Empirical Study On The Impact Of Enterprise Internationalization On Financial Constraints

In recent years,the financing difficulty of private enterprises and small and medium-sized enterprises in China has attracted widespread attention.With the development of classical heterogeneous trade theory,scholars have combined the financial constraint with the heterogeneous trade theory to study the international behavior of enterprises,from the perspective of financial heterogeneity.Based on the fact that China's private enterprises still have a higher export tendency in the face of more severe financing constraints,the existing research ignores the reverse influence of the internationalization of enterprises on financing constraints,providing ideas for the research of this paper.Using the data of the China Industrial Enterprise Database and the list of overseas investment enterprises from 2002 to 2013,this paper discusses the impact of the internationalization of exports or outward foreign direct investment(OFDI)on their financing constraints.It is concluded that enterprises' internationalization behaviors may affect financing constraints through signal feedback,productivity improvement and financing facility expansion.The propensity score matching estimation method based on the double difference method is used to solve the endogenous problems and self-selection effects in other research methods.The results show that export or OFDI has significantly alleviated the financing constraints of enterprises,and this mitigation effect is more obvious in private enterprises,small and medium-sized enterprises and enterprises in central and western China.This shows that in the case of domestic financing difficulties,enterprises “going out” into the international market is an effective way to ease corporate financing constraints.The increase in corporate exports or OFDI experience will positively affect the mitigation of financing constraints.After considering the estimation based on investment equation,changing the measurement of key variables,the range of research samples and the matching method,the research results of this paper remain robust.Based on the conclusions drawn from the research,the article puts forward corresponding policy recommendations.First,we must promote financial supply-side reform,correct the misallocation of resources,make the distribution of financial resources more reasonable,and establish a financial system that promotes enterprises to achieve a higher level of opening-up.Second,the government should encourageenterprises to “go global” through export or foreign direct investment,especially private enterprises,central and western enterprises and small and medium-sized enterprises to improve their financing situation by improving their performance and reputation.The underdeveloped regions such as the western region will seize development opportunities,raise the level of openness,and form a new pattern of comprehensive openness between the East and the West;strengthen reasonable and appropriate guidance and support for enterprises,encourage innovation,improve the productivity of enterprises,and better absorb the spillover effects of going global.