本文選題：金融發(fā)展 + 生產(chǎn)率�。� 參考：《南開大學(xué)》2014年博士論文

【摘要】：對(duì)外直接投資是(Outward Direct Investment,ODI)是中國(guó)參與世界經(jīng)濟(jì)一體化進(jìn)程的重要途徑,也是保證中國(guó)經(jīng)濟(jì)可持續(xù)發(fā)展的主要?jiǎng)恿χ�。進(jìn)入21世紀(jì)后,中國(guó)的對(duì)外直接投資獲得了迅猛的發(fā)展,2010年中國(guó)對(duì)外直接投資達(dá)到了678億美元,是2004年的32.25倍!對(duì)外直接投資為中國(guó)經(jīng)濟(jì)的可持續(xù)發(fā)展提供了強(qiáng)大的動(dòng)力,但中國(guó)對(duì)外直接投資的高速增長(zhǎng)是否可持續(xù)?中國(guó)對(duì)外直接投資是政府推動(dòng)的還是市場(chǎng)推動(dòng)?決定中國(guó)對(duì)外直接投資的主要因素是什么?等問(wèn)題也成為學(xué)者們關(guān)注的焦點(diǎn)。以Melitz(2003)為代表的“新新貿(mào)易理論”指出,企業(yè)是否對(duì)外直接投資的一個(gè)重要影響因素是生產(chǎn)率的高低。與對(duì)外出口以及國(guó)內(nèi)生產(chǎn)銷售相比,企業(yè)在國(guó)外投資生產(chǎn),必須要承擔(dān)國(guó)外建廠等固定成本,因此,只有企業(yè)的生產(chǎn)率高于某一門檻時(shí),企業(yè)在國(guó)外的投資才是有利可圖的。最終結(jié)果是,生產(chǎn)率高的企業(yè)才對(duì)外直接投資,生產(chǎn)率次高的企業(yè)對(duì)外出口,生產(chǎn)率最低的企業(yè)則只在國(guó)內(nèi)生產(chǎn)與銷售�！靶滦沦Q(mào)易理論”分析了生產(chǎn)率與企業(yè)投資抉擇的關(guān)系,但是該理論的假設(shè)是企業(yè)并不存在融資約束,也即企業(yè)的投資都能夠獲得足夠的資金支持。而實(shí)際上,在現(xiàn)實(shí)中許多企業(yè)往往在融資問(wèn)題上遇到困難,即使企業(yè)的生產(chǎn)率水平足以讓其在國(guó)外的生產(chǎn)中獲利,但假使企業(yè)沒(méi)有足夠的資金在國(guó)外建立或是并購(gòu)工廠,同樣無(wú)法實(shí)現(xiàn)對(duì)外直接投資,因此,企業(yè)要進(jìn)行對(duì)外直接投資還必須邁過(guò)一個(gè)融資約束的門檻(Buch等,2010)。 從中國(guó)企業(yè)的生產(chǎn)率發(fā)展看,改革開放后,中國(guó)經(jīng)濟(jì)有了舉世矚目的發(fā)展,中國(guó)企業(yè)的生產(chǎn)率也得到了較大的提高,這為中國(guó)企業(yè)對(duì)外直接投資奠定了基礎(chǔ)。但從中國(guó)企業(yè)面臨的融資約束問(wèn)題看,雖然金融規(guī)模有了較大的增長(zhǎng),但中國(guó)企業(yè)的融資約束問(wèn)題依舊嚴(yán)重。由于金融市場(chǎng)并沒(méi)有完全市場(chǎng)化,國(guó)家干預(yù)金融市場(chǎng)的問(wèn)題較為嚴(yán)重,金融抑制現(xiàn)象在中國(guó)十分明顯。如利率的國(guó)家管制,中國(guó)的資金價(jià)格并非由市場(chǎng)供需決定,而在很大程度上是國(guó)家行政決策制定的。從儲(chǔ)蓄看,居民存款到哪家銀行的結(jié)果基本一致,銀行之間并沒(méi)有價(jià)格上的競(jìng)爭(zhēng)。從貸款看,在國(guó)家的行政干預(yù)下,銀行貸款存在明顯的國(guó)有企業(yè)偏向,一方面國(guó)有企業(yè)能夠很容易的獲得貸款,但國(guó)有企業(yè)對(duì)資金的利用效率卻十分低下；另一方面,一些具有發(fā)展?jié)摿Φ拿駹I(yíng)中小企業(yè)卻很難得到銀行的資金支持,融資約束現(xiàn)象十分嚴(yán)重。在此背景下,本文在“新新貿(mào)易理論”的基礎(chǔ)上,將融資約束問(wèn)題納入分析框架,從理論上明晰金融發(fā)展、生產(chǎn)率對(duì)企業(yè)對(duì)外直接投資的作用機(jī)制；并利用省份與企業(yè)層面的雙層結(jié)構(gòu)數(shù)據(jù),結(jié)合適合的計(jì)量模型,從實(shí)踐上檢驗(yàn)金融發(fā)展、生產(chǎn)率與企業(yè)對(duì)外直接投資之間的關(guān)系。 本文的具體安排如下：全文共七章,第一章,緒論。