The Impact Of Multinational Corporations' Overseas Financing On Firm Performance

With the rapid development of economic globalization,the influence of multinational corporations in world economic activities is also becoming more and more important.Overseas financing activities and their optimization are not only related to the development of transnational operations,but also closely related to global capital operation and maximization of corporate value.In order to solve the problem of overseas financing of multinational corporations,this paper examines the impact and constraints of multinational corporations' overseas financing decisions on performance,and conducts a detailed study on the particularities of multinational corporations' domestic financing.The first chapter of the thesis elaborates the research object in detail,and provides theoretical guidance for the later research.The second chapter introduces the related concepts and basic theories,which lays a theoretical foundation for the later research.The third chapter introduces the overseas financing of multinational corporations.The impact on corporate performance,based on the research results of domestic and foreign scholars,analyzes the impact of overseas equity financing and debt financing on corporate performance,and provides targeted targets for the following;the fourth chapter is empirical analysis,building a panel model,The empirical results are analyzed.The last chapter focuses on the problems of overseas financing of multinational corporations from the perspective of reality,and puts forward the countermeasures for the overseas financing optimization of multinational corporations in China.Based on the panel data of 41 companies in the past 10 years,this paper uses the generalized least squares(GLS)model and the Gaussian mixture(GMM)model to empirically determine the impact of multinational corporations' overseas financing on corporate performance.The results show that overseas financing of multinational corporations will not increase the corporate performance of enterprises,but will increase operational risks,and compared with small and medium-sized enterprises,large multinational enterprises will show slower asset growth rate after obtaining overseas financing,and external financing to assets.The more negative the growth of the larger companies,the more effective the empirical results are,and the relevant policy recommendations are put forward.