belt and Road".However,the blind expansion of foreign investment by enterprises has also brought new hidden dangers to China's economic growth,such as capital flight and industrial transfer.Unlike exports that can clearly increase domestic employment and economic growth,the prospect of OFDI's impact on China's economy and employment is not clear.Some studies believe that OFDI can promote employment and economic growth in the home country,while other studies believe that OFDI is causing the hollowing out of domestic industries.In this context,how to appropriately control OFDI,promote industrial upgrading,and avoid industrial hollowing is an important issue that domestic policies need to solve.Existing research shows that productivity and financing constraints are important factors that affect corporate exports and foreign direct investment.However,previous studies have mostly regarded the two as two independent studies.Based on the existing research,this article combines the two into the same framework.Under the framework of the theoretical model,analyze how productivity and financing constraints affect the internationalization choices of enterprises,how does this choice affect the internationalization structure of different industries,and then affect the structure of exports and OFDI in the country?First,under the framework of the HMY model,adding the assumptions of financing constraints,reconstructing the theoretical model,and obtaining the following conclusions:First,financing constraints inhibit corporate exports and OFDI by raising the productivity threshold of exports and OFDI;second,financing constraints affect The impact of OFDI productivity threshold is greater than the impact on export productivity threshold;third,financing constraints will reduce the number of export and OFDI companies.The specific degree of impact depends on the distribution of industrial productivity.The more dispersed the industrial productivity,the less affected export companies and OFDI companies.Fourth,internal financing constraints and external financing constraints together will increase the relative export sales ratio of enterprises.The more dispersed the industry's productivity,the greater the flexibility of substitution,and the smaller the impact of financing constraints on the relative export sales ratio;Fifth,financial development has a regulatory effect on corporate exports and OFDI ratio.The higher the degree of financial development,the greater the proportion of countries participating in the international market through OFDI.Secondly,step by step from the micro-enterprises,meso-industry,and macrocountry levels to prove the conclusions of the theoretical model.It is found that our theoretical model is mainly applicable to middle and high-income countries and high-income countries.The conclusion of the theoretical model is basically correct.First,financing constraints will inhibit corporate exports and OFDI,and have an inverted U-shaped impact on corporate exports and OFDI,that is,financial constraints mainly effect the corporates near the productivity threshold.Second,financing constraints will increase the proportion of export sales of enterprises and reduce the proportion of overseas subsidiaries' sales.Third,the distribution of productivity plays a moderating role in the above influence.The more dispersed the distribution of productivity,the smaller the above influence of financing constraints.Finally,based on theoretical models and empirical conclusions,the following policy recommendations are put forward: first,control the speed of financial development and ensure that financial development is compatible with the development of the real economy;.Second,adopt differentiated financial policies based on the characteristics of different industries.Third,appropriately adopt financial restraint policies and adjust the structure of exports to OFDI.