主要闡述本文的選題背景,研究的理論與現(xiàn)實(shí)意義,介紹研究目標(biāo)、研究思路、結(jié)構(gòu)安排、研究方法、研究特點(diǎn),從而為理解全文結(jié)構(gòu)提供了線索；第二章,文獻(xiàn)綜述。介紹金融發(fā)展、跨國(guó)企業(yè)與對(duì)外直接投資的概念與相關(guān)知識(shí),進(jìn)而系統(tǒng)回顧和評(píng)述國(guó)內(nèi)外關(guān)于金融發(fā)展、對(duì)外直接投資以及金融發(fā)展與對(duì)外直接投資關(guān)系的相關(guān)文獻(xiàn)。在此基礎(chǔ)上進(jìn)行評(píng)述,并提出值得擴(kuò)展研究的空間,確定本研究的切入點(diǎn)；第三章,構(gòu)建本文的理論分析框架。該部分主要探討“新新貿(mào)易理論”框架下,企業(yè)對(duì)外直接投資需要邁過(guò)的生產(chǎn)率門檻,以及考慮到融資約束后企業(yè)對(duì)外直接投資需要邁過(guò)的融資約束門檻,在此基礎(chǔ)上,進(jìn)一步探討金融發(fā)展通過(guò)作用于生產(chǎn)率間接影響企業(yè)的對(duì)外直接投資,以及金融發(fā)展通過(guò)降低融資成本、分散投資風(fēng)險(xiǎn)、促進(jìn)企業(yè)技術(shù)創(chuàng)新等方面來(lái)直接影響企業(yè)對(duì)外直接投資的作用機(jī)制；第四章,指標(biāo)構(gòu)建與典型特征事實(shí)。該部分的主要內(nèi)容是對(duì)文章的被解釋變量中國(guó)企業(yè)的對(duì)外直接投資,以及主要解釋變量金融發(fā)展和生產(chǎn)率進(jìn)行準(zhǔn)確的測(cè)度,并在測(cè)算結(jié)果的基礎(chǔ)上對(duì)中國(guó)金融發(fā)展、對(duì)外直接投資的典型特征事實(shí)進(jìn)行描述；第五章,金融發(fā)展與中國(guó)企業(yè)生產(chǎn)率的實(shí)證研究。該部分利用中國(guó)各省相關(guān)數(shù)據(jù),以及中國(guó)《工業(yè)企業(yè)數(shù)據(jù)庫(kù)》的大樣本面板數(shù)據(jù)進(jìn)行實(shí)證檢驗(yàn),根據(jù)數(shù)據(jù)結(jié)構(gòu)采用多層線性模型回歸方法,從金融規(guī)模擴(kuò)張、金融結(jié)構(gòu)調(diào)整以及金融效率提升三個(gè)方面來(lái)研究金融發(fā)展對(duì)中國(guó)企業(yè)生產(chǎn)率的作用。研究結(jié)果表明,中國(guó)金融規(guī)模的擴(kuò)張、金融結(jié)構(gòu)調(diào)整以及金融效率的提升都能顯著的促進(jìn)企業(yè)生產(chǎn)率的提升,也證實(shí)了金融發(fā)展通過(guò)促進(jìn)生產(chǎn)率提升來(lái)影響企業(yè)對(duì)外直接投資的間接路徑；第六章金融發(fā)展、生產(chǎn)率與中國(guó)企業(yè)對(duì)外直接投資的實(shí)證研究。該部分利用中國(guó)商務(wù)部公布的2004-2011年《中國(guó)企業(yè)對(duì)外直接投資名錄》與《中國(guó)工業(yè)企業(yè)數(shù)據(jù)庫(kù)》匹配后的大樣本數(shù)據(jù),根據(jù)被解釋變量的數(shù)據(jù)結(jié)構(gòu),采用Logit回歸,從金融規(guī)模擴(kuò)張、金融結(jié)構(gòu)調(diào)整以及金融效率提升三個(gè)方面來(lái)研究金融發(fā)展對(duì)企業(yè)對(duì)外直接投資的影響；研究金融規(guī)模擴(kuò)張、金融結(jié)構(gòu)調(diào)整以及金融效率提升之間對(duì)企業(yè)對(duì)外直接投資的協(xié)調(diào)作用；研究金融發(fā)展與生產(chǎn)率對(duì)企業(yè)對(duì)外直接投資的協(xié)調(diào)作用。結(jié)果顯示,中國(guó)金融規(guī)模擴(kuò)張、金融結(jié)構(gòu)調(diào)整以及金融效率提升都能顯著的促進(jìn)企業(yè)對(duì)外直接投資,金融規(guī)模擴(kuò)張、金融結(jié)構(gòu)調(diào)整以及金融效率提升之間的交互項(xiàng)對(duì)企業(yè)對(duì)外直接投資的影響都為正,說(shuō)明中國(guó)金融發(fā)展需要三個(gè)指標(biāo)的協(xié)調(diào)發(fā)展,才能更有效的促進(jìn)中國(guó)企業(yè)的對(duì)外直接投資；第七章結(jié)論、政策啟示以及研究展望�？偨Y(jié)全文的研究結(jié)論,對(duì)中國(guó)的金融改革與對(duì)外直接投資提出相應(yīng)的政策建議。
