| Outward foreign direct investment is one of the main power to ensure the sustainable development of the Chinese economy,is also an important way of China's participation in the world economic integration process.As the world's largest developing country,China has made remarkable achievements in the economic and social development.As the longitudinal deepening development of China's pattern,the internationalization of enterprises and the country's overall economic strength significantly enhanced,outward foreign direct investment development very rapidly.Under the background of the global outward foreign direct investment decreased by the financial crisis and the impact of global economic downturn.China's foreign direct investment has been able to contrarian growth,and achieved consecutive growth of 12 years.In this case,it has great theoretical and practical significance to study what factors determine the rapid growth of China's foreign investment.This paper firstly reviews the literatures on OFDI,and according to the research content,reviews literatures on productivity and outward foreign direct investment,financing constraint and outward foreign direct investment respectively.Then from the perspective of productivity and financing constraints respectively,explains how these affect the decision-making of foreign direct investment theoretically.Micro-finance health is on behalf of the enterprises' financing capacity enterprises,this paper analyzes this from three aspects:long-term solvency,short-term solvency and business capacity.According to the theoretical mechanism,this paper further deduces it through the theoretical model.Through the establishment of a three-country heterogeneous enterprise model.Without considering the impact of productivity constraints on financing constraints alone,this paper achieves the natural selection on enterprise decision-making.Taking into the account of the existence of China's paradox of the problem of productivity,According to the productivity paradox,this paper divides the export enterprises into totally export processing enterprises and non-processing trade export enterprises,and to analyze them.Finally,we get the decision-making of Chinese enterprises under the paradox of productivity.Taking into the account of financial constraints,this paper expands the model by adding financing cost.And then analyzes the status quo of China's overall foreign investment.The results of the analysis show that there are two leaping development in China's overall investment in time nodes.With the scale of foreign investment continues to expand,showing a situation of investment coverage is getting wider and wider,investment level is getting higher and higher,the investment quality is getting better and better.Through overall analysis results can be found that China's investment to the three economies exist both generality and differences.Finally,based on the data of 25295 export enterprises from 1998 to 2013,this paper uses the two-valued logit model to analyze the total factor productivity,the micro-finance health and the OFDI decision.The results show that the total factor productivity measured by the De-loecker method and the micro-financial health will play a key role and have a significant positive impact on the firm's OFDI decision.Non-state-owned enterprises intersect with state-owned enterprises with higher probability of outward investment,and total factor productivity of non-SOEs,as well as micro-finance health,have more significant impact on OFDI decisions than state-owned enterprises.According to empirical results,this paper intends to put forward pertinent policy recommendations from the perspective of state-owned and non-state-owned enterprises through the reform of financial system,export management policies and the construction of offshore financial system,and proposes to focus on the combination of these aspects. |
PDF Full Text Request