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本文检验了外资银行贷款与中国企业国际化程度之间的关系。利用2001—2013年我国A股上市公司数据,本文发现获得外资银行贷款企业的国际化程度更高,并且这一效应在金融市场化水平高的地区更强。本文还进一步考察了外资银行贷款影响企业国际化的作用路径,发现高声誉的外资银行更能提升企业的国际化程度,并促进中国企业在发达国家或地区开展国际化。本文的结论有助于理解外资银行进入后的作用体现及其机制,同时也将国际化进程理论引入到金融研究领域。
This paper examines the relationship between foreign bank loans and the degree of internationalization of Chinese enterprises. Using the data of A-share listed companies in our country from 2001 to 2013, this paper finds that the access to foreign-funded bank loans is more internationalized, and this effect is stronger in areas with higher levels of financial marketization. This paper further examines the role of foreign bank loans in the internationalization of enterprises and finds that high-reputation foreign banks can enhance the internationalization of enterprises and promote the internationalization of Chinese enterprises in developed countries or regions. The conclusion of this article is helpful to understand the function and mechanism of foreign banks after their entry, and also introduce the theory of internationalization into the field of financial research.