دانلود مقاله ISI انگلیسی شماره 96964
ترجمه فارسی عنوان مقاله

بهره وری، محدودیت های مالی و سرمایه گذاری مستقیم خارجی: شواهد سازمانی

عنوان انگلیسی
Productivity, financial constraints and outward foreign direct investment: Firm-level evidence
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
96964 2018 30 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : China Economic Review, Volume 47, February 2018, Pages 47-64

پیش نمایش مقاله
پیش نمایش مقاله  بهره وری، محدودیت های مالی و سرمایه گذاری مستقیم خارجی: شواهد سازمانی

چکیده انگلیسی

This paper studies the relationship between the financial constraints and outward foreign direct investment (OFDI) of Chinese enterprises. First, we construct a theoretical model and develop a series of hypotheses to analyze how productivity and financial constraints influence firms' OFDI decisions. Then we construct a multivariate index to measure internal and external financial constraints. Using Chinese Industrial Enterprises Database as well as the Database of OFDI Firms in China, our empirical finds that both productivity and financial constraints have important impacts on firms' OFDI decisions. In addition, the marginal effect of the financial constraints increases as firms' productivity rises; an effect felt more to the private enterprises than state-owned enterprises. Empirical results also indicate that external financial constraints affect the firms' OFDI decisions more greatly than the internal financial constraints.