|Table of Contents|

Financial support and outward financial direct investment:based on the new evidence of Chinese commercial banks setting up branches in “the Belt and Road” countries(PDF)

《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

Issue:
2023年03期
Page:
35-54
Research Field:
国际经济与贸易
Publishing date:

Info

Title:
Financial support and outward financial direct investment:based on the new evidence of Chinese commercial banks setting up branches in “the Belt and Road” countries
Author(s):
ZHAO Lingxue1;  LIN Faqin2
(1. School of International Trade and Economics, Central University of Finance and Economics,Beijing 102206, China; 2. School of Economics and Management,China Agricultural University, Beijing 100083, China)
Keywords:
“the Belt and Road”;  outward foreign direct investment;  financial support;  availability of external financing;  information asymmetry;  Chinese commercial bank
PACS:
F125; F832
DOI:
-
Abstract:
In order to explore the factors and paths of financial support in promoting outward foreign direct investment, this paper conducts empirical analysis using the data of Chinese commercial banks setting up overseas branches in 138 “the Belt and Road” countries from 2003 to 2018 and China's outward foreign direct investment data. With the help of heterogeneous enterprise model, this paper analyzes how external financing constraints and information asymmetry affect the decision-making of enterprises' foreign investment by improving the critical productivity of enterprises' foreign direct investment. The reliability of the conclusion is demonstrated by adding more control factors, re-measuring OFDI, eliminating “tax haven”, using PPML method, lagged variables, heteroscedasticity estimation and constructing instrumental variables. The research shows that the establishment of overseas branches of Chinese commercial banks will significantly promote China's foreign direct investment. For every 1 percentage point increase in the number of branches set up by Chinese commercial banks in the host country, China's direct investment in that country will increase by 1.34 percentage points. The establishment of overseas branches of Chinese commercial banks will promote China's outward foreign direct investment by enhancing the availability of external financing and reducing information asymmetry. This promotion effect is more prominently manifested in countries with higher income levels, higher political stability, stronger citizens' discourse power and higher government efficiency. The study believes that it is necessary to speed up the institutional layout of Chinese commercial banks in “the Belt and Road” countries, and build a sound financial support network and host country investment information database; actively expand the scope of business, increase the supply of all-round and multi-level financial services, and realize the matching of supply and demand of financial services; improve the efficiency of resource allocation in the financial system, and enhance credit support and financing convenience for SMEs and private enterprises.

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Last Update: 2023-09-01