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本文研究了外资企业在中国信贷市场上的境遇,数据分析显示,在中国这个最大的发展中经济体,外资企业在贷款融资上具有如下特点:与国有企业相比,有更多的外资企业拥有银行授信且未使用银行授信额度比例也较高,这表明,外资企业维持较高的流动性。在获得非抵押贷款、贷款抵押率以及是否需要支付贿赂而获得贷款等方面与国有企业无显著差别。相对于国有企业,外资企业认为第三次银行业改革后其更容易获得贷款。本文的结果意味着,新兴市场在引进外国投资的同时,需要注意外资企业优良的信贷获取能力可能会加剧本土企业尤其是私有企业的融资约束问题。
This paper studies the situation of foreign-funded enterprises in China’s credit market. The data analysis shows that in the largest developing economy in China, foreign-funded enterprises have the following characteristics in loan financing: Compared with state-owned enterprises, more foreign-owned enterprises own Bank credit and unused bank credit ratio is also higher, indicating that foreign-funded enterprises to maintain a high liquidity. There was no significant difference with state-owned enterprises in obtaining non-mortgage loans, loan mortgage rates, and the need to pay bribes to obtain loans. Compared with state-owned enterprises, foreign-funded enterprises think they can get loans more easily after the third banking reform. The result of this paper means that, while introducing foreign investment in emerging markets, the emerging markets need to pay attention to the fact that the excellent credit access capability of foreign-funded enterprises may exacerbate the financial constraints of local enterprises, especially private ones.