| With the deepening of globalization,Chinese energy enterprises have actively engaged in international business in form of Outward Foreign Direct Investment(OFDI).However,they not only face internal financing barriers,but also have to cope with the complicated financing ecology.Therefore,how to optimize the internal and external financing ecology and improve OFDI efficiency of energy enterprises has become a topic discussed by many scholars.Firstly,this paper summarizes the factors that affect the OFDI efficiency of enterprises,theoretically concludes the impact mechanism of ecological factors such as economy,finance,industrial support,internal control and financial management on OFDI efficiency of enterprises through different paths.The paper also puts forward the relevant assumption that the internal and external financing ecology of energy enterprises has a positive effect on OFDI efficiency,that is,the better the internal and external ecology of enterprise financing,the closer the actual investment of energy companies is to the optimal level,and the financing ecology has a positive effect on OFDI efficiency value.At the same time,internal and external financing ecology has substitution effect on OFDI efficiency.Secondly,this paper establishes a stochastic frontier gravity model based on panel data to measure OFDI efficiency value of energy enterprises,and measures the financing ecological index with the method of fully arranged polygon index,and describes typical facts with the method of scatter plot.In recent years,OFDI efficiency value of energy enterprises in China has generally shown a continuous upward trend.The OFDI efficiency difference between enterprises is obvious,among which the investment efficiency in the direction of electric power and new energy is higher.Coal mining enterprises are in the depression of OFDI efficiency,oil and gas are in a relatively stable state for a long time,and some other energy enterprises have seen OFDI efficiency retrogression in recent years.The positive relationship between internal and external financing ecological index and OFDI efficiency of energy enterprises is preliminarily shown through scatter chart and line chart.Thirdly,this paper selects 504 observation data samples from 2010 to 2017 in China,and uses stochastic frontier gravity model and its investment inefficiency model to verify the effect of internal and external financing ecological index on OFDI efficiency of Chinese companies.The empirical results show that the impact of financing ecological index on OFDI is significantly positive.China’s energy enterprises tend to invest in countries with good external financing ecological environment,and energy enterprises with better internal financing ecological index have higher OFDI efficiency during this period.The grouping test further shows that the external financing ecological index has a positive effect on OFDI efficiency of state-owned enterprises and private enterprises,but the internal financing ecological index has a negative effect on private enterprises,and the asset-liability ratio and other four factors have a greater impact on OFDI of private enterprises.Therefore,it is concluded that the larger the scale and the stronger the strength of energy enterprises,the easier it is to improve OFDI efficiency.Under the circumstance that the internal financing channels of these import and export enterprises are blocked,their external financing ecological index can be used as a substitute component to make up for the defects of the internal environment,effectively promote the improvement of OFDI efficiency of energy enterprises,and further play the substitute role of internal and external financing ecology,thus verifying the theoretical assumptions put forward in this paper.Finally,on the basis of summarizing the full text,this paper puts forward corresponding policy suggestions from macro and micro perspectives,in order to maximize the efficiency of China’s energy enterprises OFDI from the perspective of financing ecology. |
PDF Full Text Request