How do government subsidies affect OFDI of private enterprises? Evidence from China

被引：8

作者：

Liu, Yuandan ^{[1
]}

Tang, Tingfeng ^{[2
]}

Li, Haiyang ^{[1
]}

Luo, Limin ^{[3
]}

机构：

[1] Kunming Univ Sci & Technol, Sch Informat Engn & Automat, 727 South Jingming Rd, Kunming 650500, Peoples R China

[2] Southwestern Univ Finance & Econ, Sch Finance, 555,Liutai Ave, Chengdu 611130, Sichuan, Peoples R China

[3] Guangdong Univ Finance & Econ, Sch Marxism, 21 Luntou Rd, Guangzhou 510320, Peoples R China

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 90卷

关键词：

Government subsidies; OFDI; Financing constraints; Degree of marketization; RESEARCH-AND-DEVELOPMENT; FINANCIAL CONSTRAINTS; CASH; INVESTMENT; SPILLOVERS; EXPORT;

D O I：

10.1016/j.iref.2023.12.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Compared with state-owned enterprises, private enterprises generally face strict financing constraints, especially in the process of internationalization which have a greater demand for funds. At the meantime, we focus on how government subsidies, as a form of financial support, affect the outward foreign direct investment (OFDI) of private enterprises. Using micro-data from the CSMAR database covering private listed companies from 2013 to 2017, this empirical study reveals that government subsidies positively promote OFDI of private enterprises. Moreover, financing constraints have an adverse effect on OFDI, but government subsidies help mitigate this effect. Furthermore, the results indicate that the impact of government subsidies on private enterprises' OFDI varies depending on the degree of marketization.

引用

页码：241 / 251

页数：11

共 20 条

[1] How Q and Cash Flow Affect Investment without Frictions: An Analytic Explanation [J].