金融发展与对外直接投资区位选择：企业集团的调节作用

摘要/Abstract

摘要： 企业对外直接投资（FDI）区位选择的影响因素一直是业界和学界关注的问题。本文选取2004—2017年中国A股上市公司的对外直接投资项目作为研究样本，检验了东道国金融发展对FDI区位选择的影响，并探究了企业集团和中国区域金融发展的调节作用。研究发现：（1）东道国金融发展对中国企业FDI区位选择有吸引作用；（2）企业集团能够给成员企业带来资源优势，弱化东道国金融市场对企业FDI区位选择的影响；（3）中国区域金融发展能在一定程度上替代企业集团的作用，东道国金融发展、企业集团和母国金融发展构成了三重交互效应。

关键词: 对外直接投资, 金融发展, 企业集团, 区位选择

Abstract: The factors that affect the choice of foreign direct investment (FDI) destinations have been an academic focus for decades. This paper analyzes the effect of host country's financial development on FDI destination choice, and the moderating roles of business group and home country's financial development. Based on the sample of FDI projects launched by Chinese listed companies during 2004 to 2017, our empirical results reveal that:(1) host country's financial development has a positive effect on Chinese firm's FDI destination choice; (2) firms affiliated to a business group can get better access to critical resources, and such affiliation negatively moderates the relationship between host country's financial development and FDI destination choice; (3) China's financial development can substitute for the function of business group to some extent. There is a positive three-way interaction effect among host country's financial development, home country's financial development and business group affiliation.

Key words: foreign direct investment, financial development, business group, destination choice

陈煦畅, 吕萍. 金融发展与对外直接投资区位选择：企业集团的调节作用[J]. 管理评论, 2023, 35(11): 26-35.

Chen Xuchang, Lv Ping. Financial Development and Foreign Direct Investment Destination Choice: The Moderating Role of Business Group[J]. Management Review, 2023, 35(11): 26-35.

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