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在中国企业对外直接投资快速增长的背景下,金融资金的支持也日益重要。文章从东道国角度出发研究中国和东道国之间的金融发展距离如何影响中国企业对外直接投资。在构建量和质维度金融发展距离的基础上,通过理论和实证研究发现:两个维度金融发展距离对中国企业对外直接投资的影响存在区别。量维度上,在金融发展程度高于中国的东道国,金融发展距离的扩大会减少中国企业对外直接投资;在金融发展程度低于中国的东道国,金融发展距离的扩大会增加中国企业对外直接投资。质维度上,在金融发展程度高于中国的东道国,金融发展距离的扩大不影响中国企业对外直接投资;在金融发展程度低于中国的东道国,金融发展距离的扩大会减少我国企业对外直接投资。
In the context of the rapid growth of Chinese enterprises’ outward FDI, the support of financial funds is also increasingly important. From the perspective of the host country, this article studies how the financial development distance between China and the host country affects Chinese enterprises’ outward direct investment. On the basis of constructing the financial development distance of quality and quantity dimension, we find through theoretical and empirical research that there is a difference between the two dimensions of the impact of financial development on the outward FDI of Chinese enterprises. In the quantitative dimension, the expansion of financial development distance will reduce the outward FDI of Chinese enterprises in the host countries whose financial development degree is higher than that of China. In the host countries whose financial development degree is lower than that of China, the expansion of financial development will increase the direct investment of Chinese enterprises. In the qualitative dimension, the expansion of financial development distance does not affect the outward FDI of Chinese enterprises in the host countries whose financial development degree is higher than that of China. In the host countries whose financial development level is lower than that of China, the expansion of financial development will reduce the direct investment of Chinese enterprises.