【摘要】 本文选取我国A股上市公司2012～2017年数据,构建融资约束综合指标和SA指数,运用logit模型验证融资约束与OFDI的关系,采用倾向得分匹配法检验OFDI对企业绩效的影响及其滞后性,并探究了融资约束对OFDI经济后果的调节作用。实证结果显示:(1)融资约束会对企业OFDI决策产生抑制作用;(2) OFDI对企业绩效具有显著的促进作用,而且该正向影响存在滞后效应;(3)融资约束在OFDI影响企业绩效的过程中起到了扩大振幅的作用,即企业的融资约束程度越高,OFDI对企业绩效的促进作用愈加明显。更多还原

【Abstract】 Using a large panel of Chinese listed firms over the period 2012～2017,we construct Score and SA index as the aggregative indicators to measure financial constraints. Logistic regression is used to test the relationship between financial constraints and outward FDI behavior. Besides,we use the propensity score matching method to examine how outward FDI influences the performance,and what is the regulatory effect of financial constraints between outward FDI and firm performance. We find that:(1) financial factors constrain firms’ foreign direct investment decisions;(2) outward FDI significantly improves the operating performance,besides the current effect of outward FDI,the lagging effect is also proved to be positive;(3) financial constraints can amplify outward FDI’s positive influence in firm performance,the results indicate that outward FDI can improve financially constrained firms’ performance more than performance of financially unconstrained firms.更多还原