The Influence Research Of Financing Constraints On Chinese Foreign Direct Investment

China's foreign direct investment jumped to an all-time high of $123.12 billion in 2014,the foreign direct investment stock for the first time to enter the global top 10 ranks.With the implementation of the strategy of "going out",The pace of internationalization of Chinese enterprises is accelerating,Outward foreign direct investment(OFDI)has become an important way for enterprises to participate in international markets.At present,Chinese enterprises "going out" presents a significant change: initially the main state-owned enterprises,development to the situation of state-owned,private,multi-ownership economy are "going out",Specially private enterprises "going out" more active.However,relative lag of the development of the financial market system.Make our country enterprises,especially private enterprises widespread credit constraints and different levels of financing difficulties.It restricts the development of enterprises "going out".Alleviate the financing difficulties of enterprises,to give companies more policy support,help more competitive enterprises of foreign direct investment.It is of great practical significance to promote the development of the strategy of "going out" target.Therefore,this paper expand theoretical and empirical research on enterprise foreign direct investment from the perspective of micro-enterprise financing constraints,expect to find out the factors affecting enterprise foreign direct investment in the micro level,and put forward countermeasures and Suggestions of ease the financing difficulties of overseas investment,to help enterprises that having conditions of competitive to realize international operation.Promote the rapid and healthy development of Chinese Foreign Direct Investment Practice.Theoretical results shows that Enterprise financing constraints will be through the cost of financing,technology innovation and research and development,the enterprise production efficiency three channels on the foreign direct investment.Further,this paper uses the micro data of foreign direct investment of our country enterprise in 2003-2010 to its influencing factors for empirical research.The result shows that the financing ability is the important determinants to enterprise foreign direct investment,The stronger the enterprise financing ability,the lower the degree of financing constraints,the larger foreign direct investment;The higher productivity,innovation ability is stronger,the greater the scale of enterprise,the foreign capital share account for more than enterprise,the greater the scale of foreign direct investment;Compared with private enterprises,state-owned enterprises foreign direct investment is relatively larger,but to improve the ability of external financing of private enterprises in foreign direct investment the mechanism of action of stronger influence on enterprises.Finally,this paper argues that,Current should Strengthening the construction of outward foreign direct investment financial support system.Increase financing support to private SMEs overseas investment and enterprises should pay more attention to improve their financing capacity.Then try to puts forward the concrete implementation plan that with foreign exchange reserves as capital to set up enterprise foreign direct investment development fund.At the same time,puts forward policy suggestion,such as use foreign exchange reserves to support the outstanding enterprises;improvement of the Financial Policy Support System and so on.