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资金短缺与信贷约束同生产率一样,都是企业国际化路径的绊脚石。基于新新贸易理论,构建融资约束对企业国际化影响的理论模型,利用我国29个省、市、自治区2005~2013年的面板数据进行实证检验。实证结果显示:融资成本的增加要求企业有更高的生产率才能在国际市场上立足;较高的负债资本比对企业国际化有抑制作用,且对对外直接投资的影响更显著。因此应发展金融市场,提供多样化融资渠道,降低融资成本。
Capital shortfalls and credit constraints, like productivity, are stumbling blocks to the internationalization path of enterprises. Based on the new and new trade theory, a theoretical model of the impact of financing constraints on the internationalization of enterprises was constructed. Empirical tests were conducted using the panel data of 29 provinces, cities and autonomous regions in China from 2005 to 2013. The empirical results show that the increase of financing cost requires enterprises to have higher productivity in order to gain a foothold in the international market. The higher debt-to-capital ratio has an inhibitory effect on the internationalization of enterprises and has a more significant impact on OFDI. Therefore, we should develop financial markets, provide diversified financing channels and reduce financing costs.