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将投资成本差异引入异质性企业OFDI决策模型,利用中国工业企业数据库和境外投资企业(机构)名录的匹配数据,考察信贷约束对OFDI生产率准入门槛的影响。研究发现,融资约束下中国企业OFDI的生产率准入门槛呈右偏的倒U型,即融资约束较轻的企业的生产率准入门槛最高,融资约束最轻、较强和最强的企业的生产率准入门槛较低。考虑出口、政府关联和金融发展等因素对融资条件的影响后,生产率准入门槛仍然具有相似的倒U型特征。
This paper introduces the difference of investment cost into the OFDI decision model of heterogeneous enterprises, and uses the matching data of the database of China’s industrial enterprises and the list of overseas investment enterprises (institutions) to examine the impact of credit constraints on OFDI productivity access threshold. The study finds that under the financing constraint, the OFDI productivity access threshold of the Chinese enterprises is right-sided inverted U-type, that is, the enterprises with the least financing constraints have the highest barriers to entry, the least financing constraints, the stronger and the strongest firms Lower barriers to entry. Considering the influence of export, government connection and financial development on financing conditions, the threshold of productivity access still has similar inverted U-shaped characteristics.