[Abstract]:Outward Direct Investment (ODI) is an important way for China to participate in the process of world economic integration. It is also one of the main driving forces to ensure the sustainable development of China's economy. After twenty-first Century, China's foreign direct investment has developed rapidly. In 2010, China's foreign direct investment reached 67 billion 800 million US dollars, which is 20 32.25 times more than 04 years! Foreign direct investment has provided a strong impetus for the sustainable development of China's economy, but is the high speed growth of China's foreign direct investment sustainable? Is China's foreign direct investment driven by the government or market? What are the main factors to determine China's foreign direct investment? The "new new trade theory", represented by Melitz (2003), points out that an important factor affecting enterprises' FDI is productivity. Compared with foreign exports and domestic production and sales, enterprises have to invest in foreign plants and other fixed costs in foreign investment production. Therefore, only the productivity of the enterprises is the only one. When it is higher than a certain threshold, the investment of an enterprise abroad is profitable. The final result is that the enterprises with high productivity are direct foreign investment, the enterprises with high productivity are exported to the outside world, and the enterprises with the lowest productivity are only in domestic production and sales. The hypothesis is that the enterprise does not exist financing constraints, that is, the investment of the enterprise can obtain sufficient capital support. In fact, in reality, many enterprises often have difficulties in financing problems, even if the productivity level of the enterprise is enough to make it profitable in foreign production, but if the enterprise does not have enough funds abroad. To establish or be a merger and acquisition plant, it is also impossible to achieve foreign direct investment. Therefore, it is necessary for enterprises to carry out foreign direct investment through a threshold of financing constraints (Buch, 2010).
