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基于中国工业企业2004—2007年数据,运用Probit模型实证分析融资能力异质性对企业对外直接投资倾向的影响。研究表明,内部融资能力、外部融资能力与企业对外直接投资倾向呈同向变动关系;内部融资能力、商业信用融资能力与私营企业对外直接投资倾向呈同向变动关系,而对国有企业和外资企业影响不显著;商业信用融资能力与非出口企业对外直接投资倾向呈同向变动关系,对出口企业影响不显著。这都表明,私营企业和非出口企业对外直接投资面临的融资约束问题较为严重。
Based on the data of China’s industrial enterprises from 2004 to 2007, Probit model is used to empirically analyze the impact of heterogeneity of financing ability on the outward investment tendency of enterprises. The research shows that the internal financing ability and the external financing ability change in the same direction with the outward FDI tendency of the enterprise. The internal financing ability, the commercial credit financing ability and the outward FDI tendency of the private enterprise show the same-direction change relationship. However, for the state-owned enterprises and the foreign-funded enterprises The impact is not significant; commercial credit financing ability and non-exporting enterprises outward direct investment tendencies change with the same direction, the impact of export enterprises is not significant. All this shows that the financing constraints faced by OFDI by private and non-exporting enterprises are more serious.