Research On The Influence Of Financing Constraints On Chinese Enterprises' Foreign Direct Investment Behavior

Foreign direct investment is one of the main ways for Chinese companies to participate in international competition,and it is of great significance for promoting the development of export-oriented economy.With the implementation of the �going out� strategy of Chinese enterprises,the endogenous driving force of enterprises �going out� is increasing day by day,and more and more Chinese enterprises choose to enter the international market by means of foreign direct investment.In recent years,Chinese enterprises have achieved rapid growth in foreign direct investment,and are characterized by diversification of investment entities,large investment industries,and wide investment areas.However,due to the imperfection of the financial market,Chinese enterprises generally have the problem of financing constraints.It is of great significance to study the related behaviors of Chinese enterprises' foreign direct investment from the perspective of financing constraints.Based on the theoretical model,this paper proposes a hypothesis that corporate financing constraints have a negative correlation with foreign direct investment participation.In terms of the speed of foreign direct investment,this paper proposes that financing constraints will affect the productivity of enterprises through R&D investment and human capital investment,and finally affects the theoretical mechanism of investment speed.On this basis,this paper uses the matching data of the "China Industrial Enterprise Database" from 2006-2012 and the "Investment List of Overseas Investment Enterprises(Institutions)" compiled by the Ministry of Commerce,and explores the financing constraints of enterprises through the comprehensive index SA index of financing constraints how to influence the company's foreign direct investment related behaviors.The relevant behaviors include the investment participation of enterprises and the speed of investment.The theoretical analysis and empirical research results of this paper show that: First,the reduction of the degree of financing constraints does promote the participation of Chinese enterprises in foreign direct investment.Second,the lower the degree of corporate financing constraints,the faster the foreign investment speed;the results show that the productivity effect,R&D investment effect and human capital input effect are indeed and reasonable.Considering the problem of inverse causality,this paper considers the endogenous problem by introducing the lag term of financing constraint index into the equation.It proves the rationality of the model setting and supports the view that financing constraint is an important influencing factor of foreign direct investment behavior.The empirical research based on the different measurement methods of financing constraints and foreign direct investment speed and different empirical models confirms the robustness of the results;the analysis of the expansion of different ownership systems,different regions and different industries shows that the impact of corporate financing constraints on foreign direct investment participation,private enterprises,central enterprises and labor-intensive enterprises are more significant.The impact of corporate financing constraints on the speed of foreign direct investment,the impact of private enterprises,enterprises in the western region and resource-intensive enterprises is more significant.On the basis of the research conclusions,this paper puts forward relevant suggestions from the level of government and enterprises.