From the perspective of the productivity development of Chinese enterprises, China's economy has developed worldwide after the reform and opening up, and the productivity of Chinese enterprises has been greatly improved. This has laid the foundation for the direct investment of Chinese enterprises. The problem of financing constraints is still serious. As the financial market is not fully marketed, the problem of state intervention in the financial market is more serious. The phenomenon of financial restraining is very obvious in China. For example, the state control of interest rate, the price of China's capital is not determined by market supply and demand, but to a large extent, it is made by the national administrative decision. As a result, the result of the bank is basically the same, there is no price competition between the banks. From the loan, under the state administrative intervention, the bank loan has the obvious bias of the state-owned enterprise. On the one hand, the state-owned enterprises can get the loan easily, but the efficiency of the capital utilization is very low in the other country; the other is the other. On the other hand, some private SMEs with potential for development are difficult to get financial support from banks. In this context, on the basis of "new new trade theory", the problem of financing constraints is included in the framework of analysis, and the role of productivity to direct investment in enterprises is clearly defined. The relationship between the financial development, the productivity and the enterprise foreign direct investment is tested in practice by using the dual structure data of the province and the enterprise level and combining the suitable measurement model.
The specific arrangement of this article is as follows: the full text consists of seven chapters, the first chapter, the introduction. It mainly expounds the background of the topic, the theoretical and practical significance of the study, the objective of the study, the idea of research, the arrangement of the structure, the research methods and the characteristics of the research, thus providing a clue for the understanding of the full text structure; the second chapter, the literature review, and the introduction of financial development and transnational enterprises. With the concept of foreign direct investment and related knowledge, and then systematically review and review the relevant literature on financial development, foreign direct investment and the relationship between financial development and foreign direct investment. On the basis of this, we make a review, put forward the space to expand the research, and determine the breakthrough point of this study; the third chapter, the construction of this article On the basis of the new new trade theory, this part mainly discusses the threshold of productivity that needs to be taken under the framework of "new new trade theory", as well as the threshold of financing constraints that need to be taken into account after financing constraints. On this basis, the indirect impact of financial development on productivity is further explored. The foreign direct investment of the enterprise, and the financial development through reducing the financing cost, dispersing the investment risk, promoting the enterprise technology innovation and so on to directly influence the enterprise external direct investment mechanism; the fourth chapter, the index construction and the typical characteristic fact. Direct investment, and the accurate measurement of the financial development and productivity of the main explanatory variables, and on the basis of the calculated results, describe the typical characteristics of the Chinese financial development and the foreign direct investment; the fifth chapter, the empirical study of the financial development and the productivity of Chinese enterprises. The large sample panel data of China's industrial enterprise database are tested. According to the data structure, the multi-layer linear model regression method is used to study the effect of financial development on the productivity of Chinese enterprises from three aspects of financial expansion, financial structure adjustment and financial efficiency promotion. The results show that the scale of China's financial scale The expansion, the adjustment of financial structure and the promotion of financial efficiency can greatly promote the promotion of enterprise productivity. It also confirms the indirect path of financial development to influence the direct investment of enterprises through the promotion of productivity; the sixth chapter is the empirical study of the financial development, the productivity and the foreign direct investment of Chinese enterprises. According to the data structure of the explanatory variables, the Ministry of Commerce of China, published by the Ministry of Commerce for 2004-2011 years, matches the data structure of the explanatory variables, uses Logit regression to study the financial development to the enterprise from three aspects: financial expansion, financial structure adjustment and financial efficiency. The impact of direct investment; study the coordination role of financial scale expansion, financial structure adjustment and financial efficiency promotion to enterprise foreign direct investment; study the coordination role of financial development and productivity to enterprise foreign direct investment. The result shows that China's financial scale expansion, financial structure adjustment and financial efficiency have been promoted. The impact of the interaction between the foreign direct investment of enterprises, the expansion of financial scale, the adjustment of financial structure and the promotion of financial efficiency are all positive. It shows that the development of China's financial development needs the coordinated development of three indicators to promote the foreign direct investment of Chinese enterprises more effectively; the seventh chapter is a conclusion. The policy implications and research prospects are summarized. The conclusions of the paper are summarized, and corresponding policy recommendations for China's financial reform and foreign direct investment are put forward.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.6;F224;F279.2

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