The Impact Of Financing Constraints On Chinese Enterprises' OFDI

With the promotion of Chinese internationalized management strategy,the total amount of foreign direct investment of enterprises is steadily rising,and the OFDI is one of the important ways to upgrade Chinese economic transformation and transfer excess capacity.But in the face of more and more complicated international market situation,enterprises need to deal with the fixed investment cost and hedging risk in the process of overseas investment projects by means of financing,but the financing constraint is the common problem of our enterprises,and the financing constraint has become the barrier of the enterprises to make the internationalization behavior.Based on the theory of enterprise financing,the present situation of financing and the present situation of foreign direct investment,this paper studies the theory mechanism of financing constraint and foreign direct investment on the basis of heterogeneous trade theory model.On the basis of theoretical analysis,this paper adopts the 1.68 million micro-enterprise level data of the 2005-2009 China Industrial Enterprise database and the Commerce Department's list of foreign direct investment enterprises,and constructs the comprehensive scoring index of financing constraint from the three dimensions of endogenous financing,external financing and commercial credit financing.According to the data structure of the interpreted variable,the two-probit model is adopted,and the influence of the financing constraint on the foreign direct investment of Chinese enterprises is empirically investigated.The empirical research results show that(1)from the results of the whole sample analysis,the relationship between the financing constraint and the foreign direct investment of enterprises is reversed.The more the enterprises with the more restrictive degree of financing,the more difficult it is to make the decision of foreign direct investment.(2)from the analysis of the results of the Enterprise sample test,in view of the different ownership enterprises,financing constraints on the external direct investment enterprises have the difference between the impact,compared to state-owned enterprises,Non-state-owned enterprises face more financing constraints,more difficult to direct foreign investment.(3)In this paper,according to the regional differences between enterprises divided into Eastern regional enterprises and non-East regional enterprises,the results show that the Eastern regional enterprises in the east,the financial constraints facing the small,the possibility of foreign direct investment is also greater.In order to further investigate whether the enterprise ownership and the regional factors have an "indirect" effect on the financing constraints,the paper also conducts an empirical test of the interaction between the enterprise ownership and the regional factors and the financing constraints to verify the rationality of the sample results.Finally,according to the conclusions of this paper,the relevant policy suggestions are put forward.