本文選題：OFDI + 民營(yíng)企業(yè)　； 參考：《國(guó)際貿(mào)易經(jīng)濟(jì)合作研究院》2017年碩士論文

【摘要】：對(duì)外直接投資是中國(guó)企業(yè)參與國(guó)際分工、國(guó)際競(jìng)爭(zhēng)的主要方式之一,而且對(duì)于推動(dòng)外向型經(jīng)濟(jì)發(fā)展具有重大意義。改革開放以來,中國(guó)通過實(shí)施“引進(jìn)來”的經(jīng)濟(jì)政策,從國(guó)外吸引大量外商直接投資,極大地促進(jìn)了國(guó)內(nèi)經(jīng)濟(jì)發(fā)展和進(jìn)出口貿(mào)易增長(zhǎng)。而隨著中國(guó)成為全球第二大經(jīng)濟(jì)體,企業(yè)參與國(guó)際分工合作的程度不斷加深,單向地接受外資已經(jīng)不能適應(yīng)經(jīng)濟(jì)發(fā)展的需要。經(jīng)過了三十多年的發(fā)展,中國(guó)對(duì)外直接投資已經(jīng)走在世界前列,2015年中國(guó)對(duì)外直接投資流量創(chuàng)下了1456.7億美元的歷史新高,占到全球流量份額的9.9%,同比增長(zhǎng)18.3%,金額僅次于美國(guó)位列世界第二。但是需要注意的是,中國(guó)對(duì)外直接投資的一個(gè)非常顯著的特征是國(guó)有企業(yè)占主體,2015年末,在對(duì)外非金融類直接投資的9382億美元存量中,國(guó)有企業(yè)占50.4%。民營(yíng)企業(yè)的對(duì)外直接投資發(fā)展進(jìn)程明顯滯后于國(guó)有企業(yè)。造成這一現(xiàn)象的一個(gè)很重要的原因就是融資約束的存在,很大比例的民營(yíng)企業(yè)存在不同程度的融資約束問題。在進(jìn)行對(duì)外直接投資時(shí),民營(yíng)企業(yè)獲取外部融資的能力明顯低于國(guó)有企業(yè),其走出國(guó)門進(jìn)行海外經(jīng)營(yíng)的障礙較多,這嚴(yán)重制約著中國(guó)民營(yíng)企業(yè)對(duì)外直接投資的發(fā)展。為了探究融資約束如何影響民營(yíng)企業(yè)對(duì)外直接投資,本文首先在異質(zhì)性貿(mào)易理論的框架下構(gòu)建了理論模型,來分析企業(yè)如何進(jìn)行國(guó)際化選擇,并且提出了文章的兩個(gè)主要假說。其次,通過采用微觀層面的數(shù)據(jù)庫(kù),《2013中國(guó)工業(yè)企業(yè)數(shù)據(jù)庫(kù)》及《商務(wù)部對(duì)外境外投資企業(yè)(機(jī)構(gòu))名錄》,利用Logit模型對(duì)中國(guó)企業(yè)對(duì)外直接投資的影響因素進(jìn)行了回歸分析,并且驗(yàn)證了本文提出的主要假說。本文發(fā)現(xiàn),融資約束的改善可以顯著提高中國(guó)企業(yè)進(jìn)行對(duì)外直接投資的概率。而且對(duì)民營(yíng)企業(yè)而言,融資約束的改善可以更明顯的提高企業(yè)進(jìn)行對(duì)外直接投資的概率。在當(dāng)前全球經(jīng)濟(jì)一體化程度不斷加深的情況下,對(duì)外直接投資是中國(guó)經(jīng)濟(jì)改革可持續(xù)發(fā)展的重要保證。本文結(jié)合中國(guó)對(duì)外直接投資發(fā)展進(jìn)程的實(shí)際情況,分別從法制建設(shè)、金融機(jī)構(gòu)發(fā)展、民營(yíng)企業(yè)自身提出了相應(yīng)的政策建議。
[Abstract]:Foreign direct investment (FDI) is one of the main ways for Chinese enterprises to participate in international division of labor and international competition, and it is of great significance to promote the development of export-oriented economy. Since the reform and opening up, China has adopted the economic policy of "introducing in" and attracted a large amount of foreign direct investment from abroad, which has greatly promoted the domestic economic development and the growth of import and export trade. As China becomes the second largest economy in the world, the degree of enterprises' participation in international division of labor and cooperation is deepening, and the one-way acceptance of foreign capital can no longer meet the needs of economic development. After more than 30 years of development, China's foreign direct investment has been in the forefront of the world. In 2015, the flow of China's foreign direct investment reached a historical high of 145.67 billion US dollars. It accounted for 9.9 percent of global traffic, up 18.3 from a year earlier, the second largest in the world after the United States. However, it should be noted that a very significant feature of China's foreign direct investment is the dominance of state-owned enterprises. At the end of 2015, state-owned enterprises accounted for 50.4of the US $938.2 billion stock of foreign non-financial direct investment. The development process of foreign direct investment of private enterprises obviously lags behind that of state-owned enterprises. A very important reason for this phenomenon is the existence of financing constraints, a large proportion of private enterprises have different degrees of financing constraints. In the process of foreign direct investment, the ability of private enterprises to obtain external financing is obviously lower than that of state-owned enterprises, and there are many obstacles for them to go abroad, which seriously restricts the development of Chinese private enterprises' foreign direct investment. In order to explore how financing constraints affect foreign direct investment (FDI) of private enterprises, this paper first constructs a theoretical model under the framework of heterogeneous trade theory to analyze how enterprises make internationalization choices, and puts forward two main hypotheses in this paper. Secondly, by using microcosmic database, < 2013 China Industrial Enterprise Database > and Ministry of Commerce's list of Foreign Investment Enterprises (Organization list), this paper uses logit model to analyze the influencing factors of Chinese enterprises' foreign direct investment (FDI). The main hypotheses proposed in this paper are verified. This paper finds that the improvement of financing constraints can significantly increase the probability of Chinese firms to make foreign direct investment (OFDI). And for private enterprises, the improvement of financing constraints can significantly improve the probability of foreign direct investment. With the deepening of global economic integration, foreign direct investment (FDI) is an important guarantee for the sustainable development of China's economic reform. According to the actual situation of the development process of China's foreign direct investment, this paper puts forward the corresponding policy suggestions from the legal system construction, the development of financial institutions and the private enterprises themselves.
【學(xué)位授予單位】：國(guó)際貿(mào)易經(jīng)濟(jì)合作研究院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F276.5;F125;F275

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本文編號(hào)：2024234