资本市场开放如何影响中国企业对外直接投资How Does Capital Market Liberalization Affect the OFDI of China’s Enterprises
杨晓亮;李冬;王维红;
摘要(Abstract)：
"沪深港通"交易制度的实施,标志着中国资本市场对外开放进入新阶段。基于Lawless(2010)和Chaney(2016)模型,考察资本市场开放对企业对外直接投资的影响及其作用机制。理论分析表明,通过增强企业资金的流动性和提高生产率,资本市场开放促进了企业对外直接投资的扩展边际,但是抑制了集约边际。基于2007—2018年中国上市公司数据,使用"渐进"倍差法进行实证分析,验证上述理论命题。异质性分析显示,资本市场开放显著促进了中国民营企业对外直接投资的集约边际以及资本密集型企业对外直接投资的扩展边际。研究对进一步推动中国资本市场对外开放、"增强金融服务实体经济能力",具有一定启示意义。
关键词(KeyWords)： 沪深港通;资本市场开放;对外直接投资;扩展边际;集约边际
基金项目(Foundation):
作者(Author): 杨晓亮;李冬;王维红;
Email:
DOI: 10.16537/j.cnki.jynufe.000609
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- (1)本文对连续型变量皆取自然对数进入方程(融资约束SA除外),不再赘述。
- (2)SA=-0.737×SIZE+0.043×SIZE2-0.04×AGE
- (3)参考袁堂军(2009)[35]的方法测度,限于篇幅,未做详细汇报。
- (4)经过转换,表3第2列和第3列交叉项HSHK×POST的估计系数为边际效应。
- (5)其他年份的匹配结果基本一致,限于篇幅,未汇报。
- (6)使用中位数进行分类的估计结果在显著性上有些许差异,但基本结论并未改变。
- (7)本文亦使用了企业OFDI的集约边际样本进行影响渠道检验,结果基本一致,未汇报,备索。
- (8)由于专利数据只更新到2017年,故样本数会有所减少。
- (9)本文亦使用了计数模型方法进行估计,结果基本一致,未汇报,备索。
- (10)限于篇幅,结果未汇报,留存,备索。