摘要
OFDI与出口贸易的关系一直是一国对外开放的重要研究内容。母国金融发展影响其OFDI动机进而影响出口贸易;而东道国的金融发展影响其吸收FDI的能力和动机及进口贸易;因此,双边金融发展差异影响OFDI动机从而对母国出口贸易产生异质效应。文章通过选取全球42个国家和地区2003~2015年的跨国面板数据实证检验发现:我国的OFDI与出口贸易呈显著的互补关系;然而,金融发展差异与OFDI共同作用却导致出口贸易下降;金融发展差异背景下,市场寻求型投资动机、效率寻求型投资动机、资源寻求型投资动机对出口贸易均在1%水平上显著为负,而技术寻求型投资动机却显著促进了中国出口贸易;加入控制变量以及剔除极端值的稳健性检验均表明上述结论具有很强的可靠性。因此,我国仍应鼓励有条件的企业"走出去";采取区分国别的金融支持政策;加大鼓励技术寻求型投资。
The relationship between OFDI and export trade has been an important part in an open-policy country.Financial development in home country affects its OFDI motivation and export trade,and the financial development in host country affects its absorption ability and motivation of FDI and then its import trade.Therefore,the bilateral differences in financial development influence OFDI motivation which results in the heterogeneous effects on export trade of the home country.A panel data empirical test of 42 countries during 2003~2015 showed that China's OFDI and export trade are significantly complementary relationship.However,the financial development differences and OFDI lead to the reduction of export trade.Thinking in the backgraund of financial development differences,market-seeking investment motivation,efficiency-seeking investment motivation and resource-seeking investment motivation have significantly negative influence on export trade at 1%level,while technology-seeking investment motivation significantly promotes China's export trade.Tests with control variables and eliminating extreme values indicate that the above conclusion is highly reliable.Therefore,China should encourage qualified enterprises to"go aboard",taking different financial support policies with different countries and supporting technology-seeking investment.
出处
《世界经济研究》
CSSCI
北大核心
2018年第8期74-87,共14页
World Economy Studies
基金
教育部人文社会科学研究规划基金项目"双边融资与国际产能合作:机制
效用和条件"(项目编号:16YJA790043)的阶段性研究成果
