本文基于异质性贸易理论,以全要素生产率为中介,全面分析金融错配、政府补贴对中国OFDI的影响,并使用企业数据进行系统性实证检验。结果表明:金融错配对OFDI具有制约性作用,政府补贴则在一定程度上抵消了这种负面效应;生产率在金融错配、政府补贴影响OFDI的过程中发挥着重要的传导作用。进一步研究发现,金融错配、政府补贴对OFDI的具体影响作用因企业所有制、所处行业的不同而存在显著性差异,尤其以非国有制企业和隶属于高资本密集度、高科技创新度行业的企业最为显著。 Based on the heterogeneous trade theory, this paper analyzes the impact of financial mismatches and government subsidies on China’s OFDI based on total factor productivity, and conducts systematic empirical tests using firm data. The results show that financial mismatch has a restrictive effect on OFDI, and government subsidies offset this negative effect to a certain extent. Productivity plays an important conductive role in the process of financial mismatch and government subsidies affecting OFDI. Further research finds that the specific impact of financial mismatches and government subsidies on OFDI is significantly different due to different ownership and industries, especially non-state-owned enterprises and industries belonging to high-capital-intensive and high-tech industries The most significant business.